City of Davenport drafting RFP to move accounts from Wells Fargo

The city of Davenport has started the long process of moving its accounts from Wells Fargo after the financial institution’s national Community Reinvestment Act rating dropped to “needs to improve.”

Finance Director Brandon Wright said the city is drafting a request for proposals for new banking services, which he said would take about 30 days to release, as part of the process that could take up to nine months to move all of city’s funds.

Davenport has more than $50 million in both checking and investment accounts at Wells Fargo, which holds the city’s primary accounts.

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