FDIC INSURANCE FOR IOLTA ACCOUNTS
Funds held in an IOLTA account are FDIC-insured up to $250,000 per client, assuming that the client has no other accounts with the banking institution.
The FDIC has issued at least two advisory opinions regarding the insured status of IOLTA deposits:
- View FDIC Advisory Opinion 92-30
http://www.fdic.gov/regulations/laws/rules/4000-7210.html#fdic400092-30 - View FDIC Advisory Opinion 98-2
http://www.fdic.gov/regulations/laws/rules/4000-9940.html#fdic400098-2
For further additional information regarding IOLTA Accounts and FDIC Insurance, click here: https://ioltanj.org/for-banks/fdic-insurance-on-attorney-trust-accounts
