Rochester, NY 7/29/2009 4:27:51 AM
KeyCorp KEY, To Host Fund Raiser For Ohio Treasurer Kevin Boyce
KeyCorp
$500 a ticket political fund raiser being hosted by Key Bank officials on July 28.
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Key Bank is hosting this fund raiser just one week after being awarded a lucrative contract to process checks, the contract is worth approximately $160,000 a year. This in spite of the fact the state (Ohio) has processed its checks internally for more than 100 years.
The decision to use Key Bank should save taxpayers $83,000 a year based on the state expecting to earn more interest from the checks, since they will be deposited expeditiously and in-house costs will be lower.
Banks were invited to bid for this job on July 1 with responses due July 15. The contract was awarded to Key Bank July 20.
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