Banking Services

The Vendor is required to provide comprehensive details on account structures, applicable interest rates, transaction processing timelines, and integration capabilities with the county’s financial systems.
- Key banking responsibilities include monitoring total account balances, processing monthly transfers, issuing bank drafts, managing stop payments, and facilitating electronic deposits.
- The supplier must demonstrate proficiency in handling cheque and debit transactions, deposits, and pre-authorized payments while ensuring seamless execution of electronic fund transfers (eft), online banking, and wire transfer services.
- Services include:
1. Account consolidation
• Provide a concentration account to aggregate funds from multiple accounts into one at the end of each business banking day.
• Calculate interest on the consolidated balance of all interest-bearing accounts, ensuring deposits are reflected based on their actual date of deposit.
• Current concentration account structure that includes 17 of the county’s 24 accounts (ability to adjust as required).
• Provide real-time transaction updates; and
• Provide a breakdown of account fee structures, interest rates, and any applicable restrictions.
2. Deposit services
• Ensure same day posting of deposits where applicable.
• Provide local access to night depository facilities and necessary accessories.
• Support the electronic uploading of payment files for electronic funds transfer (EFT) transactions.
• Provide a seamless integration of electronic data interchange (EDI).
3. Pre-authorized payments
• Ensure compatibility with the county’s financial software.
• Provide transparent fee structures and any restrictions on processing pre-authorized debits and credits.
4. Dishonored items handling
• Provide a structured notification process for alerting the county of dishonored items.
• Provide detailed reporting tools to facilitate reconciliation and resolution.
• Provide support services for managing dishonored items and associated adjustments.
5. Foreign exchange & payment instruments
• Provide foreign exchange services and transparent fee structures for USD and other currency transactions.
• Provide money orders, drafts, and certified cheques, along with associated costs and procedures.
6. Internal funds transfers & lines of credit & overdraft services
• Enable same-day processing for fund transfers between accounts.
• Provide details on borrowing options, overdraft protection mechanisms, and applicable fees and interest rates.
7. Cheque fraud protection
• Provide a fraud detection system that identifies unauthorized cheques by verifying payee information, cheque amount and serial number.
• Provide automated reconciliation tools that provide detailed reporting and real-time alerts for suspicious cheque activity.
• Ensure positive pay functionality, ensuring only authorized cheques are processed, preventing counterfeit and altered cheques from clearing.
• Provide image verification technology that allows for digital review of suspicious cheques to enhance fraud detection capabilities.
8. Bank statements and electronic access
• Provide secure online banking with multi-user access and customizable security levels.
• Provide reporting tools, including transaction details, account statements, consolidated balances, and paid cheque details.
• Enable electronic upload and integrate payment files, conduct eft transactions, and perform stop payments.
• Provide reconciliation tools that integrate with the county software such as intelli, tempest, and oracle.
9. Additional banking features & security
• Provide electronic fund transfers for vendor payments, including processing timelines and fee structures.
• Provide compensation for service interruptions.
• Ensure robust fraud protection and transaction security measures.
• Provide access to dedicated service representatives for addressing inquiries, processing changes, and evolving organizational needs.
10. In person banking services
• Maintain branch locations in park or other county areas.
• Provide cash handling services, including change orders and coin-related transactions.
• Provide a physical safety deposit box for use by authorized individuals.
• Provide night deposit bags, deposit books, and coin wrappers, with associated fees.
11. Notifications and eTransfers
• Provide electronic notifications for financial transactions and deposit updates.
• Provide a structured process for handling deposit adjustments and batch processing of payments.
• Outline eTransfer services, including current capabilities and planned future enhancements.
12. Bank account management
• Manage 24 bank accounts, providing detailed information on account structures, interest rates, transaction processing times, and integration capabilities.
• Handle total account balances, monthly transfers, bank drafts, stop payments, electronic deposits, cheque and debit transactions, deposits, pre-authorized payments, eft, online banking, and wire transfers.
• Provide the same services at the same rates to associated organizations such as the county library.
13. Payroll account management
• Support payroll processing for approximately 2,373 employees with a secure payroll file transfer system, various file formats, and automated reconciliation and reporting features.
• ensure seamless payroll processing and integration with existing payroll systems.
14. Courier transports
• Provide detail cash handling procedures and security measures for deposit receiving.
15. Financial system integration
• Ensure seamless integration with county’s oracle cloud fusion, intelli, and tempest financial systems for efficient transaction processing and automated reconciliation.
- Material disclosures
• Exclusions:
1. Merchant services
2. Investment services
3. Credit cards (p-card program).
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: July 4, 2025