LAWYER TRUST ACCOUNT BOARD - Minnesota
Notice To Financial Institution
To Establish New Interest-Bearing Account
My law firm is participating in the Interest on Lawyers Trust Account (IOLTA) Program established by the Minnesota Supreme Court. Under this program, please open an account subject to negotiable orders of withdrawal (NOW account) or a comparable interest-bearing account for the firm’s trust account.
Interest on this account should be remitted to:
Minnesota Judicial Branch Finance Department
ATTN: IOLTA Program
25 Rev. Dr. Martin Luther King, Jr. Blvd., Suite 110
St. Paul, MN 55155
The federal identification number for the Minnesota IOLTA Program is 41-1453935. See Treasury Regulations Sections 1.6049-1(a)(2)(i) and 1.6049-4(c)(ii)(c) and Revenue Ruling 63-131, 1963-2 C.B. 607, for details.
Interest on the account should be computed in accordance with your standard accounting practice (net of any service charges or fees) and should be paid at a rate in compliance with the comparability requirements of Rule 1.15 of the Minnesota Rules of Professional Conduct. Interest should be remitted monthly (or whenever you regularly credit interest to the account) to the Minnesota IOLTA Program by check, mailed to the above address. Interest can also be remitted by ACH deposit. Contact the IOLTA Program at 651-284-4379 if you would like to request an ACH deposit form.
With each remittance from this law firm’s trust account(s), please advise the Minnesota IOLTA Program of the account number, the lawyer/law firm name, the average account balance, the interest rate, the amount of dividend or interest, any fees or charges and the net amount remitted. A sample remittance form is available at iolta. (We assume our monthly bank statement will reflect this amount of interest remitted. If not, please advise us of this amount at the time you remit to the Minnesota IOLTA Program). If your institution has NOW accounts for other lawyers or law firms participating in the Minnesota IOLTA Program, you may make a single remittance for all of them, if you identify the amounts and account numbers for each of the separate law firm accounts for which the single remittance is made.
Questions may be directed by email to iolta@courts.state.mn.us, by mail to the Minnesota IOLTA Program, 25 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155, or by telephoning 651-284-4379.
, 20_____
(All Account Signatories)
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