REPORT TO THE CITY COUNCIL
FROM: GEORGEANNE A. WHITE, City Manager,
Office of Mayor & City Manager
BY: SANTINO DANISI, MBA, City Controller/Finance Director
Finance Department
SUBJECT
Title
Approve an agreement with Green Dot Corporation to provide an alternative direct deposit option via a prepaid card program in lieu of a paper check, with no cost to the City of Fresno.
Body
RECOMMENDATION
Staff recommends City Council approve an agreement with Green Dot Corporation to provide an alternative direct deposit option via a prepaid card program for employees electing to participate, in lieu of receiving a paper check.
EXECUTIVE SUMMARY
In March 2023, Bank of America (BofA) notified the City of Fresno that they will be terminating their prepaid card program previously available to all BofA clients. Ten vendors were evaluated and the Green Dot Corporation is recommended given its fee structure and benefits to potential cardholders.
Staff recommends that the Council approve the attached agreement with Green Dot Corporation in the amount of $0.
BACKGROUND
In an effort to reduce expenses, the City of Fresno has continued to encourage and promote an electronic distribution of pay. The City contracted with the Bank of America Cashpay Card program to provide this banking alternative to employees that are unbanked. It has helped save printing costs and has benefited employees by allowing quicker access to financial resources while avoiding fees or charges when cashing their check. In addition, it is more secure and has less risk of theft or loss when compared to receiving a paper check.
In March 2023, Bank of America (BofA) notified the City of Fresno that they will be terminating their prepaid card program previously available to all BofA clients. The last check date that employees will receive pay via direct deposit to the Cashpay Card will be July 21, 2023. To assist with the transition, BofA will continue support for existing cardho...
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