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Peekskill boards weigh bank move to reduce fees, adjust 2025 budget projections
Summary
Board members discussed moving deposits from Putnam County Savings Bank to Wells Fargo to cut service fees despite lower interest rates; staff will survey local banks and return a comparison before a final decision.
Abby reviewed several revenue and expense lines for the proposed 2025 budget and discussed banking options. She said the agency is considering moving accounts from Putnam County Savings Bank to Wells Fargo to reduce monthly service fees, but that Wells Fargo currently offers a lower interest rate. "By moving the accounts to Wells Fargo, we get to reduce our the monthly service fee," she said.
Staff recommended a short comparative survey of local banks and returning options at the next meeting; several board members said they preferred keeping funds local if rates and fees are competitive. Abby also noted changes to projected interest earnings — the agency had budgeted $10,000 for interest in 2024 but had earned about $13,700 to date; for 2025 staff proposed $12,000 in interest to reflect a likely change if accounts are moved.
