Minneapolis Public Schools may get a new set of bankers. Chief Finance Officer Robert Doty said he wants to solicit proposals for handling the district's payroll banking.
Doty said the district could save more than $20,000 annually in fees it's now paying to Wells Fargo for payroll transactions if it shifted to a bank charging the same fees as US Bank. Doty is new on the job, but said that no one else in finance could remember the last time the district sought proposals.
US Bank charges schools less because it's the banker for a $1 billion-plus fund in which many districts pool deposits. Wells Fargo handles about four-fifths of the district's banking transactions. US Bank handles banking for most non-payroll bills. Doty listed TCF Bank and Bremer Bank as examples of local banks big enough to compete for the payroll.
District policy specifies that its banks pay local taxes, contribute to the community and satisfy various financial criteria.