Banking Services

The vendor is required to provide banking services for a money management system commencing.
- A system of paying utility allowances by depositing the funds onto an ATM/debit card in place of issuing small checks every month which tenants have difficulty cashing.
- Banks offering these services will receive preferential consideration.
- The tenant escrow security account consists of over nine (9) sub accounts which are interest bearing accounts for tenant rent and/or pet security deposits. 
- Banks are requested to outline the procedure for accurately transferring funds and account information to their institution, if selected.
- Earnings credits, against which charges will be deducted:
1. Current fund accounts
2. Federal and state grant account
3. Payroll checking
4. Developers master account
5. Escrow disbursements (to be separate)
- Payroll
• The authority currently uses paylocity for their payroll which is processed bi-weekly. 
• The authority requires the successful banking institution to coordinate with unicorn HRO to obtain the authority’s direct deposit information in the required ach format. 
• There will be no fees charged for payroll checks cashed at a local branch.
- Deposit
• The successful banking institution will provide triplicate deposit slips, deposit bags and endorsement stamps to the authority, at no cost to the authority.
- On-line banking
• As part of the on-line banking, the successful banking institution must have the capability of providing for wire transfers, stop payments, ach transfers, account transfers, monthly statement retrieval, detail of account activities, check detail look up capabilities including ability to print copy (front and back) of cancelled checks and other details.
- Wire transfers
• The successful banking institution must have the capability to originate incoming and outgoing wire transfers via online banking.
- Account statements
• The successful banking institution will maintain the various authority accounts, providing monthly statements along with all cancelled checks (or report with copies of front and back of cancelled checks) no later than the 10th day of the following month.
• The statement cutoff date for all accounts shall be the last day of the month.
• All accounts will receive monthly statements regardless of activity.
• Interest on all accounts will be credited directly to operating accounts so designated. 
• The authority expects the financial institution to provide at least next business bank day availability of funds from checks being deposited in the authority’s accounts.
• The successful banking institution will provide monthly account analyses to include bank earnings credit, itemized fees, and interest earned to be credited to the authority. - Record keeping
• The successful banking institution will be required to retain all records digitally for seven (7) years.
- The bank’s customary practices for direct deposit payments to landlords, onsite deposits via scanner or other viable alternatives, ease of transfer to new bank, methodology and party responsibilities during transfer.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: July 14, 2025