Unlimited FDIC coverage available for IOLTA Accounts through Dec. 31, 2009


12 CFR Part 370

RIN 3064-AD37

Temporary Liquidity Guarantee Program

AGENCY: Federal Deposit Insurance Corporation (FDIC)

ACTION: Final rule.

see pages 81 and 87 for definition of “non-interest bearing account” (which now includes IOLTA accounts) and for date such coverage expires (the earlier of  the date the financial institution opts out of the program or December 31, 2009)

Note:  Check with the bank that holds your clients’ funds to MAKE SURE it is participating in the Transaction Account Guarantee Program.