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LGC reports PNC account closed; fees waived, no funds remain
Summary
LGC members were told the group’s PNC Bank account was closed after several months of work and bank fees were waived by BNC Bank; chair asked members to consider whether to open a new account in the future.
At the start of the September meeting the LGC received an update that its PNC Bank account has been closed and bank fees were waived, leaving the commission without a bank account.
Vice Chair Sarah Jackson reported the closure and the outcome of outreach to banking partners. “No bank account. No money,” Jackson said, adding the closure and fee waiver were achieved with help from BNC Bank and city staff.
Context and implications
Jackson said the work to track the account’s history and arrange closure took roughly four to five months and required coordination with city staff, the former signatories and bank partners. Commissioners noted the difficulty stemmed in part from changes in authorized signatories and said the LGC remains able to open a new account in the future if members determine a demonstrated need.
Commissioners also confirmed for the record that the board had previously voted to close the PNC account; the minutes reflect that prior approval.
Key points
- The PNC account was closed; fees were waived by BNC Bank.
- Closure took an estimated four to five months to complete and required cooperation among banks and city staff.
- Commissioners noted the group can reestablish a bank account later, but signatory arrangements and a demonstrated need will be required.
Ending
No formal vote on opening a new account occurred at the meeting. Commissioners tasked city staff and the new working groups to address finance and contracting matters as part of the Business Administration committee’s upcoming work.
