Banking Depository Services

The Vendor is required to provide depository banking services will include, but are not limited to, account maintenance, cash management, positive pay, remote deposit, ACH services, safekeeping of investments, and collateralization of deposits.
- Most banking activity will occur in the Cash Concentration account.
- Utility, Municipal Court, and Scale House credit card payments are currently cleared through a Merchant Bank and deposited directly into Credit Card Clearing accounts.
- The Cash Concentration account covers accounts payable, payroll, and insurance payments. 
- The account also receives ACH tax payments and utility customer drafts and sends debt service payments.
- This account is funded primarily from outside funds.
- The City issues payroll checks to roughly 4 employees each month without using direct deposit.
- All receipts are credited to a single Cash Concentration account. 
- The City’s selected credit card processing merchant deposits monies in a separate account maintained at the depository bank. 
- On the first day of each month, the collected ending balance must be automatically transferred from the credit card checking accounts to the Cash Concentration account.
- All disbursements are drawn as needed from the separate disbursement accounts (Payroll, Insurance, and Vendor Payment), which are maintained at zero balance.
- The bank shall make daily transfers from the Cash Concentration account to the disbursement accounts to cover the items presented for payment that day.
- The City requires a web-based, automated cash management service and prior-day balance reporting for timely access to balance information and account transactions. 
- It also requires a high degree of automation in the various service areas.
- All checks, deposit slips, and deposit items require imaging and image retention. 
- Statements and account analyses must be made available electronically.
- All deposits the bank receives before its established deadline shall be processed on the same day.
- Standard deposit services and remote deposit services are required.
- To protect against fraud, the City requires positive pay on all disbursement accounts with payee verification. 
- Positive pay is a fraud prevention tool that enables the City to review and approve checks before they clear, helping to detect and prevent unauthorized or altered items.
- Each positive pay transmission must include the following required information: check number, check amount, payee, account number, and date issued.
- The solution must support a fully automated, web-compatible transmission process, with transmissions occurring as part of each check run. 
- The system must also allow manual entry and online transmission of check details when necessary.
- Incoming wire transfers must be credited on the same day they are received. 
- The bank must provide an online platform for wire initiation. 
- In the event of a delay caused by a bank error, the City must be compensated with the applicable Federal Funds Rate for that day.
- The bank must allow outgoing wires to be initiated and monitored online. 
- Repetitive wire templates must be available for streamlined processing. 
- Authorization levels must be clearly defined, with dual authorization required for repetitive and non-repetitive wires. 
- The system must support future-dated wire transfers and can schedule transactions in advance.
- ACH services are required for bi-weekly payroll direct deposit, direct debits for utility payments, and vendor payments.
- The bank must provide book-entry safekeeping services through the bank or an approved correspondent. 
- All securities must be cleared on a delivery versus payment (DVP) basis, with ownership documented by original safekeeping receipts provided directly to the City. 
- All interest payments and maturities shall be credited immediately. 
- Safekeeping fees must be applied to and paid through account analysis.
- A monthly account analysis report must be provided for each account and on a consolidated account basis. 
- This analysis must be available online.
- The bank must offer an online stop-payment process and must verify that a check has cleared before accepting a stop-payment.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: July 23, 2025