Law Foundation secures new rate with CIBC
Law Foundation Chair Heather Raven has commended the Canadian Imperial Bank of Commerce for its commitment to pay a competitive rate of return on lawyers’ pooled trust accounts.
As of October 1, 2005, under a new tiered rate agreement, CIBC will pay a net rate of return in the range of prime less 2.7% on the current global balances in BC lawyers’ pooled trust accounts.
Increased revenues enable the Law Foundation to fund programs that make the justice system accessible to British Columbians, particularly those people who have the greatest access problems as a result of their economic, social, physical or mental special needs.
The Law Society, the Law Foundation, and the Canadian Bar Association (BC Branch) encourage lawyers to consider which financial institutions provide the best support to the Law Foundation when deciding where to held their trust accounts.