Township to bank with RBC for at least another five years

MAPLETON – Council here has authorized another five-year contract with the Royal Bank of Canada (RBC), skipping over the typical competitive process for purchasing goods and services.

The banking services will cost the township approximately $16,000 a year. Services provided by RBC include:

- maintaining bank accounts;

direct deposit payroll;

pre-authorized payment collection for taxes and water;

stop payments;

daily deposits;

wire payments; and

electronic transfers.

Township staff advised council on April 30 to bypass its procurement policy and approve the contract without tendering it because:

Mapleton has been a long-term RBC client;

RBC’s banking services are integrated into the township’s business processes; and

RBC has competitive rates;  and is the only bank with a branch in Mapleton.

Finance director John Morrison said “it’d be far too costly for the municipality to change bankers at this point.”

Council voted unanimously to approve the renewal.