Monday, February 9, 2009

IOLTA Notice

The web page of the Illinois ARDC has a notice regarding FDIC coverage of IOLTA and low-interest trust accounts:

In a nutshell: The FDIC is now offering unlimited deposit insurance coverage for all IOLTA accounts and any NOW accounts with interest rates no higher than 0.50 %, including Client Trust Accounts through December 31, 2009. Other Client Trust Accounts, both interest and non-interest bearing, continue to have the maximum pass-through coverage of $250,000 per client who has funds in the account.

The notice has a link to the FDIC web page. (Mike Frisch)

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