1. The City currently has one main local depository account for our daily operations. Finance staff take daily deposits (cash and checks) to a local bank for processing, normally using drive-up windows and walk-in branch offices. Nightly drop box deposits are also utilized by other City departments. A duplicate deposit receipt ticket is returned in the deposit bag. The teller counting the night deposits must initial on the deposit ticket. 2. All Bank Proposers shall have provided banking & ancillary services to municipalities and/or companies similar in size and/or volume to the City of Marshalltown. 3. The City of Marshalltown is seeking proposals from highly qualified banks to provide various banking & ancillary services. This request does not include purchasing card services. The objective is to obtain efficient, effective banking & ancillary services, which will enhance the City’s overall cash management program while maintaining a high level of accountability. Bank Proposers must be able to provide all services requested or have a well-established relationship with a third-party vendor to fulfill all of the City’s service needs. 4. The City encourages banks to submit the most competitive proposal possible, offering the highest quality of service and enhancements to improve the current cash flow management at a competitive price. The City has a desire to maximize the use of services to improve cash management and other functionality without sacrificing internal controls especially in the areas of account reconciliation, direct deposit, positive pay, ACH debit block, remittance processing, credit card acceptance and online banking. Of equal consideration is a service-oriented and responsive relationship with the awarded Bank Proposer. 5. To better analyze and understand the needs of the City, the following information provides a background for general banking services: A. Currently, the City does not pay any fees for banking services. Any fees that may be incurred with this proposal and agreement would be requested to be automatically withdrawn from the City’s accounts each monthly period. B. The City requires a detailed account analysis report for each bank account to be accessible on-line. C.The City utilizes the following accounts (1)Operating Account (a)This account has the majority of the City’s activity including deposits, check disbursements, ACH activity, and incoming and outgoing wire transfers. (b)Deposits are delivered to the bank daily on business days by the City of Marshalltown employees. If there is a large quantity of coins, the City may ask the bank to run them through their coin counter with a total (this currently happens once a week for our bus fare deposits). Night deposits for the Aquatic Center, Compost Facility, Parks/Recreation and Library are delivered to the bank’s night deposit box to be counted, verified and deposited by bank personnel. (Each type of deposit has its own set of pre-numbered deposit slips.) City staff will pick up the night deposit bags and deposit slip duplicate the following business day. Deposit slip numbers must be reflected on the bank statement. (c) See Attachment B for the volume of transactions and average daily balances. (2) Payroll Account (a)Account used solely for all payroll ACH files (approximately 195- 245 bi-weekly with May-August being at the higher end for seasonal employees) and an occasional payroll check biweekly. (3) Direct Deposit Account (a)This account primarily includes (i) incoming ACH deposits for businesses that no longer write checks to the City and (ii) credit card online donations. (4) HUD Admin (a)Activity includes ACH deposits from the Department of Housing and Urban Development. This account needs to be interest bearing. The only withdrawals are transfers to the HUD HAP account or General Account. (5) HUD HAP (a)Activity includes transfers from HUD Admin and transfers to the General Account. This account needs to be interest bearing.
