Skip Header

Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Home > Regulation & Examinations > Laws & Regulations > FDIC Federal Register Citations

FDIC Federal Register Citations

From: Witty Allen
Sent: Monday, November 03, 2008 5:53 PM

Subject: RIN # 3064-AD37 Re: FDIC Insurance Coverage for Attorney's IOLTA Accounts

On principle I have always opposed IOLTA accounts.   We as a Bar Association have by administrative court rule created a private slush fund out of our client's interest (I recognize it as legal and unavoidable).   I believe it would be better for banks to recognize more profit from a trust account which does not pay interest than for interest which is economically unproductive to be computed to be paid over to others whose objectives or purposes may not be consistent with my client's.    

J. Witty Allen
118 East Moulton Street
P.O. Box 1149
Decatur, Alabama 35602

Last Updated 11/04/2008

Skip Footer back to content