The vendor is required to provide from qualified and interested banking institutions ("financial institution") presently operating within the legal jurisdiction of the state with the capacity to assist the controller office of the college to manage and maintain various bank accounts and related banking services to support the ongoing operations of the college, student housing, student association, and the foundation.
1. Demand and depository accounts required
• The college, its component units and the fit foundation will require various accounts to manage financial operations on a daily basis. these accounts may be classified as (1) payroll accounts, (2) operating accounts, and (3) special purpose accounts.
2. Money market/certificates of deposit
• Both the fashion institute of technology and the fashion institute of technology foundation, individually and separately, will require access to certificates of deposit or money market accounts to hold and maintain funds in excess of immediate operating needs.
3. Collateralization of deposits
• The fashion institute of technology and the fashion institute of technology foundation will separately and individually require the financial institution to obtain and maintain collateral sufficient to cover all anticipated time and demand deposits in excess of federal deposit insurance corporation (“FDIC”) insured limits in accordance with the state general municipal law, the state banking law and other applicable statutes.
• The collateral must have a market value of not less than 102% of the funds on deposit, in excess of the amount insured by the FDIC.
• The collateral will be marked-to-market on a daily basis with same day settlement.
4. Merchant banking services
• The college, its component units, and the fit foundation accept credit card payments for tuition and fees, contributions, or other services provided.
• These transactions can be initiated through web transactions or onsite at one of the various locations on campus.
• Fiserv, Blackbaud and transact serves as the college’s third-party servicer who process credit card transactions.
• Please discuss the financial institution’s ability to work with the college’s current providers, or propose an alternative third-party provider or provide the merchant banking service on an inhouse provision basis.
• Please describe all fees and expenses to be charged to the college for the merchant banking services to be provided.
5. Bank statements, deposits and cancelled checks
• The college will require a full bank statement available for each account within 5 business days of the calendar month.
• The financial institutions should indicate the availability of deposit transaction details.
6. Check cashing services
• Some college staff and students may reside outside the city area or may not have a bank account with a financial institution in the immediate area proximate to the college’s campus. considering this, the financial institution shall cash any payroll or general disbursement checks made payable to college employees or students free of charge provided adequate proof of employment or enrollment and identification is presented by the employee or student.
• Proof of employment or enrollment would likely be a fit identification card accompanied by a driver’s license or other similar documentation to verify identity.
7. Armored car service
• The college will require armored car service to transport cash receipts from the cashiering office at 227 west 27th street to the financial institution for deposit.
• Armored car service will be required on a bi-weekly basis on a day and time to be agreed between the college and the financial institution excepting the months of august and January when the armored car service will be required on a weekly basis on a day and time to be agreed between the college and the financial institution.
8. Automated clearing house transactions
• The college currently participates in automated clearing house (ach) transactions for payment to vendors and payments to its employees for payroll.
• The financial institution must provide a platform to facilitate such transactions.
• Please discuss the financial institution’s willingness and ability to provide this service and enumerate all fees, expenses or other charges associated with ach transactions.
9. Stop payments
• The college currently performs all stop payment orders via the internet with immediate confirmation received from the financial institution.
• The financial institution should be able to facilitate stop payment on-line for any check processed by the college.
• Please discuss the financial institution’s willingness and ability to provide this service and enumerate all fees, expenses or other charges associated with stop payments.
10. Internet services and on-line access
• The college is migrating to paperless systems and prefers to access information electronically to streamline reporting, balancing, account reconciliations and enhance customer service provided our internal customers.
• The financial institution should be able to provide information reporting, statements, prior day activity, stop payments, wire transfers, image retrieval of cleared checks, image retrieval of deposited items, image retrieval of returned items, image retrieval of deposit adjustments, miscellaneous debit and credit adjustments and other information not listed here by accessing the internet.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 14, 2025