Ashland renews with bank

The city of Ashland has renewed its banking services contract with Bank of America despite a push by some residents to use a regional bank.

"There were a lot of folks who said, 'Let's use a local bank,'" said council member David Chapman.

But when bids were recently unsealed for the service, Bank of America beat out five other banks when it came to cost. It also came in first place when it came to quality of services.

The council voted unanimously June 15 to renew the contract.

The city has been using Bank of America for five years. U.S. Bank provided services to the city for almost three decades before that.

Four national banks, along with Umpqua Bank, which serves the West Coast, and Sterling Savings Bank, which serves several western states, vied for the city's business.

The new contract is for three years beginning on June 30, with the possibility of two one-year extensions. Bank of America will charge the city of Ashland $1,025 per month.

Bank of America handles a range of financial chores for the city of Ashland, such as providing direct deposit for employees' payroll checks and processing electronic utility bill payments.

— Ashland Daily Tidings

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