Banking Services

The Vendor is required to provide comprehensive banking services that ensure the efficient management of public funds while maximizing interest-earning potential.
- Consolidated account structure:
•    The institution must offer a master consolidation account for centralized balance reporting and financial management. 
•    The town reserves the right to open or close accounts as needed.
- Interest-earning opportunities:
•    Provide details on available interest-bearing accounts (e.g., checking, savings, money market, and sweep accounts). 
•    Outline tiered interest rates, minimum balance requirements, and investment options such as certificates of deposit (CDS). 
•    Automated cash management or sweep account solutions to optimize interest earnings. 
•    Highlight additional services to enhance interest-earning potential.
- Wire transfer services: 
•    The town requires secure incoming and outgoing wire transfer capabilities with fraud prevention measures. The proposal should include a copy of the institution’s wire transfer agreement and online security protocols.
- Online banking services:
•    Balance reporting (intra-day and prior-day details).
•    Initiation of ach debits and credits for payroll and vendor payments.
•    Wire transfers between accounts and external institutions.
•    Stop payment requests with automated processing.
- Standard deposit and disbursing services:
•    Immediate credit for wire transfers and u.s. Treasury checks.
•    Standard deposit processing aligned with published availability schedules.
•    Disbursing services ensure all checks are honored upon presentation.
- Account analysis and reporting:
•    Monthly account analysis reports detailing balances, transactions, and fees.
•    Sample account analysis and bank statements must be included in the proposal.
- Account executive and customer support: 
•    The institution must designate a dedicated account representative and a trained backup contact.
- Direct deposit and ach processing:
•    The town uses ach for direct payroll deposits. 
•    Proposals should outline ach processing fees, deadlines and funds availability schedules.
- Stop payment services: 
•    Outline the process for initiating stop payments (manual or automated).
- Collateralization of public funds:
•    Deposits exceeding insurance limits must be collateralized at a minimum of 102%. 
•    Pledged collateral must be held in an independent third-party safekeeping arrangement. 
•    Proposals should identify the safekeeping financial institution and include a sample collateral agreement.
- Credit card and virtual payment processing:
•    The institution must process credit card payments for town services. 
•    Virtual credit card processing must be secure and support reconciliation features.
- Disaster recovery and data security: 
•    The institution must implement disaster recovery plans, backup systems, and emergency communication protocols.
- Electronic document storage: 
•    The institution must maintain electronic records with secure document retention and retrieval capabilities.