Banking Services

The vendor required to provide banking institutions detailed proposals for the provision of a full range of banking services.
- The town intends to maintain this system.
- Accounts
1. Payroll
•    Checking account for the town’s weekly payroll. 
•    This account requires the ability to do direct deposits to employees through ach and child support payments to the state. 
•    Payroll is done on a weekly basis and is funded in full on the issue date. 
•    State and federal taxes are transferred through ach from this account along with garnishments. other deductions, such as credit union deductions and teacher and police union deductions, may be transferred in this way. 
•    This account is on an account reconciliation plan (ARP) with check issue information transmitted to the bank via data transmission. 
•    Data is transmitted two days prior to the date of the check. 
•    Positive pay is required. 
•    We also require full reconciliation on this account.
•    The town is using the Munis payroll system to process and transfer its payroll information.
2. Depository account
a. Receipts:
•    All deposits, unless otherwise specified, are made to this account.
•    The majority of these deposits are made directly by the treasurer’s office at a local branch.
•    Other departments also deposit funds directly to the bank using deposit tickets, which are coded for their department.
•    The deposits must appear on monthly statements with the code shown and on reports generated through online banking software so that the town can identify all deposits. 
•    Other deposits include transfers from other banks and funds wired from state and federal agencies. 
•    The town expects to receive a report upon receipt of such funds.
•    Coin processed is primarily quarters, but may also include other denominations. 
•    Coin to be processed will be bagged in the treasurer’s office by town staff in coin bags provided by the bank. 
•    In fy2025, the approximate amount of coin processed was $144,000
b. Disbursements:
•    The town transfers funds as needed from this account to the payroll and vendor accounts. 
•    The town also wires funds from this account.
3. Vendor account and accounts payable
•    Checking account for the town of accounts payable processing. 
•    Accounts payable warrants are processed on a bi-weekly schedule and funded in full on the issue date. 
•    This account is on an account reconciliation plan (ARP) with check issue information transmitted to the bank via data transmission. 
•    Data is transmitted within two to three days from the date of the check. 
•    The town desires the capability to pay vendors through ach transfers using standard format. 
•    Positive pay is required. 
•    We also require full reconciliation on this account.
4. Retirement account
•    Checking account used to pay retirees. 
•    Payroll is done on a monthly basis and is funded in full before the issue date. 
•    This account requires the ability to make direct deposits to retirees. 
•    This account is on an account reconciliation plan (ARP) with check issue information transmitted to the bank via data transmission. 
•    On average fifty (50) payroll checks are issued monthly. 
•    Account also used for monthly accounts payable warrant. 
•    The average volume of accounts payable checks is five (5) per month. 
•    Positive pay and the ability to do stop payments and reissues are required. 
•    Deposits are made to the account on an average of one (1) time per month.

- Contract Period/Term: 3 years