ARCTIC OBITER

NOVEMBER 2009 | 9
event, held at the Northern Frontiers
Visitors’ Centre, Yellowknife. The
variety of foods and treats, along with
the famed ‚toonie bar‛ serving wine,
beer and other drinks, had everybody
smiling.
A TOAST... [right] Janice Walsh and Shirley Walsh pour drinks at
the Toonie Bar. [below, from left] Leanne Dragon, Charlene
Doolittle and Lucy Austin look on as students are introduced.
Erin Delaney and Kelly McLaughlin, cochairs
of the Social Committee, wish to
thank all volunteers for their help, and
invite all members to the final event of
the year, the Annual Christmas Dinner
and Dance.
Your Trust Accounts and the Law Foundation
by Emerald Murphy, Chair, Law Foundation of the NWT
All of the funding for the Law
Foundation of the Northwest Territories
comes from interest earned on lawyers'
trust accounts. The banks have lowered
the interest rates on trust accounts to the
point where the interest, in some cases,
is zero percent (0%). The following are
the current interest rates on lawyers'
trust accounts:
Bank Rate (%)
Bank of Montreal Prime-2.75 0.25
Scotia Prime-3.0 0
CIBC Prime-3.25 0
Royal Varies 0
*Service charge of $40.00 per month.
These low (to non-existent!) interest
rates have a real effect on the programs
and services that the Law Foundation
can fund in the Northwest Territories.
We're bringing this situation to your
attention so that you can consider if it
would make sense for you to move your
trust accounts from a bank now offering
zero interest on pooled trust accounts,
to one where at least some interest is
earned.
It's unlikely that suasion will be
Effective
Yield (%)
TD Bank Prime-3.5 0.25*
successful in persuading a
northern bank to improve its
interest rate on a pooled
trust account. That worked
in one of the southern
jurisdictions.
Even though
we know that bank policies
for the Northwest Territories
are set in the south, it can't
but help for influential
members of the bar to have a friendly
chat with their favourite bankers.
Remind them that the interest collected
on your trust accounts goes to
worthwhile projects that help people
access justice.
Every time a banker client is frustrated
by how long it's taking to get a
foreclosure, remind them that all of
those unrepresented people in
Chambers might not be there if we
could provide better information for
unrepresented litigants through
programs and services funded by the
Law Foundation.