Wells Fargo’s days of handling the City of Manteca’s banking needs may soon be over.

And in ending the working relationship with Wells Fargo that has been in place since 2015, Finance Director Mathew Boring indicated — based on the city’s average transaction history — "there is an anticipated positive net impact to the City exceeding $390,000 per year over our current fee structure and interest earnings rate.”

The proposed switch to  JP Morgan Chase Bank is before the City Council when they meet Tuesday at 6 p.m. at the Civic Center, 1001 W. Center St.

The three year contract also has the option of two one-year extensions.

City Manager Toni Lundgren said the senior management staff has been taking a look at how Manteca has been doing business to see if it can be done less expensive and more effectively on behalf of the city’s 95,000 residents.

The city received proposals for services from six banks after they sent out requests for proposals.

Not only did Chase meet the city’s banking requirements, but the annual gain to the city was $130,000 more than the nearest competitor.

The overall savings and improved interest are across all accounts such as the general fund and enterprise accounts for sewer, water, solid waste collection, and the golf course.

The biggest positive impact will be on the general fund that covers day-to-day municipal services such as police, fire, street upkeep, and parks.

Lundgren said the city is also looking to see if there is a more effective way for municipal financial investments to be handled.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com