From the Law Foundation
TD Canada Trust improves rate to Law Foundation
TD Canada Trust has increased the interest rate it pays on lawyers' pooled trust accounts in B.C.
Joe Morabito, Senior Vice President of TD Canada Trust Pacific Region, has advised the Law Foundation of B.C. that, as of April 1, 2001, TD Canada Trust will match the very competitive rate provided to the Ontario Law Foundation of prime less 3% and will also continue to waive service charges on these accounts.
As TD Bank and Canada Trust are in the midst of integrating the two businesses into one bank, this new agreement will be reviewed in January, 2002. The Law Foundation and the Law Society are pleased with the new rate and look forward to competitive rates with TD Canada Trust in future agreements as well. When mergers of the major banks were first contemplated in 1998, representatives of law foundations across Canada appeared before the Senate Committee on Banking, Trade and Commerce and met with representatives of the major banks to gain assurances that mergers would not negatively impact foundation revenues. The TD Canada Trust rate increase is in keeping with those assurances.