Depository, ATM, and Safekeeping Services

The Vendor is required to provide banks, credit unions, and financial institutions to provide bank depository, ATM, and safekeeping services.
- The objectives of this RFP are as follows:
•    To identify a Bank or Banks capable of providing the requested services and attentive to the City’s money matters
•    To optimize the total dollars spent by the City on bank services in order to be prudent and effective custodians of financial resources
•    To optimize the relationship between the total dollars earned on certain account balances and the relationship to fees charged
•    To maintain a strong working relationship with the Bank(s), and to seek advice from that Bank on best practices and latest technology
•    To adequately compensate the Bank(s) for services provided subject to competitive forces in the market place.
•    To identify a Bank or Banks that conducts business within the City’s limits 
- Bank personnel must be qualified to discuss these items with designated City staff:
•    General information
•    Accounting and bookkeeping
•    Deposit discrepancies
•    Wire transfers
•    Reconciliations
•    ACH services
•    Balance reporting
•    Controlled disbursements/ Accounts Payable
•    Pledged collateral
•    Positive Pay
•    Automated Clearing House
•    Lockbox services
•    Safekeeping services (if applicable)
•    ATM services
•    Overnight Sweep Services
- Cyber Security & Service provider audit reports (SOC reports) - open section
•    Bank management’s awareness and continuing education regarding of threat environment
•    Business continuity management
•    Vendor Management (Outsourcing and third-party providers)
•    Payment systems
- This is a public funds investor checking account that requires positive pay and full reconciliation.
- This is a public funds investor checking account. Wires are received, merchant banking credit transactions are settled, remote and direct check deposits are made, and customer utility direct debits payments are posted to this account.
- The City transmits the payroll direct deposit file (ACH Credit) to the Bank by a file upload from the City’s Finance Department. 
- This file is transmitted to the Bank every other Wednesday by 4:00 PM CST and expected to be in the City’s employee accounts no later than 5:00 AM CST Thursday morning. 
- The file contains all direct deposit entries for the bi-weekly payroll.
- All full-time City employees (approximately 250) are enrolled in direct deposit. 
- For the few temporary or part-time employees who do not participate in direct deposit, a positive pay file is sent to the Bank and the checks are expected to be available for presentment immediately upon submittal of the files.