The vendor is required to provide banking services for required:
a. Account structure
• All accounts will automatically be swept daily to a money market fund leaving only the compensating balance amount as calculated by the bank thereby minimizing collateral requirements and carry-over settlement and assuring a reasonable market yield.  
• If the bank does not have the ability to sweep to a money market fund, interest equivalent to a mutually agreed upon fund will be credited by the bank to the account
b. Wire transfer services
agency have approximately four incoming wires each month.  a standard wire transfer agreement will be executed with the bank.  
• This proposal should include a copy of your standard transfer procedures and the wire transfer agreement.  
• agency require adequate security provisions and procedures.  
• If the wire transfer requests are available online, full information should be submitted detailing the use, information available and time limitations
c. Automated daily balance reporting
• Agency require an automated web-based reporting system for daily access to the closing ledger and available balances.
• Stipulate the time at which access is available and describe the system to be used.  
• Reporting should include balance and detail reporting
d. Interest-bearing accounts and sweep account provisions
• The bank will be responsible for automatically sweeping the balances in all accounts daily to a money market fund.  
• All sweep options and if a money market fund is used, provide a prospectus.  
• If the bank is proposing overnight repurchase agreements, a sample master repurchase agreement is required.  
• The accounts will be swept to the calculated compensating balance.
e. Investment of idle funds
• Agency has no obligation to invest such funds with or through the bank.  
• Currently agency utilizes tax pool for such investments.  
• If the bank does have other available investment options, please describe them and the applicable interest rates.
f. Standard deposit services
• The bank must guarantee immediate credit on all incoming wire transfers and us treasury checks upon receipt and all other checks based on the bank’s published availability schedule.  
• The bank should specify in their proposal their deposit requirements and commercial and retail deposit locations, including night deposit services and procedures.   
• Provide a copy of availability schedule
g. Reporting and account analysis
• Monthly account analysis reports must be provided by the bank on a timely basis for each account and on a total account basis.  
• The monthly statements are to be received within the first five business days of the next month.  
• Reporting services will include returning to agency all transaction documents and sorting checks in numeric order.  
• Statement cycles for all accounts will conclude at the end of each month.
h. Direct deposit
• The requirements and deadlines for ach transactions.  agency utilizes direct deposit for one exempt payroll per month and bi-weekly payrolls for nonexempt personnel.  
• Within the next three months, agency anticipates using direct deposit for payment to vendors.  
• Agency requires pre-notification of all transactions for safety
i. Stop payments
• The proposal must include a statement on the proposed stop payment process on an automated or manual basis.  
j. Collateralization of deposits
• The bank must agree to obtain and to maintain acceptable collateral sufficient to cover all anticipated time and demand deposits, above the FDIC insured limit of $ 250,000.  
• Securities used to pledge against time and demand deposits must be held in an independent third-party safekeeping institution outside the bank’s holding company.
• The bank will execute a tri-party safekeeping agreement with agency and the safekeeping bank for collateral.
• Collateral will be maintained at a minimum of 102% (principal and accrued interest) of collected balances and marked to market at least once a month.  
• The bank will provide agency with an end-of-month report that documents the market value of the collateral.  
• The bank will be responsible for the maintenance and monitoring of the collateral levels.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 09, 2025