Notice To Financial Institution To Establish Iolta Account
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2NOTICE TO FINANCIAL INSTITUTION TO ESTABLISH IOLTA ACCOUNT
Instructions for Attorneys:
1. Fill out this form and mail, email, or fax to the Lawyers Trust Fund of Illinois
To: ________________________________
From: ________________________________
(Bank)
Attorney/Firm)
(
________________________________
________________________________
(Bank Address)
(Attorney/Firm Address)
Two Prudential Plaza
________________________________
________________________________
0B
180 North Stetson Ave.
(City, State, Zip Code)
(City, State, Zip Code)
1B
Suite 820
Chicago, Illinois 60601
Date:_________________________
2B
Fax: (312) 938-3091
Email:
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Pursuant to Rule 1.15 of the Rules of Professional Conduct, the undersigned directs the financial institution to establish an
interest- or dividend-bearing lawyer trust account with interest or dividends payable to the Lawyers Trust Fund of Illinois
(hereinafter “IOLTA account”) for the deposit of nominal and short-term client funds.
Bank Instructions
The Federal Reserve System and the Federal Home Loan Bank Board have approved the establishment of IOLTA accounts
by law firms, including professional corporations. The Lawyers Trust Fund will provide supporting documentation regarding
government rulings upon request.
Eligible Financial Institution: IOLTA accounts may be maintained only at an eligible financial institution as defined in Rule
1.15(i)(3). Eligible financial institutions must agree to provide dishonored instrument notification pursuant to Rule 1.15(h); and
with respect to IOLTA deposits, must offer IOLTA accounts within the requirements of Rule 1.15(f).
Account Name: The IOLTA account and checks printed for your customers’ use CANNOT identify the Lawyers Trust Fund
of Illinois in its account title, as designee, trustee or owner.
Tax Information: The IOLTA account shall bear the tax identification number (TIN) of the Lawyers Trust Fund of Illinois
(contact LTF for details). IRS Form W-9 shall bear the Lawyers Trust Fund’s tax identification number as payee and certify
exemption from backup withholding taxes. W-9’s can be sent to the Lawyers Trust Fund for certification.
The Lawyers Trust Fund is tax-exempt. No Form 1099 need be issued for the IOLTA account. Further, a payor is not
liable for a penalty under Section 6676(b) for filing an information return with a mismatched TIN number when, pursuant to
IRS regulation Section 35a.9999-1, A-29, and IRS Publication 1281 (Rev. 8-90), p. 42, the payee is an exempt organization.
Interest calculation: Interest should be calculated on the average monthly balance in the account, or as otherwise
computed in accordance with your standard practices.
Interest remittance: Interest must be remitted electronically to the Lawyers Trust Fund monthly unless otherwise agreed
upon by the Lawyers Trust Fund. Remittances must be sent via ACH to: Bank of America (contact LTF for details). If
approved, checks can be mailed to: Lawyers Trust Fund of Illinois, 12976 Collections Center Drive, Chicago, Illinois
60693.
Reporting requirements: Each remittance must be accompanied by an Interest Remittance Report and sent
electronically to
unless otherwise approved by the Lawyers Trust Fund. If approved, reports can
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be submitted via fax to (312) 938-3091 or by mail to the Lawyers Trust Fund of Illinois, 12976 Collections Center Drive,
Chicago, Illinois 60693. The report must contain the following information: 1) Dates of reporting period; 2) Rate of interest
paid; 3) Gross interest; 4) Acceptable service charges, if any; 5) Net interest remitted. Negative netting is not permitted.
Under no circumstances can the negative interest balance be deducted from the corpus of an IOLTA account.
Fees charged in excess of the earnings accrued on an individual account for any month cannot be taken out of
earnings accrued on other IOLTA accounts nor from the principal of the account.
Questions: Call Monday - Friday, 9 a.m. to 4 p.m. (312) 938-2906 or (800) 624-8962. Email:
.
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