Banking Services

The vendor required to provide banking services for include:
- Requirements
•    Online account access for a minimum of ten users with administration and security access capabilities.
o    Transfer capability between all college accounts and between college and foundation accounts.
o    Ability to set limits (including by dollar value) to users.
•    Wire transfers
o    Able to process incoming and outgoing domestic and international wires using templates.
•    Ach services
o    Provide ach capabilities domestically and internationally compatible with national automated clearing house association (NACHA) standards.
o    Ability to send and receive ACHs from external vendors.
o    Process and send payment in the appropriate format.
o    Notify the college or foundation of returned items.
•    Positive pay
o    Security criteria must include check number, dollar amount, and payee name.
o    Notify the college or foundation of exceptions.
•    Online stop payment
o    Must have the ability to provide online processing of stop payments or other voids for paper checks issued and positive pay purposes.
•    Online image files of paid checks.
•    Online image files of deposits.
•    Direct deposit payroll services
o    Serve as lead agency for direct deposit payroll services.
o    Ability to transmit bi-weekly direct deposit payroll through ach or another pre-authorized electronic funds transfer system.
o    Ensure funds are available to employees on the morning of payday (biweekly Fridays).
o    Notify the college of returned items.
o    Indemnify employees for costs if funds are not available as scheduled.
•    Automatic overdraft protection
o    All disbursement checks from college or foundation accounts shall have automatic overdraft protection.
•    The ability for the foundation to order duplicate checks.
•    The ability for the college and foundation to order duplicate deposit tickets.
•    Provide locked bank bags with keys to transport deposit to bank.
•    Provide key to night depository at nearest branch.
- Reporting requirements:
1. Automated account monitoring
•    Provide actual ledger balance and pending debit and credit items via an automated system.
•    Provide intra-day automated account monitoring or equivalent information by hard copy and email if not available.
•    Provide export capability of transactions to microsoft excel.
2. Daily reports
•    Beginning daily balance, payment activity, and ending balance.
•    Daily listing of manually issued items, stop payments, void and cancelled checks, checks paid on issued and non-issued items, and closing balance.
•    Summary of transactions by category and total dollar value.
•    Numeric listing of checks paid and outstanding.
3. Monthly reports
•    Monthly bank statement that includes images of paid checks.
•    Monthly listing of manually issued items, stop payments, void and cancelled checks, checks paid on issued and non-issued items, and closing balance.
•    Summary of transactions by category and total dollar value.
•    Numeric listing of checks paid and outstanding.