Banking Services

The Vendor is required to provide banking services to the College including but not limited to payment processing, account management, reporting, fraud prevention and security, investment opportunities.
- All accounts shall be considered Public Funds accounts and will be collateralized using the pooling method.
- Must provide proof of PCI compliance annually.
- Must be able to provide the following checking deposit accounts:
•    Institutional Funds
•    Federal Funds
•    County Funds
•    Building Funds
•    Bankcard Account
•    Foundation Funds
•    WTVI Public Broadcasting Station
•    Services Corporation
•    State Tuition – Funds swept to agency daily (State disbursing account is a State Treasurer account)
•    State STIF account – Funds Swept to agency daily
•    State Capital Investment Fund (SCIF) Account
•    ACH/Direct Deposit Account: Account will generally maintain a zero balance except when ACH and Direct Deposit transactions are processed.
- Should provide short-term investment options, such as, money markets, certificates of deposits, etc.
- Must be able to communicate effectively with the College, utilizing email and other appropriate communication tools.
- Must have a demonstrated ability to handle high-volume, complex payment processing securely and efficiently.
- Must provide the College with the capability to electronically transmit two monthly payrolls, e-check files, and payroll taxes for processing as outgoing direct deposits via ACH. Ideally, the College should be able to deposit the funds for these ACH transactions one day prior to the scheduled processing date."
- The Foundation processes a very small separate payroll.
- Provide an online payroll processing solution which can issue payroll, process direct deposits, and generate related tax reporting and filings.