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Needham, Rockland Trust agree to shift to quarterly reimbursements; Rockland requires new wire agreement
Summary
Town officials and Rockland Trust staff discussed changing from annual to quarterly reimbursements for trust‑fund disbursements, a new Rockland wire‑agreement requirement and operational steps to reconcile town and trust accounting before Rockland sends cash.
Town of Needham trust‑fund officials and Rockland Trust staff discussed moving from an end‑of‑year reconciliation and reimbursement process to quarterly reimbursements and confirmed Rockland will require a signed wire agreement before sending future funds.
The conversation focused on how disbursements approved by the town—checks written from the town’s operating account—are later matched to trust‑account withdrawals. Barbara, a Rockland Trust account representative, said Rockland currently receives disbursement information from the town and historically waited until fiscal year‑end to wire funds back to the town. “In the past, we wait until after the end of the fiscal year just to make sure everything tied out to the books,” she said. Barbara…
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