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Office of Lawyer Regulation

Information for financial institutions

Wisconsin's financial institutions play a key role in the maintenance of lawyer trust accounts and fiduciary accounts by enabling lawyers to comply with the Wisconsin Supreme Court's overdraft notification and IOLTA requirements. The information on this website is designed to assist financial institutions in understanding the requirements that lawyers must meet in connection with trust and fiduciary accounts.

Wisconsin's trust account rule

Supreme Court expands e-banking in lawyer trust accounts Adobe PDF
Supreme Court Rule 20:1.15 Adobe PDF effective July 1, 2016
OLR guidelines for trust account records and fiduciary account records Adobe PDF effective July 1, 2016
Guide for financial institutions Adobe PDF regarding rules relating to a lawyer's financial institution

Overdraft reporting

Agreement Adobe PDF to notify the Office of Lawyer Regulation of overdrafts on lawyer trust accounts and fiduciary accounts

Accounts that are subject to overdraft notification requirements Adobe PDF
Procedures in overdraft investigations Adobe PDF

IOLTA requirements

Lawyers who receive funds in trust are required to maintain pooled, interest-bearing or dividend-paying draft accounts, called IOLTA accounts. The Wisconsin Trust Account Foundation (WisTAF) administers Wisconsin's IOLTA program. Lawyers must maintain their IOLTA accounts in IOLTA participating institutions.
Checks - Format guidelines for IOLTA checks Adobe PDF
Identification and titling of IOLTA accounts Adobe PDF
Insurance requirements for IOLTAs Adobe PDF
IOLTA agreement Adobe PDF
IOLTA participating institutions (external link)

FAQs for financial institutions

Commercially reasonable security Adobe PDF
E-Banking trust account Adobe PDF
E-Banking trust account alternative Adobe PDF
Remote deposit capture and on-line banking Adobe PDF
Trust account option chart Adobe PDF

Contact information: For questions regarding the overdraft notification program or OLR's forms, please contact the OLR Trust Account Program at: (608) 261-8296 or toll-free at (877) 315-6941 (Option 2).

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