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Forsyth County Schools to switch banking services to JPMorgan; deposits to be picked up from schools
Summary
CFO Larry Hamill told the board the district selected JPMorgan after an RFP process and expects to finish the switchover by the end of the month; the bank will provide free pickup of school deposits, removing the need for school staff to transport cash to branches.
Larry Hamill, chief financial officer for Forsyth County Schools, told the board on Feb. 11 that the district completed a request‑for‑proposal last year and selected JPMorgan to provide banking services after a multi‑bank review.
“We had five banks show up. We went with three of them for the RFP process, and JPMorgan won that process,” Hamill said. He reported the district is in the second week of the switchover and expects to be fully transitioned by the end of the month or the beginning of next month.
Hamill and board members noted the operational change will offer a bank pickup service for school deposits under the contract at no cost to the district; Hamill said that will remove the need for school bookkeepers or administrators to transport cash to bank branches. A board member described the change as an important safety feature for schools.
The presentation was informational; no board action was required during the work session.
