Iowa Client Trust Account Rules (Iowa Court Rules Chapter 45) 45.5: Only the customary monthly maintenance fee may be netted from Commission interest; transaction fees are the lawyer's

What does 45.5 require?

For the chapter, allowable monthly service charges means only the monthly fee the institution customarily charges a depositor for the privilege of maintaining that type of account. Fees for transactions on the account, such as wire transfers, stop payments or cheque printing, are the lawyer's or firm's responsibility and cannot be paid out of, or deducted from, the interest or dividends otherwise due to the Lawyer Trust Account Commission.

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
45.4-4ab Direct the bank to remit pooled-account interest to the Commission at least quarterly with a statement
45.4-4c Direct the bank to report insufficient-funds presentments on the trust account to the Client Security Commission
45.6 Certify every year that current trust records are maintained

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