Interest on Lawyer Trust Accounts (IOLTA)

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Interest on Lawyer Trust Accounts (IOLTA) Checking is an interest-bearing trust account in which law firms and settlement companies are required by DC law to place client funds, such as fee advances or settlements for multiple clients, that would usually not be eligible to receive interest. Participating banks agree to pay interest on the amount in these accounts to the DC Bar Foundation, which in turn, distributes the funds to legal aid offices in the District of Columbia. Legal aid exists to provide competent legal representation to the homeless, elderly, foster children, immigrants, and working poor – those desperately in need of legal services, but unable to afford them. IOLTA is essential to funding these services. City First is committed to match the highest IOLTA interest payments in DC – netting maximum benefit for Legail Aid. City First is classified as a preferred bank under the DC Bar Association IOLTA Preferred Bank Initiative.

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For more information call 202-243-7100

CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "non-interest bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "non-interest bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest and to Interest on Lawyers Trust Accounts (IOLTA). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts or money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov