Skip to main content
San Jose Civic Gallery City Hall agenda intelligence

Matter 26-547

Amendments to Agreements with Wells Fargo Bank, N. A. for Banking Services.

Budget & Finance City Council Agenda Ready Introduced 28 Apr 2026
1 Document on file 197 KB · 1 extracted · 1 AI summary
File
26-547
Type
Consent Agenda
Status
Agenda Ready
Requester
Unknown
Introduced
28 Apr 2026
Last synced
03 Jun 2026 · 08:17

The papers

1 document · 197 KB
01 197 KB

Memorandum

197 KB Extracted AI Summary
file 94e0af6e-ddae-4df8-8705-3f93f79e081e.pdf sha 5802ded59c61 source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

The memorandum discusses amendments to agreements with Wells Fargo Bank, N. A. for banking services. It recommends adopting a resolution to extend the current agreements until December 31, 2026, to facilitate the transition of services to JPMorgan Chase Bank, N. A. The City of San José has been using Wells Fargo for banking services since 2009, and the transition to JPMorgan Chase is expected to be completed by the end of 2026. The memorandum outlines the importance of uninterrupted banking services for the City’s operations and details the fiscal impacts and funding sources for the amendments.

Key points
  • The City Manager is recommended to negotiate and execute amendments to extend agreements with Wells Fargo until December 31, 2026.
  • The amendments are necessary to ensure a smooth transition of banking services to JPMorgan Chase.
  • The City has had agreements with Wells Fargo since 2009, with multiple amendments extending the terms.
  • The transition to JPMorgan Chase is anticipated to be completed by the end of 2026.
  • The memorandum indicates that the amendments will be funded by the General Fund and the General Purpose Parking Fund.
Limitations
  • The text includes unresolved placeholders for specific appropriation numbers and amounts.
  • The document does not provide specific dates for all referenced actions, which may affect the clarity of the timeline.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 8,578 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 5/12/26 26-547 2.7 FROM: Maria Öberg DATE: April 20, 2026 Date: 4/28/26 COUNCIL DISTRICT: Citywide SUBJECT: Amendments to Agreements with Wells Fargo Bank, N. A. for Banking Services RECOMMENDATION Adopt a resolution authorizing the City Manager or her designee to negotiate and execute amendments to extend the terms of the current agreements with Wells Fargo Bank, N. A., for general banking and merchant card services from July 1, 2026, to December 31, 2026, subject to the appropriation of funds. SUMMARY AND OUTCOME Amending the agreements will allow staff to complete the transition of general banking and merchant card services from Wells Fargo Bank, N. A. (Wells Fargo) to JPMorgan Chase Bank, N. A. (JPMorgan Chase) without interrupting critical banking and financial services. BACKGROUND On June 1, 2009, the City of San José (City) executed agreements with Wells Fargo to provide banking and financial services, including general banking, lockbox, merchant card processing, and security custodial services for an initial term starting on July 1, 2009 through June 30, 2012, with three two-year...