Banking Services

The Vendor is required to provide comprehensive banking services to College.
- The College issues disbursement checks and electronic checks weekly to vendors, faculty, staff, and students.
- The College also disburses student financial aid refunds through Bank Mobile. Bank Mobile is a third party vendor.
- 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, an overnight sweep account, and a payroll account.
- 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.
- 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.
- 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 National Automated Clearinghouse Association and other applicable banking industry rules and regulations.
- 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.
- Deposit bags are one-time use bags used for daily cash activity. These deposits are delivered to the closest branch for processing.