Two more banks a agree to boost IOTA interest rates.

Two more banks have reached an agreement with The Florida Bar Foundation to offer tiered-rate IOTA products to law firms interested in making their IOTA accounts more productive.

Tampa's Florida Bank, N.A., has announced a "Super IOTA" account for new IOTA customers, and Turnberry Bank in Miami recently launched a tiered-rate IOTA product offering premium interest rates to Florida lawyers, according to the Foundation. The accounts are available in all communities served by those banks.

In the face of declining revenues, the Foundation has been working with banks across the state encouraging them to begin offering higher-yield IOTA products. The Foundation board believes tiered-rate products and investment sweep accounts hold the key to reversing the downward trend in IOTA revenues. Recent cuts in bank interest-rates reduced 1998-99 IOTA contributions by 6.8 percent to $11.7 million compared to $12.6 million in 1997-98. In the past, the IOTA program has raised as much as $19 million a year to fund legal aid, administration of justice and law student assistance projects.

Miami lawyer Rene Murai, Foundation president, said Florida Bank has long offered attractive rates on IOTA accounts and its new "Super IOTA" account provides a further boost to the IOTA program and anchors a package of other benefits aimed at attracting new law firm customers.

Florida Bank's Super IOTA account currently earns three-tiered interest rate ranging from 2.25 to 2.55 percent, de pending on the average principal balance. The Super IOTA package is being offered to new IOTA customers, and also is available to existing customers on request, the Foundation said. Florida Bank will pay the premium rate on IOTA accounts over $50,000.

Jane Curran, the Foundation's executive director, said Florida Bank also will offer firms who request the Super IOTA package "free checking accounts for firm partners, high earnings credit for the law firm's operating account to offset service tees, and express and Internet banking."

"We have high IOTA interest rates and we offer an attractive package both for the attorney and the attorney's firm," said Bob Higel, senior operations officer at Florida Bank. "This creates a win-win for the Foundation, the attorney, and the firm."

Turnberry's introduction of tiered IOTA rates came about because of efforts by Miami lawyer and past Florida Bar President Edward Blumberg.

In Miami, Turnberry Bank recently established a tiered-rate IOTA product. Its...