Trust accounts can be confusing. Jamie Sudler, of the Colorado Office of Attorney Regulation Counsel, offers an overview of what a trust account is and how it should be used by an attorney in this short video. Trust Account Basics from Colorado Bar Association on Vimeo. For more information about this CLE program, click here.
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As of Jan. 1, FDIC insurance available to IOLTA accounts will be $250,000 per owner of the funds (client), per financial institution, assuming that the account is properly designated as a trust account and proper accounting of each client’s funds is maintained. For the past two years, IOLTA and non-interest-bearing accounts enjoyed unlimited FDIC insurance coverage pursuant to Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That provision was to be effective for two years with a sunset date of Dec. 31, 2012.
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