Pursuant to Rule 1.15 of the Colorado Rules of Professional Conduct, a COLTAF account must be maintained in a financial institution that has been approved by the Colorado Supreme Court's Attorney Regulation Counsel. In order to be approved, a financial institution must agree to provide written overdraft notification to Regulation Counsel. Financial institutions approved by Regulation Counsel are required to cooperate with the COLTAF program and must offer a COLTAF account to any lawyer or law firm who wishes to open one.  Please contact Donna Scherer at the Office of Attorney Regulation Counsel, 1560 Broadway #1800, Denver, CO 80202, 303-866-6436 to obtain the Trust Account Notification Agreement.

Financials institutions interested in maintaining COLTAF accounts should also contact COLTAF, where they will be asked to complete an Approved Financial Institution Profile so that COLTAF is in a position to provide accurate information to lawyers and law firms concerning the fees or account requirements at particular institutions. Interest earned on a COLTAF account is paid directly to COLTAF by the financial institution on a monthly or quarterly basis. A Remittance Report is submitted with each remittance showing the name of the lawyer or law firm on whose account the remittance is made, the account number, the rate of interest applied, gross interest, any activity fees, and the average account balance. Electronic submission of Remittance Reports is strongly encouraged. Click here for a Bank Guide for Remittance File Preparation.

COLTAF recognizes as Prime Partners those banks that contribute to COLTAF's mission by waiving fees and paying strong COLTAF interest rates.  To qualify as a Prime Partner, a bank must waive all monthly service charges on its COLTAF accounts and must be among the top forty banks in the state paying the highest flat or weighted average interest rate on its COLTAF accounts for at least the preceding 12-month period.  COLTAF periodically publishes the list of its Prime Partners in The Colorado Lawyer, the monthly publication of the Colorado Bar Association, the Denver Business Journal, and other selected publications around the state. COLTAF also includes active website links to its Prime Partner Banks.

Click here for a list of COLTAF Banks