Banking Services

The Vendor is required to provide banking services to the Town based
- Provide may include, but is not limited to, general account services, information reporting, reconciliation, electronic fund transfers, positive pay, controlled disbursement, returned items processing, image capture, investment services, electronic receipt and payment platforms and credit cards for Town purchases.
- Provide to obtain a financial institution to administer the Town’s general banking, deposit and custody operations in order to further the following objectives: streamline cash handling, enhance funds availability, increase use of technology to reduce costs and become more efficient at treasury management.
- This strategic position along the I-26 corridor provides unparalleled regional connectivity, linking the town to major economic hubs while maintaining a distinct community character.
- EDI Services: The Town will utilize EDI Services for all ACH credits and debits posted to the one (1) Town bank account that utilizes ACH services.
- Cash Deposits (at Bank Branch): On average, the Town deposits $780 in cash each month.
- Account Transfers: All Town bank accounts will require the ability to transfer funds between accounts. Only single custody will be required for all account transfers.
- Wire Transfer Services: Two (2) Town accounts will need the ability to perform wire transfer services when necessary. Only single custody will be required for all outgoing wire services.
- Stop Payments: The Town requires that the four (4) accounts utilizing Positive Pay will also utilize online stop payment access.
- Returned Checks/Deposit Corrections: The Town receives, on average, one (1) returned check each month and one (1) deposit correction each month. When possible, the Town prefers that returned deposit items be automatically resubmitted for payment one additional time before being returned to the Town.
- Payroll: Payrolls are processed on a biweekly basis. Approximately 55 employees participate in the Town's Mandatory Direct Deposit program on a biweekly basis. The Town utilizes its operating account as the payroll account; and it is funded as needed using wire transfers.
- Online Image Retrieval: The Town requires the ability to view images of cleared checks using the bank’s online banking portal. The Town currently views, on average, nine (9) images per month. The bank must indicate the length of time the Town has the ability to view images of cleared checks using the online banking portal.
- Prior Day Reporting: All Town bank accounts are required to have online prior day information reporting. All Town bank accounts are required to receive monthly account statements for reconciliation purposes. The Town prefers the ability to export files to excel.
- Retention Requirements: The Town’s retention guidelines require a record kept for at least 5 fiscal years after the transaction has been completed.