Update on Unlimited FDIC Coverage of IOLTA Accounts

The Transaction Account Guarantee (TAG) Program, through which the FDIC provides unlimited deposit insurance coverage of client funds in IOLTA accounts at participating financial institutions, has been extended through December 31, 2010.

A number of financial institutions that participated in the original program opted out of the extension. Lawyers may visit www.fdic.gov/regulations/resources/TLGP/optout.html to see a list of banks that have opted out.

Funds held in IOLTA accounts at financial institutions that opted out of the extension are subject to to the standard limit of $250,000 per client through December 31, 2013.