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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 city of Orangeville's size.
Nut graf: Councilors asked about fees and operational logistics; Gary, the accountant, told the council the credit union charges no fees for the proposed accounts and would provide a check scanner for in-office deposits. He noted remaining logistical questions about cash handling and proposed workarounds such as maintaining a small local cash account or using a separate local credit union for cash deposits.
Details: Gary described experience with other municipalities and said Mountain America's government-focused products include services that are not broadly advertised to consumers. "The interest that we would receive by doing that would be about 10 to $15,000 a year," he said. Councilors queried whether there were switching fees and were told there were no fees but some operational logistics to solve, especially for handling cash without frequent trips to a branch in Price. The credit union would provide a check reader to permit in-office check scanning and deposit.
Vote and next steps: Carrie made the motion to switch, Doug seconded, and roll-call votes were recorded as 'Aye' from Kevin, Kurt, Doug, Carrie and Tracy; the motion passed. Staff will follow up to complete account openings, implement check-deposit equipment, and document cash-deposit procedures.
Ending: The council endorsed the change as a way to earn more interest on governmental funds and to simplify cash management, subject to completing operational logistics and account setup.
