Banking Services

Agency:	Truman State University
State:	Missouri
Type of Government:	State & Local
Posted Date:	Feb 2, 2026
Due Date:	Feb 26, 2026
Solicitation No:	2026-04
Original Source:	Please Login to View Page
Contact information:	Please Login to View Page
Bid Documents:	Please Login to View Page

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Truman State University

Purchasing Buyer Laura Thrasher

100 East Normal Avenue

McClain Hall 106

Kirksville, MO 63501

Phone: (660) 785-4326

Email: lthrasher@truman.edu

REQUEST FOR PROPOSALS (RFP) – FEBRUARY 2, 2026

PROJECT SP26-04 BANKING SERVICES

Submittals from minority, women and disadvantaged business enterprises are encouraged.

SUBMITTAL DEADLINE

2:00pm Central Time

Thursday, February 26, 2026

DELIVERY BY MAIL

Truman State University

Purchasing Buyer Laura Thrasher

100 East Normal Avenue

Kirksville, MO 63501

SUBMIT

One (1) Electronic copy via thumb drive

or email to lthrasher@truman.edu

DELIVERY BY HAND

Truman State University

Purchasing Department

106 McClain Hall

(corner of Franklin and Normal)

Truman State University (Truman) is requesting proposals from qualified institutions to provide banking services. Proposals

may be delivered to the Purchasing Department at Truman until 2:00 PM CT, February 26, 2026, at which time the names

of those institutions submitting proposals will be read aloud. No other public disclosure will be made until after an award

of the contract.

RFP documents are available at http://businessoffice.truman.edu/purchasing/bids/OpenBids.asp. A notification of intent to

respond to this RFP is located immediately below. This page should be submitted to notify Truman of your interest in this

project and your plan to submit a proposal. This form is also required if you wish to receive answers to questions regarding

the RFP and any RFP addenda. RFP addenda will be issued if there are changes to this RFP.

____ YES

____ NO

INTENT TO RESPOND STATEMENT

our institution plans to submit a response to this solicitation for proposals:

NO RESPONSE STATEMENT

our institution is not submitting a response for the following reason(s):

฀ Do not offer this commodity or equivalent

฀ Schedule would not permit us to perform

฀ The project is too small

฀ The project is too large

฀

Insufficient time to respond

฀

Cannot meet delivery requirements

฀

Licensing restrictions (please explain)

฀

Other reasons

Name of Institution:

Contact Name:

Contact Address:

Contact Phone Number: ___________________________________________________

Contact Email Address: ___________________________________________________

TABLE OF CONTENTS

Intent to Respond .................................................................................................................................................1

Part I – Overview .................................................................................................................................................2

Part II – Specifications and Requirements ...........................................................................................................2

Part III – Proposal Evaluation and Award ...........................................................................................................5

Part IV – Contractual Agreement.........................................................................................................................8

Part V – Truman State University Proposal Certification..................................................................................11

Part VI – Institution Prepared Exhibits:

A. Description of Services..............................................................................................................................11

B: Qualifications.............................................................................................................................................11

C: Pricing ........................................................................................................................................................11

PART I – OVERVIEW

Founded in 1867, Truman is Missouri’s selective public liberal arts and sciences university. Truman primarily serves full-

time undergraduate degree seeking students in a residential environment. Truman offers numerous bachelors, masters, and

minor degrees in addition to certificate programs. Truman is accredited by North Central Association of Colleges and

Schools and The Higher Learning Commission. Truman has been recognized as the number one Midwest regional public

university in U.S. News & World Report’s "Best Colleges" publication for more than twenty consecutive years. In addition

to being recognized scholars, Truman students and alumni are known as contributors to their communities, creative problem

solvers and goal-oriented professionals. More information about Truman is available at www.truman.edu.

PART II – SPECIFICATIONS AND REQUIREMENTS

Truman seeks a professional institution to provide banking services. This RFP contains specific information that must be

addressed in the institution’s proposal response. This RFP, and any subsequent addenda, constitute the specifications and

requirements for this project. All communications regarding specifications and requirements should be directed to Truman’s

Purchasing Buyer referenced on the first page of this RFP, and it is the institution’s responsibility to ensure any request for

information is received by Truman’s Purchasing Buyer.

A. General Information

Truman is providing the following transaction information for its most current year of operations. This information is

provided to assist institutions in preparing their proposal responses. However, Truman’s past transaction history may

not be indicative of future banking operations:

Deposits:

Non-Electronic (in millions)

Credit card transactions

Credit card receipts (in millions)

Web check transactions

Web check receipts (in millions)

Wire & EFT transactions

Wire & EFT receipts (in millions)

$25.2

7,550

$3.6

7,036

$11.3

918

$103.3

Disbursements:

Checks written

Check Amount (in millions)

ACH payments processed

ACH Amount (in millions)

Active purchasing cards

Purchasing card transactions

Purchasing card payments (in millions)

4,328

$37.9

3,040

$93.3

148

9,635

$3.1

B. Depository Accounts

Truman conducts day-to-day operations using the following ten bank accounts:

1. General Fund: Most deposits, checks, and ACH’s are processed through this account. Transfers to and from other

accounts occur regularly. The monthly balance may fluctuate between $500,000 and $5 million.

2. Electronic Transfer: This account accepts incoming wires and electronic fund transfers (EFT) that will be moved to

other accounts. This account was established for security purposes to limit access to the General Fund account.

This account typically carries a daily balance of less than $50,000. This account does not process disbursements.

3. Payroll: Payrolls are processed through this account via ACH direct deposit. This account is funded via manual

electronic transfer from the General Fund account. Truman typically processes two payrolls per month.

4. Direct Loan Federal Funds: The United States Department of Education deposits federal direct and indirect student

loan proceeds to this account. Typically, funds are received and transferred from this account on the same day

resulting in a zero balance. This account does not process disbursements.

5. Loan Fund: This account receives other ancillary student loan proceeds. This account typically carries a balance of

less than $10,000. This account does not process disbursements.

6. Alternative Student Aid: This account is used to deposit private / alternative student loans and scholarships. This

account typically carries a balance of less than $100,000. This account does not process check disbursements.

7. Federal Funds: This account receives and sends ACH transactions for federal funds that are restricted for specific

programs. Typically, funds are received and transferred from this account on the same day resulting in a zero

balance. This account does not process check disbursements.

8. Direct Debit Vendors: This account is used to process out-going wires and ACH payments to select vendors.

Payments are swept from the General Fund account resulting in a zero balance following disbursements.

9. Self-Insurance Fund: This account is used to pay claims and fees to Truman’s medical insurance administrator via

ACH disbursement. Payments are swept from the General Fund account.

10. Foundation: This account is owned by the Truman State University Foundation (a private 501c3 organization with

a tax identification number separate from the University), this account receives donations and processes ACH and

check disbursements. The average monthly balance of this account is $250,000.

C. Statements and Account Reconciliation

Financial institutions should propose electronic statement and account reconciliation services. Monthly bank statements

for all accounts will be delivered to Truman within five (5) calendar days following the end of the month. Statements

should outline monthly beginning and ending balances; individual deposits and withdrawals; and any other associated

transactions. Truman must have the capability to download bank statements and associated transactions from a secure

website in a usable electronic format.

D. Automated Clearing House (ACH) Capability

ACH transactions are processed through the General Fund, Payroll, Direct Debit Vendors, Self-Insurance Fund and

Foundation accounts. Truman offers vendors an ACH option for accounts payable payments. Truman uses the General

and Foundation accounts for these ACH disbursements. Truman processes accounts payable payments on a regular

weekly basis. For 2025, the General Fund processed approximately 2,569 ACH payments; the Foundation account

processed 305 ACH payments; the Direct Debit Vendor account processed 110 ACH payments, and the Self-Insurance

Fund processed 56 ACH payments. Additionally, Truman receives funds via ACH from the State of Missouri and from

various other federal, state and private funding sources.

Truman requires all employees to use direct deposit for both payroll and expense reimbursements. During 2025, Truman

processed approximately 13,920 payroll payments for $29.4 million. Truman processes two regular monthly payrolls:

(1) student employee payroll is processed on the 15th day of the month and (2) faculty and staff payroll is processed on

the last working day of the month. Proposals must address the following considerations:

1. Is the institution compliant with National Automated Clearing House Association (NACHA) regulations?

2. How will ACH files be securely transmitted to the financial institution?

3. What are the institution’s procedures for correcting ACH items?

3. What are the institution’s procedures for ACH recall (stop-payment)?

4. Does the institution require pre-notes? What options are available to test new payers or payees?

5. How often will the institution inform Truman of returned ACH disbursements? Will the institution provide

information as to why an ACH disbursement was unable to be processed?

E. Online Banking Services

Truman seeks a comprehensive suite of online banking services provided via a secure website. Truman requires daily

reporting of balances and transactions on all accounts. Minimum online services should include account status

information; stop payment processing; transfer among accounts; transaction details, account statement delivery and

payment initiation. Proposals should include a detailed description of all online banking services and capabilities.

1. Will Truman be provided with incoming wire and ACH addendums to assist with identifying depositors?

2. Will Truman be able to view deposit slips and deposited items, for example check images, via the institution’s

secure website?

3. Will Truman be able to view the front and back of processed disbursements, for example cancelled checks, via the

institution’s secure website?

F. Collateral

As a depository of public funds, the chosen institution must secure Truman’s deposits as required by law. The rights and

duties of Truman and the selected financial institution will be governed by the applicable sections of the Revised Statutes

of Missouri (RSMo), including RSMo Chapter 30 – State Treasurer and RSMo Chapter 110 – Depositories for Public

Funds. Deposits must be secured by financial instruments of the type prescribed in Section 30.270 RSMo, for the security

of funds deposited by the State Treasurer. In addition to the requirements of Section 30.270, securities must be limited

to bonds or other obligations issued or guaranteed by the United States of America or bonds or other obligations issued

by the State of Missouri or a political subdivision of the State of Missouri. Securities should be deposited by the financial

institution with a disinterested financial institution or depository trustee. If the deposits are safeguarded by the pledge

of collateral securities, such collateral securities must have a market value of at least 110% of the amount of deposit, less

the amount insured by the Federal Deposit Insurance Corporation.

1. Proposals will address how the institution will comply with the safekeeping requirements outlined above.

2. Proposals will address whether the institution can provide regular monthly reports to Truman outlining the securities

pledged as collateral for Truman’s deposits.

G. Internet Payments

Truman currently accepts credit card and web check payments through its third-party payment processor, TouchNet, a

Global Payments Company. Incoming student electronic payments and outgoing student refunds are processed through

TouchNet’s secure payment solution. Truman is not seeking a replacement or alternatives to its TouchNet contracted

services. Student payments are distributed to Truman’s accounts via an electronic funds transfer from TouchNet, and an

institution’s proposal should address how the institution will support this process.

H. Outgoing Wire Transfers

Wire transfers may be foreign or domestic and may be in United States dollars or foreign currency. Truman requires

same day wire transfer processing assuming the institution’s deadline for same day processing has been met. Truman

retains the right to continue to utilize a third-party vendor(s) for select international wire transfer transactions. Proposals

must address the following considerations:

1. Are controls in place to require a secondary wire authorization for security purposes?

2. What deadlines are maintained for outgoing wires?

3. What availability is placed on incoming wires?

4. What procedures are in place for international incoming wires, and what supporting documentation is provided to

confirm receipt of incoming and outgoing international wires?

5. Does your institution have an online facility for clients to process outgoing wire transfers in a foreign currency? If

so, please describe.

6. Is secure online access available for wire transfer requests, and will all wires be authenticated?

I. Security

Truman requires a robust fraud prevention system including, but not limited to:

1. Protection against forged, altered and counterfeit disbursements. Proposals should contain an automated fraud

detection service that matches the account number, applicable check number, payee and dollar amount of each ACH

and check disbursement against a list of transactions previously authorized and issued by Truman. Among financial

institutions, this feature is service is commonly known as “Positive Pay.” Describe what data points your institution

can review and match Truman’s submitted transactions.

2. A firm stop-payment facility for checks issued. How quickly does a stop-payment request become active, and how

long does a stop-payment order remain in place?

3. Multi-factor authentication for online account access and transaction processing.

K. Optional Services

While additional services are not required, Truman will consider optional banking services including, but not limited

to, automated accounts payable solutions, purchasing card programs, and assistance with processing Internal Revenue

Service (IRS) form 1099. These types of optional services must be delineated in the institution’s proposal and associated

costs must be outlined separately from normal depository fees.

L. Implementation Process

If applicable, institutions will outline procedures, support and a related timeline to ensure successful implementation.

PART III –PROPOSAL EVALUATION AND AWARD

A. Preparation of Proposals

1. It will be the institution’s responsibility to ask questions, request changes or clarification, or otherwise advise

Truman if any language, specifications or requirements of this RFP appear to be ambiguous, contradictory, and/or

arbitrary, or appear to inadvertently restrict or limit the requirements stated in the RFP to a single source. All

communication from proposing institutions regarding specifications, requirements, competitive procurement

process, etc. must be directed to Truman, as indicated on the first page of the RFP. All formal inquiries for

significant or material clarification or interpretation or notification to Truman of errors or omissions relating to this

RFP document must be submitted in writing and emailed to Truman’s Purchasing Buyer referenced in this RFP.

Questions and subsequent responses will be issued as an addendum to all prospective institutions on file. No

addenda will be issued later than 48 hours prior to the time and date scheduled for the receipt of responses except

an addendum postponing or withdrawing the RFP. Every attempt will be made to ensure that the institution receives

an adequate and prompt response. However, to maintain a fair and equitable procurement process, all institutions

will be advised, via the issuance of an addendum to the RFP, of relevant information related to the RFP.

2. Before submitting a proposal, institutions should become thoroughly familiar with all conditions referred to in this

document, and any addenda issued before the proposal submission date. Failure to do so will be at the institution’s

risk. Such an addenda will form a part of the RFP. It will be the institution's responsibility to ascertain that the

proposal includes all addenda issued prior to the proposal submission date.

3. Unless otherwise specifically stated in the RFP, all specifications and requirements constitute minimum

requirements. All proposals must meet or exceed the stated specifications and requirements.

4. Prices offered will remain valid for 90 days from proposal opening unless otherwise indicated. If the proposal is

accepted, prices will be affirmed for the specified service agreement period.

5. Only Truman’s written response(s) pertaining to this RFP, or an addendum, are valid.

6. Truman reserves the right to modify or cancel this RFP. Such action will be noted as an addendum.

B. Submission of Proposal and Award

1. A proposal submitted by an institution must include a signed RFP Proposal Certification executed by the

institution’s duly authorized representative, contain all information required by the RFP, and be delivered to

Truman no later than the exact opening time and date specified in the RFP.

2. A proposal may also be withdrawn or modified by the institution provided requests are made in writing before the

RFP opening date and time. Verbal requests to withdraw or modify a proposal will not be honored.

3. Proposal responses must be returned (with all necessary attachments) to Truman on or before 2:00 PM on

Thursday, February 26, 2026. Proposals may be emailed, mailed or delivered in person to the addresses outlined

on the first page of this RFP.

4. The institution will submit all data required herein for the institution’s proposal to be evaluated and considered for

award. Failure to submit such data will be deemed a cause for disqualification of a proposal from award

consideration. Responses to this RFP should be submitted in the format specified. Proposals in any other format

will be considered informal and may be rejected. Conditional proposals will not be considered.

5. Contents of any proposal, attachment, and explanation submitted in response to this RFP, except copyrighted

material, will become the property of Truman. All copyrighted material must be clearly marked.

6. If your proposal contains any information you consider to be proprietary, you must place it in a separate envelope

or file if e-mailed and mark it “Proprietary Information.” Truman is the final authority as to the extent of material

considered proprietary or confidential. Pricing information cannot be considered proprietary.

7. Truman reserves the right to reject any or all proposals or any part thereof, or to accept any proposal, or any part

thereof, or to withhold the award and to waive or decline to waive irregularities in any proposal when Truman

determines that it is in their best interest to do so. Truman also reserves the right to hold all proposals for a period

of up to three (3) months after the opening date.

8. After the initial screening process, those institutions whose proposals are selected for further consideration may be

requested to provide a presentation to Truman’s selection committee to answer questions in advance of the final

selection. Institutions selected to make a presentation will be contacted to schedule a presentation. The person who

will be responsible for servicing Truman’s account will be present at this presentation. Institutions are cautioned

not to contact Truman employees concerning this RFP during the evaluation process.

9. Truman reserves the right to consider historic information and fact, whether gained from the institution’s proposal

response, question and answer conferences, references, or any other source, in the evaluation process. Truman

reserves the right to take such steps as it deems necessary to determine the ability of an institution to perform the

This page summarizes the opportunity, including an overview and a preview of the attached documents.

Project	Addendum/Additiona	Project Name	Date Due	Buye
2026-04		Banking Services	Thursday, February 26, 2026 @ 2:00PM Central Time	Laura Thrasher

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