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In order to comply with SCR 20:1.15(h) the Overdraft Notification Rule, a new Overdraft Notification Agreement should be completed and filed with the OLR and the financial/investment institution whenever a new trust or fiduciary account is established.
Existing accounts that are already covered by an Agreement need not be updated; however, if an existing trust or fiduciary account is not already subject to an Overdraft Notification Agreement, an Agreement must be filed immediately.
After completing Overdraft Notification Agreement with your financial institution representative, make two copies. Save one for your files. Forward the second copy, along with a voided, pre-printed IOLTA check or credit card trust account check to the Office of Lawyer Regulation (OLR) at: Trust Account Program, 110 East Main St., Suite 315, Madison, WI 53703-3383. Direct questions on the Overdraft Notification Agreement to the OLR to (877) 315-6941 (Ext. 2).
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