Banking Services

The Vendor is required to provide comprehensive banking services for the authority.
- Operating Accounts:
•    Provide business checking accounts to facilitate the agency day-to-day financial operations, including deposits, withdrawals, and transfers.
•    Offer multiple accounts as necessary for specific programs and projects (e.g., general operations, real estate acquisitions, etc.).
•    Ensure seamless integration with the agency financial reporting systems.
- Electronic Banking and Online Services:
•    Provide secure and reliable online banking platforms for managing accounts, initiating wire transfers, reviewing transaction history, and reconciling accounts.
•    Ensure that the platform supports all functions necessary for day-to-day operations, including mobile banking access, if applicable.
•    Provide user-friendly online tools for viewing account balances, generating reports, and managing financial activities.
- Depository Services:
•    Facilitate the deposit of checks, ach payments, and wire transfers into the agency accounts.
•    Offer electronic check deposit services, including the use of remote deposit capture (RDC) where applicable.
- Bank Statements:
•    Provide monthly bank statements for all accounts, including detailed information on transactions and balances.
•    Ensure timely delivery of statements and provide access to digital copies for review and reconciliation.
- Cash Management Services
•    Cash concentration:
o    Provide services to consolidate funds from multiple accounts into a primary account, thereby streamlining cash flow management.
o    Facilitate the use of zero balance accounts (ZBAS) disbursement activities to ensure that funds are auto transferred to/from the main operating account as needed.
•    Sweeping and investment services:
o    Offer services to sweep excess funds from the agency operating accounts into investment accounts to maximize interest income.
o    Provide options for short-term investments, such as money market accounts, that align with the agency liquidity needs and investment strategy.
•    Liquidity management:
o    Provide recommendations and strategies for managing daily cash flow and ensuring that the agency has sufficient funds available for operations, projects, and commitments.
o    Assist in forecasting cash needs and effectively managing working capital.
•    Fraud prevention:
o    Offer fraud protection services, including positive pay and reverse positive pay, to protect against unauthorized checks and ach transactions.
o    Provide real-time fraud monitoring tools and immediate alerts to agency staff for suspicious transactions.
- Loan and Line of Credit Services:
•    Provide access to lines of credit or loans for real estate acquisition, development projects, or operational needs.
•    Offer competitive interest rates, flexible terms, and the ability to manage funds as required by agency project timelines and cash flow.
- Real Estate and Development Accounts:
•    Provide specialized accounts for managing funds related to real estate transactions, including property acquisitions, development projects, and associated financing.
•    Support escrow accounts and disbursement management for real estate deals.
- Merchant Services:
•    Provide services for processing payments for any events or initiatives that require the ability to accept credit card payments.
•    Facilitate integration with the agency financial systems to ensure seamless tracking of payments and fees.
- Lockbox Services:
•    Provide lockbox services to process incoming payments, particularly for any development-related fees or program-related payments.
•    Ensure fast, accurate, and secure processing of payments, with reporting capabilities for reconciling transactions.
- Reporting and Analytics:
•    Provide monthly and annual reports on account activity, including reconciliation reports and analysis of banking fees.
•    Offer specialized reports to track and manage project-based funding, grants, and other restricted funds.

- Contract Period/Term: 2 years
- Questions/Inquires Deadline: November 1, 2025