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Haymarket transferring $1.2M to Fauquier Bank
The Haymarket Town Council voted last week to move the town's general funds from BB&T to one of the newest companies in town, The Fauquier Bank, resulting in a transfer of about $1.2 million.
"We are eventually going exclusive with Fauquier," said town clerk Jennifer Preli. She said the process of putting the money into The Fauquier Bank should last about 30 to 45 days and that the council has instructed her to beginning issuing the town's staff pay roll through the new bank two pay periods from now.
Council members opted for the move after deciding the town was paying "significant fees to BB&T," said Preli. The Fauquier Bank offered to accept the account without additional fees and Preli explained that the transfer should come without the town having to pay anything extra in penalties.
Mayor Pamela Stutz along with council members Milt Kenworthy and Susan Edwards are the town's designated check signers, meaning they can "do anything with the banks" that involves signing off and paying for various items. "They can move money, they can close accounts and open accounts," said Preli.
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