BOF briefed on New Canaan account with Webster
"The main goal was to get the general fund operating money in one place so that one would transfer, and you could have a bank that would do investment for us, a bank that could have a checking account for us and a bank that can handle various accounts for different reasons," Norton told the BOF, noting New Canaan has 35 different accounts at various banks.
"Four different banks hold seven accounts that are just general fund operating," she said. "So there's a need to consolidate, a need to put money more in a bank that will hold various different accounts so we're not transferring and paying fees or moving it from bank to bank and account to account."
Webster will serve as the main operating account for all the town's accounts. Norton had told the BOS the town will continue using its accounts at other banks.
"In other words, we went out and did a competitive bid for banking institutions to put their best foot forward and tell us why they deserve the service of the town," she said in June. "Seven banks responded."
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The banks were then evaluated under various criteria, such as firm experience, financial strength and a banking transition plan.
Norton said Webster produced the best results, adding that Webster's experience serving municipalities made it an appealing option for the town.
BOF member Mary Davis-Cody acknowledged Webster Bank does not have a New Canaan branch and asked if this had been taken into consideration during the bidding process.
Norton assured the board this is not an issue since all the town's banking is done online.
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