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Bank of Brodhead outlines fraud-prevention services, urges ACH and Positive Pay
Summary
The board heard a Bank of Brodhead presentation describing no municipal account fees, a current LGIT rate of 3.6% (variable), a $50 Positive Pay fraud-prevention option and a QuickBooks check-upload tool; the bank recommended ACH payments to reduce fraud risk.
During the April 21 meeting the board received a presentation from Bank of Brodhead on municipal banking services and fraud-prevention tools.
The presentation, delivered on behalf of the bank, advised that the bank charges no municipal account fees for the town and noted a current LGIT rate of 3.6 percent (reported as variable). The bank representative described Positive Pay as a fraud-prevention service available to municipalities; the board was told the service carries a $50 cost and that uploading QuickBooks check files could help flag unauthorized checks. The bank also encouraged the use of ACH transfers to reduce fraud risk.
The board did not take immediate action on banking services at the meeting; members noted the information for future consideration during financial operations and when confirming Board of Review alternates and other administrative items.
