law

Interest-Bearing Common Trust Account (Wisconsin)

Wisconsin firms are not required to hold client funds, but a firm that does must keep an interest-bearing common trust account at a depository institution and register it with the department. The interest belongs to the Department of Administration, not the firm, buyer, or seller, and must be remitted annually before February 1; no remittance is needed if the year's interest is under $10. Bank service charges may be deducted from interest but never from principal. A firm that complies is not liable to fund owners for lost interest.