Banking Services

The vendor is required to provide banking relationship that supports the town's financial operations through secure, efficient, and cost-effective services.
- Bank account information
1. Number of accounts
•    The town and its affiliates will require a minimum of two (2) bank accounts which have cheque-writing capabilities. 
•    The town shall have at its discretion, the ability to add or remove bank accounts.
•    All accounts will be denominated in funds.
2. Nature of deposits
•    Bank deposits are made daily.
•    Bank deposits include large volumes of cash and cheques.
•    Deposits received via electronic banking.
•    Deposits received via e-transfers.
3. Affiliates general account
•    Bank deposits occur 1-5 times a month
•    Frequency will depend on time of year
- Features
•    Monthly statements to be provided to the town for all accounts as well as all credit and debit vouchers and all cancelled cheques. 
•    Monthly statement cut-off for all accounts to be the last day of each month. 
•    Monthly interest calculation statements shall be provided for all accounts. 
•    Payment of bank deposit interest shall be within the first 3 business days of the following month.
- Deposit interest on bank account balances
•    Interest rate formula used in the calculation of monthly bank account interest; 
•    The account balance formula used to determine the balance to apply interest to;
•    The base interest rate used (e.g., prime rate, daily interest rate, term deposit rates, etc.); 
•    The frequency with which interest rates are updated or reviewed.
- Electronic banking and e-commerce
•    Access to all bank accounts via internet access; 
•    Facilitating pre-authorization payments for the town’s tax and utility customers; 
•    Direct payments to general account from customers via internet or telephone banking. 
•    Direct deposits for electronic payroll processing every two weeks. 
•    Process transactions through corporate creditor identification number. 
•    The existing general account is the primary account for all electronic based banking with the town’s tax, utility, and accounts receivable customers. 
•    The proposer shall indicate how its organization will ensure a proper transfer from the town’s current bank account to the proponent’s bank and indicate the cost of such a transfer.
- Other banking services
•    Night depository
•    Foreign exchange services
•    Bank drafts and money order services
•    Stop payment and cheque certification services
•    Processing of e-transfers
•    Long-term investment
•    Capital financing
•    Credit cards
•    Annual year-end confirmation on all accounts as required by the town’s external auditors.
- Operating line of credit
•    Interest rates
•    Interest rate structure available (fixed or floating)
•    Minimum balance (if applicable)
•    Monthly fees (if applicable)
•    Minimum borrowing amounts
•    Principal repayment frequency
•    Day of month when interest is charged.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: November 14, 2025