What happens when you're a nonprofit in need of a credit card and better interest rates, and your board chair happens to work at a bank?
Buffalo Place found out.
The organization that runs Buffalo's downtown business improvement district decided last month to consolidate all of its banking business with Buffalo-based M&T Bank Corp., as the other financial institution it used to bank with þ KeyBank – moved its primary operations outside the boundaries of the district. That meant the board had to approve the submission of a credit card application to M&T.
But it also brought up another benefit that Buffalo Place can now get. Previously, it couldn't earn interest on its checking account, because its funds were separated at two banks. After sitting down with M&T representatives, at the recommendation of real estate developer and board member Rocco Termini, now Buffalo Place is poised to get a better deal.
"So now we have to pay interest? Thanks, Rocco," joked Buffalo Place Chairman Keith Belanger, a senior vice president at M&T.