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Banks and Edward Jones brief West Mead supervisors on account security, investment rates
Summary
On April 14, 2026, representatives from Edward Jones and Northwest Bank updated West Mead Township supervisors on interest rates, FDIC coverage for deposits and tools to prevent fraud, urging heightened vigilance and adoption of bank security measures for township accounts.
Representatives from Edward Jones and Northwest Bank briefed West Mead Township supervisors on township investment holdings and account security at the April 14 study session.
Rob Brest of Edward Jones told supervisors the township's Capital Reserve Investment Fund holdings are in low‑risk certificates of deposit and noted that banks used by the township are FDIC‑insured. Brest also raised cybersecurity protections for investments and encouraged continued attention to account security.
Craig Mullen and John Stoner of Northwest Bank reviewed options for the General Fund accounts and described fraud trends affecting municipal accounts, including check‑washing schemes. They recommended bank tools such as ACH Positive Pay and other positive‑pay services to reduce exposure to unauthorized transactions.
Supervisors Shartle and Chairman Don Bovard recounted personal experiences with hacking and fraud on personal accounts and said the board must remain “super vigilant” about account and card security. The board did not take immediate formal action but agreed to continue evaluating bank security measures ahead of regular meeting agenda items and future procurement decisions.
