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Durham schools approve switch of local banking services to JPMorgan Chase; board keeps up to six school accounts at Mechanics & Farmers
Summary
The board approved a motion to move the district’s local banking accounts from Truist to JPMorgan Chase, keeping up to six school checking accounts with Mechanics & Farmers Bank by request; staff estimated roughly $600,000 in additional annual interest and a January 1 operational target.
The Durham Public Schools Board of Education voted to transition the district’s local banking relationship from Truist to JPMorgan Chase and to retain up to six school checking accounts with Mechanics & Farmers Bank. The motion, made by board member Carter Otten and seconded by board member Beyer, passed on a recorded vote of five in favor and one opposed. The key facts: district finance staff said the change is limited to local accounts (state and federal funds remain with the North Carolina State Treasurer’s core account). Kevin Harewood, an executive director with JPMorgan Chase who said he covers government banking in the state and is a DPS parent, presented JPMorgan’s proposal and technology platform. Finance staff estimated the move could generate about $600,000…
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