Remittance frequency & requirement
An IOLTA participating financial institution must remit and report interest on at least a quarterly basis. Monthly reporting is encouraged, when possible. An IOLTA participating financial institution must do the following:
- Remit to WisTAF the interest or dividends, less allowable reasonable fees as allowed, on the average collected balance in the account. See Payment of interest via ACH for specific information.
- Provide to WisTAF an electronic remittance report showing, for each IOLTA account, the name of the lawyer or law firm for whose account the remittance is sent; the rate and type of interest or dividend applied; the amount of allowable reasonable fees deducted, if any; the average account balance for the period for which the report is made; and the amount of remittance attributable to each IOLTA account.
- Provide to the depositing lawyer or law firm a remittance report in accordance with the participating financial institution’s normal procedures for reporting account activity to depositors.
- Respond to reasonable requests from WisTAF for information needed for purposes of confirming the accuracy of an IOLTA participating financial institution’s remittance report.