Looking for better banking deal
Councillors here are looking for the best deal when it comes to banking services.
Wellington North Township Treasurer John Jeffrey recently reviewed for the finance committee the proposed new banking agreement.
The previous agreement paid interest to the municipality on all balances in the township bank accounts on a consolidated basis. The new agreement is for interest on each account independently and at a rate that increases according to defined balance thresholds.
Since amalgamation, the township has not sought tenders for its banking services.
The township’s current banker is the Royal Bank, and Jeffrey was asked by the committee to contact other banks in Wellington North.
Finance committee chairman Dan Yake said there were discussions about contacting other banks regarding banking agreements they might be able to offer.
“It hasn’t been looked at since amalgamation,” he said.
In response to a short discussion of the matter, Yake said, “I think it’s just time to have it reviewed.”
