- Setting up an IOLTA account is quick and easy
- Complete an "IOLTA Notice to Financial Institution" enrollment form.
- Take the form to your bank or financial institution. OBF has enlisted the help of IOLTA-Friendly banks across Oklahoma. Most have waived service fees and minimum balance requirements.
- Open an interest-bearing IOLTA trust account or convert your existing pooled client trust account to an interest-bearing IOLTA account.
- Insert the account name and number on the enrollment form - making sure all information is correct & complete.
- Simple as 1 • 2 • 3:
- The original stays with the financial institutionRetain a copy for your November compliance records
- Send or fax a copy to the OBF IOLTA office
- Beginning July 1, 2004, client funds that are nominal in amount or to be held for a short a period of time must be deposited into the IOLTA account. The bank pays the interest earned by the account to the OBF.
- Why wait? Use the IOLTA Notice to Financial Institution form to set up your IOLTA account today.
- OBF is working with attorneys, law firms and banks across Oklahoma getting the IOLTA trust accounts setup and operational by issuance of the next OBA Annual Bar Membership Statements in November. Compliance certification is to be shown on these annual statements.
- Contact the OBF should additional assistance be required, or go to www.okbar.org/obf for further information and forms. E-mail address is foundation@okbar.org.
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