Banking and Depository Services

The Vendor is required to provide primary banking and depository services to the city.
- The General Accounts consists of a main bank account, a payroll account, court account, and a flexible benefit account. 
The payroll, court and flexible benefit accounts are considered zero balance accounts that are set up to clear checks and other transactions related to their function. 
The other set of accounts, Housing Authority Accounts, are for the transactions related to the Authority.
- The Housing Authority Accounts consists of five accounts.
- The servicing bank shall provide an Earnings Credit or similar product. 
- Contractor shall indicate in proposal how earnings credits are calculated. 
- Any unused credits shall carry forward to future analysis billing cycles. 
Settlement of account charges and earnings credit is requested to occur on an annual basis. 
- The City requests that bank charges be reviewed at least bi-annually during a formal review between City and Contractor representatives.
- Local Branch Deposits: 
•    The City collects cash, checks and money orders at various locations across the city. 
•    Not all locations utilize services like check scanning software or Safe Vantage in their operations. 
•    Deposit are reconciled daily but may be deposited on various schedules such as daily, bi-weekly or weekly. 
•    Deposits may be directly delivered to a local branch for deposit or utilize armor car service delivery. 
•    The City seeks to have continued flexibility in our deposit processing.
-  Electronic Deposits: 
•    The City utilizes desktop deposit scanners to process check payments by creating an image deposit file sent electronically to the bank. 
•    The Contractor shall indicate whether they will provide the equipment necessary to capture these images and describe the equipment in detail along with any charges that may be imposed for the use of the equipment.
- Check Scanning Software: 
•    The City currently utilizes Pannini and RemitPlus software to electronically deposit checks with the bank. The City reserves the right to change the software used for this service. 
•    Please indicate if your bank has experience with depositing images from Pannini and RemitPlus and/or other similar software types.
- Insufficient Fund Items: 
•    The City requests that insufficient funds checks shall be attempted to deposit twice before returned to the City. 
•    Within 24 hours of charging the City’s account for an insufficient funds item, the Contractor shall notify City staff and provide online access showing check amount, check number, reason for return, makers name, deposit total, deposit date, and image of the item.
- Online Banking Services: 
•    The bank must provide a system, accessible by a secure online connection, which shall include access to all the City’s account information residing at the bank. 
•    This includes internal accounts of the City which maintain funds with the City. 
•    Bank balances shall be available by 7:00 a.m. local time, of each business day via the electronic data system.
- Wire Transactions: The bank shall provide online access for all outgoing wire transfers (Fed wires, ACH, EFT, and account transfers).
•    Reporting: The bank shall provide detailed online reporting of outgoing and incoming wire transfers, including, but not limited to: the originator, the name and ABA number of the sending or receiving bank, the amount, the beneficiary name, the account number and any additional instructions.
•    Outgoing Wires: The serving bank’s online wire service shall provide the ability to set controls and dollar limits. Repetitive wire transfer capability for all online wire transfers shall be provided. The internal bank and Federal reference number must be provided upon completion of outgoing wires.
•    Fund Availability: Incoming wires must be posted and available to view on the wire transfer online system immediately upon receipt by the bank.
•    Support: The bank shall designate a liaison responsible for researching any wire transfer inquiries. A contingency plan must be established between the City and the bank to address any online issues that may arise.

- Contract Period/Term: 5 years
- Pre-Proposal Meeting Date: September 10, 2025