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, and the rate of interest applied. Electronic submission of Remittance Reports is strongly encouraged. Click here for a Bank Guide for Remittance File Preparation.

COLTAF recognizes as Leadership Banks those banks that contribute to COLTAF's mission by waiving fees and paying strong COLTAF interest rates.  To qualify as a Leadership Bank, 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.  In addition, COLTAF recognizes through the use of logos and links the eight banks in the state that contribute most significantly to COLTAF's revenue, as a result of amounts on deposit as well as interest rates.  COLTAF periodically publishes the list of its Leadership Banks 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 on its website links to its logo Leadership Banks.

Click here for a list of COLTAF Banks