NEW MODERN ACCOUNT STRUCTURE

Local 720 currently has bank accounts with two financial institutions. Some of these accounts are tied to old best practices that are no longer current. David has discussed moving to a modern account structure with members of the Executive Board, Trustees, and union staff. Banks familiar with unions have said how they might be able to save Local 720 some money. However, which bank would best serve as Local 720’s financial institution gets complicated since some banks require moving the Local 720 bank accounts to get a loan and others would give Local 720 better rates on the loan if the bank accounts are moved to the lending institution.

This has led David to ask for proposals for both banking and loans so that the best match for both a construction loan and modern bank accounts for a union.