Rule 1304 - Establishment of IOLTA Accounts(a) Except as otherwise provided in subsections (b) and (d), a lawyer required to maintain a trust account under Rule 1303 shall create and maintain an IOLTA account for deposit of all client and third person funds.(b) When client or third person funds can earn net income for the client or third person in excess of the costs to secure such income, a lawyer may establish a non-IOLTA account subject to Rule 1303 and I.R.P.C. 1.15.(c) In determining whether a client or third person's funds can earn net income in excess of the costs of securing that income for the benefit of the client or third person, the lawyer shall consider the following factors: (1) the amount of funds to be deposited;(2) the expected duration of the deposit, including the likelihood of delay in the matter for which funds are held;(3) the rates of interest or yield at financial institutions where the funds are to be deposited;(4) the costs of establishing and administering non-IOLTA accounts for the benefit of the client or third person, including service charges and fees, the related costs of the lawyer's services and the costs of preparing any tax reports required for income accruing to the client's or third person's benefit;(5) the capability of the lawyer or financial institution to calculate and pay income to individual clients or third persons; and(6) any other circumstances that may affect the ability of the client's or third person's funds to earn net income.(d) A lawyer who is otherwise required to maintain a trust account under Rule 1303 may be exempt from the requirement to maintain an IOLTA account if the lawyer: (1) has been exempted by an order of general or special application of the Bar; or(2) obtains a written exemption from the Bar upon filing a petition, on a form provided by the Bar, stating that compliance with this Rule would create an undue hardship on the lawyer and would be extremely impractical, based on geographic distance between the lawyer's principal office and the closest financial institution participating in the IOLTA program.