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City+of+Wilmington+RFP+-+Banking+Services

VIEWS: 1 PAGES: 9

									   REQUEST FOR PROPOSAL
     TABLE OF CONTENTS
PAGE NUMBER                  DESCRIPTION

                             General Section

     1                       Objective

     1                       Evaluation & Selection Process

     2                       Terms and Conditions

     2                       Minimum Requirements

     3                       Instructions


                             RFP for Core Banking Services Section

    4-7                      Mandatory Institution and Service Requirements

    7-8                      General Information     to   be   Provided   by
                             Institution

     8                       Information About the City


                             Attachments

    9-10      Attachment 1   COST FORM - Average & estimated volumes
                             and template for cost proposal

   11-14      Attachment 2   Definitions
                            GENERAL SECTION
The Finance Department of the City of Wilmington (City) requests that qualified and interested
banking institutions who have branch banking facilities located within the City, submit letter
proposals for providing banking services. Each proposal submitted shall be expected to respond
to each consideration set forth in this Request for Proposal (RFP).

OBJECTIVE

The intent of this RFP is to select a reputable financial institution to provide basic banking
services for the City.

This RFP is organized into separate sections. This first section gives a general overview of the
basic selection process, terms and conditions and basic requirements. Following the general
section is the RFP for Core Banking Services. Average and/or estimated transaction volumes are
included in Attachment 1. This attachment, referred to as the “Cost Form”, also serves as a price
response form for requested services (see instructions below).

EVALUATION & SELECTION PROCESS

The selection process will be based on the responses to this document. The City Finance
Department will evaluate responses and select the top two responsible bid packages, subject to
further negotiations. The following will be the basic criteria for evaluating all RFP’s. Additional
criteria are listed in the RFP for Core Banking Services.

The full cost of implementation will be considered that includes software installation, data
transmission file setup and other initial one-time implementation fees. Currently the City utilizes
Bank of America for core banking services.

Basic Selection Criteria:

1. Ensure all proposal requirements, conditions and instructions are met as set forth in this RFP.

2. Ensure financial stability by reviewing financial statistics and other financial information
   provided by the institutions.

3. Review references, verifying exemplary service levels for similar banking/financial services
   and experience with governmental entities or private companies of similar complexity. Prior
   experiences with the City will be strongly considered.

4. Ensure institution is equipped to best address the City’s technological needs.

5. Ensure institution best addresses the City’s overall goals, objectives and mandatory service
   requirements as set forth in this document.

6. Ensure institution provides service in an effective and efficient manner, which includes
   designating a specific Account Executive(s) to the City to respond to all issues and concerns.

7. Ensure that the overall banking services are the most cost advantageous for the City. The
   full cost of implementation will be considered during the selection process.

The City reserves the right to reject any or all bids, waive technicalities, and to be the sole judge
of suitability of the services for its intended use and further specifically reserve the right to make
the award in the best interests of the City.




                                               Page 1
TERMS AND CONDITIONS

The contractual period with the chosen firm will begin, approximately June 1, 2010 through May
31, 2015, to be approved by the City Council. The contractual period may be extended for up to
two (2) additional five year terms with the mutual consent of both parties and City Council
approval. A formal contract will be used and shall control subject to specifications, requirements,
and conditions contained herein.

The City shall retain the right to cancel the contract at any time with 90 days notice for any cause.
Such cancellation will generally result by the failure of the contracted institution to complete
and/or provide the specified services or violation of the Mandatory Requirements (listed below).

The City does not guarantee that activity levels and services indicated in Attachment 1 of this
proposal will continue at the same level during the contract period.

Any and all costs associated with the preparation of a response to this request are the
responsibility of the bidder and are not to be passed on to the City.

All cost proposals must be included on the Cost Form in Attachment 1. Bids will NOT be
accepted unless cost proposals are included on a CD utilizing the Microsoft Excel Cost
Form provided. Since terminology may vary, institutions are required to conform to this
template. For a list of definitions see Attachment 2. Exceptions to the proposal specifications
should be listed separately and defined, or they will be invalid.

The specific details shown herein shall be considered minimum unless otherwise indicated. The
specifications, terms and conditions included with this RFP shall govern in any resulting
contract(s) unless approved otherwise in writing by the City. Bidder consents to personal
jurisdiction and venue in a state court of competent jurisdiction in New Hanover County, North
Carolina.

MINIMUM REQUIREMENTS

There are certain minimal requirements for the institutions involved in providing financial services
referred to herein. Specific reference to each must be provided in the general response section
as detailed in the instructions below. It is expected that the chosen firm will exceed these
qualifications. Firms shall:

1. Be an FDIC insured institution;

2. Be online with the Federal Reserve Bank for funds and securities;

3. Have experience with large volume customers of similar complexity;

4. Be an Equal Opportunity Employer;

5. Comply with mandatory requirements specified in the RFP for Core Banking Services;

6. Comply with all other requirements specified in this RFP.




                                              Page 2
INSTRUCTIONS

The following timeline is provided for informational purposes. Contact Bryon Dorey at 910-341-
7822 to confirm dates and times.

Distribution of RFP’s                                               Tuesday, January 5, 2010
Deadline for City’s receipt of questions                            Tuesday, January 26, 2010
Sealed proposals due before 5:00 pm                                 Tuesday, February 9, 2010
Finance Department review & negotiation                              Friday, February 26, 2010
Recommendation to Audit Committee                                      Monday, March 1, 2010
Approval by City Council                                             Tuesday, March 23, 2010
Implementation period                                                         April – May 2010
Contract start date                                                           To be negotiated

RFP response(s) and the related cost forms (Attachment 1) must be completed and returned by
5:00 p.m. on February 9, 2010 to City of Wilmington, Finance Department, Attn: Bryon Dorey,
P.O. Box 1810, 305 Chestnut Street, Wilmington, NC 28402. E-mailed and faxed responses will
not be accepted.

Questions may be directed to Bryon Dorey via fax at 910-254-0906 or e-mail at
bryon.dorey@wilmingtonnc.gov up to ten (10) working days prior to the Closing Time. Questions
received will be answered in writing and will be sent to all proponents on record in the City
Finance Office as having received an RFP. If required, an addendum will be issued to all
proponents. The City may issue a written addendum up to five days prior to the Closing Time
and will make every effort to ensure that all proponents receive all addenda; however, it is the
responsibility of the proponent to ensure receipt of all addenda before the Closing Time. The City
shall not be bound by oral or other information, explanations, or clarifications not confirmed by
written addendum.

The cost proposal portion (“cost form”) of the bid response must be inserted in the templated form
provided in the Microsoft Excel file in Attachment 1. An electronic file of this form must be
included on a CD in the bid packet along with the printed paper form. Generic terms are used
where possible and banks are responsible for fitting their specific services to these terms. Any
additions must be highlighted in yellow on paper and within in the Excel file. This is a
REQUIRED form. Bids will not be accepted unless cost proposals for the applicable services are
included on this form. The cost form should be sealed in a separate envelope (printed copy and
Excel file on CD). Save the file using bank name. Example: BANK.xls. Unsealed cost forms will
invalidate the bid.

Other important information and requirements:

   Responses to the Core Banking Services RFP should be organized as outlined in the RFP.
    Other than the cost proposal, responses need to be on paper only. There should be a
    separate response to the general requirements listed above and then responses for the Core
    Banking Services RFP section as instructed therein.

   All services should be priced on a per unit basis of one unless otherwise indicated.

   Three copies of the proposal are required. All proposals will become the property of the City
    and will not be returned.

In summary, the response package should be organized as follows:

1. Response to general requirements
2. Core Banking Services RFP:
      * Response to RFP requirements in order as listed
      * Requested bank information in order as listed
      * Additional information that may be helpful to the City
3. Cost Form in sealed envelope (paper form and Excel file on a CD)

                                              Page 3
              CORE BANKING SERVICES RFP
MANDATORY INSTITUTION AND SERVICE REQUIREMENTS

GENERAL

1. A full service branch of the institution must be located within the boundaries of the City.

2. Be a qualified depository for public funds in accordance with North Carolina General Statute
   159-31 and the N.C. Administrative Code Title 20, Chapter 7 under the State Treasurer
   pooling method of collateralization (option 2);

3. All funds deposited shall earn interest at no less than daily money market rates. Interest shall
   be paid on the daily collected balance in all accounts.

4. Provide separate accounts as needed by the City. Number of accounts is detailed in
   Attachment 1. The City may have activities that need to be maintained separately. There
   need to be options for separate interest bearing accounts.

5. Be able to handle, process and clear through separate zero-balance accounts

6. All account balances shall be available for investment by/for the City at all times.


DEPOSITS

7. Monies deposited in the bank by 2:00 p.m. shall be processed and credited for same day
   credit.

8. Receive and deposit coins from City parking meter collections. Coins are deposited in
   standard increments in bulk plastic coin bags. Provide bags for these deposits at no charge
   to the City.

9. Forward all returned deposit items to the Finance Department at the City. Provide a return
   item report via on-line banking, which includes ACH and traditional check returns.

10. Provide daily armored car services to transport deposits from the Collections Department at
    305 Chestnut Street to a bank branch or vault location.


ON-LINE SERVICES

11. Provide on-line banking services package. Bank shall provide all software required to
    provide these services and to access all required reports. Detailed requirements are listed
    below. In the event that on-line services are down, provide an acceptable backup method via
    telephone or fax for each on-line requirement listed herein. All on-line services and options
    must be accessible 7am – 6pm, seven days per week.

    In RFP response, include details of backup plans in the event of site failure or disaster and
    how updates and maintenance are handled.




                                              Page 4
12. Provide the following report types on-line.

        a) Detailed transaction and balance reports – Report should show previous day detailed
           transactions and balance, which includes detail listings of all debits and credits
           impacting the City’s accounts. Reports should be accessible for six prior business
           days.

        b) Intra-day position report – Report must provide up-to-the-minute recap of available
           account balances. It should be updated continuously throughout the day and reflect
           beginning balances, incoming and outgoing Fed wire transfers, ACH activity effective
           that day and disbursing debits. Please list types of transactions that do update the
           Intra-day report and those that don’t update the Intra-day report.

        c) Return report – Report should list all check and ACH return items for the previous
           day. Report should be by account.

        d) Positive pay exception reports – Reports should list all checks or ACH’s that are not
           included in the positive pay data transmission and should be interactive. Authorized
           officials from the City should be able to accept or deny these items on-line.
           Exceptions should be available by 10 am each day from the previous day’s activity.


13. Provide stop payment services on-line from authorized officials from the City. Verbal
    requests from authorized City officials will be accepted and processed on the same day with
    documentation to follow as a backup plan. As a part of this service authorized officials would
    be able to inquire on-line to determine if a specific check had previously been presented for
    payment prior to initiating a stop payment.

14. Access imaged copy of checks on-line. This would be for current items not included on
    previous bank statements. Indicate how long after the check has cleared before an image is
    available on-line.

15. Provide ability to enter wire, ACH and book transfer on-line as outlined below. On-line
    system should offer ability to template repetitive transactions. System should also have
    ability to structure an approval hierarchy.

16. Provide ability to transfer funds on-line between two or more accounts maintained with the
    bank.


WIRE TRANSFERS, ACH TRANSACTIONS AND OTHER TRANSFERS

17. Furnish direct deposit of employees’ checks (credit entries) to their designated checking or
    savings account according to the Automated Clearing House (ACH) rules and regulations.
    Bank must be able to receive a direct transmission with all payroll information. The City’s
    current file format is available upon request. Transmission will be delivered by 11:00 a.m.
    one business day prior to payday. If needed, bank shall furnish pass-through software to aid
    in the ACH payroll file creation at no cost to the City.

18. Transmit debit entries initiated by the City under ACH rules. The bank shall provide software
    or another means to allow the City to change and adjust ACH information prior to
    transmission to the bank. Bank must be able to receive information through direct
    transmission. Upon proper notification by the City, bank shall manually adjust or stop
    payment or other adjusting entries. The bank shall be responsible for any loss limited to the
    liability for its own negligence or willful misconduct.




                                              Page 5
19. Process incoming and outgoing wire transfers on-line and via telephone (as a backup) in real
    time as requested by duly authorized City official(s) if instructions are received by the bank by
    the official deadline established by the Federal Reserve System. All incoming wires thusly
    processed are expected to result in same day credit to the City’s account. The bank is
    expected to assume responsibility for all loss or cost incurred by the City as a result of the
    bank’s failure to transfer wires as instructed.

20. Provide ability to create templates for repetitive wires and ACH transactions with the ability to
    restrict amount and access for different users within the City. Each individual template
    should have ability to permanently establish different sections of the template. For example,
    for some repetitive wires, the same amount is wired each time. Each individual template
    should also have the ability to restrict use for designated authorized officials. Different
    templates would then be able to have different users.


SUPPLIES

21. Provide sufficient pre-numbered and pre-encoded deposit slips per deposit site in triplicate at
    no charge for the City to process daily deposits. The number of City deposit sites is subject to
    change but is currently 23.

22. Provide all endorsement stamps for the departments making deposits at no cost to the City.
    The bank shall provide two (2) stamps to each department upon the beginning of the
    contract. The endorsement stamps shall be in a format approved by the City. During the
    term of the contract, endorsement stamps shall be provided as requested.


OTHER SERVICES

23. Provide checking accounts to any City employee who wishes to participate. The checking
    accounts for city employees shall be on a fee-free basis (this includes no minimum charge).
    These accounts will be the individuals account and the City will have no interest in the
    accounts; statements are to be mailed directly to the employees.

24. Provide recipients of City checks a means of cashing their checks at any branch in the City
    even when the recipient may not have a checking account with any bank. The City checks
    shall be cashed at no charge to the individual or the City.

25. Provide account reconciliation for disbursement accounts. Capability to send monthly
    transmissions of account activity back to the unit such as the detail itemized account
    statement and paid items. The City’s current file format is available upon request.

26. Provide ability to block all ACH debits on select accounts. Provide ability to authorize specific
    trading partners to initiate ACH debits on select accounts up to an authorized dollar amount.
    In RFP response, include information about how the City is notified that an ACH debit has
    been blocked because either the initiator does not match an authorized trading partner or the
    attempted debit exceeds the authorized limit. Also include in RFP response information
    about the availability of on-line access to verify the list of authorized trading partners and the
    corresponding maximum dollar amounts they are authorized to debit.

27. Provide positive pay option for all disbursement accounts. Banks must have capability of
    receiving an electronic transmission. The City’s current file format is available upon request.
    Exception reporting and communication must be provided through on-line banking services.

    In RFP response, include the following information regarding positive pay:
        a) Include an overall description of your positive pay service including file layout and
            transmission process.
        b) Is the service same-day or next day?


                                               Page 6
        c) Is it applied at the teller line?
        d) Explain how a manually issued check is added to the positive pay file in detail.
        e) Explain how voided checks are handled in reference to the positive pay file.
        f) Indicate any limit on the volume of positive pay exceptions that your system can
           handle.
        g) State your default disposition of exception items in the event that the bank does not
           receive the City’s decision to pay or not to pay.
        h) Do you offer payee positive pay? If no, when do you plan to make this service
           available?

28. Forward bank generated debit or credit items to the City the next business day with detail
    support describing the nature of the transaction. Detail support should include images of
    checks, adding tapes and deposit slips. Bank generated transactions without sufficient detail
    will not be accepted by the City.

29. Provide research assistance on transactions (lost checks, lost deposit slips, mutilated checks,
    and bank generated transactions) by providing sufficient details within 72 hours of request.

30. Provide a large safe deposit box for the City if need arises.

31. Provide sufficient tamper-resistant night depository bags as requested by the City at no
    charge. Please note that what is classified as “night drop” is actually the processing of a
    deposit bag.

32. Provide change as needed by the City for various activities and events.


STATEMENTS AND PAYMENT OF FEES

33. Allow the City to pay for service fees by direct payment as invoiced annually by the Bank for
    the calendar year, by monthly draft or by compensating balance.

34. Provide a detailed itemized statement for each account for the previous month which shows
    each deposit slip, credit or debit memo, check number and amount of each transaction
    processed within 10 working days of the subsequent month.

35. Provide all cleared check images (front and back) on CD-ROM for each account, as well as
    providing the software and database that allows for efficient inquiry.

36. Furnish monthly detailed account analysis for each account enumerating the account activity
    by type of service and activity volume within each service. If compensating balance is
    utilized, provide analysis of fees compared to earnings allowance. Include average balances,
    net monthly earnings, total costs and any gain or loss by the bank.


GENERAL INFORMATION TO BE PROVIDED BY INSTITUTION

Information related to the above listed requirements should be organized in the same order as
listed above. Also provide information outlined below.

   Provide ratings for the institution from any of the following agencies: Standards & Poor’s,
    Moody’s or Fitch IBCA. Provide 3 years audited financial statements. (Only one copy for
    each year needed)

   For interest bearing account options, explain how the interest rate will be set and how often it
    will be adjusted. Provide the past daily interest rates for a similar account for the six month
    periods July-December 2008 and July-December 2009.



                                              Page 7
   For non-interest bearing account options, provide clear instructions on the earnings
    allowance calculation. Include definition of the benchmark rate that will be used in the
    calculation (Example: 6 month Treasury Bill).

   Provide a list of nationwide routing and transit numbers.

   List bank branch addresses within the boundaries of the City as well as ATM locations.

   List a minimum of five (5) references including any governmental units and other companies
    that have similar volume and complexity.

   Clearly note any services that are provided by third parties.

Any additional information regarding institution specific enhancements or other services that may
benefit the City may follow responses to the above listed requirements.


INFORMATION ABOUT THE CITY

Average transaction volumes for the City are listed in Attachment 1.

Currently, daily armored courier service to a vault is being supplied by the bank.

The City requires that employees be compensated by payroll direct deposit. Currently there are
967 full time and 86 part time employees on the payroll. The City has a bi-weekly payroll cycle.
Specific payroll calendars for the City will be provided to the chosen institution.

The City currently utilizes payee positive pay service for its main operating account, which covers
accounts payable checks.

The City’s property taxes are collected by New Hanover County and utilities are collected by the
Cape Fear Public Utility Authority; therefore, lockbox services are not needed and will not be
considered.

Average Monthly Account Balances for the 12 months ended 10/31/09 were as follows:

        Operating        - $4,700,000
        Payroll          - ZBA
        Other #1         - $2,700
        Other #2         - $2,700
        Other #3         - $2,500

The City’s average daily paper deposit amount is approximately $55,000. The highest daily
paper deposit amount expected is $420,000. The City’s system does not cumulatively track the
breakdown between checks and currency; however, we estimate that currency accounts for about
18% of the average daily deposit. Bulk coin deposits from the City’s parking meter collections are
deposited four days each week and average approximately $13,000 total over the four days.


If the City develops a need for additional accounts, or services during the term of this agreement,
services will be provided with the same conditions as apply to existing accounts at the time. If the
Federal Reserve or other regulatory bodies provide for regulations, which are favorable to the
City, the Institution shall make these new services available to the City.


SEE THE GENERAL SECTION (pg 1-3) FOR INFORMATION ON THE EVALUATION
PROCESS, TERMS AND CONDITIONS, OTHER MANDATORY REQUIREMENTS AND
INSTRUCTIONS.

                                              Page 8

								
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