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Town moves to add bank fraud protection after Bank OZK requirement; coverage costs $200/month
Summary
Brooks' finance officer told council that Bank OZK is now requiring Positive Pay and ACH coverage to protect the town against bank fraud; the service would cost $200 per month, and the mayor said he supports adding the coverage.
Town Clerk and Finance Officer L. Spohr told the council that Bank OZK is requiring Positive Pay and ACH coverage as protection against actual or potential bank fraud. Spohr said the monthly cost for the coverage would be $200.00 and that she recommended the town adopt the protection. Mayor Langford said he was in favor of the coverage.
No formal motion to execute the bank coverage was recorded in the minutes; Spohr presented the April financials and noted recent revenue distributions for LOST and SPLOST during the presentation. The council discussed the practical advantage of bank fraud protection for municipal accounts and asked staff to proceed with implementation steps as needed.
