Interest on Lawyers' Trust Accounts (IOLTA) works with members of the Idaho State Bar and the Idaho banking community to allow attorneys to place client funds, which are nominal in amount or held for a short period of time, into pooled interest-bearing accounts. Interest earned is remitted to the Idaho Law Foundation, which distributes these funds through the IOLTA grant process. For more information about IOLTA, contact Debbie Dudley at (208) 335-4500.
- Make sure your bank is on the Approved Financial Institutions List. Contact Debbie Dudley at (208) 334-4500 for information about becoming an approved financial institution.
- Ask the attorney opening the account to request a Trust Account Certificate from the Idaho State Bar.
- When the attorney brings the Trust Account Certificate to the bank, add the new account information, make a copy of the completed certificate and keep a copy for the bank.
For more detailed information on IOLTA guidelines, read the Idaho State Bar's Guidelines for Financial Institutions.
Contact Debbie Dudley to request the ILF Remittance Report (this is a temporary measure) or use one created by your institution. Please note that each report must meet the following guidelines:
- The financial institution must remit all net interest earned on each IOLTA account on either a monthly or quarterly basis
- Each payment must be accompanied by the following information
- Name and address of institution
- Name and number of attorney account
- Average daily balance
- Dates of reporting period
- Interest earned
- Service charges, if any
- Net interest paid
- Interest rate(s) for reporting period
- Remit payment by either a check made payable to the Idaho Law Foundation or a transfer of earned interest into an Idaho Law Foundation master account at the financial institution. (Please contact the Idaho Law Foundation if you wish to remit in this manner.)
- Provide the depositing attorney with reports as agreed between the attorney and the financial institution