FDIC Provides Unlimited Insurance On IOLTA Account Balances

The Federal Deposit Insurance Corporation has decided to provide unlimited insurance on balances in IOLTA accounts. Banks need to elect to receive the coverage, so not all banks may decide to participate in the program. Most banks, however, will be participating. For the current listing of banks not participating, please go to List of Entities Opting Out of the Transaction Account Guarantee Program - Excel. As a result of the FDIC decision to provide unlimited insurance protection on IOLTA accounts, lawyers can have total confidence that their duty to protect client money is fulfilled regardless of the amount of client money being held.

If you have any questions, please contact the Office of the General Counsel at 404-527-8720 or Len Horton at the Georgia Bar Foundation at 404-688-2239.