Banking Services

The Vendor is required to provide banking services for the optional service of a purchasing card program.
- Requirement:
1. Account maintenance:
• All deposits of the city shall be placed in an interest-bearing account.
• Interest must be credited to all eligible accounts on a monthly basis.
• The city maintains one general interest-bearing checking account, three money market accounts and one small business checking account.
• The city requires the option to create additional accounts as required.
2. Monthly statements:
• Monthly bank statements for the full calendar month must be made available to the city no later than five (5) business days after the end of the month.
• The city does not require paper statements but must have online access to detailed statements.
3. Remote deposit capture:
• The city requires a remote deposit feature.
• The city processes an average of 75 checks per day via remote deposit capture.
• All scanning devices and access to online processing features must be provided by the bank, preferably free of charge.
• All checks must be presented two times before returning.
4. Cash deposits:
• The city deposits cash approximately 1-2 days per week. For this purpose, the bank shall provide imprinted deposit slips for each account, and 5 locking bank bags.
5. Check clearing:
• The bank shall provide imprinted checks (stock at option of the city).
• The city is not to be charged for stop payments.
• The bank will pay all checks issued against the account even if payment creates an overdraft to the account.
• The finance director or designee will be notified about any overdrafts within 24 hours of the occurrence, at which time the city agrees to cover the overdraft.
• The bank will not charge a fee for overdrafts.
• The bank must be able to provide positive pay capabilities for check and ach disbursement fraud protection with electronic file submission and with online decision-making capabilities.
6. Credit cards/other payments:
• The city receives credit cards and other payments for various services; a third-party vendor processes all transactions.
• Invoice cloud is used to process these transactions.
• The volume of these transactions (May 1 – May 31, 2026) is approximately as follows:
• Credit/debit cards: $1,387,981
• Eft: $666,732
• Online bank direct: $77,760
• PayPal: $22,632
• Venmo: $3,281
7. Online banking services:
• Current day’s balance (activity and credits)
• Daily balance reporting available by 8:00 am the following business day.
• Detailed debit and credit postings.
• Initiation of regular recurring wire transfers.
• Initiation of ach debit and credit transactions.
• Placement of stop payment orders.
• Ability to create reports for above transactions.
• Multi-level security for various city staff.
• No fee should be associated with online banking services.