Request for Proposal - Banking Services for the City of Vallejo

Agency: City of Vallejo
State: California
Type of Government: State & Local
Caegory:
  • Q - Medical Services
Posted Date: May 22, 2018
Due Date: Jul 13, 2018
Bid Source: Please Login to View Page
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Request for Proposal - Banking Services for the City of Vallejo Closing Date:

7/13/2018

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CITY OF VALLEJO, CALIFORNIA
FINANCE DEPARTMENT
REQUEST FOR PROPOSALS TO PROVIDE
BANKING SERVICES
RFP Issue Date: May 18, 2018
RFP Response Due Date: July 13, 2018
Department of Finance T: 707.648.4592 F: 707.649.5406 555 Santa Clara Street, Vallejo, CA 94590
City of Vallejo
RFP for Banking Services
Release Date 5/18/18
TABLE OF CONTENTS
NOTICE INVITING PROPOSALS TO PROVIDE BANKING SERVICES…………………………………… 3
PART 1 – GENERAL REQUIREMENTS………………………………………………………………………… 4
QUALIFYING REQUIREMENTS…………………………………………………………………………………. 5
PART 2 – PROPOSAL REQUIREMENTS AND INSTRUCTIONS……………………………………………. 6
PART 3 – TERMS AND CONDITIONS…………………………………………………………………………… 12
PART 4 – SCOPE OF SERVICES………………………………………………………………………………… 15
PART 5 - OTHER SERVICE REQUIREMENTS…………………………………………………………………. 22
PART 6 – MERCHANT SERVICES……………………………………………………………………………….. 26
PART 7 – INVESTMENT ADVISORY AND CUSTODIAL SERVICE REQUIREMENTS……………………. 28
PART 8 – FISCAL AGENT TRUSTEE AND CUSTODIAL SERVICE REQUIREMENTS…………………… 30
PART 9 – FORMAT OF PROPOSAL……………………………………………………………………………… 33
PART 10 – CONFIDENTIALITY……………………………………………………………………………………. 38
PART 11 – CONTRACT TERMS…………………………………………………………………………………… 39
PART 12 – IMPLEMENTATION / CONVERSION PLAN…………………………………………………………40
Attachments:
Attachment 1 – Price Proposal Sheets
Attachment 2 – City of Vallejo Investment Policy
Attachment 3 – Sample Banking Services Agreement
Attachment 4 – City’s Insurance Requirements
2
City of Vallejo
RFP for Banking Services
I. INTRODUCTION
PART 1 – GENERAL REQUIREMENTS
Release Date 5/18/18
The City of Vallejo (City) invites qualified financial institutions ("Proposers”) to submit
proposals for bank services based upon the scope of work contained in this Request
for Proposals (RFP). The City of Vallejo is requesting proposals for the purpose of
selecting a highly qualified and reputable financial institution to provide depository and
banking services, merchant services, investment advisory, and fiscal agent custodial
trust services for the City of Vallejo.
The City of Vallejo, a charter city, is located in Solano County and has a population of
about 119,000 residents. There are approximately 52 square miles of land and water
included in the City’s boundary.
Banking services have been provided to the City of Vallejo by Wells Fargo Bank since
2000. The City is seeking Request for Proposals (RFP) as the existing banking
contract will expire on December 31, 2019. The City has had a long-term relationship
with this bank, however has now determined that it is time to solicit proposals from
interested financial institutions to ensure that the City receives the best available
services to meet its needs.
The City averages over $200 million annual cash inflow and outflow activity through its
19 commercial bank accounts. The City accepts credit/debit card payments averaging
$15 million each year and the merchant card accounts send multiple ACH transactions
daily to the City’s main operating account. In addition, the City receives wires and
other ACH remittances from organizations and other governmental agencies.
The City needs timely cash flow data for cash management and investment, and a
sweep account linked to its main operating account. The City is especially interested in
various technical solutions that could improve its banking, cash management, and
customer service capabilities especially in the areas of cash flow, account
reconcilement, direct deposit, positive pay, lockbox remittance services, online bill
payment, fraud detection, timely and accurate online information reporting and
electronic data exchange between products residing in the banking system and other
financial system. It is critical that the financial institution provide web-based on-line
banking services for added convenience and efficiency.
There is no expressed or implied obligation of the City of Vallejo to reimburse
responding institutions for any expenses incurred in preparing proposals in response
to this request or for attending any meetings or conferences.
The final award will not be based solely on price but a combination of price and
evaluation by the City.
4
City of Vallejo
RFP for Banking Services
II. QUALIFYING REQUIREMENTS
Release Date 5/18/18
In order to qualify for consideration, an institution must meet the following minimum
qualifications:
1. Be a Federal or State of California chartered financial institution.
2. Be a member of the Federal Reserve System and have access to all services.
3. Be a qualified depository for public funds as defined in Section 53630 of the
California Government Code.
4. Have access to the Automated Clearing House system.
5. Be insured by the Federal Deposit Insurance Corporation (FDIC).
6. Have sufficient collateralized balances to be in compliance with Sections 53651
and 53652 of the California Government Code.
7. Be a full service bank in good standing among other comparable banks.
8. Be capable of providing all the services sought by the City.
9. Have an established office within the City limits or in close proximity.
10.Agree to assign experienced and dedicated staffs who are committed to and
capable of servicing our accounts.
11. Be in compliance and good standing with the Community Reinvestment Act.
12.Be sufficiently capitalized in accordance with Section 53638 of the California
Government Code.
13. Comply in all aspects with the Equal Opportunity Act.
5

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