Banking Services

The Vendor is required to provide full electronic (online) banking services.
- College is a multi-campus educational institution.
- The College currently accepts VISA, MasterCard, American Express, and Discover. 
- The College receives other payments by checks and electronic transfer. 
- Under our existing contract, the college uses a third-party vendor to process electronic checks. 
- The process is: the student enters their web-check entry online (ACI Official Payments). 
- Daily, the College processes the ACH file from Official Payments and then the payments are posted to our operations bank account through an ACH payment. 
- The college also uses a third party (BankMobile) for student refunds. 
- The student refund information is wired to the third party twice a week. 
- Approximately $11.5 million in federal grants are administered annually and $6.4 million in State and local grants. 
- The College Campus store has approximately $1.8 million in sales annually.
- Provide full banking services to include the following:
•    A general operating account and related banking services
•    A payroll account and related banking services
•    Information Reporting
•    Credit Transaction Support
•    Direct Pay Deposit
•    Fraud Control
•    Consolidated Deposit Services
•    Returned Items
•    Electronic Data Interchange
•    Special Financial Programs for Employees and Students
•    Temporary Line of Credit
•    Federal Clearing Activities
- The banking activity of college is conducted through a primary master operations checking account in which all funds are deposited. 
- Funds are transferred from this primary-operations account to a payroll checking account as needed, thereby creating a zero balance in the payroll account.
- All fees and/or charges associated with any activities listed in this request for proposal shall be included in the competitive proposal submitted by the financial institution.
- Stop payments, when necessary, are placed on both the operating and payroll accounts.
- Depository Related Services
•    Bank will act as a depository bank for the College and perform all required depository-related services as they relate to receipt and disbursement of funds.
•    Accounts shall be maintained in the name of the College, or as otherwise directed or permitted by the College, with such additional designations as directed by the College for any and all banking, finance, accounting, reporting, and legal purposes. 
•    Accounts shall include at a minimum an operating account and a payroll account.
- Treasury and Business-Related Services
1. Electronic Funds Transfer
•    Bank shall provide electronic funds transfer (EFT) services including the initiation of wire transfers and the origination of automated clearing house (ACH) entries. 
•    All EFT transactions shall be in accordance with applicable law, federal regulations, and Association and other applicable banking industry rules and regulations.
2. Fraud Protection
•    Bank shall make available fraud protection services including check positive pay, ach blocks, and ach filters. 
•    With respect to such fraud protection services, the college may avail itself of the most generous deadlines available under law and in accordance with bank’s procedures and deadlines customarily established for its commercial customers to notify bank of errors of fraudulent or unauthorized transactions.
3. Check Cashing Service
•    Bank shall provide a check cashing service to the College’s employees and students, for any valid check written on any of the College’s accounts, at no charge to the individual.
•    The service is to be provided even when the payee does not have an account with the financial institution, but in accordance with the bank’s procedures for verifying the identity of the individual.
4. Reports and Online Services
•    Bank shall make available to the college reports necessary to facilitate monitoring, reconciliation, and research requirements. 
•    Such reports may be in paper or electronic form and in accordance with agreed upon time frames. 
•    Where available, the bank shall provide online services to view and/or receive the reports, and to enable the college with the ability to initiate certain transactions, as may be authorized by the college. 
•    With respect to errors, discrepancies, fraudulent and unauthorized transactions detected related to reports and online services, the college shall notify the bank using the most generous deadlines available under law and in accordance with bank’s procedures and deadlines customarily established for its commercial customers.
- Compensating Balance Accounts
•    All operating and payroll accounts which the College maintains with the Bank, unless otherwise authorized to be excluded for a particular purpose, shall accrue monthly earnings credits on the collected balances. 
•    Earnings credits accruing on these accounts will offset fees levied during a particular month, or be applied to any deficit earnings credits accruing year to-date, since the agreed upon annual settlement date. 
•    The Bank shall provide for a monthly analysis statement that denotes at least the following elements: the fees levied for the month; the balances available during the month for earnings credits; the month’s earnings credit rate (ECR); the excess or deficit earnings credit for the month; the excess or deficit earnings credits for the year-to-date.

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: October 07, 2025