Specifications include, but are not limited to: Section 1 – Financial Institution and Staff Profile: a) Experience: Describe your institution’s overall experience, as well as experience in providing services to the public sector. Provide three references most comparable to our size and financial needs that we may contact. With the references, please include a brief description of the services provided and contact information for each client described. If your financial institution is rated by Moody’s and Standard and Poor’s, or another third-party rating service, please provide the rating. b) Relationship Manager: Describe the relationship team that will be assigned to service our relationship. Describe individual roles, their responsibilities and briefly detail credentials and related banking experience. c) Compliance and Exceptions: Include a statement to confirm your institution’s compliance to our minimum qualifications. If you cannot meet a requirement, or recommend a different service than requested, please list any exceptions. Section 2 – Deposit Processing: List the nearest branch location to the City of Onalaska offices located at 415 Main St, Onalaska, WI. Include hours of operation and deposit cut-off times. Describe your recommended deposit method (merchant window, night drop, remote electronic deposit, virtual vault, drop box, armored car pick-up, etc.). Describe the institution’s requirements/procedures for deposit preparation and for requesting change/currency orders. What are the procedures for depositing coins? Include information on the institution’s processing of returned/recleared items in this section. Currently, the City has all NSF items redeposited. The City requires they be notified of any deposit errors. Attach a copy of the financial institution’s availability schedule. Currently, the City of Onalaska does utilize remote check deposit and has two onsite. Be sure to include any charges for scanners. Section 3 – Disbursements/Account Reconcilement: The City of Onalaska does currently utilize Positive Pay service, Describe the financial institution’s ability to provide Positive Pay, including the method and format of issue file input and report/file output. Describe the financial institution’s check truncation services, on-line image access capabilities and any estimated costs if used. Please include the length of time the images are available on-line. Section 4 – ACH and Wire Transfer Services: Are you a member of the Federal Reserve Financial institution wire system? If not, who is your correspondent financial institution? Describe your incoming and outgoing wire transfer services. Include safeguards, security measures, and notification options offered. Internet initiation is preferred. Can wire transfers be made the same day that checks are deposited? Please describe your ACH processing system and include information on ACH Debit filters. The City currently sends a NACHA-ready file for direct deposit of payroll. Section 5 – Information Reporting: Describe the electronic communication system, including previous day balance and transaction information. The City of Onalaska intends to use the internet to interact with the financial institution wherever possible, including accessing copies of deposited checks and cancelled checks. Please attach a sample of your previous day balance and transaction report.
