Banking Services

The vendor is required to provide banking services for a minimum term of five (5) years.
a. Wire transfer
•    Policy on daylight overdrafts, including aggregation of accounts and wire deadlines
•    Ability of the city to initiate and monitor wire transfers online
•    Ability to create and store recurring and repetitive wire instructions and templates.
•    Ability to create and store future-dated wire instructions
•    Security measures for wire initiation and approval
b. Automated clearing house (ACH)
•    Method by which the city can submit ACH files or initiate ACH via bank software
•    Pre-notification policy and cost
•    Security measures for ACH initiation and origination and ACH reception (ACH filters and blocks)
c. Availability of funds
•    Provide the policy on receiving same-day credit for deposits, us obligation security maturities and coupon flow, on-us checks, and wires.
d. Collection and deposits
•    Cutoff times and requirements by location (vault, teller, bank center, branch)
•    Bank policy on strapped and rolled and pricing basis
•    Discrepancy and write off policies
•    Type of deposit bag used and required
•    Change order processing
•    Standard return and re-clear processing
•    Deposit locations
•    Deposit reconciliation services availability
e. Remote deposits
•    Scanning equipment (lease options), software, transfer procedures, batching, and security
•    Portal entry or stand-alone service
•    Deadlines for same day credit of deposits
•    Document retention policy for checks converted to ach or processed via remote deposit capture
•    Liability for fraudulent deposit items
f. Daily courier service, or similar, to be provided for deposits of cash and checks unable to be deposited remotely
g. Online banking services 
•    Reporting:
o    Daily balance reporting – summary
o    Daily balance reporting – detail (with check detail and images)
o    Daily ach and wire with full addenda information
o    Current day reporting
o    Intra-day reporting (real time or delayed), optional
•    Execution of transactions:
o    Transfers between accounts
o    Stale-dating of checks
o    Other services such as EDI, remote collection, controlled disbursement
o    Confirmation’s availability and format
h. Electronic storage of documents 
•    Provide information on electronic document storage options (e.g., archiving by cd or online and retention periods)
i. Reconciliation services 
•    Within five (5) working days following the last day of each month, the bank will provide by a statement, for each of the city’s accounts, that lists all debits and credits for each account and provides a copy of all checks in numerical sequence, including the account number, serial number, dollar amount, and date paid.
j. Positive pay
•    Positive pay services and verification items
•    Teller data update schedules
•    Data transmission methods and time windows
•    Internet and online access (including technical capabilities and system requirements)
k. Stop pay
•    Online stop payment services (initiation and renewal)
•    Confirmation requirements
•    Duration of a stop payment (e.g., six months or in perpetuity) and renewal processing options.
l. Cybersecurity
•    The city requires proposers to have a proactive and multifaceted approach to cybersecurity and disaster recovery. 
•    The financial institution’s information security policy, encryption protocols, access controls, password management, file integrity monitoring, data management, and security assessments and audits.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: August 8, 2025