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Dolton board to consider opening interest-bearing accounts at United Trust Bank
Summary
A staff member told the Dolton board that United Trust Bank is offering a premium money-market account with up to 4% APY and CDs around 3.45–3.55%; the board agreed to place the item on the May 5 agenda for further consideration.
A staff member told the Village of Dolton board that the village's current bank accounts earn no interest and proposed opening new accounts at United Trust Bank, which is offering a premium money-market account with an annual percentage yield of up to 4% and an attached free business checking account.
Why it matters: The staff member said the village could earn higher returns on short-term funds and that the bank has proposed relationship benefits that might create future municipal lending opportunities. The finance department proposed seeding the accounts using 10% of collections…
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