Where you bank Matters! Financial institutions play a significant role in the success of the IOLTA program.  You can help generate more dollars for civil legal aid for low-income households by holding your IOLTA account at an  IOLTA Eligible Financial Institution that waives all fees and pays above market interest rates on IOLTA accounts.  

Establishing an IOLTA Account

If you handle client funds that are nominal or short term, you must deposit them in an IOLTA account. Following are the forms needed to establish an account and some additional resources that may be helpful to review when you are establishing an account.

The Notice to Eligible Financial Institution (fillable) or Notice to Eligible Financial Institutions (non-fillable) form is used by financial institutions to set up IOLTA accounts. Instructions for completion and submission are on the form. 

The Attorney IOLTA Guidelines Brochure, which was approved by the Michigan Supreme Court, provides information about establishing an IOLTA account, provides guidelines regarding financial institutions offering IOLTA accounts and contains a list of frequently asked questions about the IOLTA program.

The Michigan Rules of Professional Conduct Rule 1.15 contains the IOLTA provisions adopted by the Michigan Supreme Court.

Trust Account Overdraft Notification (TAON Rule)  – pursuant to MRPC 1.15A, financial institutions must first obtain approval from the State Bar of Michigan to serve as a depository for lawyer trust accounts by submitting a signed agreement that they will provide overdraft reports to the account holder and to the Attorney Grievance Committee. 

See the State Bar of Michigan’s (SBM) IOLTA Frequently Asked Questions for additional attorney guidance on IOLTA issues. Michigan State Bar members may also contact the SBM Ethics Helpline at (877) 558-4760 to receive a confidential, informal advisory opinion from a staff attorney regarding an ethics issue pertaining to the inquirer’s prospective conduct.

Download our IOLTA At-A-Glance reference document for more information. If you have further questions regarding IOLTA, email iolta@msbf.org or call the Foundation at 517-346-6403.