Banking and Local Branch Services

The vendor is required to provide banking and local branch deposits to support the treasury and cash management needs of the state.
- Operating accounts and bank balances:
•    The state currently has approximately 30 demand deposit account (DDA) accounts to collect deposits and disburse funds.  
•    The state uses a zero-balance account (ZBA) structure to concentrate funds automatically into the master depository account. 
•    There are 2 ZBA master accounts and approximately 20 ZBA subsidiary accounts. 
•    The awarded bidder will be required to provide a similar account structure to allow the state to maintain their current account architecture and reconciliation capabilities. 
•    The state also uses approximately five (5) controlled disbursement accounts with only one presentment time at 9 am et. 
•    Some accounts are grouped to maximize the state’s balances, while other accounts remain standalone for reconciliation, budgeting, and legislative reasons.
•    The state maintains approximately 25 additional miscellaneous interest-bearing bank accounts (with a combined balance of $2,303,024.31 as of 12/31/24 that generally have minimal activity).  
•    These accounts are not currently included in the state’s analyzed services, as they are provided free of charge.
- Systems and reporting overview
•    Provide secure online reporting of ledger balance, available balance, and summary and details of credits and debits posted, each banking day before 7:30 am et,
•    Provide prior and current day reporting, as well as monthly and quarterly reporting,
•    Allow an unlimited number of state employees with varying levels of authorization access to the bank’s online reporting system and other automated treasury reporting services, with appropriate security as mutually agreed upon for all internet access banking systems and automated financial transactions.  
•    Requested security measures include:
o    Individual usernames and passwords for each user,
o    Passwords that expire at least every six (6) months,
o    Alpha-numeric password combination requirements,
o    Session timeout after a defined period of inactivity not to exceed one (1) hour,
o    Dual authorizations requirements for transfers and wires,
o    Different authorization levels for different users;
•    Provide all account and analysis reports and statements, hard copy and electronic, within five (5) banking days of the last banking day of the reporting period
•    Provide prior and current day reporting, as well as monthly and quarterly reporting,
•    Provide full and partial account reconciliation services, 
•    Provide system functionality for an unlimited number of users to generate and schedule customized reports that can be delivered electronically, in a secure matter,
•    Provide an electronic list of checks that were issued within a certain time frame that remain outstanding upon request.  
•    Upon confirmation and return receipt from office, the awarded bidder shall purge items, or a subset thereof, from the checks outstanding.  
•    This process allows office to comply with state unclaimed property laws,
•    Provide check clearance patterns and analyses to office on certain disbursement accounts pursuant to federal cash management improvement act (CMIA) regulations (31 cfr 205).
•    Clearance pattern statistics shall reflect aggregate totals of number and amounts of checks and 
•    The number of days each item remained outstanding, grouped by days outstanding,
•    Provide a written and electronic analysis of fees for each account and a line-item summary of all accounts monthly. 
•    The analysis statement shall accompany the invoice and detail the number of transactions, the unit price, and the total amount billed for each line item, along with a grand total of services provided for that statement period.  
•    If there are multiple accounts, a consolidated statement must be provided as well
- Branch deposits
•    Deposit banking services, office maintains one (1) primary bank account.  
•    This account is used for the primary purpose of providing state with statewide access to a bank branch for teller deposits.  
•    This account, office currently maintains nine (9) additional deposit accounts in other financial institutions throughout the state to meet geographic needs and provide operational flexibility.  
•    Office may choose to combine some or all of these other existing accounts with those of the awarded bidder to gain efficiency. 
•    The state has its own in-house bonded courier that receives funds from agencies located within country. 
•    For the previous calendar year, there were approximately 550 foreign currency deposits that totaled $180,000.  
•    It is preferred that the initial deposit be discounted at the counter, rather than through a debit or credit adjustment after-the-fact.  
•    Provides for state departments to contact the awarded bidder for the conversion rate and calculated amount and to present the deposit on the same date at the awarded bidder’s branch.

- Contract Period/Term: 5 years
- Intent to Bid Due Date: September 29, 2025
- Questions/Inquires Deadline: September 29, 2025