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SUBJECTS › FINANCE › Banking Services
Updated 12/06
Banking Services

Banking Services

Cities and counties are required to bank with a qualified public depositary (Adobe Acrobat Document 60kb), RCW 39.58.080. In code cities, the bank is designated by the council. RCW 35A.40.030. In other classes of cities and counties, the statutes allow the treasurer to select the bank. RCW 35.38.010. RCW 36.29.020. Note that while savings banks, in addition to commercial banks, can be public depositaries, credit unions cannot. RCW 39.58.010(2) and (10).

Cities and counties may pay for their banking services by direct charges for each service or by compensating balances or a combination of the two. (Compensating balances are funds the bank holds on which it pays no interest.) To make certain that they are getting the services at a good price, cities and counties should periodically do a request for proposals (RFP).

Reference Sources

Documents

Note: We realize that most of these are "old" and therefore won't include information on Web-based services, etc. We would love to have some newer examples. Please send us a copy of your RFP.