Board approves bank switch from Dogwood State Bank to Oconee Federal for cost savings

In a recent meeting of the Conservation Bank Board held on April 8, 2025, members voted to switch their banking services from Dogwood State Bank to Oconee Federal. This decision was primarily driven by the desire to eliminate monthly fees associated with maintaining a minimum balance at Dogwood State Bank.

Board member AJ highlighted that Oconee Federal offers a business checking account with no monthly fees and a low minimum balance requirement, making it a more cost-effective option for the board's financial needs. The discussion revealed that even maintaining a minimum balance of $1,000 at Dogwood would still incur a $10 monthly fee, prompting the board to seek alternatives.

The board's decision to change banks was met with unanimous support, emphasizing the importance of reducing operational costs. Members discussed the logistics of the transition, including the need to order new checks and establish signatories for the account. It was noted that while checks are typically used for transactions, the board may also consider cashier's checks for larger amounts, which could further streamline their financial processes.

In addition to the banking transition, the board reaffirmed its commitment to transparency and efficiency in managing funds. The meeting concluded with a reminder for members to review the ordinances provided by staff, which outline the board's roles and responsibilities in the funding process.

This banking change is expected to enhance the board's financial management, ultimately benefiting conservation efforts in Oconee County. As the board continues to navigate its funding processes, the focus remains on ensuring that taxpayer dollars are utilized effectively and responsibly.