Interest on Lawyers Trust Accounts (IOLTA)
Citizens Bank of Morgantown has been approved by the State Bar Association of West Virginia to offer IOLTA accounts.
- $250 Minimum opening balance
FDIC Board Approved Final Rule on IOLTAs
The FDIC Board approved a final rule amending agency deposit insurance regulations to include Interest on Lawyers Trust Accounts -- or IOLTAs -- in the temporary unlimited coverage for noninterest-bearing transaction accounts. The coverage -- mandated by the Dodd-Frank Act -- did not originally include IOLTAs until Congress passed an ABA-backed bill (H.R. 6398) that President Obama signed into law on December 29, 2010.
Under the final rule, all funds held in IOLTA accounts, together with all other noninterest-bearing transaction account deposits, are fully insured without limit from Dec. 31, 2010, through Dec. 31, 2012. This coverage is separate from -- and in addition to -- the coverage provided to depositors for other accounts at insured depository institutions, the FDIC said.