Approved Depositories for Trust Funds and IOLTA Trust Funds (Effective August 1, 2010)

Rule 1.15 of the District of Columbia Rules of Professional Conduct, as amended on August 1, 2010, requires that all trust funds be kept in an “approved depository”, and that trust funds that are nominal in amount or expected to be held for a short period of time be held in an approved depository in compliance with the District of Columbia’s Interest on Lawyers Trust Account (“IOLTA”) program. To be an approved depository, D.C. Bar R. XI, § 20 requires a financial institution to file an undertaking with the Board on Professional Responsibility agreeing (i) to report to Bar Counsel overdrafts or other irregularities in trust accounts and to respond to subpoenas from Bar Counsel and (ii) for financial institutions that elect to offer IOLTA trust accounts, to pay interest and charge fees on IOLTA accounts that are comparable to non–IOLTA accounts and to submit the interest and periodic reports to the D.C. Bar Foundation, which administers the IOLTA program.

NOTICE: Lawyers should be aware that in some instances, bank branches located outside the District of Columbia have not opened DC IOLTA accounts correctly. This is because these branches may treat the accounts as belonging to the state where the branch is located instead of as DC IOLTA accounts. Lawyers may wish to confirm that the branch bank is properly opening the accounts as DC IOLTA accounts and not as IOLTA accounts in the state where the branch is located. For questions about opening DC IOLTA accounts, contact the D.C. Bar Foundation at (202) 467-3750 or Dan Mills, assistant director, D.C. Bar Practice Management Advisory Service, at (202) 737-4700 ext. 3212 or dmills@dcbar.org

As of March 2014, the following financial institutions have filed the requisite Trust Account Notification Undertaking with the Board on Professional Responsibility and are certified as approved institutions for Trust Accounts and IOLTA Trust Accounts: 

  • Access National Bank
  • Amalgamated Bank
  • American Bank
  • Bank of America
  • Bank of Georgetown
  • Branch, Banking & Trust
  • Capital Bank, N.A.
  • Capital One Bank
  • Cardinal Bank
  • Carolina Premier Bank
  • Chain Bridge Bank, N.A.
  • Citibank, N.A.
  • City First Bank of D.C.
  • Colombo Bank
  • The Columbia Bank
  • Comerica Bank
  • Congressional Bank
  • Eagle Bank
  • Esquire Bank
  • First Citizens Bank & Trust Company
  • HSBC Bank USA, N.A.
  • Industrial Bank of Washington
  • Independence Federal Savings Bank
  • John Marshall Bank
  • JP Morgan Chase Bank, N.A.
  • Liberty Bank and Trust Company
  • Main Street Bank
  • M&T Bank
  • Monument Bank
  • The National Capital Bank of Washington
  • Northern Trust Company
  • OBA Bank
  • PNC Bank
  • Premier Bank, Inc.
  • Presidential Bank, FSB
  • Rappahannock National Bank
  • Revere Bank
  • Sandy Spring Bank
  • SunTrust
  • TD Bank
  • United Bank
  • Washington First Bank
  • Wells Fargo Bank, N.A.