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Council authorizes agreements with JPMorgan Chase for city banking and merchant services after competitive RFP
Summary
Following a year‑long RFP, the City Council authorized agreements with JPMorgan Chase for general banking, lockbox, merchant‑card processing and custodial services; the initial six‑year term was negotiated with fixed fees and a total compensation cap.
The City Council on Sept. 16 authorized the city manager to negotiate and execute agreements with JPMorgan Chase for general banking, lockbox, merchant‑card processing and custodial investment services following a city request for proposals. The contract authority was approved 9‑0 (one councilmember absent).
Finance Director Maria Oberg told council that three qualified banks responded to an RFP over the previous year — Wells Fargo (the incumbent), JPMorgan Chase, and US Bank — and that the…
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