Municipal Banking and Financial Services

The Vendor is required to provide bank and financial services.
- Agency has a population of 6,042 and provides municipal services, including administration, finance, public works, environmental, protective services, recreation, water and wastewater services.
- Operating bank accounts
•    Agency currently maintains five (5) bank accounts:
o    Four (4) general accounts (including two operating accounts, a trust account and a reserve account)
o    One (1) savings account (short-term investments)
•    Account Requirements:
o    Daily cash deposits
o    Statements and cleared cheques accessible online
o    Daily short-term investments
o    Monthly interest paid on account balances
o    Electronic funds transfer for payroll, accounts receivable and accounts payable
o    Direct deposit and telephone banking
o    Online banking and administrative changes available online
o    Cheque fraud protection services
o    Transfer funds between accounts
o    Access to government payment options (i.e. CRA)
- The general operating account is to process the majority of daily transactions, including:
o    Daily cash deposits
o    Direct deposits
o    Wire deposits and payments
o    Country wire deposits and payments
o    Monthly electronic payments
o    Monthly loan transactions
o    Payroll (monthly and bi-weekly)
o    Pre-authorized debit/credit
o    Wire transfers
o    Transfer funds between accounts
- Methods of payments:
o    Cash
o    Credit Card (3rd party provider)
o    Debit
o    Bank Draft
o    Personal Cheques
- For utility and taxation bills, agency provides the above methods in addition to:
o    PAD (utility bills)
o    TIPP (taxation bills)
o    Employee payroll deduction (taxation bills)
o    EFT
- Currently utilizes 10 credit cards, with various limits depending on authority. Require an overall company limit of $72,500.
- The system needs to provide data relating to prior business days, real time balances, historical data reports, and high-volume cheque clearance listings.
- Online banking must allow for:
o    Ability to transfer funds between accounts
o    Pay bills online
o    Easy upload of EFT payments
o    Ability to stop payments on EFT and cheque payments
o    Account overviews, history, and detailed transaction reviews
o    Review images of cleared cheques
o    Direct debit payments for accounts payable vendors
o    User account management
o    Robust security measures in place, including, but not limited to, encryption, firewalls and multi-factor authentication
o    Download statements
o    Generate transaction reports
o    View cleared cheques.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: October 17, 2025