City of Carmel switches banks, saves taxpayer money
When Christine Pauley took over as Clerk-Treasurer of the City of Carmel, one of the first things she said she wanted to do was to review the city’s contracts to see if she could find a way to save money.
One of the financial institutions she looked at was municipal banking for the city.
Pauley said the department had not bid out these services in many years. Pauley defeated Clerk-Treasurer Diana Cordray in May’s primary, after Cordray served in office for two decades.
After reviewing proposals from 11 different financial institutions, the city chose Indiana-based United Fidelity Bank, which should save Carmel taxpayers more than a half-million dollars over the next four years.
“I take my role as a steward of the tax payer dollars very seriously and wanted to find the most cost-effective banking option available,” said Pauley in a statement. “I made a promise to be open and transparent with our public financial information and this was one step in that journey.”
The Carmel City Council will need to approve this decision and meets again on April 18.
Based on the proposals submitted, the city determined that United Fidelity Bank would save the city $12,188 a month in fees or $146,184 a year. Beginning July 1, the bank will handle financial transactions including deposit of its public funds, lockbox, automated clearing house, armored courier and wire transfers.