Bank Depository Services

The vendor is required to provide for college bank depository services.
- The college is interested in assuring that all funds are continuously earning at the best, then-current interest rates.
- The operating account is the master with the payroll account as the subsidiary.
- The construction account is a stand-alone.
- The college must have the option to pay for services on a fee or compensating balance basis.
- It currently uses a hybrid methodology.
- Fully describe the bank’s proposed account structure.
- Interest earned on interest bearing accounts shall not be charged as an expense on the account analysis; confirm acceptance of this condition.
- Indicate in the following table the rate average for the past 12 months and currently.
- The college requires a web-based, single portal, automated cash management information system.
- The college requires timely access to transactions with images and daily transaction and balance reporting.
- Provide a web link of the system and any necessary passwords for review and evaluation by the college
- Standard commercial branch deposit services must be available although checks are largely deposited through remote deposit.
- College security officers make a daily deposit to a local branch bank.
- Deposits may consist of a small amount of coin and currency.
- Coins are not rolled and may be in partially filled bags.
- The bank shall guarantee immediate credit on all incoming wire transfers, ach transactions, on-us items, and state government security maturities and coupon payments.
- Failure to credit college accounts in a timely fashion will require interest payment reimbursement to the college at the then-current daily fed funds rate.
- These deposits include both consumer and commercial checks.
- The college uses a commercial card with an average of 81 transactions per month.
- Payroll is paid bi-weekly and monthly and averages $3.9 million a month with variations for temporary employees.
- Online entry for individual manual checks is required.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 25, 2025