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Charleston council approves UCCU sweep account to earn interest; vote unanimous
Summary
The Charleston Town Council voted unanimously Feb. 5 to open a sweep account with UCCU designed to let town funds earn interest while maintaining insurance coverage up to $7 million; the account includes fraud protections and administrative rights, council members said.
The Charleston Town Council voted unanimously Feb. 5 to approve a sweep-account arrangement with UCCU intended to let town funds earn interest while maintaining insurance coverage of up to $7 million.
Mayor Doug Clements presented the account and said it "would allow the town's money to earn interest while maintaining insurance coverage up to $7 million." Jake McPhie of UCCU described features including positive-pay fraud protection, administrative-rights controls and a quarter-percent discount on the interest rate.
Council Member Scott Solum moved to proceed with the arrangement; Jim Brown seconded. The council cast a roll-call vote and the motion carried. Mayor Clements and all four council members present voted in favor.
Why it matters: Town officials said the sweep account is intended to maximize modest interest earnings on idle funds while keeping deposits insured. The council did not authorize any transfers in the meeting; the motion authorized moving forward with the account setup.
What’s next: Treasurer/staff will coordinate with UCCU on account paperwork and report back to the council with details and any recommended limits or operational controls.
