In December, the Foundation introduced a recognition program for participating banking institutions that go above and beyond the IOTA rule requirements of Florida’s Interest on Trust Accounts (IOTA) Program.
These “Community Champions” are committed to ensuring the success of the IOTA program and the mission of the Foundation by fostering a partnership to enhance and increase funding for legal aid to Florida’s most vulnerable populations.
When a bank pays 10 basis points over comparable rates on IOTA balances of $100,000 or more and does not deduct permissible service charges and fees from interest earned, it will be recognized as a Platinum Community Champion. Diamond Community Champions pay 10 basis points over comparable rates on IOTA balances of $100,000 or more.
The first bank to be recognized through the program was Wells Fargo Bank, which was named a Gold Community Champion. It is paying comparable rates on IOTA balances and does not deduct permissible service charges and fees from interest earned.
The rise of interest rates in 2018 will give the Foundation an estimated $7 million more in projected revenue. The interest generated will fund civil legal aid, enabling stronger communities and a more robust economy.
In fact, a recent study shows that for every dollar invested in Florida civil legal aid, $7.19 is generated in community investment. These dollars increase property values, keep communities intact and lower crime.
Community Champions make a significant, meaningful and positive difference in the lives of all Floridians.