The vendor required to provide banking institution experienced in successfully providing a full range of banking services to public agencies.
- Demand deposit accounts
• The city currently uses three (3) (checking) accounts, one (1) investment sweep account, one (1) money market account, and six (6) depository zero balance accounts.
• Some are low volume, low balance accounts.
• The city may require additional special purpose checking accounts and may wish to set up zero balance accounts (ZBA) in the future.
• The general account serves as the concentration account for disbursements and deposits.
• The schedule of bank accounts below reflects the desired account structure.
• The city does not guarantee that the balances will be maintained at these same levels.
- Collateralization of deposits
• Proposer shall have procedures for collateralizing public funds deposits acceptable to the city and in compliance with state law.
- Bank compensation
• Banking services primarily with balances and desires monthly billing for any account analysis deficiencies.
• Earnings credit shall be given for collected balances, and itemized charges shall be paid by earnings credit or payment through the primary demand deposit account.
- Wire transfers
• The city currently transacts wire transfers by the internet, initiating approximately fifteen (15) outgoing wires per month.
• The city also receives approximately six (6) incoming wires per month.
- Deposit activity
• The city currently uses an armored car service for daily deposit pick-ups at the following locations: finance department, and two (2) city golf courses.
• The finance department requires service Monday through Friday (except city-observed holidays).
• The golf courses require service on Monday, Wednesday, and Friday.
• The armored car service is contracted with and paid for directly by the city and is not paid for through account analysis.
- Account reconciliation
• The city currently issues approximately 1,300 accounts payable, payroll, and other checks monthly and uses full account reconciliation with daily data transmissions of paid check information from the bank.
• This service essentially serves as reverse positive pay, with the city accepting and matching files daily to its financial system.
- Other transfer activity
• The city also transacts transfers in and out with asset management program.
- Direct deposit of payroll
• Direct deposit of payroll is currently in place with all of the city’s 1,500+ employees participating.
• The payroll files are sent to the bank by data transmission on Wednesday for paydays which occur every other Friday.
• The city requires immediate notification of any changes or problems and the ability to re-send a file or to delete a file.
- Payroll tax and sales tax processing
• The ability to report and pay state and federal tax withholdings and sales tax remittances through an online portal.
• The city requires immediate notification of any changes or problems and the ability to update or delete transmitted information
- Balance reporting
• The city currently accesses daily balance reporting information (prior and current day) via on-line bank access on its accounts.
- Merchant bankcard
• The city currently accepts visa, Mastercard and discover credit card payments via walk-up payment and online payments averaging approximately $9.3 million in collections a month.
• The city contracts with Elavon and payment us for these services.
• Proposer will need to interface with these systems to accept these deposits into the cities bank account.
• The city has twenty-four (24) Elavon merchant accounts.
• The city also contracts with brain tree for payments accepted by phone via interactive voice response (IVR).
- Positive pay
• The city currently utilizes positive pay services to provide early fraud detection and prevention through the review of suspicious or unauthorized checks before they are paid.
• The proposer shall develop check issue data (including payee verification) in the format and medium to meet city requirements.
• The positive pay service shall include such services as payment of matching checks, exception reports; return instructions, return of checks, and holdover exceptions.
• The positive pay would be tied to our general and payroll account.
- Payroll cards
• The issuance of a payroll card must be available for employees who are unable to take advantage of direct deposit, including temporary, part-time, contracted, and unbanked employees.
• These cards should be funded based on the net payroll amount earned and employees shouldn’t need a credit check to be issued a card.
- Commercial credit cards
• The city would utilize the banking services to facilitate our commercial credit card programs, electronic payments (e-pay) and purchase cards (p-card).
- Online access
• Place and remove stop payments
• Place wire transfers
• Fraud manager (positive pay exceptions)
• Returned items decisions
• Statements and notices
• Transaction search
• Make online payroll tax payments
• Obtain the balance of all accounts daily and all previous transactions in a defined period
• View cashed checks online
• View automated reconciliation Lan report (ARP).
- Contract Period/Term: 6 years
- Questions/Inquires Deadline: January 2, 2026
