Banking Services

The Vendor is required to provide banking services to include:  general operating account, payroll account, an insurance clearing account for state insurance system transactions, investment services, processing of credit card transactions, cash dispensing machines, payroll card/student refund services, and related banking services.
- Bank reconciliation/summary report containing account summary by day inclusive of outstanding settlement items, recap of posted items, listing of reverse positive pay items, and account reconciliation.
- Automatic Clearing House (ACH) capabilities for processing:
•    Secure online website to load ACH/direct deposit files
•    Direct deposit of payroll
•    Direct deposit of accounts payable
•    Funds transfer and data exchanges for student loan and scholarship funds (debits and credits)
•    Direct deposit of student refunds
•    Secure notification of direct deposit returned due to closed account
•    Same day processing ACH/direct deposit transfers if file loaded prior to established cut off time
- Positive pay processing for all accounts payable checks
- Online banking with access for ten (10) users
- Email notification of file load failure for positive pay files
- Email notification of decision items to appropriate department based on origination of payment (bank account number)
- Required email from university for all rejection items
- Online data entry of positive pay for out-of-cycle checks
- Online data entry of reverse positive pay for check stop payments
- Secure online access with institutional ability to create, delete, and maintain users, and restrict and control user access to specific bank accounts and specific online services
- Online banking transactions which may be downloaded via .csv or other data format
- Online check images for all accounts
- Online bank adjustment detail
- Online deposit images
- Online monthly statements
- Online detail statements of bank charges
- Online daily activity including current day
- Online searchable and sortable monthly activity
- Accept deposits of VISA, Master Card, American Express, and Discover
- Monthly analysis of cost to service accounts
- Provide payment card for university employees as needed for deposit of payroll