Banking Services

The vendor required to provide banking and investment services at a mutually agreeable and reasonable cost.
- Banking services specified in this proposal will be provided by one bank and a sub-contractor of said bank.
- Accounts included
1. Pooled cash account
•    Most city banking services will be conducted within one overall pooled cash bank checking account, which shall be an interest-bearing account and used to offset any monthly activity fees. 
•    Most incoming and outgoing wire and ACH transactions flow through this account, with the exception of merchant card payments. 
•    The monthly balance for this account is dependent on the interest rate and if a money market is being utilized, but will always have $3,000,000 as a minimum with an $8,000,000 monthly average. 
•    The city prefers an interest earnings monthly rate that is pegged to an external source (i.e., tied to the federal funds interest rate, etc.). 
•    Bank shall specify in response how the interest rate is determined.
2. Merchant card payment account 
•    The city maintains a separate merchant card payment account, which shall be an interest-bearing account and used to offset any monthly activity fees. 
•    This account will have deposits on a daily basis and a transfer to the pooled cash account on a monthly basis. 
•    The approximate average monthly transactions are approximately $1,000,000 of deposits and transfers out. 
•    No checks will be issued from this account.
- Deposits
•    Deposits will be delivered to the bank by city employees or a security delivery service. 
•    All deposits will be accompanied by a deposit slip. 
•    Upon verification of the deposit, bank shall provide an acknowledged copy of the deposit slip to the city on the next business day after the deposit is verified and posted to the city's account. 
•    The city will also utilize remote deposit capabilities for check deposits. 
•    On an ongoing basis, bank shall provide pre-printed, two-part deposit slips, coin envelopes, coin wrappers, and disposable bags, in a timely manner, in quantities as requested for city business operations.
- Banking account maintenance
1. Access 
•    The city requires online controls that allow for different levels of access to the online platform. 
•    This includes but is not limited to, view only access, check scanning access and an online process for electronic wires and ACHs that involves dual approval.
2. Reporting 
•    Bank shall have the capability to daily transmit by electronic internet means all account balance information as well as individual transaction reporting on specifically requested accounts. 
•    Daily reports of bank statement transactions will be required to integrate with the city’s financial system, workday.
3. Statements 
•    Bank's statements for all accounts for the city shall have a cutoff date as of the close of business the last day of each month. 
•    Statements will be available on or before the tenth business day of the month for the previous month's activity.
•    Statements should be available for download via internet access by the city for a minimum of a 24-month period after they are issued. 
•    Bank will be required to furnish a down-loadable monthly statement file through internet file transfer protocol (“ftp”), listing checks by account number, check number, date cleared and amount.
4. Positive pay 
•    Bank, through the positive pay system, shall provide a monthly outstanding check list to the city by the fifth business day of the month for the previous month's activity. 
•    Bank shall provide images of all paid items (front and back of canceled check) in electronic format available for download via internet access by the city.
5. Branch banking
•    Bank shall identify a central point of contact within its servicing branch who is available during regular business hours to manage the customer relationship and monitor the delivery of various services to the city. 
•    Bank shall provide a method of direct contact from its tellers to the city for verification of any suspected fraudulent check cashing attempts.