Posted Date : September 14,2021
Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : BANKING-3605
Government Authority located in East Providence, Rhode Island; USA based organization looking for expert vendor for banking services.
[A] Budget: Looking for Proposal
[B] Scope of Service:
(1) Vendor needs to provide banking services for the purpose of obtaining a full range of depository and banking services at a competitive price to the government authority located in East Providence, RI.
- Must be recognized as a qualified public depository according to the terms of the general laws of the state.
- The financial institution must be a member of the federal reserve system and insured by the federal deposit insurance corporation.
- The financial institution must fully collateralize all deposits in excess of the corporation limit.
- The bank must be able to provide eligible collateral with an adjusted market value equal to or greater than the amount of the city’s uninsured deposits.
- This collateral shall be delivered to a third-party custodian who agrees to establish an account and maintain appropriate records which identify the eligible collateral as pledged by the bank to the city.
- The financial institution must have a minimum of 10 years’ experience providing municipal banking services and must be rated by a nationally recognized rating agency.
- The financial institution must comply with the equal opportunity act.
- The banking institution must have its administrative offices and branch facilities within the state plus a local agent reasonably accessible to serve as a liaison with the city.
- Must be able to provide 100% collateral in the city’s name on all deposits.
General Fund Account-Main Checking Account:
- Deposits consisting of cash, coin and checks are made daily on one deposit slip – deposits are not split by type.
- There will be no limits on the number of checks that can be in one deposit.
- Disbursements are made through checks and wire transfers. The general fund issues an average of 800 accounts payable checks per month.
- Deposits accepted and or received by 4:00 pm will be credited to the account on that same day.
Payroll Account:
- The bank will provide electronic transfer of federal and state tax payments.
- Daily balance and transaction reporting.
- Online balance reporting system by 8:00 am each day.
- The payroll account will be interest bearing.
- The bank will forward a monthly bank statement reflecting all transactions. as part of this submission, the city requires a full outstanding check reconciliation for the payroll account.
Online Banking:
- The city shall have the ability to view all accounts online.
- The account activity shall be updated throughout the day, as activity occurs.
- The city shall be allowed to initiate stop payments online.
Audit Confirmations:
- The bank will work with the city’s external auditors to provide timely confirmations of fiscal year end account balances.
- Charges for the confirmations shall be included within the bank’s monthly fee.
Monthly Statements:
- The bank shall provide the city with monthly bank statements for all accounts within 10 days from the end of each month.
- The city will review sample statements from bidders.
(2) All questions must be submitted no later than September 20, 2021.
[C] Eligibility:
- Onshore (US Organization Only);
[D] Work Performance:
Performance of the work will be Offsite.
Budget :
Deadline to Submit Proposals: September 30,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$
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Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : BANKING-3605
Government Authority located in East Providence, Rhode Island; USA based organization looking for expert vendor for banking services.
[A] Budget: Looking for Proposal
[B] Scope of Service:
(1) Vendor needs to provide banking services for the purpose of obtaining a full range of depository and banking services at a competitive price to the government authority located in East Providence, RI.
- Must be recognized as a qualified public depository according to the terms of the general laws of the state.
- The financial institution must be a member of the federal reserve system and insured by the federal deposit insurance corporation.
- The financial institution must fully collateralize all deposits in excess of the corporation limit.
- The bank must be able to provide eligible collateral with an adjusted market value equal to or greater than the amount of the city’s uninsured deposits.
- This collateral shall be delivered to a third-party custodian who agrees to establish an account and maintain appropriate records which identify the eligible collateral as pledged by the bank to the city.
- The financial institution must have a minimum of 10 years’ experience providing municipal banking services and must be rated by a nationally recognized rating agency.
- The financial institution must comply with the equal opportunity act.
- The banking institution must have its administrative offices and branch facilities within the state plus a local agent reasonably accessible to serve as a liaison with the city.
- Must be able to provide 100% collateral in the city’s name on all deposits.
General Fund Account-Main Checking Account:
- Deposits consisting of cash, coin and checks are made daily on one deposit slip – deposits are not split by type.
- There will be no limits on the number of checks that can be in one deposit.
- Disbursements are made through checks and wire transfers. The general fund issues an average of 800 accounts payable checks per month.
- Deposits accepted and or received by 4:00 pm will be credited to the account on that same day.
Payroll Account:
- The bank will provide electronic transfer of federal and state tax payments.
- Daily balance and transaction reporting.
- Online balance reporting system by 8:00 am each day.
- The payroll account will be interest bearing.
- The bank will forward a monthly bank statement reflecting all transactions. as part of this submission, the city requires a full outstanding check reconciliation for the payroll account.
Online Banking:
- The city shall have the ability to view all accounts online.
- The account activity shall be updated throughout the day, as activity occurs.
- The city shall be allowed to initiate stop payments online.
Audit Confirmations:
- The bank will work with the city’s external auditors to provide timely confirmations of fiscal year end account balances.
- Charges for the confirmations shall be included within the bank’s monthly fee.
Monthly Statements:
- The bank shall provide the city with monthly bank statements for all accounts within 10 days from the end of each month.
- The city will review sample statements from bidders.
(2) All questions must be submitted no later than September 20, 2021.
[C] Eligibility:
- Onshore (US Organization Only);
[D] Work Performance:
Performance of the work will be Offsite.
Budget :
Deadline to Submit Proposals: September 30,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$