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News Release

CLERK BOCK SAVES COUNTY TAXPAYERS $1 MILLION
WITH NEW BANKING CONTRACT

Renegotiated deal with Wells Fargo reduces annual fees, maximizes savings of county money

WEST PALM BEACH, FLA. (April 3, 2012) – Clerk Sharon Bock is proud to announce a new banking contract with Wells Fargo that will save Palm Beach County approximately $1 million over the next three years.

Clerk Bock, who is the independently elected county Chief Financial Officer, presented details of the new contract to the Board of County Commissioners during their Tuesday meeting.

“My goal as the county’s chief financial watchdog is to negotiate on behalf of the taxpayer, so that they receive the best service at the lowest possible cost,” Clerk Bock said. “This new banking contract substantially reduces banking fees from prior years, and will save $1 million in taxpayer dollars over the three contract years.”

The new contract cuts Wells Fargo’s banking and other fees, which amounts to a savings of approximately $233,000 a year. The deal also maintains the county’s current level of earnings credits at 50 basis points, which is one of the highest rates offered in the nation.

Earnings credits are given by banks to large account holders, such as businesses and government. The bank holds county money overnight in a non-interest bearing account, and compensates for the use of these overnight funds by offsetting the cost of general banking and credit card fees with earnings credits.

Maintaining earnings credits at 50 basis points will save county taxpayers $61,000 a year, or $200,000 over the life of the three-year contract.

Clerk Bock is responsible for the day-to-day management of more than $3 billion in taxpayer money. Part of that responsibility is managing the county’s bank accounts. Last July, she issued a request for proposals for a new three-year banking deal. Four financial institutions responded with substantive proposals, and after an extensive review and ranking, Clerk Bock and her financial team entered into negotiations with Wells Fargo in October 2011.

“Over the past six months, our team has worked diligently on every aspect of this contract, proactively negotiating legal, insurance and other contract provisions,” Clerk Bock said. “But what matters most to taxpayers is the final cost of banking services, which we were successfully able to reduce, saving tax money in the process.”

For more information about the Clerk’s office, please visit www.mypalmbeachclerk.com or call (561) 355-2996.  

The Florida Constitution established the independent office of the Clerk & Comptroller as a public trustee, responsible for safeguarding public records and public funds. Clerk Sharon Bock is directly elected by and accountable to Palm Beach County residents.  In addition to the roles of Clerk of the Circuit Court, County Recorder and Clerk of the Board of County Commissioners, the Clerk & Comptroller is the Chief Financial Officer, Treasurer and Auditor for Palm Beach County.

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