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Levelland awards three-year depository contract to Citibank after debate over rates and services
Summary
Council adopted Resolution 2024-11 awarding a three-year depository contract to Citibank citing stronger online services and cybersecurity; some councilmembers pushed back on the potential lost interest income and urged moving funds to TexPool where appropriate.
Levelland — After a lengthy debate over interest rates, online banking features and the cost of switching, the City Council adopted Resolution 2024-11 awarding a three-year depository contract to Citibank for the period beginning Oct. 1, 2024, through Sept. 30, 2027, with two one-year extension options.
Cynthia (city finance staff and mayor pro tem) presented the evaluation and walked the council through the bidders’ services, mobile access, cutoff times for wire transfers, and positive-pay fraud-protection features. She explained positive pay as a reconciliation control that flags exceptions for staff to review,…
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