Management Banking Services
| Agency: | City of Fernandina Beach |
|---|---|
| State: | Florida |
| Type of Government: | State & Local |
| NAICS Category: |
|
| Posted Date: | Nov 14, 2025 |
| Due Date: | Dec 16, 2025 |
| Solicitation No: | RFP 25-04 |
| Original Source: | Please Login to View Page |
| Contact information: | Please Login to View Page |
| Bid Documents: | Please Login to View Page |
| Bid Number: |
RFP 25-04
|
| Bid Title: |
Management Banking Services
|
| Category: | All Bids |
| Status: | Open |
|
Attachment Preview
CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 25-04
MANAGEMENT BANKING SERVICES
General Information
The City of Fernandina Beach, Florida is accepting competitive sealed proposals for
Management Banking Services.
The City of Fernandina Beach will receive sealed proposals from qualifying banks through
Demandstar.com (www.demandstar.com). Proposals must be uploaded to
Demandstar.com E-Bidding System prior to 2:00PM, December 16, 2025.
Hand-delivery, mailed, faxed or emailed submissions will not be accepted.
The City seeks to establish a banking relationship with a qualified financial institution for its
banking needs. The City is looking for a single bank to provide all the services outlined below
for the duration of the contract. The banking range of services includes collection and deposit,
cash concentration and disbursement (CCD), account maintenance, and overnight
investment services. Maintaining open and frequent two-way communication between the
successful bank and the City is essential. Both parties will establish services and service levels
through contract or written agreement, ensure receiving timely responses, establishing fair
pricing and compensation, and upholding the highest ethical standards.
Instructions, Exhibits A-H and Response Forms (Attachments A-D) to this Request for Proposal
are required as part of the submittal.
SCOPE OF SERVICES
A proposing bank shall positively affirm its capability to provide the specified services or shall note
any exception(s) on the Objectives and Scope of Services Response Form, Attachment “B”.
Banks are invited to propose reasonable alternatives to the requested services.
CONTRACT PERIOD
All services shall be provided for a five-year period, with two one-year renewals by mutual
agreement with negotiated changes, for a total potential contract length of seven years. If
the selected bank shall not be the current provider of banking services, FIRST FEDERAL BANK,
then the selected bank shall begin transition, conversion and implementation operations no later
than April 15, 2026 to be fully operational by May 15, 2026. A proposing bank other than FIRST
FEDERAL BANK shall submit its implementation schedule as part of its response.
BANK QUALIFICATIONS
1) Qualified Public Depository:
Only banks meeting the criteria set forth in Chapter 280, Florida Statutes, and the
Florida Security for Public Deposits Act (Act) shall be considered. The selected
bank must be a qualified public depository as set forth in the Act at the time of
proposal and maintain this status throughout the life of the contract. A proposing
bank shall provide evidence of its status as a qualified public depository.
2) Bank Financial Strength:
A proposing bank shall provide evidence of its strength by showing its rank with the
Federal Reserve Board and the amount of consolidated assets, submit audited
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 25-04
MANAGEMENT BANKING SERVICES
financial statements for the past two years and provide a print out from
http://www.bankrate.com/rates/safe-sound/bank-ratings-search.aspx showing their
rating.
3) Bank Location:
The bank must have a full-service branch located within the City limits.
CONTRACT STRUCTURE
The City expects to enter into a Master Banking Services agreement. The City expects the master
agreement to be supplemented by other agreements including but not limited to wire transfer,
positive pay services, stop payment, ACH, lock box, remote deposit, electronic banking
agreements, and courier service. The selected bank's proposal shall become an integral part of
the master agreement.
ACCOUNT STRUCTURE –
The City currently maintains nine accounts. The City anticipates depositing $8milion. The
account balance is projected to fluctuate by up to $4million during the month. No minimum
balance requirement above $4million will be accepted. The City requires the same structure
currently in place and described below. The Comptroller may open new accounts or close existing
accounts to facilitate the efficient and legally required flow of funds at the costs, terms and
conditions to be contracted.
Collection and Deposit Accounts:
1. General Fund: This account receives most of the general government revenues of the City.
Deposits may be in the form of cash, checks, credit and debit card, Fedwire, ACH and
book transfers. The City uses a courier service for deposits provided by the current provider at
no extra cost to the City. A proposing bank should include the cost of such service in their
Objectives and Scope of Services Response Form, Attachment “B”. The specific locations
for courier pickup include at least 8 different locations within the City; City Hall (2 Desks), Marina,
Utility Billing, Parks & Recreation, Finance, Golf and Police. Disbursements are generally
checks and wires. This account should be set up to sweep overnight balances.
2. Payroll: Bi-weekly, Friday payroll direct deposit disbursements are charged to this account.
This is a Zero Balance Account (ZBA) in which the money used to cover the payroll is drafted
from the General Fund Account. Currently, the Payroll Department processes approximately
300 direct deposit transactions bi-weekly.
3. Cemetery: This is an account established for restricted purposes. It is a checking account
with a minimal number of transactions each year.
4. FSA: This is a Zero Balance Account (ZBA) set up to track the payments for our Flexible
Spending Program offered to employees.
5. AP Solutions: This is a Zero Balance Account (ZBA) used to pay vendors via check and ACH.
6. Golf: This is a Zero Balance Account (ZBA) used for Golf Operations and includes deposits
via cash, check, ACH, wire transfers, vendor debit for purchases and credit card processing.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 25-04
MANAGEMENT BANKING SERVICES
7. Marina: This account is NOT a ZBA account. This account is used for Marina Operations
and includes deposits via cash, check, e-check, credit cards, Bendor payments via auto pay
and Bill.com.
8. E-bay: This account is NOT a ZBA account. This account maintains a minimum account
balance established for unusual or infrequent purchases or online auction transactions.
9. Fire – Ambulance: This account is NOT a ZBA account. The City’s Emergency Services
billing provider uses this account. It includes a lock box.
COLLECTION AND DEPOSIT SERVICES
Funds Availability:
The Comptroller seeks to maximize funds availability. In order to accomplish this goal, the
selected bank shall meet the following minimum cutoff and availability requirements.
Deposit Deadline/Ledger Cutoff Time:
A proposing bank shall provide deposit deadline schedules for each of its branches that will
enable the bank to implement the following ledger cutoff times.
1. A proposing bank shall provide a ledger cutoff time of 5:00p.m.(EST) on a business
day that the bank is open. The deposit will be considered a deposit for that day.
Collected Balances:
A proposing bank shall provide a timeline of ledger credit and availability for wire transfers, ACH
credits, “on us” checks and overnight sweep credit.
ACH, EFT’s, and Wire Transfers Incoming:
The RFP should include a wire transfer agreement. The agreement shall reflect that the selected
bank agrees to the standard of 'simple negligence'. The City receives receipts through the ACH,
EFT’s, and Fedwire systems in its accounts on a regular basis. Receipts are received from
payment card settlements, various customers, federal and state agencies, and from maturing
investments. A proposing bank shall report ACH payment messages on the bank statements. The
bank shall be capable of reporting ACH payment, EFT, and Fedwire messages in total on its web-
based banking system. The bank shall report transaction confirmation numbers on its web-based
banking system. The bank shall provide book transfer capability on its web -based banking
system to transfer money between accounts at the bank.
ACH Debit Block:
The bank must be able to provide ACH Debit Block service to prevent unauthorized persons or
companies from electronically debiting out bank accounts.
Returned Items:
All returned items shall be automatically redeposited a second time. Items returned a second
time shall be forwarded to the Finance Department.
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 25-04
MANAGEMENT BANKING SERVICES
Overdraft Account Remediation:
It is not the intention of the City to overdraw any accounts. In the event of an overdraft,
all checks presented for payment shall be paid. The City Comptroller or designee shall
confirm wires or ACH transfers that will remedy such overdraft. The bank shall complete
the wire/ACH transfer after confirmation. Service Fee to be charged to the City for
overdrafts shall be provided on the Fee Analysis Schedule and the instrument shall be
honored.
Deposit Reconciliation:
Only banks with the capability of providing deposit reconciliation services on a web-based
banking system shall be considered. Each deposit ticket shall bear a number representing the
depositing location and a unique serial number. A proposing bank shall have the capability to
capture and report both identifying numbers.
Lock Box:
Proposals should include a Lock Box agreement. The City currently utilizes this feature to
process payments for EMS billings and utilities.
Remote Deposit:
Proposals should include an Express Deposit agreement. The checks from several of the
City departments/locations currently use this service. The proposing bank should provide
the hardware for this service at no cost to the City.
DISBURSEMENT SERVICES
Positive Pay Services:
As additional fraud protection over the City’s checks, the Comptroller desires to negotiate a
positive pay services agreement with a no-pay default option. The agreement shall reflect that the
selected bank’s positive pay system be implemented at its teller lines. The bank shall report
discrepancies electronically through its web-based banking system. The City shall provide an
affirmative or negative response for each ‘exception check’.
Check Reconciliation:
Only banks with the capability of providing partial and full check reconciliation services on a web-
based banking system shall be considered. Check reconciliation services may be part of a proposing
bank’s positive pay service.
Stop Payment and Date Legend:
The RFP should include a stop payment agreement. The agreement shall reflect a lifetime stop
payment order.
The City shall imprint its checks with the following date legend, “This check must be cashed within
180 days pursuant to the Uniform Commercial Code”, or other similar language agreed to by the
Comptroller and selected bank. The stop payment agreement shall reflect the bank agrees to the
standard of ‘reasonable care’ in honoring date legended checks.
ACH and Wire Transfers Outgoing:
The RFP should include a wire transfer agreement. The agreement shall reflect that the
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CITY OF FERNANDINA BEACH, FLORIDA
REQUEST FOR PROPOSAL 25-04
MANAGEMENT BANKING SERVICES
selected bank agrees to the standard of ‘simple negligence’. The City disburses vendor
payments electronically through ACH and wire transfers on a regular basis. Electronic
payments are made for payroll direct deposit, federal and state tax liabilities, debt service,
purchases of investment securities, and others. The bank shall memo-post ACH transfers
immediately for later settlement and execute wire transfers within 15 minutes after
placement. The bank shall promptly notify, by telephone, the Comptroller’s designated
contact of any wire failures. The bank shall report ACH payment messages on the bank
statements. The bank shall be capable of reporting ACH payment and wire transactions on
its web-based banking system. The bank shall report transaction confirmation
numbers on its web-based banking system.
ACCOUNT MAINTENANCE - web based
Electronic Banking:
Only banks capable of providing full-service web-based banking shall be considered. Web-based
banking services are required to run on a secure internet browser and be hosted at the banking
facility. Electronic banking services shall include but not be limited to detail and summary balance
reporting of balances at the end of the previous banking day, stop payments, checks paid, wire
transfers, positive pay, ACH transactions, EFT transactions, check reconciliation, deposit
reconciliation, monthly account statements, and monthly account analysis.
Account Analysis:
The selected bank shall provide a monthly pro-forma account analysis statement for the City’s
accounts. The bank shall prepare account analysis statements in the Association for Financial
Professionals’ standard format using the standard set of service codes or standard service
descriptions. The analysis will report at a minimum: services rendered, service volumes, unit
costs, extended costs, and the calculation of the earnings credit. A proposing bank should
provide its calculation of earnings credit or fee for the month of September, 2025 data and using
a combined collected balance equal to $100,000, as the City’s proposed reserve
requirement. The proposed ECR should be clearly identified. The proposing bank shall also
prepare a pro-forma account analysis for September, 2025 as per their rate structure included in
their proposal. This shall include interest income, service fees extended, include a total fees
amount and articulate compensating balances requirements.
Monthly Account Statements, Debit and Credit Memos:
A proposing bank shall prepare and render individual monthly account statements. The reporting
period shall be the full calendar month. Statements shall be available to download no later than
the 3rd day of the following month. The bank shall allow a period of 60 days or more in which the
City may notify the bank of account statement errors. The bank shall provide explanation of debit
and credit adjustments to the City within five days from the day the bank posts the adjustments
to the City’s accounts. Via e-mail to the Finance Department at FinanceDept@fbfl.city.
INVESTMENT SERVICES
In order to maximize the efficiency of idle cash balances in the accounts, only banks with the
capability to provide overnight sweep services shall be considered. (Banks need to provide
short and long-term investment advantage.) A proposing bank shall agree to automatically invest
collected balances in all accounts as of the end of the banking day in approved investment
instruments. A proposing bank shall provide one of the following overnight investments: NOW
account, money market mutual fund, or an investment instrument allowed by the City’s
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This page summarizes the opportunity, including an overview and a preview of the attached documents.
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