MAPLETON – Council here has authorized another five-year contract with the Royal Bank of Canada (RBC), skipping over the typical competitive process for purchasing goods and services.
The banking services will cost the township approximately $16,000 a year. Services provided by RBC include:
– maintaining bank accounts;
– direct deposit payroll;
– pre-authorized payment collection for taxes and water;
– stop payments;
– daily deposits;
– wire payments; and
– electronic transfers.
Township staff advised council on April 30 to bypass its procurement policy and approve the contract without tendering it because:
– Mapleton has been a long-term RBC client;
– RBC’s banking services are integrated into the township’s business processes; and
– RBC has competitive rates; and is the only bank with a branch in Mapleton.
Finance director John Morrison said “it’d be far too costly for the municipality to change bankers at this point.”
Council voted unanimously to approve the renewal.
