How do I comply with the NC State Bar rules regarding NC IOLTA?
All active members of the North Carolina State Bar who maintain general client trust accounts in North Carolina must ensure that all their general client trust accounts are established as interest-bearing IOLTA accounts. Lawyers must certify annually when paying their NC State Bar Dues—either on the Dues Notice form or electronically—that all general client trust accounts maintained by the lawyer/law firm are IOLTA accounts. Lawyers must be in compliance with this requirement no later than June 30.
Lawyers must also inform NC IOLTA when opening or closing IOLTA accounts. The NC IOLTA Status Update Form should be used for this purpose. It should also be used to report employment or address changes.
As of July 1, 2010, lawyers may hold IOLTA accounts only at “eligible” banks that will agree to pay IOLTA accounts the highest rate available to that bank’s other customers when the IOLTA accounts meet the same minimum balance or other account qualifications (comparability requirement). NC IOLTA maintains a list of eligible banks.