Banking Services

The Vendor is required to provide banking including core depository services, online banking, ach and wire services, fraud prevention tools, merchant card processing, and related treasury solutions that support district operations.
- Requirement:
• Separate general operating accounts (currently six accounts) to accommodate the district’s banking needs.
• Deposit services
• On-site electronic deposit
• Check image deposit – daily scan of checks
• Guarantee same day credit for wire transfers and ach deposits on the day received regardless of the time of receipt during the day.
• Send via email incoming wire/ach deposits.
• Redeposit returned items due to “non-sufficient funds”.
• Items returned a second time will be forwarded to the district on a daily basis.
• Send via email returned item notification as well.
• The cutoff time for deposits to ensure same day ledger credit.
• The bank handles any deposit discrepancies, including check deposited to the district by mistake and how the district will be notified on deposit adjustments.
• Include a list of all the bank’s deposit locations and branch hours within the greater area (excluding ATM deposits).
• Billing
• Direct fees method, provide the unit charge for each required service, monthly and annual charges based on the district’s estimated monthly volume for each service.
• Any earnings credit occurring in the account will be used to offset fees.
• Earning credit on collected balances in excess of those required to pay charges incurred in any month will be carried forward to offset future bank charges.
• Interest earnings rate will be computed in accordance with the negotiated rate agreed upon.
• Daily cash balance reports for the previous day activity through direct access by 8:00 a.m. each business day.
• The following information must be provided:
• Cash balance
• Type, number and amount of debits
• Type, number and amount of credits
• Collected and available balance
• Transaction reports for current day activity to be provided, including type, number and amount of debits and type, number and amount of credits
• Monthly statements for all accounts within seven business days after the end of each month.
• Annual/fiscal year statements for all accounts on or before august 1st of each year or as needed.
• The bank shall provide comparative data by month and by major service cost category to be identified by the district.
• This information shall be “actual” data and shall include columns for units processed, and collected and ledger balances.
• The annual statement detailed analysis shall be prepared on a fiscal year basis (July 1 – June 30).
• This report shall be provided at no additional cost to the district.
• Web based online services shall include services such as image inquiry, information reporting, business statements, stop payments, positive pay, account balance inquiry, transaction inquiry, deposit history, and other online web applications that can provide added convenience and cost savings.
• Stop payments that are initiated by direct access to the bank by authorized district employees will be done the same day.
• The bank shall provide online confirmations of stop payments.
• Backup procedures (via phone and fax), forms and contacts shall be designated in the event of system failure or emergency.
• Positive pay to include such services as payment of matching checks by check number, vendor name and check amount, exception reports, return instructions, and holdover exceptions.
• Direct access to the bank by authorized district employees to view images of paid checks for payroll and accounts payable per month.
• A bank file on cancelled checks shall be available to the district for upload to the district financial system (Microsoft dynamics GP) for automatic clearing of cancelled checks on a monthly basis.
• The bank shall guarantee not to return unpaid because of insufficient or uncollected funds any item drawn on the district account.
• The bank shall provide support for all products and services provided to the district.
• Training operating manuals and on-going support are to be supplied by the bank for all services provided.