Complete Story
10/20/2020
Depository Agreements
April Bowersock, Auglaize County
Has any county switched depository institution before their depository agreement was up for renewal? I want to move from one bank to another now and not wait until July 2021 when the depository agreement is due to renew.
My Commissioners are questioning whether I can do this now.
Thanks!
April Bowersock
Auglaize County Treasurer
abowersock@auglaizecounty.org
3 Comments
Andrew Smarra on Tuesday 10/20/2020 at 11:13 AM
In my opinion, you can create a new depository agreement anytime you want. It just can't exceed the years/term by statute. Your commissioners do need to approve and and a copy of the investment policy should be provided to the bank. Our commissioners sign multiple agreements. I choose where I place the money once the agreement(s) are in place.
Nancy Nix on Tuesday 10/20/2020 at 11:15 AM
To my knowledge, you can switch banks any time you want as long as you have an existing depository agreement with that bank. We switched years ago and didn't concern ourselves with anything beyond the fact they were both named as allowable depository institutions based on prior agreements.
Connie Patrick on Wednesday 10/21/2020 at 10:10 AM
Our county depository for active monies is up for renewal at the end of this year and in the past, our commissioners have advertised through a bidding process through our local banks (usually 3 participants) Unless there are major changes to fees, etc, with our current bank, I have no interest in moving to another bank at this time. Are the commissioners actually required to bid the process or can we just get a new depository agreement signed with our current bank? There has been quite a bit of discussion and some difference of opinion, so I am interested to know what other counties are doing. Thanks for any assistance!
