Looking to lend a hand to Puerto Rico nonprofits, Oriental Bank & Trust is taking a different approach to its Individual Retirement Account program this year, launching Tuesday a product that lets customers who open an account choose an organization that will benefit from a cash donation from the bank.
Through the “Receive a tax break and give a break to those who need it most in Puerto Rico” campaign that starts March 5, Oriental will donate up to $100,000 to selected nonprofits to help them continue improving the quality of life of the populations they serve.
“Starting this week, our clients will join us in this campaign to support organizations that offer services to make a better Puerto Rico,” said Oriental’s Corporate Bank and Development Senior Executive Vice President, José Ramón González. “For us at Oriental, it is of vital importance that they take part in initiatives like this one because they will have an impact in the communities that we serve.”
Customers who open an IRA Account will have the opportunity to choose among five nonprofits selected through Fundación Comunitaria: Centro Margarita; Nueva Escuela Juan Ponce de León; Hermanas Carmelitas Teresas de San José – Hogares Teresa Toda; PECES, Inc.; and the Centro de Ayuda y Terapia al Niño con Impedimentos (AYANI). Once the client makes their selection, Oriental will donate $50 to the organization.
IRA accounts have become one of the most popular ways to save for retirement because they offer tax breaks and can be withdrawn, penalty-free, to pay for specific expenses, such as buying a first home or paying for an offspring’s college education. The maximum annual deduction is $5,000 per individual or up to $10,000 per married couples.
Oriental will spend $1 million on the advertising campaign that is coupled with the effort, said Oriental’s Marketing Director, Marilyn Santiago.