State Treasurer Curtis Loftis Announces Nearly $1 Million in Annual Bank Fee Savings for SC
April 4, 2012
Treasurer’s Office first phase of reviewing business practices examines banking services and identifies numerous cost savings.
COLUMBIA, SC – April 4, 2012 – State Treasurer Curtis Loftis hasannounced an extensive review of bank charges to the State Treasurer’sOffice that is anticipated to save nearly $1 million each year.
Last year, the Treasurer’s Office sent a Request For Information tobanking entities doing business with the State Treasurer’s Office. Thegoal was to examine banking services and fees to the state. This was thefirst comprehensive review of all State Treasurer’s Office bankingcontracts in approximately 10 years.“Our office analyzed practices andworked directly with the major banks to ensure South Carolina isreceiving the most banking services at the lowest possible cost totaxpayers,” Treasurer Loftis said. “Any private business takes anannual review of its expenses to maximize value and state governmentshould be no different. We are modernizing banking services,streamlining operations and taking advantage of best business practicesoffered by the banks. We owe it to the taxpayers to do business in atransparent and accountable manner that promotes the best value to thestate.”
The lower bank charges will result in an estimated nearly $1 millionyearly savings over what the Treasurer’s Office had been paying.
Additionally, the Treasurer’s Office has encouraged vendors and otherstate agencies to examine their banking practices for efficiencies andopportunities to streamline services.“We have an excellent relationshipwith the banks and I am pleased they were able to step up and worktogether in our common goal of serving the people of South Carolina inthe most transparent and accountable way possible,” Treasurer Loftissaid. “Our office does thousands of bank transactions a month, so anyminor savings quickly add up.”
The banking services review is part of a major ongoing effort byTreasurer Loftis to restructure and streamline the Treasurer’s Office,making it more transparent, accountable and efficient. The Treasurerwill be announcing more savings in the future.
