Banking Services

The Vendor is required to provide banking services financial institutions to provide municipal banking and p-card administration services.
- Requirement:
1. Deposit accounts
• City will need an operations account and will have several supplemental accounts.
2. Remote deposit services
• City utilizes remote deposit for the majority of the checks that the city receives for payment of services.
3. Lockbox services
4. Merchant card processing
5. Wire transfers
• Institution agrees to make timely execution of any orders for outgoing wire transfers.
• Wire transfers ordered by 2:00 p.m. and not received by the destination party by the close of business will be traced by the awarded financial institution from origin to destination to ascertain the party responsible for delaying the transfer.
• Adjustments will be made from any lost interest or charges resulting from a “failure” to complete any transaction.
• A standard wire transfer agreement will be executed with the bank.
• The city requires adequate security provisions and procedures.
• Information should be submitted detailing the use of online wire transfer requests.
• The city requires:
• The ability to initiate and monitor wire transfers online
• The ability to create and store recurring/repetitive wire instructions/templates
• The ability to create and store future dated wire instructions
• Security measures for wire initiation and approval
6. ACH (automated clearing house)
• Transfers may be in the form of repetitive, non-repetitive, internal, ACH or eft.
• The city shall have the ability to initiate all types and amounts of wire transfers electronically.
• Confirmations of all incoming and outgoing wires will be made available daily by the bank.
• Security measures for wire initiation and approval.
• Outgoing wire transfers ordered by noon local time shall be received by the destination party by 2:00 pm local time.
7. API integrations
• The financial institution must have existing integrations or compatible file formats to reduce implementation risk.
8. Purchase card (p-card) program
9. Monthly statements and account analysis
10. Online banking services
• Daily reporting of account balances, collected and available
• Account detail for current month and, at minimum, eleven prior months
• Internal transfer initiation and authorization
• Wire transfer initiation and authorization
• City-originated stop payment of checks
• Returned items charged against accounts
• Bank reconciliation files
• Online check images (front and back) for all accounts
• Records of all account activity must be accessible online for a minimum of twelve months
11. Positive pay
• City utilizes positive pay services for all checks that the city disburses.
• This would include accounts payable, court bond, and payroll checks.