Banking Services

The vendor is required to provide that banking services for the city, in conjunction with the city’s needs.
- The banking services and merchant services as separate contracts nor sign contracts with separate entities for required banking services.
- Online account access
• The bank shall provide a secure, web-based solution that will allow the city online access to all city bank accounts.
• The system will enable the city user to communicate with the bank, download and archive information, provide daily reporting, facilitate viewing and printing of the front and back of cleared checks, deposit slips, individual deposit items, etc., execute online stop payments, perform wire transfers, and access detailed ach information.
• The city currently utilizes an internet-based treasury management system to view and print daily balances and detailed transactions for its accounts.
• The city wishes to continue utilizing this type of treasury management system.
• The treasury management system will also allow for user security levels to be set up by a system administrator to access its features
- The bank must have the ability to provide the city with access to online balance and account activity reporting with the following minimum prior day and current day information:
• Closing ledger balance
• Collected balance
• One (1) day float
• Two (2) days float
• Total credits
• Number of credits
• Total debits
• Number of debits
• Opening ledger balance
• Opening available balance
• Current available balance
- Individual activity amounts and descriptions to include, but not limited to the following:
• Deposits
• Wire transfers (incoming and outgoing)
• Ach transfers (incoming and outgoing)
• Internal bank account transfers
• Other bank credits and charges
• Individual check amounts aid along with corresponding check numbers and date cleared.
- The successful bank shall demonstrate past experience with integrating with the rec track and invoice cloud or a comparable system in the following ways:
• Electronic processing of positive pay files
• Electronic processing of check reconciliation files
• Export and import ach electronic payment files - Proactive notification
• The awarded bank will be required to provide the daily balance proactive notification to city of cooper city.
• This notification will be required by 8:00 am, via a computer terminal.
• This notification will be to the attention of the finance director and assistant finance director, and will consist of the following information:
1. Positive pay decision
2. Returned items – checks deposits or ach
3. Wire transfers – incoming or outgoing
- Bank accounts
1. Operating and account (master account)
• All balances will be maintained in this (operating) account.
• The accounts payable, payroll, electronic merchant system, credit cards and utility accounts will be reimbursed at the close of the business day, or at the opening of the business day following the day the checks are presented for payment, depending on the bank’s policy
• All collected balances in the city’s accounts will be transferred to the operating/master account at the close of each business day.
• The master account should be an account specifically designed for deposits of public funds
• This account shall be interest bearing. all wire transfers and ach debits and credits will be made to and from this account.
• All deposit tickets will reflect the account number for the operating account.
2. Accounts payable account (zero balance account)
• This account will be used solely to process disbursements for accounts payable.
• All disbursements will flow through this account (zero-balance).
• There will not be any direct deposits into this account, except for the bank transfers to cover checks presented for payment.
• The accounts payable (zero-balance) account will always have a zero-ledger balance at the beginning of each business day.
• The accounts payable (zero-balance) account will be established as a controlled disbursement account and to isolate accounts payables and utility ach.
• Deposits to the accounts payable (zero balance) accounts will be electronic.
3. Development impact fee account
• An account that the city uses to manage impact fees, which are one-time charges levied on developers to help finance infrastructure and public services needed to accommodate new development.
4. Other accounts
• Other accounts may be established over the contract term by the city of cooper city.
• These accounts may operate the same as the accounts payable/zero-balance account indicated above or will be an addition account established for a specific purpose
- Deposit processing and remote deposit capture
• The bank will provide the ability to deposit checks using remote deposit capture.
• A check scanner and appropriate software will be provided to the city to digitally capture the check images for deposit.
• The deposit will be balanced, and an electronic deposit slip created.
• The file would then be transmitted to the bank through a secure website for posting to the city’s operating account.
• Proposer shall describe its remote deposit capture services to include related costs to the city.
• The proposer will specify the requirements for depositing checks and currency along with its availability schedule for deposited item: cash, in-state checks, out-of-state checks, foreign checks, etc.
• The bank will allow deposits with an attached breakdown of individual checks rather than itemizing each check on the deposit slip.
- Cashing petty cash checks
• The bank shall cash petty cash checks at no charge to the city or employee cashing the check.
• The bank will require that city employees present a current city issued identification card to cash petty cash checks.
- Positive pay
• The bank shall provide positive pay to ensure the city’s protection and security against fraud and theft.
• The city will transmit check files bi-weekly on Wednesdays for payroll disbursements and weekly on Fridays, or more frequently, if necessary, for accounts payable disbursements.
• The bank shall have the capability to accept an uploaded file from the city’s accounting system as well as manual entries into the positive pay software for checks issued during interim periods.
• The proposer shall provide details of the bank’s process as it relates to this system and discuss alternative procedures should the city be unable to transmit the file electronically (i.e. during a disaster).
• The bank will contact the city via phone or email if the city has not provided instruction to pay or return a check prior to the positive pay cut-off deadline.
• The file that is sent to the bank includes the check date, check number, payee and amount.
- Account reconciliation
• Checks paid to the bank each month via modem, diskette or alternative medium suitable to the city’s operating requirements.
• Return of all canceled checks or check images, sorted by check number, on a monthly basis
return of all other items, such as debit and credit memos, and deposit tickets in date order on a monthly basis.
• Daily deposit
- Banking supplies
• The depository bank will provide all necessary banking supplies.
• These shall include, but not be limited to, deposit bags, coin wrappers, deposit slips (original and two copies) and deposit stamps.
• The bank will also be responsible for paying the cost of blank check stock for all the disbursement accounts.
• Said check stock shall be ordered by the city from the vendor of its choice but shall be paid for by the depository bank.
• The cost of said checks may be added to the bank’s cost of servicing the city’s accounts.
- Designated account executive
• The city requests that the proposing banks provide the names of a designated account executive, as well as an alternate.
• The designated account executives must have the authority to make timely decisions in the normal course of business.
• Resumes must be provided for all key account executives designated to service this account.
- Contract Period/Term: 5 years
- Pre-Proposal Meeting (Non-Mandatory) Date: March 25, 2025
- Questions/Inquires Deadline: April 02, 2025