Attorney Client Trust Accounts Insurance

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#629364 - 10/25/06 10:42 PM Attorney Client Trust Accounts Insurance
mrSaint Member Joined: May 2003 Posts: 71 California	Does anyone know the FDIC insurance limits on an Attorney Client Trust Account. If the account is used to pool various clients funds, is it $100,000.00 for the account ownership or based on the number of clients whose funds are in the account (therefore, if 3 clients funds are pooled, it would be $300,000.00? Thanks _________________________ The opinions expressed are strictly my own and not necessary those of my employer.
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#629365 - 10/26/06 02:20 PM Re: Attorney Client Trust Accounts Insurance
Al Miller Diamond Poster Joined: Oct 2000 Posts: 2,416 Pleasanton CA USA	This is not really CA specific. It seems to me that coverage can go to each beneficial owner, but the bank's records have to include who those owners are. On large amounts, accounts should be opened for the specific client and the interest should be paid to the client, not to the State Bar. The W-9 would indicate an ownership. Al _________________________ Al Miller, CRCM Opinions expressed are my own and not necessarily shared by my employer.
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