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Bethany selects ION Bank to replace Webster, approves signatories and payment vendor
Summary
After reviewing offers from multiple banks, the Selectmen voted to move municipal accounts to ION Bank and to adopt Point & Pay for online payments; officials projected $50,000–$100,000 in annual financial benefit and agreed on lists of authorized signatories.
The Bethany Board of Selectmen voted Aug. 5 to establish a working banking relationship with ION Bank following Webster Bank’s acquisition by Santander. The board also approved using Point & Pay as the town’s online payment portal and confirmed lists of account signatories for town, town clerk and Board of Education accounts.
Elizabeth Thornquist, the town’s tax collector, described the review of ION, Liberty and M&T and said ION offered the lowest fees and faster turnarounds. “the upside to the town will be between 50 and $100,000 a year,” she said when summarizing anticipated interest and fee savings. Staff also noted the town’s current payment portal with Webster (Fiserv) has caused reconciliation problems and that Point & Pay would be compatible with the town’s tax software and impose no fee to the municipality.
The board discussed tiered user fees for payment methods (credit at 2.5%, debit at 1%, electronic check at 0.50% or a $2 pay-by-bank option) and agreed to transition arrangements that separate signatories by account type. Chair moved to enter into a banking relationship with ION Bank and to allow specified officials to be signatories for town, Board of Education and town clerk accounts. The motion was seconded and approved.
Listed signatories included the Chair and designated town officers for town accounts, individual Board of Education signatories and town clerk account holders as recorded in the meeting minutes.
