Interest Form

IOLTA
(Interest on Lawyer Trust Accounts)

WEST VIRGINIA BAR FOUNDATION, INC.
NOTICE TO FINANCIAL INSTITUTION OF IOLTA PARTICIPATION

TO:
_____________________________________
(Name of Financial Institution)

FROM:
__________________________________
(Name of Lawyer/Law Firm)
Address: ________________________________________________________________

 

 Address: ______________________________________________________________

 

Date of Authorization: __________________
Phone: _____________________________
I/We have elected to participate in the Interest on Lawyer Trust Account Program (IOLTA) established by the West Virginia Supreme Court allowing a law firm or individual lawyer to deposit client funds in an interest bearing checking account with the interest payable to the West Virginia Bar Foundation, Inc., a qualified charitable organization.

_____ Existing Account: Account No.___________________________ I/We presently have a non-interest bearing client trust account which I/we request you convert to an interest-bearing IOLTA checking account bearing the same number, so I/we can continue to use our existing checks. No change is made in the authorized signatures on file with your institution.

_____ New Account: I/We do not have an existing account for our client trust funds with your institution and wish to establish an IOLTA account for those funds.

New Account No._____________________________

I/We understand that you may require the completion of new signature cards and other documentation. Please advise us what documentation you need in addition to our agreeing to the following terms and conditions governing our IOLTA account.

Terms and Conditions

1. Interest earned (net of customary service fees or charges) will be remitted at least quarterly to the West Virginia Bar Foundation, Inc., by check mailed to the West Virginia Bar Foundation, Inc., 2008A Kanawha Boulevard, East, Charleston, West Virginia 25311, through a clearance account established at your financial institution, or in any other manner to which you and the Foundation agree.
2. Taxpayer Identification Number certifications (IRS Form W-9s and 1099 information returns), if required, will show the West Virginia Bar Foundation, Inc. Taxpayer I.D. No.55-0690434, as the recipient of interest.
3. With each remittance of interest to the West Virginia Bar Foundation, Inc., a statement will be forwarded showing: a) the name of the law firm or individual lawyer’s trust account on which the interest was earned, and, b) the rate of interest and the amount of interest earned. If your institution has IOLTA accounts for more than one participant in this program, you may find it more convenient to make a single remittance for all at the same time, but you must ensure that the statements applicable to all participants are forwarded at the same time so the Foundation can determine the exact allocation of the lump sum payment among the firms involved.
4. The law firm or individual lawyer in whose name this account is carried will continue to receive a regular monthly statement for this account. Any questions should be directed to the IOLTA Program, West Virginia Bar Foundation, Inc., 2008A Kanawha Boulevard, East, Charleston, West Virginia 25311, telephone 304/343-9823.