The Texas Bar homepage is linking to a memo about the heightened and ongoing importance of monitoring client trust accounts. Check it out for a refresher on how your clients’ individual accounts relate to their money in your trust account under FDIC federal insurance rules. Also, find the answers to common questions like:
blogger / December 2, 2008
Bank Failure, the FDIC, and your IOLTA Account
Q. Do I have to do anything special to ensure my client trust account is treated as a fiduciary account for FDIC insurance purposes, or does it automatically qualify?
Q. Should I warn Client A that he may not be fully insured?