Banking Services

The vendor is required to provide for comprehensive banking services that will support the financial operations of the municipality.
 - This service is intended to enhance the city’s capabilities in managing its finances, investment activities, and overall cash management
- Banking partner will provide an array of services that include but are not limited to, commercial banking, treasury management services, and investment services, all while ensuring compliance with local, state, and federal regulations.
- The bidding institution should be a member of the federal deposit insurance corporation (fdic).
- The proposing bank must have at least five years of experience providing banking services to municipalities or similar governmental entities.
- The institution must have a proven record of managing accounts in the public sector, with references available upon request.
- The institution must comply with all applicable federal, state, and local laws or regulations, including but not limited to, the act, securities exchange commission (sec) regulations, and municipal finance laws.
- Deposit accounts:
• Provide checking accounts, savings accounts, and investment accounts tailored for municipal use.
• Ensure real-time access to account information, including balances and transaction history.
- Treasury management:
• offer services such as cash concentration, disbursement services, ach payments, and wire transfers.
• Implement fraud prevention services including positive pay and account reconciliation.
- Investment services:
• Provide advice on investment strategies and options for the city’s surplus funds.
• Offer access to government-backed securities and other approved investment vehicles.
- Loan products:
• Provide information on various loan services applicable for municipal needs, including short-term loans and lines of credit.
• Offer competitive rates and terms that meet the needs of the city.
- The selected bank will be required to fulfill the following service commitments:
• Designate a dedicated account manager to serve as the primary contact for the city.
• Provide regular training sessions for city staff regarding banking services and updates on new products.
• Ensure a response time of no more than 24 hours for inquiries made by city staff regarding banking transactions or services.
• Provide an annual performance review meeting with city finance officials to ensure that all banking services are meeting agreed-upon standards.
• Implement a robust system for dealing with discrepancies or issues regarding transactions, ensuring that resolution occurs within 72 hours.
- Provide monthly statements that are easy to read and compliant with state financial reporting requirements.
- Access to online reporting tools that allow for customization of financial reporting to meet the municipality’s requirements.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 21, 2025