Banking Services

The Vendor is required to provide for banking services.
- The Town utilizes two bank accounts: one for dedicated united way funding, and a second for all other general operational needs.
- Online access, with appropriate security, to all bank accounts is required.
- The ability for staff to import electronic files with approval by management as well as payment of utility bills and Receiver General accounts by staff with approval by management is required.
- Banking include:
o    Deposits: all types of deposits including cheques, cash, pad, and online banking. All utilities and receiver general accounts are paid online through this account. The ability to drop deposits at the branch counter or via night deposit is required. This requires the ability to extract deposit slips.
o    Long-term debt payments and swaps: this account is also debited by school foundation for quarterly payments, as well as by state capital finance for debt payments. Long-term debt payments and swap transactions are ran out of this account.
o    Chequing: the town uses a micro-encoded printer to print cheques to vendors. The town also pays vendors by eft. In 2024, approximately 1,775 cheques and 1,678 direct deposits were issued on a bi-weekly basis to a total of 1,066 vendors.
o    Payroll: payroll is split into four groups: library staff, full-time, part-time, and council. Library and full and part-time employees are paid by-weekly, and council is paid monthly. All payments are made by eft. One-time payroll submissions may be required throughout the year to accommodate any adjustments or terminations.
o    Investment accounts:
o    Currently, investments will not be part of this request for proposal process.
o    The town holds approximately $12.5million in fixed income investments, maturing over the next two to seven years. 
- The Town currently requires the following service options:
•    Direct Payroll Deposit services.
•    Pre-authorized payment plans (taxes and a small number of accounts receivable payments).
•    Acceptance of on-line and in-branch payments for taxes and accounts receivable including town setup as a vendor to allow for telebanking.
•    Point of sale services.
•    Payments to vendors by cheque and EFT.
•    Corporate credit cards.
•    Line of credit. 
- Other Miscellaneous Services
o    Account transfers.
o    Chequing services.
o    In-branch bill payments and debits and credits to and from accounts.
o    Electronic funds transferring.
o    Wires and drafts.
o    Stop payments.
o    NSF cheques.
o    Chargebacks.
o    Inter-account transfers.
o    Certified cheques and money orders.
o    Account setup and/or closure.
o    Foreign exchange processing.
o    Card payment processing services (debit, credit cards, activation fees, statement fees).
o    Bank deposit slips and deposit bags.
- Online access:
o    Access to view and print all current transactions and account information.
o    Historical data on all accounts dating back at least two years.
o    Complete account transfers.
o    Transfer, monitor and perform online corrections on rejected files related to payroll, tax and A/R payments done electronically.
o    Pay vendors via electronic fund transfer or wire transfer.
o    Complete stop payments.
o    Ability to administer the accounts.
o    Pay utilities and business taxes online.
- These credit cards have varying limits; most at $5,000. Please indicate varying credit card options including any options (i.e., reward points, cash back, etc.).

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: October 30, 2025