Does maintaining my general client trust accounts as interest-bearing IOLTA accounts affect my trust account practices?
. No. Maintaining general client trust accounts as interest-bearing IOLTA accounts does not affect a lawyer’s trust account practices. The depository bank will calculate and remit all accumulated interest, less any service charges, directly to NC IOLTA. The principal balance of the account will never be affected. Of course, lawyers still retain complete discretion to determine whether a trust deposit is of sufficient size or duration to justify placement in a separate (dedicated) interest bearing account. For assistance with trust account guidelines, refer to the State Bar’s Trust Account Handbook. To download the State Bar’s NSF Notification Form, click here.
Related Questions
- I have a client that has money in our Client Iolta Trust Account and I want to apply it to a bill, but its not showing as being applied when I print the bill - how come?
- Does maintaining my general client trust accounts as interest-bearing IOLTA accounts affect my trust account practices?
- Does IOLTA affect current trust account practices?
