Request for Proposal - Banking Services

Transcription

1 Request for Proposal - Banking Services The City of Pigeon Forge is requesting proposals from area banks to provide banking services for City accounts. A copy of the proposal may be picked up at the City of Pigeon Forge City Hall, 225 Pine Mountain Road, Pigeon Forge, TN between the hours of 8:00 a.m. and 4:30 p.m. Monday thru Friday or on the website at All proposals must be dated, signed and clearly marked on the outside with the words Proposal for Banking Service and must be submitted in a sealed envelope. Proposals will be received until 10:00 a.m., Tuesday, February 18, 2014 at the City of Pigeon Forge City Hall. Address all proposals to: City of Pigeon Forge, Attn: Dennis Clabo, Finance Director, P.O. Box 1350, Pigeon Forge, TN, The City reserves the right to reject any or all proposals or to accept proposals deemed most favorable by the city. It is the policy of the City of Pigeon Forge to ensure compliance with the Title VI of the Civil Rights Act of It is the policy of the City of Pigeon Forge not to discriminate on the basis of race, color, national origin, age, sex or disability in its hiring and employment practices, or in admission to, access to, or operation of its programs, services and activities. With regard to all aspects of this contract, the vendor certifies and warrants it will comply with this policy. This 27 th day of January, 2014

2 Request for Proposal - Banking Services The City of Pigeon Forge is requesting proposals from area banks to provide banking services as described in the following specifications. Minimum Specifications The proposer must be a national bank or a state chartered bank with banking facilities located in Pigeon Forge. The proposer must be a member of the Federal Deposit Insurance Corporation. The City s accounts must be secured in accordance with existing Tennessee statues governing the collateralization of public funds, along with applicable FDIC regulations. The financial institutions membership in the State of Tennessee Bank Collateral Pool meets all of the requirements of collateralization. Objective The City of Pigeon Forge invites qualified banking institutions that maintain a full service branch bank in the city limits of Pigeon Forge, Tennessee, to submit proposals to provide depository and banking services to the City for a three (3) year period beginning March Proposals may only be submitted by banking institutions who are Federally or State of Tennessee chartered. Written proposals, using the forms provided herein, will be received until 10:00 a.m. on Tuesday, February 18, 2014 at the office of the City Recorder, City of Pigeon Forge, 225 Pine Mountain Road, P.O. Box 1350, Pigeon Forge, Tennessee The intent of this process is to select one banking institution to provide quality basic banking services for the City at a competitive price for an established period of time. The City may also elect to award the selected institution any or all of the proposed optional services. Note: This proposal does not include services related to the acceptance of credit cards by the City 2

3 or to accounts directly related to the acceptance of credit cards by the City. Credit card acceptance services proposals are solicited and awarded separately and apart from banking services. Instructions Sealed proposals: Responses to this request must be sealed and identified as: Proposal for Banking Services and delivered or mailed to: Dennis Clabo, Finance Director City of Pigeon Forge P.O. Box 1350 Pigeon Forge, Tennessee Proposal Response: Each Proposer shall submit only one (1) proposal. Supporting material may be submitted; however, the decision in selecting the most responsive Bank will be based on the standard forms provided and the information requested in the RFP. Proposals must be received by City Hall no later than 10:00 a.m., February 18, All proposals will be on file in the City Recorder s office after the opening of formal proposals and may be examined during normal business hours by appointment. Any services for which the Proposer intends to charge a fee must be listed along with the price per item on the proposal form or on the back thereof. Any service fees not listed thereon will be assumed to be free of charge. Terms and Conditions The contract term will be performed for three (3) years unless terminated earlier as provided herein. It is the intent of the City that a single Bank provide all banking services specified in this proposal. At the end of the three (3) year period, the City may extend this agreement for an additional two (2) years. If a proposer cannot meet a specific service requirement, then the term No Proposal should be entered for that specific requirement. In the case of a No Proposal response, the proposer must offer an equivalent alternative service. Late proposals will not be accepted under any circumstances. Any proposals received after the scheduled time for closing shall be returned to the proposer unopened. It is the responsibility of the bank to ensure that the proposal arrives in the office at City Hall on or before 10:00 a.m. February 18,

4 City will in no way be responsible for delays caused by the United Stated Post Office or delays caused by any other occurrence. Offers by telephone, or facsimile will not be accepted. The City reserves the right to reject any or all proposals, to waive any irregularities or informality in any proposal or in the proposal request process, and to accept or reject any item or combination of items. Proposers are encouraged to make suggestions about the banking service package. Any suggested improvements or modifications which may increase/decrease costs should be shown as an option. Services may be terminated by the City or by the Bank by giving written notice to the other party no later than ninety (90) days before the proposed termination date. This provision may be exercised only after the service has been in effect for three (3) calendar months. The Bank shall be entitled to just and equitable compensation for any satisfactory work completed to the termination date based on fee schedules provided. In the event that the Bank to whom the service is awarded cannot fulfill the proposal, the City may give notice to such Bank of intent to award the service to the next most qualified Bank or to call for new proposals. Failure to comply with any of the terms and conditions of this RFP will be cause for termination of the service. The Bank will not be allowed to withdraw or modify its proposals after the opening time and date. The City reserves the right to reject the proposal of any Bank who has previously failed in the proper maintenance of an award or to deliver on time services of a similar nature or who is not in a position to perform properly under this award. Federal, State, County, and City laws, ordinances, rules, and regulations that in any manner affect the items covered herein apply. Lack of knowledge by the Bank will in no way be a cause for relief from responsibility. No Bank may make any assignment of the resulting service between the parties without prior written authorization by the City. Changes to the RFP may be made by, and at the sole discretion of, the City. Said amendments will be mailed to the Banks who have exhibited interest in the RFP. Each Bank submitting a proposal assures the City that it is in compliance with Title VI of the 1964 Civil Rights Act, as amended, in that the Bank does not, on the grounds of race, color, national origins, religion, sex, age, handicap, or marital status, discriminate in any form or manner against its employees, The Bank understands and agrees that this service is conditioned upon the veracity of this Statement of Assurance. 4

5 The Bank must have access to the FedWire system. The Bank must be insured by the Federal Deposit Insurance Corporation (FDIC). Each Bank submitting a proposal assures the City that it is in compliance with the Community Reinvestment Act. Questions regarding this request for proposal should be directed to Dennis Clabo, Finance Director at (865) or dclabo@cityofpigeonforge.com. Accounts The City of Pigeon Forge will maintain at least the following accounts with the selected financial institution: City of Pigeon Forge General Account City of Pigeon Forge Payroll Account City of Pigeon Forge State Street Aid Account City of Pigeon Forge Drug Fund Account All accounts shall bear interest based on the Three Month (90, 91, 92) day Treasury Bill Published Auctions Rate. Interest will accrue daily and pay to the account monthly. The rate will change monthly and will be based on the auction results immediately preceding the 1 st day of the month. If you choose to offer interest rate based on different criteria (fixed rate or No interest), please state that on your response. Banks submitting proposals are requested to list any additional services that will be provided to the City at no cost. Deposits The City will deposit funds periodically during the business day (9:00 a.m. to 3:00 p.m. or later) to a designated cashier or location mutually agreed upon by the City and the Bank. Same day collections credit is required. The Bank agrees to credit the City s accounts for selected items according to the following schedule: 1. Items on the depository, wire transfers, ACH deposits, cash 2. Items on local (branches in Sevier County) Institutions Same Day Next Day 3. Other items Federal Reserve Availability Schedule The above schedule shall be the maximum clearing schedule. If the bank can offer faster clearing services, especially large checks drawn on local banks and governments, this should be outlined as 5

6 an addendum to this proposal. The Bank is required to attach a copy of its availability schedule to the proposal. The Bank agrees to notify the City in writing of any changes to the schedule. The City reserves the right to periodically audit the Bank s compliance with the existing availability schedule. All returned checks will have been deposited by the financial institution twice before being returned to the City for collection. The returned item will be debited from the City s account with written notification provided to the City the same day and the Bank will mail the check back to the City Recorder s office. The Bank will provide four (4) high quality deposit bags with two (2) keys for each major account, duplicate deposit slips, coin bags, coin wrappers and endorsement stamps for all accounts at no charge to the City through the term of the contract. The City reserves the right to open additional accounts in the future provided the Bank is furnished notification at least five (5) days before provided with the same conditions as apply to existing accounts at the time. The City is to be afforded overdraft protection, in that the City is given the opportunity to make deposit to cover any overdraft. Incoming Wire Transfer/ACH Deposits The bank shall maintain wire transfer facilities to the Federal Reserve Bank for investment transfers or others transfers with commercial banks. Wire service credit notifications will be the same day by . The financial institution will then provide a notice of transaction when the deposit is made. All funds wired into the City s account will be credited to that day s deposit and considered collected funds. The City also received electronic deposits from the State of Tennessee for taxes, grants, etc. Outgoing Wire Transfers Outgoing wire transfers made by 2:00 p.m. will be transferred on the same day. The wire transfer will not be held or delayed, even if it results in a daylight overdraft. Written notification will be provided on the same day. The bank will be responsible for any losses or other damages, including consequential damages, occurring after the bank s acceptance of the wire order from the City if due in whole or part to bank error. The bank shall be responsible for providing reasonable security safeguards to detect unauthorized wiring of funds from City accounts. Daylight Overdrafts The bank will not charge the City for daylight overdrafts. 6

7 Payroll Direct Deposit The automatic payroll deposits are being handled through our in-house payroll system. The bank should be able to receive transmissions of the direct deposits in NACHA format two days before the payroll date. The Bank processes the ACH file so that payroll will hard post no later than payday. The bank will notify the City of any rejected direct deposits within 5 days of the payday. Account Reconciliation The bank will provide monthly statements on each of the City s accounts (imaging copies will be accepted in lieu of canceled checks, front and back required). Stop Payment Requests From time to time the City may need to place a stop payment order on a check. This will be done by an authorized finance employee. This can be completed by phone or computer and will become effective the next day. The stop payment will remain in effect for six months. Debit Transactions The bank must be able to process EFTPS debit transactions for any federal and state tax payments. Fees All bank fees will be invoiced to the City monthly and not debited to the City s accounts. A monthly service charge report shall accompany the invoice. Invoices received two Fridays before the second Monday of each month will be processed for payment on the second Tuesday of the month. Invoices received two Fridays before the fourth Monday of each month will be processed for payment on the fourth Tuesday of the month. Other Documents Attach copies of any contracts or other documents which you will expect the City to sign. Historical Account Data See Exhibit I for information regarding existing accounts for last twelve (12) months, January 2013 December This is typical of the transaction activity expected in the future. Exhibit I contains average monthly balances on each account as well as the number of checks/debits and deposits/credits for each account. 7

8 Banks Proposal The bank agrees to provide banking services under the terms and conditions outlined above for the following considerations: The bank will pay the 91 Day Treasury Investment Rate Plus %Minus % Check if offering NO interest: The bank will charge fees per the following fee schedule: Account Maintenance Items Paid (Checks Only) Items Deposited (Non Electronic) Cashiers check Stop Payment Orders Direct Payroll Deposit Processing: Per File Per Transaction in File Wire Transfers - Outgoing Wire Transfers - Incoming EFTPS Debit Transactions for Federal and State Tax Payments List in detail any other fees not included above: 8

9 INFORMATION ON PROPOSING FINANCIAL INSTITUTION Banking Institution By: (Print Name and Title) Signature Phone Number Date Fax 9