The vendor is required to provide banking and financial services are to build a relationship with a banking institution that has:
- Technical expertise:
• Proven track record with similar institutions.
• Wide range of banking products and services for educational institutions.
• High-quality, accessible online banking platforms and technological infrastructure.
• Superior customer service, timely implementation support, and responsive problem resolution.
• Compliance with regulatory standards and cybersecurity measures.
- Financial stability:
• Competitive pricing structure.
• Transparent fee schedules and cost-effectiveness.
• Financial health and stability.
• Value-added services providing financial benefits to the college.
- Specialized banking services:
• Debt capital & treasury management: services to support long-term growth plans and manage liquidity.
• Risk management: essential management services for educational institutions.
• Investment strategy: short-term investment strategies to sustain performance and manage funds.
• Endowment management: effective management to ensure financial stability and support the college’s educational mission.
- Bank account information:
• General account: receives most deposits and handles all disbursements.
• Deposit processing:
1. Daily processing of checks via card reader, transmitted to the bank.
2. Checks held until reconciliation, then destroyed.
3. Paid checks made available to the college.
- Banking service requirements:
- Depository requirements
• Accounts:
1. Provide one checking and one savings account for general and payroll disbursements.
b. Treasury management system:
1. Web-based, real-time service for:
• Monitoring available balances.
• Accessing transaction details and summary reports.
• Accessing ach and wire transactions in real time.
• Downloading customizable reports and statements.
- Additional services:
1. Acceptance of walk-in deposits at all branches.
2. Dual authorized signatories for opening or closing bank accounts.
- Disbursement requirements
• ACH payment solutions:
1. Provide ach payment solutions domestically and internationally compatible with agency standards.
2. Process and send payments in the appropriate format.
• Direct deposit payroll services:
1. Serve as lead agency for direct deposit payroll services.
2. Provide bi-weekly payroll direct deposit through a pre-authorized electronic funds transfer system.
3. Ensure funds are available to employees on the morning of payday (bi-weekly Fridays).
4. Notify the college of returned items.
5. Indemnify employees for costs if funds are not available as scheduled.
• Controlled disbursements:
1. Provide electronic notifications of direct deposit returns.
2. Offer a web-based process for sending disbursement files in an ftp encrypted format.
3. Provide an online stop payment system with confirmation within 2 minutes.
4. Manage stale dated and unpaid checks outstanding for more than two years.
5. Provide images of all paid disbursement checks, stored for seven years.
6. Provide access to a web-based application for various banking functions, including report production, wire, and ach transfers, stop payment requests, and more.
7. Provide ach blocking for all bank accounts.
- Account reconciliation requirements
• Reconciliation services:
1. Provide full reconciliation for general disbursement and payroll accounts within ten business days after month-end.
2. Specify checks as issued, paid, unpaid/outstanding, or cancelled.
3. Provide samples of monthly statements, account analysis, and reconciliation reports.
4. Describe the bank’s dispute resolution process.
5. Provide a file of cleared checks monthly with images available on the web-based platform.
- Contract Period/Term: 5 years
- Pre-Proposal Conference Date: February 18, 2025
- Questions/Inquires Deadline: March 11, 2025