|
|
|
The Times
  • Herkimer Co. considering switch to electronic banking

  • Representatives from Bank of America and M&T Bank on Monday presented members of the Herkimer County Legislature’s Ways and Means Committee with electronic payment options.

    Currently, the county uses paper checks to make all transactions to county vendors.

    • email print
  • Representatives from Bank of America and M&T Bank on Monday presented members of the Herkimer County Legislature’s Ways and Means Committee with electronic payment options.
    Currently, the county uses paper checks to make all transactions to county vendors.
    “The county is looking into the more efficient electronic banking system to go green and open a potential revenue stream,” said county Treasurer Kim Enea.
    Representatives from both banks said making transactions via the Internet would be a better option in the long run for the county.
    “By converting to e-payable transactions the county can eliminate paper checks, hold on to money longer and earn aggressive rebates,” said Bank of America Marketing Executive Harry Curtis.
    Bank of America offered the county a 1.51 percent rebate per transaction.
    M&T offered the county 1.15 percent per transaction.
    “The e-payable system rebates could help the county earn an extra $60,000 to $80,000 a year,” said county Administrator Jim Wallace.
    The county works with several banks, including Bank of America and M&T.
    “By choosing to go with either e-payable bank offer, the county won’t have to make any account changes and there would be no cost to the county,” said Enea.
    Wallace said the legislature will consider one of the offers in the next few weeks.
    “Hopefully by the next committee meeting on Aug. 15 a decision will be made,” he said.
    Once the county decides on an offer the electronic process will be functional after six weeks.
    In other business Monday evening, a county budget update found jail accounts were at a negative $600,000 for the year. Last year, the county spent $950,000 in jail accounts.
    “We budgeted for the same amount that was spent last year, but this year’s jail accounts are projected to reach $1.45 million,” said Wallace, adding the reason for the rise in funds is due to the cost of boarding and transporting inmates.
    It was also reported the workers’ compensation budget was down 11.7 percent.
    Wallace said this will effect people who stay on the abandonment plan. “The more the budget goes down, the less people in the villages and the towns will have to pay,” he said.
    •During a meeting of the legislature’s Administration and Veterans Affairs Committee, members approved making any matter referring to the Mohawk Valley Water Authority, Hinckley Reservoir and the West Canada Creek under the domain of the legislature’s Planning and Development Committee.

        calendar