Banking Services

The Vendor is required to provide a full range of depository and banking services at a competitive price.
- Secure the most efficient and effective banking services while maintaining sufficient liquidity and protecting all the funds entrusted to it.
- Maintain all/most banking services with one bank to maximize cash flow and minimize administrative costs.
- The financial institution must be a member of the Federal Reserve System and insured by the corporation 
- The financial institution must fully collateralize all deposits in excess of the corporation limit. 
- The bank must be able to provide eligible collateral with an adjusted market value equal to or greater than the amount of the city’s uninsured deposits. 
- This collateral shall be delivered to a third-party custodian who agrees to establish an account and maintain appropriate records which identify the eligible collateral as pledged by the bank to the city.
- Qualified, experienced, financially sound, and responsible firms to provide the City with comprehensive banking services.
- The services needed:
•    Automatic account reconciliation
•    ACH debit and credit services
•    ACH debit block
•    Branch deposits
•    Remote Deposits
•    Cash management
•    Demand deposit accounts
•    Depository services such as online stop-payment
•    Positive pay services
•    Electronic Funds Transfer—ACH and wires
•    Lockbox Services
•    Electronic banking, including balance reporting, check inquiry, ACH transmissions, wires, and stop payments
•    Online image retrieval
•    Secure online banking payments collected in a batch deposit
- The City has the following bank accounts:
•    General Fund Checking Accounts
•    Special Revenue Accounts
•    ‘Fiduciary Accounts
•    Payroll Account
•    Interest Bearing Money Market Accounts
•    Grant Management Accounts
- Required Services
•    Disburse funds via repetitive or non-repetitive wire transfers and ACH upon request of an authorized person.
•    Accept and send ACH transactions and provide online notification of ACH deposits within 24 hours.
•    Provide (if needed and requested) credit card merchant services.
•    Provide positive pay services.
•    Provide deposit slips, deposit bags, coin bags, and wrappers free of charge to the city.
•    Process transfers and receive electronic payments to/from fund, investment entities, and other state and county apportionments.
•    Provide automated account reconciliation reporting services for City accounts. Available information should include, but not be limited to, closing ledgers, closing collected, opening ledgers, opening collected, float, previous day debit, and credit details (including bankcard deposits, sweep transfers, and ACH credit and debit details).
•    Provide online access to account information, including daily activity reports, monthly statements, cleared checks, and automated stop payments.
•    Provide monthly activity and account analysis statements and reports for all accounts.
•    The statement cutoff should be the last day of the month. 
•    Statements must be sent by the 10th of the following month.
•    Provide a quarterly review of the City’s cash management.
•    Provide timely and on-demand customer service by email, phone, and video conference and occasionally in person.

- Contract Period/Term: 2 years
- Questions/Inquires Deadline: August 29, 2025