Payment of interest via ACH

WisTAF requires that your financial institution set up an Automated Clearing House (ACH) disbursing (holding) account where the sum of the interest accrued for all of your IOLTA accounts will be deposited immediately prior to the remittance for a given period. Once you have established an ACH disbursing account for IOLTA use, please contact the WisTAF office (service@wistaf.org, 608-257-6845) to complete and submit an ACH Verification form.

Please note: Your financial institution’s ACH disbursing account can be a general ledger or a checking account. The account can be used for other vendors or customers – it need not be WisTAF exclusive. The ACH account cannot be an established trust account as the rule governing trust accounts does not allow for third party transactions.

Please deposit the total net IOLTA interest earned (on all IOLTA accounts) for the reporting period into your ACH disbursing account. Funds should be made available in the ACH disbursing account on the same day you submit your remittance report to WisTAF. WisTAF will initiate the ACH transfer of interest from your ACH disbursing account to WisTAF’s account. There is no need for the financial institution to initiate payment.

Your financial institution’s IOLTA contact will receive a confirmation email stating the date the IOLTA interest will be debited and the amount to be debited. This is an opportunity to contact WisTAF in case there is a debit discrepancy.

It is WisTAF’s policy to recover any fees charged against the Foundation by our banking partner in the event an IOLTA remittance is rejected due to an error on the part of the remitting IOLTA-participating financial institution. In such cases, the actual amount of the fee charged will be billed to the remitting IOLTA-participating financial institution for reimbursement to WisTAF.

Occasionally financial institutions overpay their IOLTA remittance due to internal error. Financial institutions requesting a refund of overpaid IOLTA interest must submit documentation that shows the trust account balances for the period in question, the interest rates paid during the period, the remitted amount of interest for the period and the amount of interest that should have been remitted. Financial institutions submitting valid refund requests of $10.00 or less will be instructed to deduct the exact amount of overpayment from the next remittance period. Refund requests in excess of $10.00 will be refunded via electronic funds transfer following validation.