The banking services detailed in this section are to be performed for The Township of Middletown. The Township reserves the right to terminate such contract by giving notice at any time. It is the intent of the Township to have one single banking institution provide all of the general banking service needs of the Township (except for services such as escrow accounts, investments, short and long term loans, lease financing, etc. which will be negotiated separately). The award of banking services and credit/debit payment services may be made to more than one institution. This may be done in the event that one institution does not meet the requirements or has not bid all of the items listed, or in the event that using more than one institution will result in a benefit to the Township. o ACH block and filter controls, as well as Positive Pay features, including Payee Positive Pay. o Interest earned on all accounts. o Ability to transfer monthly interest from various accounts to operating accounts, as directed by CFO o Web based computer banking (Real Time) allowing access to banking services such as: book transfers, wire transfers, stop payments, statements, etc. This shall be available for all accounts. o Must have the capability to accept ACH transactions, EFT and credit card tax payments for all Township accounts with the Township’s existing software vendors and any major credit card processing company. o Online banking services with the following features: ▪ Balance and statement reporting with a minimum of 45 day look-back capability for detailed account activity. ▪ Check imaging (Front and Back) for all cleared checks – up to 7-year retrieval from check issue date.
