PROVIDENCE – A comprehensive review of Rhode Island’s day-to-day banking services resulted in lowering the state’s overall banking fees by 38 percent, R.I. General Treasurer Gina M. Raimondo announced Monday.
The review was conducted through a request for proposals process in December and was the first comprehensive study of the state’s banking services in at least 15 years, according to the Office of the General Treasurer.
“These reviews are important to put banks on notice that we are serious about monitoring their performance,” said Raimondo in prepared remarks. “It remains my priority to continually assess the state’s financial service contracts and vendors to make sure taxpayers are receiving the best price and service possible.”
The review examined banking contracts based on competitive pricing, quality of overall banking services and commitment to Rhode Island.
The banking review is part of the “Treasury’s ongoing commitment to reviewing contracts,” said the release announcing the results.
“While all of the state’s existing banking relationships were maintained to varying degrees, all agreed to service improvements, including fee reductions,” said the release.
The state’s banks include Bank of America Corp., Brookline Bancorp Inc. subsidiary Bank Rhode Island, Citizens Bank, Sovereign Bank, The Washington Trust Co. and Webster Bank.
Combined with other cost-saving measures implemented since 2009, the review has increased the Treasury’s total annual savings for banking services to $900,000.