REQUEST FOR PROPOSALS Banking Services

Transcription

1 REQUEST FOR PROPOSALS Banking Services FOR: CONTACT: Doraville Citywide Banking Services RFP# Attention: Finance Department 3725 Park Avenue Doraville, GA Lisa Ferguson, Finance Director ISSUE DATE: July 2, 2014 DUE DATE: July 31, 2014 at 2:00pm EDT 1. INTRODUCTION & SCOPE The City of Doraville is requesting proposals for services provided by your bank. We currently have eleven bank accounts for our city operations. The city deposits cash and checks into these accounts, as well as processing merchant account transactions. In addition, several exist solely to receive funds from federal and state programs. Finally, one is used to pool our cash in a money market account to earn a higher rate of interest on our funds. We have no way of predicting the pattern of deposits nor can we guarantee that a minimum balance will be maintained in any of the accounts due to circumstances beyond our control. Therefore, it is necessary that there be no minimum balance requirements on any of the accounts. These are governmental funds that will need to be collateralized if the combined balances exceed the FDIC insurance cap. Current banking services include but are not limited to depository services during business banking hours, electronic banking services such as ACH debits and credits (payroll direct deposits), incoming and outgoing wire transfer services and accounts payable and payroll checks. 2. Basic Banking Services 2.1. Current Account Structure The City currently utilizes the basic account services described below. We are open to changes in our account structure if a valid benefit to the City can be demonstrated. All accounts are at First Intercontinental Bank unless otherwise stated: Operating Account This account receives the majority of our cash and check deposits. Checks are deposited daily using a remote deposit utility provided by our current bank. Cash is taken to the each business day. Checks are written on this account on a weekly basis. We have online access to balance information as well as the ability to transfer funds between city accounts as well as to create wire transfers. We do not typically send wire transfers for any reason. This account receives a monthly wire transfer from our merchant services bank account at another bank. We do not currently use positive pay.

2 Municipal Court Operating Account This account receives deposits from our Municipal Court operations as well as large cash deposits from our Jail. We issue court refunds and other checks from this account weekly. We issue a number of stop payments on these checks because checks are lost or never received. These checks are typically issued to individuals and not a specific set of vendors so more are lost or uncashed than with our main operating account Payroll Account This account is used to clear our payroll checks and direct deposits as well as pay our payroll tax obligations. The city uses an outside payroll service which generates the checks and pays the taxes on our behalf. Their system generates the ach transactions and checks using our bank account information. This account is funded through an automatic scheduled transfer every two weeks from our operating account at the same bank Merchant Services Accounts. We currently have two accounts at BB&T into which our credit card transactions are deposited. One is for Municipal Court transactions and one is for all other credit card transactions. These two accounts transfer via standing wire transfer, the balances in their accounts to the related operating accounts once per month Grant Accounts. We currently have two accounts that are maintained solely to receive funds from federal grants. One is for the Vest Grant and the other one is for the COPS grant. The Vest grant account receives no more than three deposits per year and the funds may be moved out of this account if they are needed for cash flow purposes. The COPS account receives approximately one ACH deposit per month and the funds may be moved out of this account if they are needed for cash flow purposes. Generally, the funds are transferred out about once per year. These are interest bearing accounts Other DDA accounts. The City also maintains three interest bearing checking accounts for special purpose revenues. These funds are required to be kept separate due to the nature of the funds. These accounts are for the Tree Bank, HOST Taxes and Stormwater funds. The HOST account receives six deposits per year from the Georgia Department of Revenue. The Tree Bank and Stormwater accounts are funded via transfers to and from the City Operating account only. Amounts due to and from these accounts are transferred monthly via book transfer Investments and Investment accounts. The City maintains an interest bearing money market account to provide liquidity to its funds while maximizing the interest earned on funds not currently needed for operations. The City also maintains funds in Certificates of Deposit. Interest from Stormwater CDs is deposited into the Stormwater DDA account. Interest from General Fund CDs is deposited into the money market account Bank Deposit Services. The Offeror shall provide the following bank deposit services: Accept all deposits made by the City on a daily basis at any branch location. Deposits shall include cash and coins, as well as checks Returned deposited checks shall be returned to the City with a debit advice attached either by mail or electronic means. Typically, checks shall be presented twice for collection before being returned to the City Online access to images (front and reverse) of deposited items shall be made available Blank deposit tickets in such quantities as are required from time to time. The City currently utilizes two part carbonless forms. 2

3 2.3. Check Disbursement Services. The Offeror shall provide the following cash disbursement services: Positive pay capabilities for check disbursement fraud protection with electronic file submission and with online decision making capabilities. Verification of file submission, preferably by , is desired. The City currently does not utilize positive pay Unlimited stop payment services via an online platform. This service shall include processing and confirming stop payments Images (front and reverse) of all cancelled checks shall be accessible online and/or provided on a CD/DVD Automated Clearing House (ACH) Services. The City currently passively utilizes ACH debit and credit processing in a variety of fashions such as direct deposits initiated by our payroll company, retirement payments initiated by our retirement company and receipts of grant payments from state and federal grant programs. We do not currently initiate ACH transfers directly with the bank Wire Transfer Services. The City occasionally utilizes preformatted (repetitive) and phone initiated wire transfers, primarily to transfer funds between City bank accounts Online Banking Services. The Offeror shall provide full service online banking services that includes but is not limited to: Remote deposit capability for checks and money orders Capability to transfer funds between bank accounts within the same bank (book transfers) Online image retrieval of cleared and deposited check items Online stop payments for disbursement checks Capability to search for transaction items Capability to download transaction information into a text file for reconciliation purposes Prior day balance reporting capabilities with debit and credit transaction listings Customer Services. The Offeror shall provide an officer of at least a Vice President ( Officer ) level to act as the primary liaison between the City and the bank. The Officer shall be responsible for conflict resolution between the City and the selected bank. The Offeror shall provide direct contact information of the Officer and a secondary liaison in the event the Officer is unavailable. The Offeror shall endeavor to respond to any inquiries by the City on the same day but in no case later than the next business day. The Offeror shall provide any requested training to appropriate City staff for all online banking services. Any new services shall be made available to the City with associated cost for services negotiated at the time of the new service offer Contingency Planning. Although the bank may provide a viable product for each and every service the City is requesting, the City needs to ensure these products and services are available in alternative methods if there are unforeseeable emergencies making standard procedures 3

4 unworkable. The bank shall provide a contingency plan to ensure access to standard operating functions. This shall include, but not be limited to, the following potential circumstances: (1) the online platform is down and the City is unable to obtain balance reporting, wire transfer and ACH processing services, (2) file transfer malfunctions to positive pay or ACH transmission or (3) primary banking location is unavailable Employee Services. In order to entice continued participation in the direct deposit program, the bank shall provide free checking account services for participating City employees. The Offeror may also describe other banking services that may be available to City employees Optional and New Banking Services Optional Banking Services. The City currently utilizes these services but is interested in upgrading and/or changing the provider for these services. The absence of a quote on these services will not disqualify the Offeror from bidding on the main services required Credit Card Processing. The City would like to explore its options with respect to credit card processing. The City currently accepts credit cards at four physical locations. Any quoted service must be compatible to interface automatically with our financial software provided by BS&A and also must be compatible with our Municipal Court software currently provided by Courtware New Banking Services. The City does not currently utilize these services but would like to implement them in conjunction with this RFP. A proposal for these services is desired by the City Zero Balance Accounts. The City would like to explore the possibility of restructuring its banking strategy to incorporate zero balance accounts specifically for the payroll account and possibly for the grant accounts. If there are better options, please provide information accordingly Positive Pay. The City would like to implement positive pay on all its accounts for the purposes of fraud protection. 3. MINIMUM QUALIFICATIONS OF BIDDERS 3.1. Location in or near Doraville, GA. The Banking Institution must maintain its home office or a full service branch office within a five (5) mile radius of the Doraville City Hall, located at 3725 Park Avenue, Doraville, GA Collateralization of Deposits. The Banking Institution must maintain sufficient collateralization for deposits in all accounts, in excess of FDIC coverage, in compliance with all legal requirements of the State of Georgia for the contract period. These requirements are as stated in, but not limited to, Georgia Code sections , , ; and , and Attorney General Opinions , and TERMS & CONDITIONS 4.1. Reservation of Rights. The City of Doraville reserves the right to reject any or all proposals and to waive informalities in proposals or the proposal process. In the event that no proposal substantially satisfies the specified requirements as presented in the Request for Information, the 4

5 City of Doraville reserves the right to call for new proposals, or to negotiate required services with the bank or banks which, in the judgment of the City of Doraville, offer the most acceptable service package. The City of Doraville reserves the right to reject any individual service contained in the bid if the bid price indicates that a better alternative is available. The City of Doraville reserves the right to reject any or all proposals, to waive technicalities, and to make an award in its best interest Communications. Firms are advised that from the date of release of this RFP until award of the contract, NO contact with City personnel or City officials is permitted, except as authorized by the contact person listed below. Any such unauthorized contact will result in the disqualification of the firm s submittal Award of Bid. The award will be the bidder whose proposal, in the judgment of the City of Doraville, is in the overall best interest of the City. The lowest net cost to the City, the ability to meet service requirements and the completeness of proposals will be the primary criteria used in the evaluation process. 5. SUBMISSION OF PROPOSALS 5.1. Submission of Proposals: If your institution wishes to submit a proposal, we request receipt of same by 2:00pm EDT on July 31, Responses received after this deadline will not be considered. Hard copy responses should also include one electronic copy of the proposal and pricing. Responses should be addressed to: Banking Services RFP Attention: Lisa Ferguson 3725 Park Avenue Doraville, GA Responses: Responses will be accepted via as long as the deadline is met. Responses received after the deadline will be not be considered. Responses may be ed to Lisa Ferguson at [email protected]. Please reference Banking Services RFP in the subject line of your Questions: Questions should be ed to Lisa Ferguson at [email protected]. The deadline for questions is Thursday, July 10, 2014 at 4pm EDT Addenda: If an addendum is required, it will be published on the City s website at no later than close of business on Friday, July 11, No additional questions will be answered after the addendum has been issued. If an addendum is issued, you must include it in your response in order for your proposal to be considered valid. 6. ATTACHMENTS Sample Bank Statements and Account Activity Statistics 6.1. The City does not have analysis information available for its bank accounts. Sample bank statements and deposit statistics may be downloaded from the City website at 5