Finance committee approves up-to-10-year extension of Wells Fargo master banking agreement

The City of Santa Fe Finance Committee on April 28 approved Amendment No. 1 to the Master Banking Services Agreement with Wells Fargo Bank, authorizing an extension that could keep Wells Fargo as the city’s fiscal agent and merchant services provider through Sept. 26, 2034.

Director Oster told the committee the Wells Fargo relationship covers a broad set of services — depository and payment accounts, ACH and vendor payments, merchant services for credit-card receipts, investment services tied to the bank relationship, and the city’s purchase-card program. Oster said Wells Fargo supplies merchant-service credits that offset other bank fees, which “in effect” means the city does not pay net fees for those combined services under the current contract.

The amendm…