Iowa Client Trust Account Rules (Iowa Court Rules Chapter 45) 45.4-4ab: Direct the bank to remit pooled-account interest to the Commission at least quarterly with a statement

What does 45.4-4ab require?

For the pooled account the lawyer or firm instructs the depository institution to remit the interest or dividends, net of allowable monthly service charges and computed under the institution's standard accounting practice, to the Lawyer Trust Account Commission at least once a quarter. Each remittance is accompanied by the depositor's statement, which identifies the lawyer or firm, the rate of interest applied, any allowable service charges taken off and the balances over the period.

Other controls in Rules 45.4 to 45.6: pooled interest-bearing (IOLTA) accounts, service charges and annual certification – Iowa Client Trust Account Rules (Iowa Court Rules Chapter 45)

45.4-1 Maintain a pooled interest-bearing trust account for nominal or short-term funds and tell the client where the interest goes
45.4-2-3 Place funds that could earn net interest for the client in a separate or sub-accounted interest-bearing account
45.4-4c Direct the bank to report insufficient-funds presentments on the trust account to the Client Security Commission
45.5 Only the customary monthly maintenance fee may be netted from Commission interest; transaction fees are the lawyer's
45.6 Certify every year that current trust records are maintained

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