ENROLLMENT IN IOLTA PROGRAM
The Supreme Court of New Jersey requires that attorneys maintain their trust accounts with institutions willing to cooperate with the IOLTA program, meet the Best Customer standard, and report overdrafts to the Office of Attorney Ethics. If your financial institution seeks to become an authorized depository, please contact the Fund at 732-247-8222 for assistance.
IOLTA Guidelines for Financial Institutions
This booklet contains answers to frequently asked questions, gives specific guidance for financial institutions about the requirement for comparable and reasonable interest rates, how and when to remit, which fees IOLTA will pay from the interest earned on trust accounts, master and sub accounts, and deauthorization. The IOLTA Rule, Regulation and Best Customer Standard are included.
Administrative Determination - IOLTA and the "Best Customer" Standard 2009
This pronouncement from the Supreme Court of New Jersey amended the 2005 Best Customer Standard after the Federal Open Market Committee reduced the benchmark Federal Funds Target Rate to 0.0%-0.25%.
Notice to the Bar - IOLTA and Implementation of "Best Customer" Standard
This Notice to the Bar announced the implementation of the Best Customer Standard in November 2005 to attorneys and also describes attorney responsibility for bank charges on attorney trust accounts.
ENROLLMENT IN IOLTA PROGRAM
The Supreme Court of New Jersey requires that attorneys maintain their trust accounts with institutions willing to cooperate with the IOLTA program, meet the Best Customer standard, and report overdrafts to the Office of Attorney Ethics. If your financial institution seeks to become an authorized depository, please contact the Fund at 732-247-8222 for assistance.
