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Treasurer recommends shopping banks after Camden offers 2.5% interest; board delays switch until 2027
Summary
Treasurer Robin reported Camden Bank's 2.5% interest offer compared with TD's ~1.8%; the board asked for written quotes from multiple banks but agreed to postpone any switch until Feb. 1, 2027 because of payroll, QuickBooks transition, and budget season.
Treasurer Robin told the Select Board that Camden Bank is offering 2.5% interest compared with approximately 1.8% at TD Bank. The board requested written quotes from Camden, Bar Harbor, Bangor Savings and NBT Bank and asked Robin to return with formal proposals.
The board agreed to delay any transition until Feb. 1, 2027 "due to payroll changes, QuickBooks transition, and budget season workload," to avoid disrupting current operations. Robin also noted Camden offers twice-weekly courier deposits (courier bonded up to $10,000) and the board reconfirmed a previously approved $325 credit card terminal purchase.
