Depository and Banking Services

The Vendor is required to provide for depository and banking services from qualified banking institutions.
- Banking services being requested under this proposal include full service basic banking services including but not limited to receiving deposits, remote deposits, paying items, wire transfers (in and out), stop payments, positive pay verifications, ACH services, account analysis, records management, monthly statements, special reports, meeting daily collateral requirements, quarterly feedback meetings, etc.
- Check deposits are made daily via remote deposit capture. 
- Cash deposits are transported biweekly by a courier contracted by the City. 
- The current courier is Loomis. 
- Rarely, a small deposit may be brought to depository’s branch location by City personnel and deposited over-the-counter. 
- The Accounting Department handles all reconciliations.
- The City wants to continue to implement innovative banking solutions and automate banking services whenever efficient and cost effective.
- The majority of banking activity will occur in the City’s Primary Operating Account. 
- All wires, securities transactions, and transfers process through this account. 
- The Primary Operating Account is used to cover accounts payable, payroll, and employee deferred compensation and tax payments. 
- The account also directly receives ACH payments, utility customer drafts, and sends debt service payments.
- Reconciliation services are not currently used.
- Bi-weekly payroll is processed from the Primary Operating Account for approximately 145 employees for a total payroll averaging $300,000. 
- Direct deposit is used currently by 100 % of employees. 
- Approximately $3.5M is processed in payables monthly with payable runs bi-weekly.
- The bank is to provide an operating account and at least four (4) other separate bank accounts for restricted special purpose government funds. 
- Daily balance and detail transaction reporting must be available online and made accessible for the City’s use. 
- The City may be required or may desire to open additional accounts or change accounts during the contract period.
- Any new accounts shall be charged at the same contracted amount.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: July 25, 2025