Prime Partner Information for Banks
The NC IOLTA Program wishes to recognize North Carolina financial institutions for their commitment to improving access to justice in their community by inviting them to participate in our Prime Partner Program. This program gives financial institutions the opportunity to be recognized for significantly benefiting their communities.
The North Carolina Supreme Court approved revisions to the NC IOLTA rules effective July 1, 2010 to require attorneys to place IOLTA accounts at financial institutions that pay interest rates comparable to other similarly situated accounts. Prime Partner Institutions are those that go above and beyond the eligibility requirements of the revised Rule to support the NC IOLTA program in its mission to ensure that low-income North Carolinians have access to critically needed legal aid. Financial institutions that agree to pay a net yield of 0.75% or more on IOLTA accounts are recognized as members of the NC IOLTA Prime Partner Program.
Prime Partner Benefits
Highlighted on Eligible Banks list as a “Prime Partner”
Featured prominently on North Carolina State Bar web site
Active link from North Carolina State Bar web site to Prime Partner’s bank web site
Featured in NC State Bar Journal, the statewide publication distributed to all licensed attorneys
Featured in press releases issued to local and statewide bar association publications
Customized publicity can be developed for individual financial institutions
Highlighted in materials to new attorneys opening IOLTA accounts
Documentation provided for financial institution’s CRA files upon request
Prime Partner Requirements
To be eligible for the above benefits, financial institutions must complete the Prime Partner Enrollment Form and agree to pay a net yield (after any allowable service charges) of 75% of the Federal Funds target rate, or 0.75% APR, whichever is higher, on all IOLTA funds.
The Prime Partner minimum rate is 0.75% as of March 1, 2010.
Please contact Claire Mills at 919-828-0477 or firstname.lastname@example.org if you have questions about the Prime Partner Program.