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California School Fiscal Services

Providing comprehensive business office and consulting services to K-12 traditional schools and charters

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Our Bank Doesn't Want Our Cash! - Author: Rhonda Seybert

Posted on August 11, 2014 at 8:00 AM

Lucia Mar USD had been banking with Mid State Bank for many years. This was a true community bank, they were invested in our schools. The bank president helped us pass our last bond. We loved them and they were good to us. Sadly about 6 years ago Mid State sold to Rabobank.

 

In June, three of their bankers came to visit me. (Yes – THREE– one which drove 5 hours from Sacramento). They had come to inform me that the District’s accounts were not “profitable” for them. They were especially upset that we have 17 daily deposits for our cafeteria account. Each site prepares their own deposit and our district courier delivers them to the bank. We have done it that way for years.

 

The meeting didn’t go well, I was annoyed with their suggestions: “you should start taking payments online” (we do). “You should have an armored truck pick up your deposits at each site.” (Huh? You want me to send men with guns on campus?) They didn’t do their research, and it was clear they didn’t care about the customer. The meeting ended with them telling me that they would begin charging us approximately $400 a month in account analysis fees. It also ended with me knowing we needed to find a new bank.

 

As I was researching new banks this summer, a prospective banker explained to me that the reason Rabobank want the armored truck was because the armored car would take the cash to a clearing facility in LA and the local bank wouldn’t have to “deal” with the cash in our deposits. You see, they don’t want our cash! This was made clear in an email I received this week from Rabobank informing me that they would not accept any daily cafeteria deposits that contain cash as of the start of August. When I asked if they were truly going to refuse our deposits this is the response I received:


“……. We cannot continue business as usual for the upcoming school year as far as the dropped off deposits containing cash and coin. …..The time that it takes to process these deposits was also a topic of discussion during our meeting. Banking has changed over the years. Our customers use many of our multi- electronic channels to do their banking, requiring less staff in our branches. We just don’t have the staff anymore to process these bags of coin and cash like we used to. Not only does it take time to process, but there has been discrepancies in the deposits which causes correction issues on our end taking even more time. We have not been charging for many fees that should’ve been charged years ago for many services that we’ve been providing for free, and as a business we just cannot do it any longer.

Here is what needs to happen if the school district would like to stay banking with us and to prepare for the upcoming school year-

1.) Agree to the quote attached (by the end of business day on Friday) so I can contact our cash management dept. They will set this all up to get started. Garda will pick up all the cash and coin only from the location of 602 Orchard St Arroyo Grande CA 93421 once a day and take it to the cash vault in LA between 10AM-12PM. Checks will still need to be brought to the bank for deposit and cannot just be dropped off. The person depositing must stay and wait for the receipt.

2.) If you agree to the quote by this Friday then we will go ahead and continue to accept the bags in the branch(containing cash, coin, and checks) just like before in the interim while this is getting set up, but we will be hard charging the account 107.50 per week.

3.) If you need Bank bags we can supply them at the cost of 94.72 for 500 of them. You also have the option of buying them from office max or staples if you’d rather go that route.

4.) **When you start to go through Garda the fee goes through analysis, and we supply you with the bags you need for coin, and cash and that cost also goes through analysis.

Note: There will be a delay of a couple of days for processing at both the branch and LA locations.

Please let me know if you have any questions. “


Stunning customer service–isn’t it? Please note that we do not have “bags of coin and cash” in our cafeteria deposits. Needles to say, Lucia Mar will be switching banks by September 1st!

My question for you, my fellow graduates,– How do you handle the cash in your cafeteria deposits?

Rhonda Seybert

Director of Finance

Lucia Mar Unified School District

[email protected]

 

 

 

 

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