IOLTA's Top Tips
Regarding Registration Forms:
- LOOK FOR THE IOLTA REGISTRATION EMAIL IN MID-DECEMBER. All sole practitioners and multi-attorney law firms will receive email notification with IOLTA registration instructions. Please add www.ioltanj.org to your contacts.
- UPDATE CHANGES IN EMAIL ADDRESSES WITH THE COURT. Emails are sent to the billing email address on file with the Court. Law firm administrators registered with IOLTA will also receive the email.
- IMPORTANT DATES - Registration generally opens the first week in January. The registration deadline is March 31st.
- MAKE A COPY OF YOUR IOLTA EMAIL REGISTRATION CONFIRMATION - Retain the copy in an IOLTA folder.
- IF YOU CHANGE LAW FIRMS, TELL US or request the new firm to update the change on the registration site.
- NEW LAW FIRM - If you are just starting a practice, please contact IOLTA with the firm information so we can update the IOLTA database.
- NEW TRUST ACCOUNTS / NEW BANK - You must supply your new trust account information as soon as possible.
- NO LONGER IN PRIVATE PRACTICE - If you have left the private practice of law since the last registration period please notify us so we can update your status.
- ALL NEW ATTORNEY TRUST ACCOUNTS SHOULD BE OPENED AT FIRST AS NON-INTEREST BEARING. IOLTA will instruct the bank to convert it to an interest bearing account only after we talk with you to determine that it would be appropriate.
- ALL TRUST ACCOUNTS MUST BE DESIGNATED AS “ATTORNEY TRUST ACCOUNT”.
- PICK A DIFFERENT COLOR CHECK FOR YOUR TRUST ACCOUNT. It's easier to distinguish at a glance from the operating or business account.
- IF YOU CHANGE BANKS, TELL US! We need to know where the new account will be, and when the old account will close.
- CLOSE OLD, INACTIVE TRUST ACCOUNTS. You can either transfer the balance to a new account or wait until all disbursements are cleared from the old account. In either case, you should instruct the bank to close it.
- 14. CHECK YOUR BANK STATEMENT ALL THE WAY THROUGH and RECONCILE THE ACCOUNT AT LEAST MONTHLY. If the bank has credited interest to your account that should have come to IOLTA, please let us know right away.
- TAKE OUR TELEPHONE NUMBER TO THE BANK WITH YOU. Due to staff turnover, centralization of operations and other reasons, bank personnel don't always receive thorough training about proper account opening procedures for trust accounts. We will be happy to talk with them.
16. CALL ANYTIME! Our objective is to assist every attorney with compliance.