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Comptroller Seeks Bids for Banking Business

Erie County has not sought the best bargain for banking business since 2006

(Buffalo) – It has been almost eight years since Erie County put out its main banking business to bid, seeking the best price for financial institutions to serve taxpayers.  The last time Erie County solicited bids for its banking business: the year 2006.

The administration of Erie County Comptroller Stefan I. Mychajliw, in an effort to continue a policy of being open, honest, and transparent with the people’s business, is soliciting “Requests for Proposals” (RFP’s) in order to receive the best possible price for Erie County’s banking business.

“It is unacceptable that the Office of Erie County Comptroller did not try to find the best price possible for our banking business since 2006.  We must provide services for taxpayers at the most reasonable cost.  It is my mission to conduct important work for taxpayers at the right price.” 

“I was disappointed to learn the county did not put this important banking business out to bid for more than seven years.  I identified this problem, corrected it, and hope to deliver strong services as the best price possible,” said Erie County Comptroller Stefan I. Mychajliw.

This is the third RFP issued by the Office of Erie County Comptroller this year.  Bids were also solicited for a Financial Advisor (FA) in April and the Indirect Cost Allocation Plan in September.

“Taxpayers are best served when government is open, honest, and transparent in conducting business.  We are trying to get the job done on behalf of the people of Erie County at a fair and reasonable price.  This is yet another way we save taxpayers money in the budget,” added Comptroller Mychajliw.

The banking RFP was released on October 4th, 2013.  The goal is to reduce the cost of banking services, streamline county operations, implement paperless processing, and maximize technology within the banking industry that wasn’t available back in 2006.

Banks have a deadline of December 20th, 2013 to submit a bid. The Request for Proposal can be found on the Office of Erie County Comptroller’s website:  Services requested within the RFP include general banking services, payroll processing, merchants card processing, lockbox service, and securing county funds against potential loss.

The Office of Erie County Comptroller is responsible for managing over $1.6 billion in operating cash, processing 17,900 disbursement checks monthly, maintaining 28 deposit accounts, distributing 1,700 paychecks per month, processing 9,700 direct deposit checks per month, and organizing 15,000 lockbox payments per year.

Please click here to view the RFP