Summary of Specifications:
There are several services which are required as part of this RFP. All services (except the optional service in subsection II (17) hereof, must be included in the proposal in order for it to be considered. It is the intent of the City to have one single bank provide the service needs of the City on its three major bank accounts, which are the General Depository, General Disbursing, and Payroll Accounts, as well as any other bank accounts that the City may have or open in the future. The scope of services is as follows:
1. GENERAL DEPOSITORY ACCOUNT - City funds collected daily will be deposited in this account the following business day. Checks deposited will be available the day of deposit in the bank by the time of day the bank normally closes its transactions for that day. This will also include Automated Clearing House (ACH) transactions generated by Miami-Dade County, which must be considered available on date of receipt, even if received after normal closing hours. All transactions must be identified. This account has to be an interest bearing account. The proposer will need to show the basis and method of computing such interest earnings.
2. GENERAL DISBURSING ACCOUNT - This account will be strictly a checking account. The bank will transfer the exact amount of funds each day to this account to cover clearings. Approximately 1,500 checks will be issued monthly, amounting to approximately $7,000,000. Disbursements will be made by check as well as wire transfer; each transaction must be shown separately on the bank statement (no netting permitted).
3. PAYROLL DISBURSING ACCOUNT - The City's payroll is currently bi-weekly, paying every other Friday approximately 2,000 employees; net pay amounts to approximately $3,000,000 bi-weekly. The bank will transfer the exact amount required each day to cover clearings
4. COMPUTERIZED SERVICES - All demand and time deposit accounts maintained must be computerized so that reconciliation can be performed. Reconciliation service to produce an outstanding check list for each account with substantial check activity must be available to the City by the 15th day of the month following activity, as well as, a CD with scanned images of the front and back of each check issued for all accounts. In addition, the bank must provide a separate computer listing of all checks which have cleared by check (voucher) number and amount with a total dollar amount indicated on all accounts not designated for automatic reconciliation services.
The City needs the ability to use a form of Control Pay that will allows items that are transmitted to be verified prior to being paid by the bank.
The ability to offer ACH on-line bill payment, utilizing credit cards, debit cards, and ACH transactions.
The City requires an on-line banking feature to be used to obtain and report on balances and transactions on a daily basis for each bank account. This feature must also allow for the initiation of wire transfers and stop payments.
The Proposer should have the capability to upload data (cleared checks) to the City’s inancial system.
5. SAME DAY PROCESSING – All transactions received before the close of business must be posted on the same day (at no extra charge).
6. STATEMENT AND ADVICE FREQUENCY – All advises affecting a debit or credit memo type transaction must be produced daily and emailed/Fedex to the City. Statements on all bank accounts will be produced monthly on a calendar month basis and available to the City no later than the 7th working day of the subsequent month.
7. AUTOMATIC REDEPOSIT OF DEPOSIT ITEMS RETURNED – All deposit items charged back on the City's general operating/depository account will be automatically re-deposited the following day of the bank. If returned a second time, they will be forwarded on a daily basis to the City
8. DIRECT DEPOSIT/ACH – PAYROLL CHECKS – The Proposer must have the ability to initiate direct deposit for payroll. It is estimated that 1850 of the City's 2000 employees utilize direct deposit. Additionally, the ability to provide payroll cards for those employees that are not on direct deposit
9. COUNT AND DEPOSIT METER COLLECTIONS – The City’s Parking Department, via an armored car service, will deliver 20-23 bags containing coins (in all denominations) in the amount of $12,000 to $20,000 daily. The Proposer must have the ability to count, weigh and deposit coins, or provide an alternative solution for this process.
10. LOCK BOX ACCOUNT PROCESSING – The City utilizes a lock box to receive payments for various types of City fees. The proposer must have the ability to process transactions and report by type. The estimated volume is $2,500,000 per month.
11. AUTOMATED TELLER MACHINE (ATM) – The Proposer must be willing to install a revenue sharing ATM at City Hall (at no cost to the City), at a location to be determined by the City.
12. LOCAL DECISION MAKING AT BANK OFFICES – The location of a banking office should be located in Miami Beach preferably located convenient to City Hall. This banking office should have the ability to make decision and solve problems.
13. PERSONAL CONTACT – The Proposer must assign personal contacts at the Senior Management Level, Branch, Treasury Management, Merchant Services, and Technical Support areas.
14. PURCHASING CARD PRODUCT – The Proposer must provide a Purchasing Card Product for ease of procurement purchases that can interface with the City's financial system, and it must also interface with the program, “Card Manager Plus by WORKS”, or other equivalent software.
15. ADDITIONAL SERVICES (OPTIONAL) – No charge for non-client check cashing; offer employee benefits that include free checking account and other employee benefits.
16. OTHER OFFERED SERVICES – Any other product/service that the Proposer may offer its clients that the City has not otherwise requested in the RFP.
OPTIONAL SERVICE
17. CREDIT CARD PROCESSING –The Proposer may incorporate as part of its response, an optional service for credit card processing. The Proposer must have the ability to accept credit card payments on the Internet. Credit card payment must be processed within one (1) business day.
