Bank Depository Services

The Vendor is required to provide bank depository services includes basic services such as receiving deposits, paying items, wiring funds out, receiving funds wired in, stop payments, and other normal banking activities.
- Digital banking and cash management:
• Online banking services – internet-based account access with balances, transaction detail, ACH/wires, stop payments, security controls, positive pay, statement reprints, excel exports, and 12+ months of history.
• ACH credit origination – payroll and vendor direct deposit capability.
• Electronic data interchange – EDI – vendor payments and receipt of monthly electronic reports.
• Wire transfers – online initiation of one-time and recurring wires with variable amounts.
• Remote deposit capture – scan and deposit checks electronically from college locations.
- Payments, receivables and item processing:
• No-fee check cashing for non-customers – non-bank customers may cash college-drawn checks with no fee.
• Returned check reprocessing – re-present checks at least twice, with same-day electronic notification of returns.
• Credit and debit card payments and merchant services – processing for visa, MasterCard, and discover; support for existing merchant account and transaction volume.
• Positive pay and account reconciliation – fraud prevention and full reconciliation using payee, date, check number, and amount verification.
- Fraud prevention and account controls:
• ACH debit blocking – full or selective blocking of ACH debits by account.
• Stop payment capability – user-initiated check stop payments with security controls.
- Reporting, statements and administrative support:
• Bank statements – monthly statements available within five working days, with images downloadable; no dormancy for inactivity.
• Account analysis – monthly earnings credit and fee analysis by account and group level, including balances and service detail.
• Research requests – transaction and account research completed within three business days.
• Audit confirmations – annual balance confirmations provided to the college’s external auditors at no charge.
- Investments, interest and balance treatment:
• Provide safekeeping and custody of all securities under a custodial agent agreement, with DVP processing, clearing services for all purchases and sales, and required wire and physical delivery support.
• Ensure trade confirmations within one business day and safekeeping receipts within two business days.
• Maintain agreed-upon controls and serve as the securities clearing agent for all investment transactions.
• Post interest payments on due dates (or next business day if applicable) and notify the college of securities called prior to maturity.
• Include all investment and safekeeping fees as itemized costs in proposal bank services fee schedule
• Investment account and sweep options – “hard dollar” interest or compliant sweep options meeting PFIA and college investment policy.
• Interest and non-interest bearing accounts – flexible account structures, with workers’ compensation account earning interest.
• Balance assessment and corporation insurance treatment – disclosure of how corporation assessment fees are handled (waived or passed through).
• Reserve requirement disclosure – identification of required reserves used in earnings credit calculations.