Georgia Bar Journal
GSB Vol. 13, NO. 2, Pg. 38.
Reception To Thank Banks For Raising IOLTA Interest Rates
GSB JournalVol. 13, NO. 2October 2007Reception To Thank Banks For Raising IOLTA Interest RatesLen HortonThe Supreme Court of Georgia hosted a reception July 27 at the State Judicial Building to thank Georgia banks for agreeing to increase interest rates on IOLTA accounts. The gathering followed the announcement that Wachovia Bank of Georgia had agreed to raise the interest it pays on IOLTA account balances of $100,000 or more to 65 percent of the federal funds rate.
Earlier that same week, Chief Justice Leah Ward Sears presented William Linginfelter, CEO of Wachovia in Georgia, a plaque recognizing his decision to increase Wachovia's support for the Georgia Bar Foundation and its charitable activities.
"Wachovia's decision to increase interest rates on these accounts demonstrates the bank's commitment and concern for the less fortunate in our state," said Chief Justice Sears. "Wachovia's generosity will have a tremendous impact on the Bar Foundation's ability to support services for poor and vulnerable Georgians. I commend Mr. Linginfelter and Wachovia Bank for taking the lead on this important issue."
Wachovia was responding to an appeal from the Georgia Bar Foundation to treat lawyer trust account balances similarly to non-lawyer accounts with comparable balances.
Rudolph Patterson, president of the Bar Foundation, explains, "We have been asking a number of banks to expand their support for the charitable work of the Georgia Bar Foundation by increasing their rates on IOLTA accounts. Wachovia was the first bank to volunteer. We are grateful to Bill Linginfelter for his leadership and for his concern for Georgians throughout the state."
Interest On Lawyer Trust Account funds typically support a wide range of law-related organizations, including Atlanta Legal Aid, Georgia Legal Services, the Georgia Law Center for the Homeless, the Georgia Justice Project, the BASICS Program and many women's shelters throughout the state. The funds also are used to provide education to school children and adults about our government through the Carl Vinson Institute at the University of Georgia. The popular YLD High School Mock Trial program receives operational support from the Bar Foundation, as does the state...