Paying vendors and issuing payroll is an important responsibility of the treasurer’s office and the dollars it takes to fund these disbursements can be quite substantial. When seeking banking services to handle these demands, municipalities strive to find an efficient process that provides an accurate means to issue, clear and reconcile the monthly activity in checking accounts. In addition, the “float” (or payments in process of collection) has been considered a good source of revenue when interest was paid on these bank balances. In today’s world of Check 21, it is more difficult to earn interest income in these accounts because this evolution of check clearing significantly reduces the amount of time it takes to move money out of your account to pay the recipients of your checks.

Municipal Checking: “Pay Plus” High Interest Checking Lets Float Work for You

UniBank offers an extraordinary disbursement account for our municipal customers. “Pay Plus” accounts leverage every dollar by providing a higher than market rate of interest on the float in these accounts.

Municipal checking accounts also provide:

• Unlimited deposit, check writing and withdrawal activity
• Images of cleared checks, sorted in check number order
• FREE checks
• Reconciliation services (partial or full)
• Electronic direct deposit services for employee payments (for payroll and other expenses)
• Electronic origination of Federal and State tax payments
• Stop payment services
• FREE UniBanker (Internet-based cash management) electronic banking services, providing information on daily account activity and money transfer capabilities, including ACH and wire transfers
• Full access to our Municipal Customer Service Support Group