US Bank Survey

Rick Spradling

No Date

________________________________________________________________

 

 

BANK SURVEY
 

Colleagues:
For those interested, the results of my informal request for suggestions for a new US bank to handle the school's
business are as follows. I apologize that my format is neither as graphically attractive as Jorge's nor as
methodologically sound as Rob's, but I'm just a poor country boy from Alabama... I had about 20 responses.
Here's the quick and dirty overview:

--a couple of folks recommended the Riggs bank in Washington, which many schools have used due to the
State Department connection in years past; I personally was never that impressed with their service and
personnel but those who wrote had a different, more positive impression --There werea couple of clear
votes of no confidence for Nations Bank, apparently recently merged with Bank of America
 

--There were individual recommendations for the Texas National Bank, First Union in DC, Wells Fargo Bank,
and the State Department Credit Union. The latter is an interesting alternative, though it was unclear if most schools
could actually belong.
 

--Three repondents recommended Citibank, particularly due to their long-standing support of
OSAC (the Overseas Schools Advisory Council); this appeared to refer to their New York branch

--An atractive alternative mentioned was a brokerage firm account. One person recommended Smith, Barney, for instance

--Three schools made similarly strong pitches for the Cash Management Account (CMA) of Merrill, Lynch, in particular
the arrangement through Bob Brinkerhoff; these accounts were valued for ease of electronic transfer, low costs for
those writing small numbers of US checks, and flexibility of return on checking account balances due to investment
options. As it happens, I have a CMA account of my own and we are exploring this particular route, for what it's worth.
I hope this was useful. Thanks to all of you who responded.

Rick Spradling
 
 
 
 

-- Richard L. Spradling, Ph.D.
Director American International School (PK-12, 780 students)
Salmannsdorfer Strasse 47 A-1190 Wien (Vienna),
AUSTRIA Tel: (43-1) 401320
Fax: (43-1) 401325
E-Mail: r.spradling@ais.at  
Website: www.ais.at  

Back