The vendor is required to provide to secure high quality depository and banking services at a competitive price.
- The required services include, but are not limited to:
1. Cash and liquidity management:
• Implementing a pooled cash method of accounting, which combines cash from all governmental, proprietary, and fiduciary funds to optimize earnings.
• This includes maintaining an adequate cash balance in the state treasury’s local government investment pool (LGIP) and performing electronic transfers to meet immediate cash needs.
2. Deposit and disbursement account services:
• Managing a primary depository account for daily deposits, including the secure handling of cash, checks, and change requests.
• Providing a zero-balance disbursement account with a sweep mechanism to facilitate employee payroll disbursements.
3. Payroll and transaction processing:
• Supporting direct deposit for payroll and utilizing electronic transaction processes such as ach origination for outgoing payments.
• This also covers the creation of ach files compatible with district Caselle financial software, along with the provision of check protection (“positive pay”) services.
- Required banking services
• A general account and one zero-balance sweep account.
o General – deposits, disbursements and sweep activity.
o Payroll – payroll payments, disbursed weekly/daily
• Account management and relation manager for situations
• Check protection (“positive pay”) services for payroll and accounts payable.
• We currently use the Caselle system to generate a file to transmit the data.
• Automated account reconciliation services (daily download of transactions for all accounts). data is imported utilizing (.txt) file format.
• Provide blocks and filters that can limit electronic credits and debits by originating id and limit debits by dollar amount on ach transactions (“electronic payment authorization”).
• Automatic redeposit of returned checks a second time if the instruments are initially dishonored due to “NSF” notations.
• Full-service bank branch located in city, state with additional depository facilities conveniently located near district operations.
• District is to be given credit as collected funds for all items that are cleared by the bank on the same day as the deposit is made.
• The bank will credit district account for incoming wire transfers on the day received regardless of the time of receipt during the day.
• Monthly checking account statements with images of both deposited checks and cleared checks provided to district within five (5) business days after month end.
• The bank will provide online banking services to district for daily and monthly reporting of account balances, managing controlled disbursements, collected and ledger balances, stop payment requests, returned checks, confirmations, detailed debits and credits, and image access for all warrants, checks, and deposits.
• Online banking should also provide the ability to electronically transfer balances between accounts as well as the ability to process ach credit and debit files and perform wire transfer payments.
• The security administration provided within the on-line banking system should accommodate multiple users with different security levels relative to many different accounts.
• Monthly account analysis statement combining all the accounts, clearly defining services, ledger and collected balances, credits for balances in excess of uncollected funds, and costs incurred by district.
• The bank must maintain wire transfer facilities through the federal reserve bank system.
• The bank must be both a sending and receiving financial institution on the automated clearing house (ACH) system.
• District will provide all checks utilized.
• The bank will provide encoded deposit slips utilizing location codes that identify the depositor to district at no additional cost.
• The bank shall provide single use secure deposit bags for courier deposits to district at no additional cost.
• Remote deposit captures online services enabling the electronic capturing of check images and data.
• Transmitting that information for deposit and clearing of these check items.
• Direct deposit of district payroll - describe the pricing and procedures you propose for direct deposit of district payroll.
• The bank must meet the highest standards prevalent in the banking and finance industry in the delivery of its services.
- Optional banking services
• Interest earning checking account provided.
• Semi-annual review of analysis statements by bank representative with district and staff to identify anomalies, problems, or opportunities for lower cost and improved services.
• Purchase and prepaid cards capabilities and costs.
• Utilizing electronic payment vs. paper check, benefits, costs, security, etc.
• Provide details of cash deposit fees.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: May 07, 2025