Section 81.105. Eligible Institutions

(a) The Supreme Court of Pennsylvania approves Financial Institutions in which a lawyer may maintain a Trust Account. Financial Institutions which are approved as depositories of Trust Accounts are Eligible Institutions. A list of Eligible Institutions is published from time to time pursuant to Pa.R.D.E. 221.

(b) In order to be approved as an Eligible Institution, the Financial Institution must comply not only with applicable provisions of Pa.R.P.C. 1.15, but also Pa.R.D.E. 221.

(c) All lawyers must deposit Rule 1.15 Funds which are not Qualified Funds in a Trust Account with an Eligible Institution, unless an agreement exists between the Third Party Owner and the lawyer to use another investment vehicle. However, if the funds are Fiduciary Funds they may be maintained in an investment or account which is authorized by the law applicable to the entrustment or the terms of the instrument governing the Fiduciary Funds.

(d) All lawyers must deposit Rule 1.15 Funds which are Qualified Funds in an IOLTA Account with an Eligible Institution. However, if the funds are Fiduciary Funds, they may be maintained in an investment or account which is authorized by the law applicable to the entrustment or the terms of the instrument governing the Fiduciary Funds.

(e) Acceptable account title: The lawyer must specifically identify an IOLTA account with the words ‘‘IOLTA Trust Account’’ or ‘‘IOLTA Escrow Account’’ and the name of the lawyer or the law firm who maintains the account in the main title of the account.

(f) Acceptable title on checks/deposit slips: The word ‘‘IOLTA’’ need not be placed on checks or deposit slips.

(g) Provision of Information. The Eligible Institution must provide the following information to the IOLTA Board and to the lawyer who maintains the IOLTA Account at the time of each remittance:

(i) The name of the account;

(ii) The service charges or fees deducted, if any;

(iii) The amount of income remitted from the account;

(iv) The rate of income applicable to each account; and

(v) If available, the average daily balance in the IOLTA Account.