Cook County votes to move investment safekeeping from PNC to US Bank, citing lower fees and customer service

Cook County commissioners voted unanimously on July 28 to move the county’s investment safekeeping from PNC Bank to US Bank. The court-approved transfer was presented by a county finance official who said US Bank charges a minimum safekeeping fee of $1,500 annually and offers flat charges for transactions, while PNC’s fees are transaction-based and the county’s projected annual cost with PNC is about $2,500.

The finance presenter told the court the move would save an estimated $1,000 per year under current activity levels and that US Bank had provided better phone-based customer service and faster paperwork processing during setup. The treasurer/finance staff said the transfer will be done digitally and coordinated with TVI (custodial/transfer agent) to avoid interrupting expected interest payments; they plan to initiate the transfer after August 6 to accommodate scheduled interest payments.

Commissioner Snuggs moved approval; Commissioner Hollowell seconded. The motion passed 5–0. The court directed the finance office to bring the required paperwork back for signatures and to file the updated safekeeping agreement with US Bank after execution.