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Dollar Bills

Information for Banks

To offer IOLTA accounts, a bank must be approved as a depository by the DC Court of Appeals Board on Professional Responsibility. As a part of this process, the DC Bar Foundation must review the rate a bank intends to offer. Download all the necessary forms for banks, here:

TO BECOME AN ELIGIBLE DEPOSITORY:

Complete the Trust Account Notification Undertaking Form created by the DC Court of Appeals Board on Professional Responsibility. It must be notarized. Send the original, completed form to the Board on Professional Responsibility:

Board on Professional Responsibility
430 E Street NW
Suite 138
Washington, DC 20001

A copy may also be sent to the DC Bar Foundation.

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REMITTANCE PORTAL

IOLTA Secure File Transfer System

Participating DC financial institutions should use this portal to upload their periodic remittance reports. Please enter your password on the next page, called File Receive Folder, and then follow the instructions to upload your file. If you have forgotten your password or have any trouble with the upload, please contact us at 202-476-3750 or iolta@dcbarfoundation.org.

BANK FREQUENTLY ASKED QUESTIONS

WHAT TAX ID NUMBER SHOULD BE ON THE ACCOUNTS?

Every DC IOLTA account uses the DC Bar Foundation Tax ID Number:  52-1109547.  That is because the DC Bar Foundation is the owner of the interest earned on every DC IOLTA account.

PLEASE NOTE:  The DC Bar Foundation does not own the IOLTA accounts, it only owns the interest.

RATE COMPARABILITY FAQS

WHAT IS RATE COMPARABILITY?

Rate comparability makes sure that IOLTA accounts are treated fairly. Under the DC IOLTA program, banks that wish to offer IOLTA accounts must agree to pay IOLTA accounts the highest rate available at that bank to similarly situated non-IOLTA accounts. Rate comparability has been a part of DC’s IOLTA program since August 1, 2010. 

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