Banking Services

The Vendor is required to provide secure, efficient, and innovative banking and related services.
- The selected institution will safeguard public funds, enhance liquidity management, and support operational efficiency in compliance with State and Federal law.
- Objectives
•    Secure a financially sound, service-oriented public depository.
•    Consolidate banking relationships while maintaining strong internal controls.
•    Improve cash management and electronic service capabilities.
•    Ensure full compliance with all laws governing public deposits.
- Core Banking Services
•    The Contractor must establish all required operating bank accounts to meet the banking needs of the City and maintain accurate records of activity in those accounts.
•    The Contractor must fulfill orders for currency and coin through the City’s armored car courier.
•    Contractor shall give same-day credit when deposits are made before the published cutoff and meet Fed clearing eligibility; otherwise, next-day credit applies.
•    Contractor shall provide immediate credit for cash deposits.
•    Contractor shall deposit both pre-encoded and un-encoded checks.
•    Contractor shall provide advice, details, and research for any deposit adjustments within 24 hours, not counting weekends and official City holidays.
•    A copy of the affected deposit slip shall accompany the contractor's adjustment for deposit errors.
•    Contractor shall re-clear all returned items at least once, with special Returned Item reporting.
•    Provide daily balance and transaction reporting by 7:00 a.m. PST.
•    Offer sweep or overnight investment options consistent with the City’s Investment Policy.
•    Support Positive Pay with Payee Validation, check imaging, and stop-payment functionality.
•    Provide online portal access for account management, reporting, and file transmission.
- Remote Deposit Capture and Image Cash Letter (ICL) Processing 
•    Provide remote deposit capture (RDC) services enabling the city to scan and transmit check deposits electronically from authorized city facilities.
•    The system shall ensure secure encryption and transmission of check images and MICR data to the financial institution, provide same-day confirmation of successful deposit transmission, and allow same-day or next-day credit posting in accordance with the contractor’s published daily cutoff schedule.
•    The city may request multiple scanners, mobile deposit devices, or user licenses to accommodate distributed deposit locations.
•    Process deposits originating from remote city locations through local branches, cash vaults, or designated remote deposit channels.
•    Provide secure, online access to deposited item images and transaction status.
•    Provide online tools for deposit reconciliation, including access to check images, batch totals, and credit posting dates.
•    Provide city finance staff with role-based access to deposit reports and images by location or department.
•    Ensure all rdc deposits are incorporated into icl files for overnight clearing and settlement.
- Cash Vault & Coin Services
•    Shall count, verify, and deposit coins and currency. The city rarely makes branch deposits; most currency and coin deposits are delivered via armored courier.
•    Shall verify the deposit amount against the deposit slips that accompanied the bagged coins and currency.
•    Must post and report each deposit processed and identify the deposit location in the transaction reference data field as part of daily information reporting.
•    Accept deposits of coin and currency through designated local branch or vault locations.
•    Provide same-day credit for deposits made before the bank’s cutoff time.
•    Supply coin and currency upon request via a secured online portal; maintain dual-control protocols.
•    Establish multiple delivery and deposit pick up locations as designated by the city.
•    Fulfill orders for currency and coin through armored car service provider.
•    Contractor shall provide a list of cash vault operation center locations.
•    Cash vault operations center must be conveniently located within a reasonable distance of the city.
- Provide comprehensive disbursement services that support efficient, secure, and fully automated payment processing for City operations. Services shall include controlled disbursement, Positive Pay with Payee Validation, electronic disbursements (ACH, wire, and EFT), and online reporting and integration capabilities.