Banking Services

The Vendor is required to provide comprehensive banking services and related financial services.
- Establish a general account and a sweep account as may be necessary to meet the banking requirements of the city.
- Bank must be qualified depository for public fund pursuant to the applicable state codes.
- All balances must be collateralized through the pool collateral system required under the bank.
- Disburse funds via repetitive wire transfers or ach upon either telephone or online request of an authorized person under best accounting internal control practices
- Accept and send ach transactions and provide online notification of ach deposits within 24 hours.
- Accept and send other electronic deposits including, but not limited to, image cash letter files created by the city remittance processing software and the city utility billing website payment processor.
- Process direct deposit of employee payroll bi-weekly.
- Approximately 600 of the city employees receive their payroll via direct deposit.
- Provide consolidated deposits for customer payments made through online bill payment providers.
- Provide a single file of these payments to the city for posting through direct integration with current and future accounts receivable systems.
- Provide credit card merchant services.
- Provide full account reconcilement, positive pay services, electronic fraud protection, electronic deposits and disbursements.
- Accept deposits at vault locations and at local branch if necessary.
- Provide armored car services.
- Courier pick-ups at city hall shall be made no earlier than 11:00 a.m. to allow sufficient time for the preparation of the deposit, and no later than required to ensure proper credit to the city's account on that day.
- Provide deposit slips, deposit bags and coin wrappers free of charge to the city's finance department.
- Provide coin counting and bagging services for parking meter collections.
- Process state local agency investment fund transfers and receives electronic funds payments for deposit of other state and county apportionments.
- Provide automated account reconcilement reporting services for city accounts.
- Available information should include, but not be limited to: closing ledgers, closing collected, opening ledgers, opening collected, float, previous day debit, and credit details (including bankcard deposits, sweep transfers, and ach credit and debit detail).
- Provide online access to account information, cleared checks, and automated stop payment.
- Provide monthly activity and account analysis statements and reports for all accounts.
- The statement cutoff should be the last day of the month.
- Statements must be sent no later than the 10th of the following month.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 28, 2025