Follow Us:

Facebook-f Linkedin-in

Authorized Financial Institutions

Pursuant to Rule 1.15 of the Washington Rules of Professional Conduct, all LFW IOLTA accounts must be maintained at authorized financial institutions. To qualify as authorized, a financial institution must execute a Compliance Statement and agree to promptly report any overdraft to the Office of Disciplinary Counsel of the Washington State Bar Association.

In order to document compliance with rate comparability, a financial institution must submit to LFW a Compliance Statement with supporting documentation. Compliance Statements are subject to evaluation by LFW for compliance with Rule 1.15. Once a Compliance Statement is approved, if a financial institution proposes to reduce its LFW rates, it must submit a new Compliance Statement with supporting documentation, which is then subject to reevaluation by LFW. Reevaluation may take up to 45 days, and financial institutions may not change rates until the reevaluation finds them compliant.
πŸ“„ Financial Institution Compliance Statement (PDF)

Financial institutions can choose to pay a benchmark rate, a net rate equal to 75% of the Federal Funds Target Rate, which results in an automatic determination of compliance with the rate comparability requirements of Rule 1.15.

When the Federal Funds Target Rate is expressed as a range, the rate to be used for the benchmark is the highest value in the range. The benchmark rate is provided simply as an administrative convenience, and selecting it is entirely optional.

Interest or dividends earned on a LFW IOLTA account should be remitted electronically to LFW by the financial institution on a monthly basis on or before the 15th of each month. A remittance report should also be transmitted electronically with each remittance, showing:
  • βœ“ Name of the legal professional on whose account the remittance is made
  • βœ“ Account number
  • βœ“ Remittance period
  • βœ“ Rate(s) of interest or dividends applied
  • βœ“ Account balance(s) on which the interest or dividends are calculated
  • βœ“ Amount of interest or dividends paid
  • βœ“ Amount and type of fees, if any, deducted
  • βœ“ Net earnings remitted

πŸ“Š Financial Institution Remittance Report Template (XLSX)

List of Authorized Financial Institutions

The following institutions are currently eligible to hold IOLTA and other trust funds:

  • 🏦1st Security Bank of Washington
  • 🏦American Business BankΒ 
  • 🏦Baker Boyer Bank
  • 🏦Bank of America
  • 🏦Bank of Eastern Washington
  • 🏦Bank of Texas
  • 🏦Bank of the Pacific, The
  • 🏦Bank of Idaho
  • 🏦bankcda
  • 🏦BankUnited, N.A.
  • 🏦Banner Bank
  • 🏦Beneficial State Bank
  • 🏦BECU
  • 🏦BMO Bank N.A.
  • 🏦CalPrivate Bank
  • 🏦Capital Bank
  • 🏦Cashmere Valley Bank
  • 🏦Cathay Bank
  • 🏦Choice Bank
  • 🏦Citibank
  • 🏦City National Bank
  • 🏦Coastal Community Bank
  • 🏦Columbia Credit Union
  • 🏦Columbia State Bank
  • 🏦Commencement Bank
  • 🏦Community Bank
  • 🏦Community First Bank
  • 🏦Customers Bank
  • 🏦DR Bank
  • 🏦East West Bank
  • 🏦Encore Bank
  • 🏦Esquire Bank N.A.
  • 🏦Farmers State Bank
  • 🏦Fifth Third Bank
  • 🏦First American Trust
  • 🏦First Citizens Bank
  • 🏦First Fed
  • 🏦First Federal Bank
  • 🏦First Financial Northwest operated by Global Federal Credit Union
  • 🏦First Interstate Bank
  • 🏦First Republic Bank
  • 🏦First Sound Bank
  • 🏦Flagstar Bank, N.A.
  • 🏦Gesa Credit Union
  • 🏦Harborstone Credit Union
  • 🏦Hapo Community Credit Union
  • 🏦Heritage Bank
  • 🏦HomeStreet Bank
  • 🏦Idaho Central Credit Union
  • 🏦Idaho Trust Bank
  • 🏦Increase Bank dba Twin City Bank
  • 🏦Islanders Bank
  • 🏦JPMorgan Chase N.A.
  • 🏦Key Bank
  • 🏦Kitsap Bank
  • 🏦Leader Bank N.A.
  • 🏦Liberty Bank
  • 🏦 MidFirst Bank
  • 🏦Mountain Pacific Bank
  • 🏦Mountain West Bank
  • 🏦MUFG Union Bank, N.A.
  • 🏦North Cascades Bank, a division of Glacier Bank
  • 🏦Northern Trust Bank
  • 🏦Northwest Bank
  • 🏦Numerica Credit Union
  • 🏦Oakworth Capital Bank
  • 🏦Olympia Credit Union
  • 🏦Olympia Federal Savings
  • 🏦OnPoint Community Credit Union
  • 🏦Oregon Pacific Bank
  • 🏦P1FCU
  • 🏦Pacific Premier Bank
  • 🏦Pacific West Bank
  • 🏦Peoples Bank
  • 🏦Pinnacle Bank
  • 🏦PNC Financial Services
  • 🏦RiverBank
  • 🏦Riverview Community Bank
  • 🏦Salal Credit Union
  • 🏦SaviBank
  • 🏦Seattle Bank
  • 🏦Seattle Credit Union
  • 🏦Security State Bank
  • 🏦Servbank, N.A.
  • 🏦Sound Banking Company
  • 🏦Sound Community Bank
  • 🏦Sound Credit Union
  • 🏦Spokane Teachers Credit Union (STCU)
  • 🏦State Bank Northwest
  • 🏦Summit Bank
  • 🏦Texas Security Bank
  • 🏦The Commerce Bank of Washington
  • 🏦The Huntington National Bank
  • 🏦The Northern Trust Company
  • 🏦Timberland Bank
  • 🏦Twin River Bank
  • 🏦TwinStar Credit Union
  • 🏦Umpqua Bank
  • 🏦UniBank
  • 🏦United Business Bank
  • 🏦US Bank
  • 🏦US Metro Bank
  • 🏦Verity Credit Union
  • 🏦Washington Business Bank
  • 🏦Washington Federal
  • 🏦Washington Trust Bank
  • 🏦Wells Fargo Bank
  • 🏦Wheatland Bank
Β