Vendor needs to provide banking services to the government authority located in New Shoreham, RI.– Normal, FDIC insured demand deposit account through which all deposits are made, checks will be written, and ACH/wire transfers will be initiated.– Deposits consisting of cash, coin and checks are made daily. There were 3,512 customer payments processed in 314 deposits in the last twelve months. Other receipts may include ACH/wire transfers, miscellaneous electronic credits, and internal transfers.– Disbursements are made through checks, ACH and wire transfers. There were 387 checks issued in the last twelve months and 7 ACH debits.– Incoming Wires, ACH Credits and Deposits accepted and or received by 4:00 will be credited to the account on that same day.– The bank must provide electronic notification of insufficient and returned items as soon as practicable.– The bank shall provide, at no cost, printed deposit tickets and endorsement stamps per Commission’s specifications.– The bank must provide electronic notification of any deposit overages or shortages as soon as practicable. Such notification should include full identification to enable to trace the deposit to the originating department.– The bank will provide, at no cost, at the request, deposit bags for purposes of night drop deposits.– The bank will supply the agency with check imaging software to allow agency to view all paid checks on line. This will allow agency to view and/or print both the front and back of all paid checks. A check images file must be provided (on CD or available for download) to the Commission on a monthly basis within ten business days after calendar month end.
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