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The First bank pitches higher interest, remote deposit service to Cushing selectmen
Summary
Jake Miller, vice president of The First (Rockland), proposed the town switch its checking account to a NOW account paying 0.55% (up from 0.10%), offered CD options at 0.85% (12-month) and 1.05% (29-month) and free remote deposit scanning; the board agreed to review the proposal.
Jake Miller, vice president of The First in Rockland, presented a proposal to the selectmen on May 11 asking the town to move its checking to a NOW account that would pay 0.55% interest, compared with the town’s current 0.10% return.
Miller outlined CD options for longer-term funds — a 12-month CD at 0.85% APY and a 29-month CD at 1.05% — and offered free remote check-deposit services so the town office could scan checks and send an electronic deposit file to the bank. The board agreed to review the proposal and follow up at a later meeting.
No action was taken at the meeting to change banking arrangements.
