The vendor is required to provide banking services, including payment processing, account management, reporting, and any other services.
- The institution must be a registered financial institution with regulatory oversight from the Federal Reserve, agency, or a comparable national regulatory body ensuring compliance with banking laws and financial best practices.
- Deposit accounts:
• Institutional funds – checking
• County funds – checking
- The bank shall provide the college with a primary relationship manager who will serve as a central point of contact, understand the needs of the college, and be able to offer recommendations for service improvements.
- The institution must have a demonstrated ability to handle high-volume, complex payment processing securely and efficiently.
- Accounts must be able to accept deposits, including cash and change and ach deposits and wire transfers
- Accounts must allow funds to be drafted via ach for payroll taxes, etc.
- Accounts must offer, positive pay for checks, ach fraud control and wire transfer functionality.
- Bank must provide a monthly statement for all accounts by the 5th of the subsequent month.
- Cleared checks that appear on monthly statements must be in numerical order.
- Monthly account analysis report that shows overall activity in all accounts with all associated fees.
- The report must itemize monthly activity charges and the computation of the bank’s net monthly earning on average collected balance.
- Financial institution must provide the following:
1. On-line account management services:
a. Stop payments
b. Bank transfers
c. Daily activity on all accounts
d. Provide minimum of seven years for cleared checks with images
e. Provide approve/reject for ach fraud control items presented
f. Provide approve/reject for positive pay items presented
- The bank must maintain a current disaster recovery plan including specific plans related to serving the college in the event of a disaster.
- Provide locking bank bags.
- Provide the cost of locking bank bags on the fee schedule.
- Contract Period/Term: 1 year
- Hold Pre-Proposal Meeting/Site Visit Date: May 6, 2025
- Questions/Inquires Deadline: May 8, 2025