WisTAF

OUR MISSION

The Wisconsin Trust Account Foundation works with civil legal aid organizations in Wisconsin to increase access to justice. We oversee funds and invest in services and projects to help people resolve legal problems.

Does FDIC protect IOLTA funds?

Lawyers, law firms, and financial institutions need to understand how Federal Deposit Insurance Corporation (FDIC) insurance applies to IOLTA accounts — especially in light of recent bank failures.

The FDIC classifies IOLTA accounts as a form of “fiduciary account.”

Such an account must meet certain conditions for client funds within an IOLTA to be protected, FDIC guidance explains: (1) “The fiduciary nature of the account must be disclosed in the bank’s deposit account records” and (2) "the name and ownership interest of each owner must be ascertainable from the deposit account records of the insured bank or from records maintained by the agent [i.e., law firm]….”

If the account meets those criteria, FDIC includes each individual client’s funds within the IOLTA as part of that client’s total deposits at the financial institution where the IOLTA is held. FDIC’s maximum insured amount of $250,000 per person applies to this total. This means that if a client holds personal funds in other accounts at the same bank where their lawyer holds their IOLTA, it can affect the extent to which the funds held in trust by the lawyer are insured by FDIC. The FDIC guidance includes an example on page 24.

UPCOMING MEETINGS & EVENTS
June 14, 2023
WisTAF Board Meeting
June 23, 2023
Racial Justice Workgroup meeting
August 18, 2023
Racial Justice Workgroup meeting
August 23, 2023
Finance Committee Meeting
September 12, 2023
Grants & Evaluation Committee Meeting
September 27, 2023
Executive Committee Teleconference
September 29, 2023
Racial Justice Workgroup meeting
October 11, 2023
WisTAF Board Meeting
November 17, 2023
Racial Justice Workgroup meeting
WHAT'S NEW
Does FDIC protect IOLTA funds?
WisTAF is accepting applications for domestic violence/sexual abuse civil legal services funding through March 17th
WisTAF announces $7.4 million in COVID-related grant awards
WisTAF disburses legal assistance for Afghan evacuees
WisTAF awards $450,000 in Domestic Violence and Sexual Abuse Legal Assistance Grants

More...

PRIME PARTNER SPOTLIGHT

One of our newest Prime Partners, Farmers & Merchants Bank (Berlin) 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. Farmers & Merchants Bank's participation reflects an admirable commitment to justice for all in Wisconsin.


Contact us
WisTAF
4600 American Parkway, Suite 104, Madison, WI 53718
Phone: 608.257.6845 or 877.749.5045 (toll-free)
Email: service@wistaf.org

Board & Staff
WisTAF
Board of Directors
WisTAF
Rebecca Murray, Executive Director
WisTAF
Tehmina Islam, Assistant Executive Director
WisTAF
Benson Gardner, Communications and Development Manager
WisTAF
Jeff Brown, Grants Program Manager
WisTAF

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