Information for financial institutions
Wisconsin's financial institutions play a key role in the maintenance of lawyer trust accounts and fiduciary accounts by enabling lawyers to comply with the Wisconsin Supreme Court's overdraft notification and IOLTA requirements. The information on this website is designed to assist financial institutions in understanding the requirements that lawyers must meet in connection with trust and fiduciary accounts.
Wisconsin's trust account rule
- Supreme Court expands e-banking in lawyer trust accounts
- Supreme Court Rule 20:1.15 effective July 1, 2016
- OLR guidelines for trust account records and fiduciary account records effective July 1, 2016
- Guide for financial institutions regarding rules relating to a lawyer's financial institution
Overdraft reporting
Agreement to notify the Office of Lawyer Regulation of overdrafts on lawyer trust accounts and fiduciary accounts
- While the Agreement and the instructions for completing it can be accessed from this site, the agreement must be printed out, completed, and signed.
- A copy of the signed Agreement, with a voided trust account check attached, must be filed with OLR by regular/first class mail. Starter checks are not acceptable unless they are identical to checks that the lawyer has ordered. Note: It is the lawyer's responsibility, not the financial institution's, to file the overdraft agreement and voided check with OLR.
Accounts that are subject to overdraft notification requirements
Procedures in overdraft investigations
IOLTA requirements
Lawyers who receive funds in trust are required to maintain pooled, interest-bearing or dividend-paying draft accounts, called IOLTA accounts. The Wisconsin Trust Account Foundation (WisTAF) administers Wisconsin's IOLTA program. Lawyers must maintain their IOLTA accounts in IOLTA participating institutions.
- Checks - Format guidelines for IOLTA checks
- Identification and titling of IOLTA accounts
- Insurance requirements for IOLTAs
- IOLTA agreement
- IOLTA participating institutions (external link)
FAQs for financial institutions
- Commercially reasonable security
- E-Banking trust account
- E-Banking trust account alternative
- Remote deposit capture and on-line banking
- Trust account option chart
Contact information
For questions regarding the overdraft notification program or OLR's forms, please contact the OLR Trust Account Program at: (608) 261-8296 or toll-free at (877) 315-6941 (Option 2).