Do the new IOLTA Rules set interest rates for DC IOLTA accounts?
No. The rules require that rates be “comparable.” Your bank has three choices in proposing an interest rate under the DC IOLTA Program. Your bank can provide the documentation outlined in the comparability toolkit, demonstrating that your proposed IOLTA rate is comparable with similar products AT YOUR INSTITUTION. Your bank can also elect the DC IOLTA benchmark rate. The third option is to join us at the Prime Partner rate. More information is in the Prime Partner Package.