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.