Wisconsin attorneys' banking relationships matter. |  |
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.
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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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A Prime Partner since 2010, 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. Mound City Bank's participation reflects an admirable commitment to justice for all in Wisconsin.
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