Primary Depository and Banking and Secondary Depositories Services

The Vendor is required to provide to consider proposals and to select a bank to perform as the primary depository for the investment of City funds and source of commercial banking services, and to select a bank or banks to serve as a secondary depository or depositories for the investment of the City funds.
- Desires to acquire banking services which represent the best value to the City. The City considers value to be a function of price, quality, service, and convenience.
- Objectives:
• To insure the highest degree of safety and security of public funds.
• To obtain the highest return on cash balances not required for current obligations that can be obtained consistent with federal and state law and the City Charter.
• To ensure that all obligations of the City are met on a timely basis, with the assistance of reliable, dependable, and timely commercial bank services, and
- Collateral must be held in an independent third-party bank outside the bank’s holding company.
- The bank is responsible for the daily monitoring and maintaining of collateral margin requirements.
- Substitution rights will be granted if the bank obtains the City’s prior approval (or has online access to all collateral held) and if substituting securities are received before previously pledged securities are removed from safekeeping.
- Required Services
• Collection items - outgoing and incoming
• Up to 10 accounts
• Incoming wire transfers - with on-line detail of source/amounts
• Outgoing wire transfers - on-line from city offices
• Immediate credit of state warrants - with on-line detail
• Special statements by specific cutoff date for audit purposes
• Online intraday and previous day or multi day detail reports of all city banking transactions by account with line item detail of all transactions
• Edi payment detail available up to 90 days online
• Check imaging available up to 90 days online
• Online banking services for all city transactions
• Online stop payment orders
• All deposits in excess of FDIC coverage secured per state law and city specifications
• Online research of bank records
• Electronic funds transfer and automated clearing house entries - direct deposit payroll, water & sewer and insurance drafts, accounts payable payments to vendors, etc.
• Positive pay services for city accounts
• Bank confirmation audit request
• Check imaging on cd
• Ebox processing capabilities
• Lockbox facility for automated processing of checks made to the city
• Safekeeping services for city investments