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What types of transactions are prohibited under the new rule?

April 26, 2017Prohibited rule transactions types

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What types of transactions are prohibited under the new rule?

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• Cash disbursements from a trust account or from a deposit to a trust account are prohibited, and no check shall be made payable to “cash.” • No deposits or disbursements shall be made from a trust account by a telephone transfer of funds, thereby requiring there be a written verification of any transaction occurring from the trust account (Note: Wire transfers are permitted.) • Neither credit cards nor debit cards can be used to make deposits to or disbursements from a trust account, and a lawyer cannot authorize a third party to electronically withdraw funds from a trust account.