After 75 years with the Cambridge Trust Company, Harvard recently moved its payroll account to the New England Merchants National Bank of Boston.
Harvard made the move October 1, 1979, "for reasons of efficiency and unit cost," Robert H. Scott, director of financial systems, said yesterday.
Harvard writes about 700,000 checks per year, and this is "a very large volume for most local banks, such as Cambridge Trust, to handle," Scott said. Larger banks offer better technical services in this area, he added.
H. Gardner Bradlee '40, president of the Cambridge Trust Company, yesterday called the move "a disappointment, but the logical thing to do."
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