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Owosso council approves new account with Dort Federal Credit Union to expand insured investments
Summary
Council authorized a new ModernFi account at Dort Federal Credit Union that spreads city deposits across multiple federally insured institutions, extending protection beyond single-bank limits; staff said the account is compliant with Public Act 20 and currently offers a rate above 4%.
The Owosso City Council approved a finance department request to open a ModernFi investment account with Dort Federal Credit Union, allowing the city to diversify deposits across multiple federally insured institutions while remaining compliant with state rules.
City Manager and finance staff explained the account will permit the city to keep large cash…
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