Treasurer Loftis announces $1 million in anticipated yearly savings for reducing bank fees. More savings announcements to come

(Columbia, SC) – State Treasurer Curtis Loftis has announced an extensive review of bank charges to the State Treasurer’s Office that is anticipated to save nearly $1 million each year.

Last year, the Treasurer’s Office sent a Request For Information to banking entities doing business with the State Treasurer’s Office. The goal was to examine banking services and fees to the state. This was the first comprehensive review of all State Treasurer’s Office banking contracts in approximately 10 years.

“Our office analyzed practices and worked directly with the major banks to ensure South Carolina is receiving the most banking services at the lowest possible cost to taxpayers,” Treasurer Loftis said. “Any private business takes an annual review of its expenses to maximize value and state government should be no different. We are modernizing banking services, streamlining operations and taking advantage of best business practices offered by the banks. We owe it to the taxpayers to do business in a transparent and accountable manner that promotes the best value to the state.”

The lower bank charges will result in an estimated nearly $1 million yearly savings over what the Treasurer’s Office had been paying.

Additionally, the Treasurer’s Office has encouraged vendors and other state agencies to examine their banking practices for efficiencies and opportunities to streamline services.

“We have an excellent relationship with the banks and I am pleased they were able to step up and work together in our common goal of serving the people of South Carolina in the most transparent and accountable way possible,” Treasurer Loftis said. “Our office does thousands of bank transactions a month, so any minor savings quickly add up.”

The banking services review is part of a major ongoing effort by Treasurer Loftis to restructure and streamline the Treasurer’s Office, making it more transparent, accountable and efficient. The Treasurer will be announcing more savings in the future.