Attorneys/law firms must complete a new overdraft notification agreement and file it with both their financial/investment institution and the Office of Lawyer Regulation (OLR) whenever a new trust or fiduciary account is established (per SCR 20:1.15(h), the Overdraft Notification Rule).
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 an overdraft notification agreement with your financial institution representative, please 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 OLR at: Trust Account Program, 110 East Main St., Suite 315, Madison, WI 53703-3383.
If you have questions on the overdraft notification agreement, contact the OLR at (877) 315-6941, ext. 2.