Comprehensive Banking Services

The vendor is required to provide comprehensive banking services as specified herein. notice is hereby given that sealed proposals will be received electronically until 4:00 p.m. on July 18, 2025.
1. Payment processing and transfer services
a. Wire transfer services and online access
• Ability to disburse funds via repetitive or non-repetitive wire transfers, including security features for initiation and approval. in addition to wire transfers, provide online access for initiating and tracking wires, with approval workflows and real-time fraud monitoring. 
• Provide electronic data interchange (EDI) capabilities for automated payment instructions and secure electronic exchanges of financial documents. 
• Provide controlled disbursement services to allow the city to optimize cash flow by managing the timing of payments and ensuring that funds are available when needed.
b. Automated clearing house (ACH) processing 
• Accept and send ACH transactions, including direct deposit of employee payroll, and provide online notification of ACH deposits within 24 hours.
c. Payment card services 
• Provide credit card merchant services with secure transaction processing, including PCI compliance, fraud prevention, and transaction reporting.
d. Integration with city’s enrollment in CAL-card purchase card services 
• Integration for ease of management and payment of purchasing cards managed through the state of DGS CAL-card purchase card program.
2. Cash management and depository services
• Collection and deposit services – provide deposit slips, deposit bags, coin bags, and wrappers free of charge, with clear deposit cutoff times and policies for handling discrepancies.
• Remote deposit services – provide remote deposit capture with check truncation and conversion, including same-day credit of deposits and secure transfer procedures.
• Vault services – provide vault services for large cash deposits, including deadlines, preparation guidelines, and security measures for storing city funds.
• Collateralization of deposits – maintain collateralization of city deposits above fdic limits, complying with code requirements, and identify the custodian for such collateral.
• Lockbox (wholesale and retail) – provide lockbox services for various city revenues, including imaging capabilities, handling of exception items, and secure data transmission
• Zero-balance accounts and cash sweeps – provide zero-balance accounts and automatic cash sweep services to maximize surplus cash. surplus funds in demand deposit accounts should be swept to an interest-bearing account or other investment vehicles as specified by the city, in order to earn returns while maintaining liquidity.
3. Account management and reconciliation
• Availability of funds – ability to process and credit deposits with same-day availability, and offer expedited availability options for certain deposits.
• Monthly statements and account analysis – provide monthly activity and account analysis statements, detailing all account activity, including fees, deposits, and transactions.
• Account reconciliation services – provide automated account reconciliation services, including downloadable reports for daily, monthly, and quarterly account activity in commercially available formats, with detailed transaction summaries
• Overdraft processing – manage overdraft services with defined fees, including daylight overdraft policies and protections against overdraft occurrences.
• Stop payment services – offer automated stop payment services for checks or ACH transactions, with confirmation and the ability to manage the duration of stop payments.
4. Security, fraud prevention and compliance
• Positive pay or payee positive pay services – provide positive pay services to prevent fraud, including payee verification, check verification, and online access to exception reports.
• Interactive voice response/interactive web response (IVR/IWR) functionality – provide automated customer service capabilities for payments or inquiries, with secure access and reporting features.
• Electronic storage of documents – offer electronic storage for transaction records and documents, with secure access and defined retention periods compliant with public records laws.
• Safekeeping services – provide safekeeping for city assets, including secure storage, income distribution, and appropriate handling of securities and documents.
5. Online and remote banking services
• Provide secure online access to account information, including daily activity reports, monthly statements, cleared checks, and the ability to initiate transactions like ACH, wire transfers or stop payments and transfer funds between the city’s operating account and custody account.
6. Custodial and investment services
• Provide custodial services for the city’s investments in debt securities allowed under the government code.
• This includes safekeeping, transaction settlement, income collection, and reporting, ensuring compliance with all applicable state regulations.
- Fiscal year budget of $527
- General fund budget of $300 million.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: July 08, 2025