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Approved Financial Institutions

Rule 1.15C(b) of the Vermont Rules of Professional Conduct requires members of the Vermont Bar to maintain their trust accounts only in financial institutions approved by the Professional Responsibility Program:

Overdraft Notification Agreement Required. A financial institution shall be approved as a depository for attorney trust accounts if it shall file with the Professional Responsibility Board an agreement, in a form provided by the Board, to report to the Board in the event any properly payable instrument is presented against any attorney trust account containing insufficient funds, irrespective of whether or not the instrument is honored. The Supreme Court may establish rules governing approval and termination of approved status for financial institutions, and the Board shall annually publish a list of approved financial institutions. No trust account shall be maintained in any financial institution which does not agree to make such reports. Any such agreement shall apply to all branches of the financial institution and shall not be canceled except upon 30 days’ notice in writing to the Board.

Financial institutions which have not been approved may obtain information as to how to become certified by contacting the Office of Disciplinary Counsel at (802) 859-3000.

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