The vendor is required to provide banking services from collection to disbursement and safekeeping.
- To minimize banking costs, improve operational efficiency, and maximize investment capabilities.
1. Account structure
• Provide a description of the bank’s ability to offer a public fund depository. 
• List the two-year historical annualized yield of each proposed money market sweep account. 
• List the portfolio composition, fee structure, number of participants, rating from one of the three major rating agencies, current balance, when interest is paid, and the weighted average maturity. 
• Include a description of the banks’ ability to provide different types of depository accounts, such as disbursement, controlled disbursement, zero balance accounts, positive pay, etc. 
• Provide a prospectus of any money market fund that is used in the sweep options.
• Provide details about any special interest-bearing accounts.
2. Collateral requirements
• The successful respondent shall obtain and maintain acceptable collateral sufficient to cover all anticipated time and demand deposits above the federal deposit insurance corporation (“FDIC”) insured limit (currently $250,000).
• Securities used to pledge against time and demand deposits shall be held in an independent third-party safekeeping institution outside the bank’s holding company.
• The successful respondent shall execute a tri-party safekeeping agreement with agency and the safekeeping bank for safekeeping of these securities.
• Collateral shall be maintained at a minimum of 102% in aggregate market value, excluding accrued interest, and marked to market at least once a month.
• The successful respondent shall describe in detail the bank’s policy and procedures to ensure collateralization of funds in full compliance with the requirement of the act
• The successful respondent shall also include samples of policy, procedures, daily collateralization coverage reports, etc.
3. Safekeeping services
• Agency requires security clearance and safekeeping services for agency investment securities.
• The successful respondent shall provide procedures for security clearance, including time deadlines for purchase authorization notification and methods of notification.
• The successful respondent shall provide information as to the type of account the securities are held and cleared through.
• All securities shall be handled on a delivery versus payment (“DVP”) basis as they are cleared into and out of agency account.
4. Sweep account provisions
• The sweep options and if a money market fund is used, provide a prospectus.
• The compliance with collateralization requirements for the sweep account.
5. Positive pay services
• Agency requires that its depository shall provide positive pay services.
• The successful respondent shall describe in detail the bank’s procedures, and deadlines for the positive pay services that shall be provided to agency to protect all form of payment disbursements and withdrawals from its account at the proposing bank.
• The positive pay process shall be fully automated and web based. 
• Agency also requires the availability of paid check images through positive pay.
6. Wires and internal transfer services
• The bank shall guarantee immediate credit on all incoming wire transfers and country treasury checks upon receipt and all other checks based on the bank’s published availability schedule.
• The electronic transfer services the bank provides, including methods and security and control features
• List the cutoff times for processing each type of account transfer.
• The respondent should indicate when funds will be available in participating banks.
• Every effort shall be made to eliminate daylight overdraft situations on the account.
• The successful respondent shall include a statement on the proposed stop payment process on an automated or manual basis.
7. Lockbox services
• Lockbox services including current lockbox address and location requirements.
• State how long archived images are available for viewing online.
• Provide monthly and/or annual pricing for lockbox services based on the volume of transactions
8. Automated clearing house (“ACH”)
• The ach process for regular ACH’s and whether the bank can store repeated vendors
• Include whether the bank has a way to easily import an ach file.
9. Account analysis
• Imaging capabilities and availability, and how long these images are available for viewing on the bank’s software or online site.
10. Standard disbursing services
• Standard disbursing services for all accounts shall include the payment of all agency payroll checks upon presentation.
11. Stop payment services
• The successful respondent shall include a statement on the stop payment process on an automated or manual basis and the associated costs.
12. Cash vault services
• Agency currently utilizes, under a separate contract, an armored car service to deliver deposits to the bank.
• The bank shall be able to accept deposits via a courier or armored car service.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: June 16, 2025