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The Supreme Court of Missouri has amended the Rules of Professional Conduct 4-1.15 to require Missouri lawyers to place IOLTA accounts only at eligible financial institutions. Eligible financial institutions are those institutions that pay interest rates on IOLTA accounts comparable to rates paid on similarly profiled non-IOLTA accounts, and that meet other requirements of the Rule.
As of November 21, 2008, all IOLTA deposits are fully insured by the Federal Deposit Insurance Corporation if the account is maintained in a participating bank. The FDIC maintains a list of non-participating banks. If your bank does not appear on the list, your bank is participating in the expanded insurance coverage program. Non-participating banks will be eligible for insurance on IOLTA deposits up to $250,000 per client, per bank.
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The institutions noted below are preferred providers and are recognized as “Partners in Justice” due to their voluntary agreement to pay trust account interest rates that equal or exceed seventy percent (70%) of the Federal Funds Target Interest Rate.
We ask that you consider utilizing these institutions for all your banking needs due to their extraordinary participation in this worthy program!
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ALL ELIGIBLE FINANCIAL INSTITUTIONS
To meet the requirements of Rule 4-1.15, IOLTA accounts may only be placed in the financial institutions listed below. For your convenience, a link is suggested for each institution. Please verify the link takes you to the institution desired as it is the best information available. The institutions are listed in alphabetical order and cover multiple pages.