Banking Services

The Vendor is required to provide professional banking services.
- The proposing financial institution must also have a full-service branch location within the limits of the City and provide a dedicated governmental services unit.
- Provide qualified financial institutions an equal opportunity to submit a proposal to provide services for the City's extensive banking operation.
- General Account Services
• Provide the institution's availability/schedule for the various types of deposits.
• The process for placing currency orders.
• The bank's policy on and ability to provide daylight (intraday) overdraft protection.
• The bank's policy on and ability to provide inter-day overdrafts. Identify how the interest rate is determined.
- The financial institution shall submit with their proposal copies of the most recently audited financial statements for the last three years
- The proposing financial institution shall provide the current level of public fund deposits and related collateral market value. A recent collateral trust statement shall also be submitted with the proposal.
- Online Reporting
• The city utilizes daily cash balance and transaction reporting information for all accounts.
• The city requires access to prior day reporting including ledger balance and available balance.
• Details of credits/debits posted are required for all accounts.
• The city utilizes current day reporting of electronic debits/credits and wire transfers.
• The bank's online capabilities and security including the use of passwords, authentication, and/or encryption techniques used to protect online data.
• The bank's online information reporting system, including any file exports. Describe or provide a sample of the computer screens that illustrate the information and reports the city can obtain from the system.
• The online availability of prior day information and intraday reports to city staff. Include the frequency and time in which intraday information is updated.
- The bank's required preparation for cash deposits, currency, coins and checks.
- Identify the location of the cash vault and check processing center in which the City's deposits will be received and recorded.
- The City currently uses unique identifiers on deposit endorsements in order to accurately account for various departments' revenue. Identify procedures to differentiate deposits, if any.
- The bank's policies and procedures with respect to deposit discrepancies, including the inadvertent deposit of checks to the City.