§ 81.105. Approved Financial Institutions.

 (a)  The Supreme Court of Pennsylvania approves financial institutions in which a lawyer may maintain a Trust Account. This list of approved financial institutions is published from time to time pursuant to Pa.R.D.E. 221.

 (b)  All lawyers must deposit Rule 1.15 Funds which are not Qualified Funds in a Trust Account with an approved financial institution, unless an agreement exists between the Third Party Owner and the lawyer to use another investment vehicle.

 (c)  All lawyers must deposit Rule 1.15 Funds which are Qualified Funds in an IOLTA Account with an approved financial institution. Moreover, each financial institution must send a report to the lawyer showing the interest and account service charges concerning the IOLTA Account. The financial institution must report this same information to the IOLTA Board, and must also report the average daily balance in the account during the remittance period, if that information is available.

 (d)  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.

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

 (f)  Credit unions: IOLTA Accounts maintained in credit unions may not be insured. Therefore, IOLTA Accounts must not be established in a credit union unless only Rule 1.15 Funds of owners who are or are eligible to be members of the credit union are deposited into the account.