Banking Services

The Vendor is required to provide secure, efficient, and innovative banking and related services
- 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.
•    Earnings Credit Rate (ECR) is credited monthly by the Contractor based upon the average collected balance.
- Remote Deposit Capture and Image Cash Letter (ICL) Processing
•    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
•    Contractor shall count, verify, and deposit coins and currency. The City rarely makes branch deposits; most currency and coin deposits are delivered via armored courier.
•    Contractor shall verify the deposit amount against the deposit slips that accompanied the bagged coins and currency.
•    Contractor 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.