Banking Services

The vendor is required to provide banking services from qualified financial institutions, institution must hold state banking board designation and certification of eligible public depository.
•    The college requires three separate bank accounts subject to the public deposit protection act 
•    The college is permitted to open and maintain bank accounts only with the approval of the state controller and the state treasurer. 
•    The college requires one account for all payroll transactions, one account for all deposits, and a third account for operating and accounts payable processing. 
•    All accounts must be interest bearing.
o    Payroll account – for payroll payments both paper checks and direct deposit. 
o    Funds are transferred in from the depository account or from the state as needed. 
o    Operating and accounts payable account – for other payments, including but not limited to, paper checks, direct deposit, and wires (domestic and international). 
o    Funds are transferred in from the depository account or the state as needed. 
o    depository account – to accept deposits and minimal withdraws for credit card or processing fees. 
o    Deposits come in the form of wires, ACHs, and manual deposits of cash and paper checks. 
o    Funds are transferred to the state treasury or other bank accounts as needed.
•    Bank account for college vantage corporation, a nonprofit, legally separate entity. 
•    This account will have deposits and withdraws in the form of wires, ach, and manual deposits of paper checks and cash. 
•    Account must be interest bearing. 
•    Bank must have a full-service branch located within Durango. 
•    Would like the option to have the bank install an atm on campus. 
•    Give the college full disclosure of all charges and fees that will be assessed to each account. 
•    Provide conversion assistance to the college.
•    Provide a designated contact person for account questions and maintenance during the contract period. 
•    Provide positive pay for the payroll, operating and accounts payable, and college vantage corporation accounts. 
•    Provide the college timely notification of and the option to approve stale dated checks presented for deposit.
•    Provide direct deposit and ach processing capabilities for all accounts. 
•    Provide timely notification of failed ACH’s, minimum of 24 hours, to any account to allow us to correct our records. 
•    Accept and process ach files from third party vendors from payments and deposits made to the college. 
•    Provide remote deposit capture capabilities for the college. 
•    The ability to generate transaction and bank reconciliation files in the standard bai2 format is required. 
•    Ideally files would be delivered five times per week following daily close activities. 
•    Alternative posting frequencies may be acceptable. 
•    Files should be made available to fort college via a bank hosted sftp server. 
•    College will provide IP address(es) for inbound connections to retrieve these files once contracts are finalized. 
•    Provide robust online services including transfers between accounts, stop payments, statements, transaction history, and account information. 
•    Allow for upload of ach direct deposit files and allow for online wire capabilities to foreign countries. 
•    Provide a portal for college administrator to control user access and permissions. 
•    Provide fraud detection and prevention services for all accounts, including multifactor authentications for all users of the account. 
•    Provide other services or benefits to the college community not listed in the requirements above. 
•    This can be scholarship, institutional support, donation or any other activities that benefit the college. 
•    Incentives for staff and students to open bank accounts. 
•    Ability to allow college to have upwards of $40 million of deposits in accounts.

- Questions/Inquires Deadline: September 19, 2025