RSSBounced checks a mystery to county treasurer
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YAKIMA, Wash. -- Yakima County Treasurer Ilene Thomson is still working to clean up the mess left when a Key Bank error early last month caused a large number of county payment checks to bounce.
About 225 of the checks, referred to in government parlance as warrants, were returned to those who cashed them as being drawn on an account with insufficient funds.
Thomson said the bank quickly corrected the error, which was discovered on June 4, and the county was never short of money.
"I can guarantee you we have $250 million in investments and we aren't broke," she said.
But she agreed it doesn't look good for checks issued by the county to appear to be rubber.
The checks were issued to vendors who provided services to the county or other local governments for which the county provides financial services, as well as county employees, and some private citizens. Some of the payments were to county employees as expense reimbursement and to citizens for jury duty.
Thomson said about 20 of the checks remain outstanding.
A Key Bank official, senior vice president Kim Monson of Bellevue, Wash., said she could not comment on the problem because of customer privacy issues.
Thomson said the bank is trying to reach all of the recipients and will pay all fees incurred as a result of the error.
How the error occurred remains unclear.
Thomson's office provides financial services to a variety of units of government such as the county, school districts, fire districts and others.
She said procedures require her office to leave enough money in the general bank account each night to cover all warrants expected to be redeemed prior to the next business day.
At the first of the month, the general account will clear warrants of as much as $8 million.
Even if her office misjudged the amount needed, the four-year agreement with Key Bank for banking services requires the bank to honor all warrants, she said.
Thomson said she is being philosophical about the error.
"These things happen. I think the bank inadvertently overdrafted these warrants and returned them," she said.
* David Lester can be reached at 509-577-7674 or dlester@yakimaherald.com.
"I can guarantee you we have $250 million in investments and we aren't broke"
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I'd like to know more about this $250Million laying around. That's our money!
I would find a new bank - LIKE A LOCALLY OWNED BANK.
Pretty sorry when our own local civil government doesn't do business locally.
I though our local slogan was "Keep it Yakima"...hmm
Report ViolationShould have kept that secret, I'm sure the county commissioners ears perked up when they heard this, money is as good as gone.
Report ViolationC'mon, it's always been the valley business motto to "Shop Local" but when it comes time for government to shop local, they will travel 200 miles to save a buck. Seen it a hundred times, there is no loyalty.
Report ViolationI am glad the city/county had the foresight to invest our money-as long as it is diversified. Better than leaving it in "the bank" who caused this. That being said, we are only human and mistakes happen.
Report ViolationLobo - ask and ye shall receive
http://www.yakimacounty.us/treasurer/Treasurer 2008 Annual Report.pdf
"A Key Bank official, senior vice president Kim Monson of Bellevue, Wash., said she could not comment on the problem because of customer privacy issues."
Last time I checked, it was the people that is the government that elect there representatives and the account belongs to the people of Yakima. So what was the problem?
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