Banking Services

The Vendor is required to provide for banking services will be received at the office.
- Requirements to be a depository for the agency:
• Bank must be a qualified public depository under state law.
• Bank must a member of the collateral pool for public deposits as prescribed by the state treasury department under “collateral pool for public deposits act of 1990.” the agency will consider alternatives that provide fully collateralized security for agency deposits.
• Immediate availability for deposited funds.
• Bank must have an attended local presence within the city.
• Statements must all “drop” on the same day of the month.
• Paper statements will not be required if available on-line.
• Statements must provide wire transfers/checks paid listing in numerical order with copy included.
• We could periodically be required to provide a copy of the front and back of certain wire transfers/checks in order to satisfy audits of projects funded by state and federal grants. 
• Such requests are expected to be fulfilled within two business days.
• Web based (real time) online access to account information is required.
• Bank must have wiring services, eft, and ach capability.
• Ability to order stop payments by phone followed by written confirmation.
• Ability to make same day transfers to the internal revenue service for tax deposits should the deposit threshold maximum require it. (If needed)
• Proposal to include transaction cut off time for wire transfers in and out including deposits to be considered received the day of deposit versus being carried forward to the next day.
- Contract Period/Term: 3 years