Banking Services

The Vendor is required to provide for banking services for its bank accounts, related depository and cash management services.
- The bank must be a member of the Federal Reserve System, a federally or State chartered financial institution, and in good standing among other comparable banks.
- The City is also interested in various technological advances that could improve banking, cash management, and customer service capabilities.
- The services needed are outlined below.
•    Depository Services
•    ACH Services
•    Wire Transfer Services
•    Online Banking Services
•    Remote Deposit Services
•    Reconciliation Services
•    Electronic Funds Transfer - ACH & Wires
•    Electronic banking including balance reporting, check inquiry, ACH transmission, wires and stop payments
•    Positive Pay Services
•    Banking Supplies
- The bank selected to perform banking service shall maintain a capital structure equal to or greater than the average of all funds the City has with the bank during the term
- Required Services
•    Depository Services
•    ACH Services
o    Disburse funds via repetitive or non-repetitive wire transfer and/or ACH upon request of an authorized person
•    Wire Transfer Services
•    Remote Deposit Services
•    Lockbox Services
•    Reconciliation Services
o    Provide positive pay services
•    Electronic Funds Transfer - ACH wires
o    Accept and send ACH transactions and provide online notification of ACH deposits within 24 hours.
o    Process LAIF transfer and receive electronic funds payments for the deposit of other State and County apportionments.
•    Electronic/Online banking including balance reporting, check inquiring, ACH transmissions, wires, and stop payments.
o    Provide online access to account information, including daily activity reports, monthly statements, cleared checks, and automated stop payment.
•    Provide monthly activity and account analysis statements and reports. The statement cutoff should be the last day of the month. Statements must be sent no later than the 10th of the following month.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: November 26, 2025