Erie County Strikes Banking Deal with M&T Bank

[steven]

Buffalo, NY (WBEN) Erie County Comptroller Stefan Mycahjliw says it is getting "out of the stone age" when it comes to the county's banking, signing an agreement with M&T Bank.

Mychajliw says since 2006, the county has dealt with six different banks. “Today, Erie County will finally start moving into the 21st century,” said Comptroller Mychajliw. “Not only will M&T help us eliminate a lot of paper from County Hall, but they’ll also help us reduce the paper-pushing that goes along with it, so we can focus on improving service, improving quality, improving sustainability and lowering costs for Erie County’s taxpayers.”

“Beginning immediately, M&T’s local team will be working with Comptroller Mychajliw and his staff to implement new technological solutions that will help Erie County reduce the cost of banking services and streamline county operations,” says M&T's Jeffrey. Wellington.

To effectively and efficiently meet Erie County’s banking needs—including payroll processing, credit card and check processing and payment processing—M&T will utilize several new programs and technologies, such as:

http://www.wben.com/pages/19141869.p...entId=15334117

[Colonel Sun]

There is strength in diversity. You hear it from your investment people, you see it in hiring, and I wonder if the Comptroller hasn't lost something in his rush to get another headline.


Just like people, organizations have strengths and weaknesses. The Comptroller has placed all of the County's funds with one bank, one group of people, and we are now betting that they know more than any of their competition.

I do realize that the County will now get some better deals now that all our money is in one place. I hope what we gain is more than what we lost. For example, the money deposited is then loaned out. That's how banks work. That's how they make their money. The Comptroller just placed millions of dollars worth of power in the hands of a few M & T bankers.

I hope they make good community loans. Hope they don't "red line". I hope Stefan isn't getting a big campaign contribution in exchange for this.

[FMD]

Remember M&T bank has 81 billion in assets, and 80 billion in liabilities, not exactly a healthy bank