Lawyerist.com: New FDIC rule provides increased security for IOLTA accounts

by Eric Cooperstein on November 24, 2008

With the recent meltdown of financial institutions, some lawyers have been wondering whether and how client funds held in a lawyer’s IOLTA account are be covered by FDIC insurance in the event of a bank failure.  In general, the rule has been that FDIC insurance covered $100,000 of any individual’s funds deposited in a single financial institution, regardless of how many accounts that $100,000 was spread over, including the portion of the individual’s funds that are in the lawyer’s trust account.

Read this article over at Lawyerist.com >

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