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Council approves switch to Mountain America after presentation citing potential $10,000—$15,000 in annual interest
Summary
After a presentation from the city accountant, the council voted to change the city's primary depository from Zions Bank to Mountain America, citing better interest on checking/savings and low fees; council discussed logistics for check/cash handling and remote deposit.
Orangeville's council voted on Nov. 13 to move the city's primary banking relationship from Zions Bank to Mountain America Credit Union following an informational presentation by the city's accountant.
Lede: The council approved the switch after the accountant outlined how Mountain America offers government-specific products that can pay the state PTIF (Public Treasurers' Investment Fund) rate on checking and savings accounts and could yield roughly $10,000—$15,000 in annual interest for a…
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