Banking Services

The vendor is required to provide banking services for in fiscal year 2024, the university had $342m in cash inflows and $338m in cash outflows with daily transactions regularly exceeding $1m.
- Account(s) establishment
• Operating account: primary demand deposit account for the university deposits and disbursements.
• Disbursements include, but are not limited to, vendor payments, student refunds, and payroll payments.
• Payroll account: zero balance account (ZBA) to record net pay to employees. balances are automatically transferred from the operating account on a nightly basis. 
• Supplemental retirement trust: demand deposit account with a fixed balance to meet state requirements.
• Club account: demand deposit account designated for reimbursements to the university clubs.
- Banking platform
• The university requires a dynamic, online banking platform. 
• The platform must allow entitled users the ability to complete actions including, but not limited to, manage users, establish entitlements, transmit wires, research transactions, review activity, manage fraud prevention services, establish stop payments, cancel check issues, and create and manage report and statement distribution lists. 
• The university also requires entitled users to use a mobile device or physical token for multi-factor authentication (MFA) to access the banking platform and for wire authorization.
• Online banking platform and the ability to meet the above university requirements.
• The administrator management capabilities of your online banking platform.
• The dual control and authorization functionality of your banking platform.
- Account relationship manager(s) to customer service
• Provide an account manager who is knowledgeable of commercial cash management products and technologies, available to respond in a timely manner to the university inquiries, and is regularly attentive to the university’s account(s).
• The account manager must have experience with complex government or corporate accounts, and the authority to resolve potential account issues.
• Provide either same-day resolution for problems pertaining to the university’s accounts or assign the appropriate resources and provide daily status updates if same-day resolution is not achieved.
- Physical deposits (check/coin/currency) and currency delivery
• The fi must be able to provide armored courier services directly or negotiate a contract on behalf of the university with an armored courier services entity for deposit pickup and change fund orders with service available each business day of the week.
• To facilitate investment decisions and reconciliation the university needs to understand the timing of when deposits are credited to the account.
• The timing of when deposits will be credited to the account.
• Preference will be given for same-day credit to the university’s account.
• All deposit preparation requirements. include information on deposit supply requirements and deposit maximums (i.e., number of checks per deposit), if any.
• Provide the university the original deposited item or an image replacement document (IRD) for the original deposited item.
• Provide cutoff times for deposits delivered by armored courier to branch and/or cash processing facilities.
• Provide online access to images of deposited items. specify how long these items are available in your online system. 
• Provide your float schedule for deposited items. 
• If different float schedules are applied to deposited physical items, items deposited by image cash letter (ICL) or items deposited by remote deposit capture (RDC).
- Image cash letter deposits and remote deposited checks
• If you will be able to accommodate ICL and RDC services.
• Provide the cutoff time for ICL and RDC transmissions to receive same-day credit for the deposits.
- Check processing
• Checks are issued by the university from the following departments: accounts payable, payroll, and the bursar’s office. for accounts payable, payroll, and the bursar’s office, daily batches are created in banner finance (product of Ellucian) and processed using IntelleCheck.
• Positive pay services are used for all checks issued with check issue information provided to the current fi either through file transmission or manual entry
• Ability to accommodate the current check processing software used by the university.
- Bankcard services
• Merchant services – enabling the university to accept card payments online, in-person, or via telephone. 
• Payment processing – handling transactions between customers, merchants, banks, and card networks (i.e., Mastercard, visa, discover, American Express, electronic benefits transfer, debit). 
• Point-of-sale (pos) systems – hardware and software used to process card payments at physical locations.
• Fraud protection and security – tools such as encryption and fraud detection to secure transactions. 
• Payment gateway services – online platforms that facilitate e-commerce transactions. 
• Chargeback and dispute management – handling customer disputes and transaction reversals.
• The university currently uses heartland payment systems for e-commerce transactions related to tuition and fees, admissions, housing, parking, recreating center, and the university marketplace.
- Prepaid card services
• The university currently offers the option of receiving employee pay through direct deposit to a prepaid card.
• The university’s current prepaid product is a visa branded card with pin debit capabilities.
• Prepaid card product(s) for payroll and/or other payments.
• Prepaid card product that supports university ownership of the funds loaded on the card.
• Outline the process to return unused balances to the university
• Provide details on the university’s ability to limit the types of goods and services that can be purchased using these cards (if applicable).
• The university employs students participating in federal and state work study programs.
• Provide the complete fee schedule that will be applied to the prepaid card recipients.
• Recipients of the university disbursements need access to the entire available balance on their card.
• Include information on assistance translating disclosures into foreign languages
• The prepaid card administrative tool.
- Reporting requirements – online reporting
• The university uses online reporting for daily reconciliation, to mitigate risk, to make investment decisions and to research account activity.
• The university requires the ability to run on-demand reports and schedule reports, including but not limited to, reports related to wire activity, ach activity, returned items, balance history, payment activity, deposit activity, and all account activity.
• Online reporting system.
• Include both your current day and previous day reporting capabilities and provide sample reports.
• The university requires the ability to run on-demand statements and schedule statements, including but not limited to, statements related to account analysis, account reconciliation, ach activity, monthly account statements, and EDI remittance advice.
• The university requires a monthly account statement of all activity in each account.
- Contract Period/Term: 6 years
- Questions/Inquires Deadline: June 27, 2025