Answer: Use the COLTAF Enrollment Form.

Explanation: Before opening a COLTAF account, first ensure that your bank is approved to offer COLTAF accounts. Only approved banks can open COLTAF accounts for Colorado lawyers and LLPs. If your bank is approved, complete the COLTAF Enrollment Form.

You must name the account in this format: “COLTAF Trust Account of [Firm Name, Lawyer Name, or LLP Name]”. Correct naming of a COLTAF account is critical. Failure to name the account in the format listed here could result in administrative errors that cost your bank money, discipline for the lawyer or LLP, or even insufficient FDIC coverage.

You must also ensure that the account is associated with COLTAF’s Tax ID, 74-2250921. This is important for a few reasons. First, COLTAF is a 501(c)(3), tax-exempt organization. Using our Tax ID ensures that no tax liability accrues to the law firm or professional setting up the account. Second, in the event of a bank failure, our Tax ID is one way for the FDIC to identify this account as a pass-through account with additional coverage. Third, many banks use our Tax ID as mechanism for identifying COLTAF accounts, ensuring that all interest owed to COLTAF is remitted in a timely manner.

After you have completed the enrollment form, a copy must be returned to COLTAF at 1600 Broadway, Suite 1400 Denver, Colorado 80202 or via our secure remittance portal.