Banking Services

The vendor is required to provide to minimize banking costs, improve operational efficiency, and maximize investment capabilities.
- Account structure
• The account structure proposed including the type of accounts (interest bearing, money market, zero balance accounts, etc.), along with the overall account structure.
• Provide the proposed computation basis for interest-bearing accounts, if applicable.
• Provide a basis for rates in the interest-bearing accounts and money market accounts if based on an index or standard basis.
• If the rate is to be indexed, indicate the rate at which interest would be paid on interest-bearing and money market accounts during this period.
• Interest will not be charged on the account analysis. 
- Minimum automated services should include balance reporting, account transfers, wire transfers, with the ability to monitor those transfers, and uploading ach payments. 
- Preferably, positive pay exceptions would be available online.
- Provide access times and update times for daily information.
- The back-up process for online balance reporting.
- Use of wire transfer service is limited. 
- Incoming wire transfers must receive same-day credit. 
- Outgoing wire initiation and monitoring should be available online
- The bank's positive pay system detect irregularities concerning check date, amount, and payee
- One payroll includes approximately 125 direct deposits, and the other payroll includes approximately 31 direct deposits.
- ACH is presently used for transfers in/out and receipts in from other governmental entities, averaging fifteen per month.
- All securities must be cleared on a delivery versus payment (DVP) basis.
- The bank will be required to provide book-entry safekeeping services.
- Bank's service, including:
• Online card management processes: new card issuance, deletion, replacement, modification, etc.
• Settlement terms/billing cycle options.
• Payment options.
• Card control and usage restriction options.
• Information reporting capabilities - paper vs. electronic.
• Technical capabilities - internet.
• Security features - including account number encryption policy.
• System requirements.
• References.
• Interference options with internal financial systems, specify interface requirements, fraud policy.
• Rebates for purchases.
• Virtual card options, including one-time-use card payments
- The bank's disaster recovery plans, emergency communication protocols, and backup systems.
- Contract Period/Term: 4 years
- Questions/Inquires Deadline: July 16, 2025