New Kent County is seeking the services of a qualified vendor to provide Banking Services on an as-needed basis. All proposals shall be made on the basis of, and either meet or exceed the requirements contained herein. All Offerors shall: 1. Zero Balance Checking Account The Treasurer desires to maintain a zero-balance checking account for all disbursement activity and will utilize uniquely numbered checks representing activity for welfare payments, payroll, and general disbursement checks, which are continuous form documents, and will be printed by the County in accordance with bank specifications through our Tyler Munis software system. 2. Deposit Accounts The Treasurer desires to maintain a deposit account (general operating account) to which all items will be deposited and from which transfers to other accounts or investments will be made. Examples of transactions would be remittances to Treasurer of Virginia (via check) for State Account; receiving and making wire and ACH transfers; daily sweep payments to Vendors; Payroll accounts for checks paid; receives daily sweeps from Third Party Depository and Merchant Services Accounts. The responding bank should indicate its normal clearing cycles for deposited items. Special consideration, which shall be given to pre-encoded checks for deposit, (including any special requirements and privileges such as later deposit times or special requirements to deliver to an operations center) etc. The Treasurer will also consider an interestbearing account (interest paid on a daily basis) to satisfy this requirement with indication of current rates. The Treasurer also maintains +-10 “small secondary accounts” that are utilized by other county departments. These accounts will need to be “attached” to our general operating account for the internal transfer of funds in and out.
