Does city know why it's paying $1 million in bank fees?

City Controller Alan Butkovitz says Philadelphia pays $1 million in bank fees but doesn’t know if it is being charged correctly.

The controller’s review covered fiscal 2011 and found that the city paid the charges for depository services, Brinks armored car service, wire transfers and account maintenance.

“The nature and classification of fees were difficult to understand and there was no comfort knowing the City was being charged the proper amounts,” said Butkovitz. “The Treasurer’s Office needs to ensure the City isn’t being overcharged and that it’s receiving the best rates.”

Mark McDonald, a spokesman for Mayor Nutter, said the city had put out a request for proposals to improve the cash management system in Philadelphia’s treasurer’s office.

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