Wisconsin attorneys' banking relationships matter.

WisTAF

 

The simplest way to support IOLTA’s mission is to maintain your IOLTA account at a Prime Partner financial institution, which pays interest rates that are at least 0.50% higher than required under the Wisconsin Supreme Court’s IOLTA interest rate comparability requirement. The additional interest results in more funding for civil legal aid in communities throughout Wisconsin.

 

 

Choosing a financial institution

Currently, Wisconsin Supreme Court rules allow attorneys to hold trust accounts in any IOLTA participating financial institution. Eligible IOLTA participating financial institutions pay interest rates on IOLTA accounts that are at least as high as the rates they pay to non-IOLTA customers holding accounts meeting the same minimum balance and other requirements; and remit the interest earned to WisTAF. Participation by financial institutions is optional.

To help lawyers and law firms determine a financial institution's current eligibility status, WisTAF has compiled a List of IOLTA Participating Financial Institutions and Prime Partners





 


Prime Partner financial institutions are those that go above and beyond IOLTA participation requirements by choosing to pay interest rates on IOLTA accounts that are at least 50 basis points (0.50 percent) higher than required under the Wisconsin Supreme Court’s IOLTA interest rate comparability requirement. The additional interest results in more funding for civil legal aid in communities throughout Wisconsin and, in return, Prime Partners receive special recognition from WisTAF.   

Since September 2007, the Federal Reserve has lowered the Federal Funds Target Rate from 5.25% to a range of 0.00% to 0.25%. Because the rates on many accounts are linked to the Federal Funds Target Rate, IOLTA revenue has decreased dramatically during that period. Attorneys and law firms can help sustain IOLTA and civil legal aid to low-income Wisconsinites by doing one of the following:

  1. Bank at a Prime Partner financial institution.
  2. If you do business with a non-Prime Partner, encourage the financial institution to become a Prime Partner by contacting the financial institution directly.
     
UPCOMING MEETINGS & EVENTS
WHAT'S NEW
Newly released study shows US falls short in its pledge of allegiance promise of "liberty and justice for all."
Legal Services Corporation confident in Congressional bipartisan support despite Trump administration's budget proposal
ABA releases statement expressing outrage at Trump administration budget proposal to defund LSC
Federal Open Market Committee decides to raise the target range for the federal funds rate to 3/4 to 1 percent.
WisTAF 2016 Direct Legal Service Grantee Annual Report Materials Now Available

More...

PRIME PARTNER SPOTLIGHT

A Prime Partner member of the Wisconsin IOLTA program since 2010, Mound City Bank strives to be the most admired community bank in the State of Wisconsin. Mound City Bank goes above and beyond IOLTA participation requirements by paying additional interest on its clients' IOLTA accounts - helping to expand access to civil legal services in Wisconsin.


Contact us
WisTAF
825 Williamson Street, Suite A, Madison, WI 53703
Phone: 608.257.6845 or 877.749.5045 (toll-free)
Fax: 608.257.2684
Email: service@wistaf.org

Board & Staff
WisTAF
Board of Directors
WisTAF
De Ette Tomlinson, Executive Director
WisTAF
Rebecca Murray, Program Manager
WisTAF
Tehmina Islam, Program Assistant

©2017, Wisconsin Trust Account Foundation, Inc., 825 Williamson St. Suite A, Madison WI 53703.
877-749-5045 (toll free) • service@wistaf.org • To report problems with this site, contact the webmaster.
Disclaimer of Liability | Terms & Conditions of Use | Privacy Statement

© AyacLab Web Development