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PIDA explores new bank accounts, QuickBooks migration to cut fees
Summary
Staff said Wells Fargo quoted $190/month per account for new agency accounts; Abby will explore Putnam County Savings Bank and whether consolidating investments could reduce fees before reporting back.
Abby (S4) updated the board on plans to open agency bank accounts under each authority’s EIN and to migrate accounting to QuickBooks. She told the board that Wells Fargo had proposed about $190 in monthly service fees per account, a fee level the agency considers high if standalone.
Abby said she will discuss options with Putnam County Savings Bank — which currently holds the agency’s investment account — to see if they can waive fees for a new operating account; she will also analyze whether moving investment funds to another institution (including Wells Fargo) would yield better treatment or reduced fees and will return with recommendations next month.
