For Assistance or additional information, please contact the Foundation's IOTA operations manager:
Ms. Lushawn Phillips
IOTA Operations Manager
The Florida Bar Foundation
875 Concourse Parkway South, Suite 195
Maitland, FL 32751
Toll free in Florida: (800) 541-2195
Fax: (407) 960-3765
Effective December 31, 2010, all funds in IOTA accounts at Insured Depository Institutions are insured in full under the Federal Deposit Insurance Corporation's temporary unlimited insurance program which runs from December 31, 2010 through December 31, 2012. IOTA accounts at financial institutions that did not opt of the Transaction Account Guarantee Program (TAGP) have unlimited insurance through December 31, 2010 and also will have unlimited coverage through December 31, 2012.
Unless extended by Congress, after December 31, 2012 unlimited FDIC coverage will not be available on IOTA or non-interest bearing accounts. Starting January 1, 2013, the standard FDIC insurance amount of $250,000 per depositor will go into effect. Because the FDIC labels IOTA and other lawyer/ law firm trust accounts as fiduciary accounts, the per depositor coverage means that funds of individual clients and third persons in a trust account will be fully insured up to the $250,000 maximum, including any funds a client or third person also has on deposit at the same Insured Depository Institution.
For clients or third persons to receive FDIC insurance payments, trust account records required under the Rules Regulating The Florida Bar must be maintained identifying the name and amount of client or third person funds held in trust.