Topic: Interest on Lawyer Trust Accounts
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We’re trying to figure out whether we have to comply with the new IOLTA account rules. Does this mean that we can’t open any new IOLTA accounts unless we reach an agreement? How are we supposed to comply by September 1, and what are the consequences of non-compliance?
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Eileen Donahue from the ARDC said that they would like banks to get their agreements in by September 1, but they are not requiring strict compliance in recognition of the fact that the rule was only recently announced. She noted that as long as banks are making a good faith effort to get the overdraft…