Minneapolis Public Schools may be getting itself a new set of bankers. Chief Finance Officer Robert Doty said that he wants to solicit proposals for handling the district payroll when he reviewed district banking practices for the school board this week. Two factors stood out in his presentation. One is that Doty, who is only a few months into his job, said that no one could remember the last time the district opened its banking business to competitive proposals. Doty also reported that 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. US Bank charges lower fees because it is the banker for a fund of more than $1 billion in which schools districts in Minnesota pool their deposits for a better return. That volume allows that pool of districts to negotiate lower transaction fees with US Bank. For example, Doty's presentation said the district would pay about 11 cents for each payroll check issued at US Bank, compared to 30 cents at Wells Fargo. The district now banks with eight institutions but 99 percent of its $685 million in transactions this fiscal year runs through Wells Fargo and US Bank. Wells Fargo handles about four-fifths of the district's banking transactions and usually more than half of its deposits because it is the depository for the the district payroll. US Bank handles funds used to pay the district's other bills. Bank charges are only one criterion for the district's choice of bankers. District policy also requires that a bank be a local taxpayer, make social and economic contributions to the community, be capable of managing the district's cash flow, and have satisfactory deposit security, liquidity, and yields. Doty said he did not consider banking policies on foreclosure in his review. Which banks get the district's payroll business depends on that combination of factors, but Doty listed TCF Bank and Bremer Bank as examples of local banks big enough to compete for the district's payroll business. Doty said he wants the district to select the district's next payroll bank by July 1, and then consider whether to open the non-payroll banking to competition.