Ethics Opinions from the Bar Association of San Francisco
INFORMAL OPINION 1970-3
It is not improper or unethical to deposit clients' funds in a trustee savings account rather than a trustee checking account. The interest on the account would belong to the client and not to the attorney.
No, but the interest on the account would belong to the client and not to the attorney. In our opinion there is nothing improper or unethical about depositing clients' funds in a trustee savings account rather than a trustee checking account.
Rule 9 of the State Bar Rules of Professional Conduct provides:
It is clear that Rule 9 makes no distinction between a trustee savings account and a trustee checking account.
With regard to the interest earned on a trustee savings account, it is our opinion that such interest would belong to the client and not the attorney. As a basic proposition, we do not see how interest earned on funds belonging to a client could in any way inure to the benefit of the attorney.
All opinions of the Committee are subject to the following disclaimer:
In using these opinions you should be aware that subsequent judicial opinions and revised rules of professional conduct may have dealt with the areas covered by these ethics opinions.