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CORDRAY COMPLETES BANK CONTRACT REVIEW
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Thursday, 20 December 2007
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Comprehensive examination uncovers additional $470,000 in credits owed to the state
(Columbus) -- Ohio Treasurer Richard Cordray today advised fellow members of the state’s Board of Deposit that an internal analysis of 168 state bank accounts found $470,205.27 in service fee errors and earnings credits which had not been properly paid to the state over the past several years. The analysis was undertaken after similar missed earnings credits were identified and corrected on the state’s main bank account last March.
“Our staff performed a painstaking review of accounts whose contracts were put in place in 2006. After reviewing thousands of pages of data, we found some common errors were keeping earnings credits from being added to the accounts, or from rolling over month to month as the contracts required,” Cordray said. “These banks have agreed to the amounts they owe the state, and we appreciate their assistance and hard work.”
As a result of uncovering these issues, Treasurer Cordray has strengthened the review procedure for monthly bank statements.
The amounts expected to be credited to the state include the following totals: $11.20 from Charter One; $104,893.19 from JPMorgan Chase; $173,587.00 from Fifth Third Bank; $54,928.53 from Huntington Bank; $10,733.42 from KeyBank; $125,599.07 from National City; and $452.86 from PNC. The variances were found in banking records going back to 2004.
“Within the context of the billions of dollars which move through these dozens and dozens of bank accounts, the amounts due could be seen by some as rather small,” said Treasurer Cordray. “But they become more significant when added up over time. As always, if we can make a nickel or save a nickel for the people of Ohio, we must do that.”
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Communications