“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. “I made a promise to be open and transparent with our public financial information and this was one step in that journey.”
The Clerk-Treasurer’s office performed financial due diligence on the 11 proposals and discovered significant savings with United Fidelity Bank, which has a Carmel branch located in Carmel City Center. Based on the proposals, it was determined that United Fidelity Bank would provide the best value for the citizens of Carmel and will save the city $12,188 a month in fees or $146,184 a year; adding up to $585,000 over the next four years. Beginning July 1, 2016, the bank will handle financial transactions for the City including deposit of its public funds, lockbox, automated clearing house, armored courier and wire transfers, along with other services.
As required by law, the change to United Fidelity Bank will need to be approved by the Carmel City Council, which meets again April 18. “I want to extend my appreciation to all the financial institutions for the remarkable efforts they put forth in their proposals,” said Pauley.