The Federal Deposit Insurance Corporation has agreed to provide unlimited protection for lawyers’ trust or escrow accounts.
These accounts are client funds being held by the attorneys. For example, in our law practice, we hold the clients’ settlements in our client trust account.
This should bolster confidence in the banking system. Clients should be able to rest at ease knowing that their funds are safe while in their lawyers’ accounts.
If you any questions about IOLA accounts and settlement funds, please feel free to contact me at 800-581-1434 or email@example.com.
Mark E. Seitelman, 11/28/08, www.seitelman.com.