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NYS Comptroller

THOMAS P. DiNAPOLI

The Academy for New York State's Local Officials

Cash Management: A Tutorial for Local Governments and School Districts

Module 3: Maximizing Interest Earnings

Key Questions to Ask Your Bank

  • Can I receive a monthly statement? Does the statement only provide a summary of total balances and activities, or does it cover all accounts in detail?
  • Is your Earnings Credit Rate indexed to anything? How is it calculated?
  • Are all of our accounts linked together?
  • Can we be in a quarterly or semiannual cycle instead of a monthly cycle?
  • Can we receive an invoice instead of a direct charge?
  • Is there discounting available for:
    • High volumes of items?
    • Higher balances?

  Next: Understanding Balances