Banking Services

The vendor is required to provide for comprehensive banking services that will support the financial operations of the municipality.
- The selected banking partner will provide an array of services that include but are not limited to, commercial banking and treasury management services, while ensuring compliance with local, state, and federal regulations.
- Customer service
• The financial institution will have a specialized governmental unit with experienced staff that seeks to understand the city's needs and objectives and to work to obtain the most cost-efficient solutions.
• The financial institution will provide a dedicated government team that at a minimum consists of a relationship manager, treasury management representative and consultant and dedicated client support representative(s) to support the relationship on a daily basis.
• The financial institution must provide a dedicated individual to assist the city in identifying incoming wires and ACH and verifying receipt of positive pay files.
• The financial institution will hold semi-annual relationship reviews with the department of finance and the city treasurer's office.
- Deposit services
• The city deposits approximately $6.8 million in currency (bills and coins) and approximately 200,000 checks annually.
• Almost all city check deposits are made through remote deposit.
• The financial institution must provide desktop deposit/check scanner capabilities for at least four locations in the city.
• The city contracts with brinks for armored transport of cash and check deposits Monday through Friday.
• Checks returned for insufficient funds are automatically redeposited a second and third time.
• The city requires the ability to differentiate deposit locations and requires access images of deposited items.
• The city requires an electronic deposit (in addition to desktop deposit) process allowing the city to capture check images and securely transmit files.
- Lockbox services
• Lockbox services may be considered in the future and the city would like to receive pricing and options for such.
• The city currently has two bank-managed lockboxes for transportation tolls and emergency medical service (EMS) fees.
• The financial institution must provide a post office box within the city for the receipt of EMS payments.
• EMS accounts are updated daily through a file transfer to the city's third-party EMS processor digitech.
• Toll accounts are updated through a sftp file transfer to the city's third-party back-office system.
• The financial institution must be able to process check payments with or without the remittance coupon (which is provided in the customer’s invoice).
• The financial institution must have a means to correctly process these anomalies and/or send to exception processing.
• Services must also include digital images of deposited checks and exception processing.
• The financial institution shall have an online portal for accessing the required information and data related to the lockbox services.
• The city and/or their back-office vendor shall have a dedicated support contact for issues related to lockbox services (phone/email/online portal), including SLAS for response time and resolution.
- Paper disbursement services
• The city issued about 85,000 paper checks in 2024, with checks typically issued four (4) times a week.
• Stop payments are placed online.
• The city transmits over 100 file transfers of issued and voided checks to the bank annually as part of the account reconciliation/positive pay process.
• The proposal shall discuss the financial institution's ability to provide check printing/mailing services.
• Provide an electronic payables solution that would streamline the city's accounts payable process and minimize the need for the city to issue physical checks.
- ACH debit services
• The city originated approximately 8,100 ACH payments and 283,000 direct deposits in 2024 from its accounts payable and payroll accounts.
• A file transfer system is used to transmit the information to the bank.
• The city currently transmits separate files for checks and ACH payments.
• The city utilizes a debit blocker, pre-authorizations, and decisioning for ACH debits
• The city pays payroll taxes electronically through the federal and state on-line portals weekly.
- Wire services
• The city receives wires from its custodian, us bank, for maturing investments and interest income.
• The city also has government investment pool (LGIP) and state non-arbitrage program (snap) accounts which make periodic wire transfers to the city’s operating account.
• Outgoing wires are made to the city’s custodian for the settlement of investment purchases and deposits to LGIP.
• Wire transfers to bond trustees/paying agents for debt payments are made by wire transfer as well as payroll tax payments.
• The ability to schedule wires with a dual-control approval process.
• The city also requires the ability to create wire templates for recurring wires.
- Account reconcilement/positive pay services
• The city requires full account reconcilement and payee positive pay with online exception review and correction for the accounts payable and payroll accounts.
• The city transmits the issued check file with each release of checks.
• The bank’s cleared check file is downloaded as a bai file at month-end to the city’s ERP financial system.
• The city also accesses its bank statements online by the second (2nd) of the following month.
• As part of the full account reconciliation, the city requires the following reports: checks issued, checks paid, outstanding checks and void checks in addition to beginning and ending balances.
- Web-based banking/online reporting
• The city requires a comprehensive online banking application.
• The city currently uses its financial institution's online reporting function for daily reconciliation.
• Daily access to prior-day transactions, available opening balance, and certain current-day transactions including ACH receipts, automated cash management (ACH) disbursements, and wire transfers (incoming and outgoing) are necessary.
• The city also uses the financial institution's online for accessing monthly bank statements, analysis statements, and sweep statements.
• Wire payments, and stop payments are entered through the banking portal.
• Cleared check and deposited check images are obtained online.
• The city manages the level of user access to banking services provided through the banking portal.
• Some services, such as user administration and wire transfer, include dual control capabilities.
• Depending on the level of access, multifactor authentication is utilized.
- Sweep account services
• The city may utilize a sweep account to generate income on its bank deposits in excess of its designated peg balance.
• The proposal shall include sweep account investment options available to governmental agencies.
- Contract Period/Term: 10 years
- Questions/Inquires Deadline: June 02, 2025