What is the difference between the two types of trust bank accounts?
An operating bank trust account is comprised of funds held for a variety of clients. The operating trust bank account is also referred to a pooled or mixed trust bank account. Interest earned on these bank accounts is remitted to the Alberta Law Foundation. A separate interest-bearing account contains trust money deposited in an interest-bearing form, either for a fixed period in a separate account, or a Treasury Bill (purchased only through an approved depository) on behalf of a specified client. The interest earned on a separate interest-bearing account is the property of the client.
