Banking Services

The Vendor is required to provide banking services for include:
1. Account maintenance
• The district requires flexibility to open additional accounts, or close obsolete accounts, as needed.
• All accounts must be accessible to district staff through both online and in person banking.
• Online banking must be available 24/7.
• In person banking must be available via local branches that are open five days a week during normal business hours.
• Emergency support must be available 24/7.
2. Account statements
• Month-end statements for each account must be available no later than the fifth (5th) day of the following calendar month.
• Must include a detailed itemization of all account transactions, including:
o Beginning and ending balance
o Total credits by location
o Total debits by location
3. Account activity reports
• Available on demand from the online banking platform
• Separate reports for each location
• Adjustments
• Credits and debits
• Services and related costs and fees
• Earnings credits
4. Wire transfer services:
• Available for credits and debits
• Daily notices
5. Payment services:
• Stopped, voided, and canceled checks must be imaged and must be available to the district through online access.
• Direct routing returned checks to the district’s 3rd party check service provider.
6. Electronic payments:
• Direct deposits from the payroll account
• Ach payments and wire transfers from the AP account
• Currently setting up ach payments to vendors through our ERP software.
7. Direct deposit for payroll:
• District employees are paid via direct deposit by default.
• Deposited funds must be available by 8:00 am date of the deposit.
8. Deposit services:
• Remote deposit capture for checks received.
• Available daily either through local branch deposit or via courier or armored car services.
• Local branch deposit locations must be within a 15 minute drive from the school and facility.
• Retail locations or partner branches are acceptable locations for meeting this requirement.
• Drop safe placement at central schools throughout the district may be employed to satisfy this requirement.
• Daily electronic deposits from multiple gateways and merchant platforms.
9. Merchant services:
• Capable of offering multiple merchant accounts (current number is 82)
• May be provided via a blend of card processing devices (currently using clover and square devices).
10. Overdraft protection:
• $7,000,000 line of credit
• Advances repaid the following business day
11. Direct access to accounts (on-line cash management):
• Online cash management system is required.
• Must include:
o Deposits
o Credits
o Transfers
o Daily balances
o Stop payment and fraud reporting
o Reports and statements
o Deposit images
12. Investment services:
• Automatic investment services must be compliant with state law.
• Provide customized advice on investment options and opportunities, including yields and risks.
13. Collateralization:
• Required by state code ann. §11-9-10 et seq.
• Constant requirement.
• Collateralization must be equal to 105% of the amount in excess of the FDIC CAP.
14. Borrowing services:
• The district typically utilizes public bond offerings initiated as needed and based on the most favorable rates.