C HIEF F INANCIAL O FFICER
S
TATE OF
F
LORIDA
T OM G ALLAGHER
August 11, 2005
Dear Chairperson,
Recently a troubling problem affecting the restitution payments received by many of Florida’s estimated
10,000 Holocaust survivors was brought to my attention.
These Floridians are being assessed an international wire transfer fee, ranging anywhere from $10 to $40 per transaction, on each payment of reparations or restitution they receive from the German government.
The transfer fee can amount to a 10 percent tax on each payment a survivor receives, a significant burden considering that the vast majority are elderly and rely upon these payments. In addition, an estimated 35 to 40 percent of Holocaust survivors in Florida live at or near the poverty level.
Your financial institution is in a unique position to correct this unfortunate circumstance. I am writing to urge you to consider voluntarily waiving any wire transfer or processing fees associated with Holocaust reparations or restitution payments.
More than 60 years have passed since the atrocities of the Holocaust took place. While it is impossible to ever fully repay the suffering that these survivors experienced, a simple act by your institution can help reduce the inconvenience to these senior citizens, and considerably enhance their quality of life. Waiving this fee will have a modest impact to your institution’s bottom-line, but an immeasurable and meaningful impact on the lives of the people you help.
Moreover, waiving this fee will be a powerful reflection on the willingness of Florida’s financial community to contribute to the well-being of our citizens.
As a champion of the business community in our state, and someone who knows firsthand the many good works institutions like yours have done, I am confident you will join me in this endeavor to help our fellow Floridians.
If you have any questions, please contact Lisa Miller, my chief of staff, at (850) 413-4900.
Thank you for working with me to resolve this matter.
Sincerely,
--Tom Gallagher
D EPARTMENT OF F INANCIAL S ERVICES
T HE C APITOL , T ALLAHASSEE , F LORIDA 32399-0301 (850) 413-2850 • T ELECOPIER (850) 413-2950