City of New Rochelle New York. Questions and Answers, page 1/5 Request for Proposal Specification # 5191 Banking Services

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1 City of New Rochelle New York Questions and Answers, page 1/5 The following questions and answers are posted for all and should be included in your proposal response if warranted. (Please note text in RED is the City s response) 1. Section 7, Scope of Work, is not included in the Content and Format of the response described in Section 9, Proposal Requirements. Where in the bank s response should we address the various services in the Scope of Work? Between the Bank Background and Proposal Forms is fine. 2. Please identify whether the tax and parking violation lockboxes are automated (OCR) or wholesale. Wholesale Would the City be able to provide sample bills for each lockbox? Not at this time. 3. Section 7, Scope of Work, estimates that the volume of parking tickets is approximately 5,000 per month, but the Cost Proposal Form estimates that the average volume of parking tickets per month is 81. Please clarify. Please see attached account analysis for further information. 4. Does the City utilize full- or partial-account reconciliation services? We don t currently use any automated bank reconciliation services. However it s one of our initiatives to utilize full account services. 5. Because the bank provides a Return Deposited Item Report online which may be downloaded as a BAI file, would the City still require a separate BAI-formatted report available on a secure FTP for downloading into MUNIS? Yes, we will require a BAI-formatted report. 6. In Section 2c, you indicated that remote deposit capture is used at the Tax Office for tax receipts and City Hall for city revenues. Can you tell me how many physical scanners your currently have for each location, including the make and model for each? The City has a total of three (3) scanners. They re located in the Tax office at City Hall, the Municipal Marina and the City Court. Do you own these scanners? The City owns these scanners through compensated balances.

2 Questions and Answers, page 2/5 7. What is the adoption rate/percentage of citizens that pay online? The City currently uses FORTE which for our online tax payment system. As of 8/31/17 current collections in dollars are approximately $8m. 8. Can you provide a chart of your current account structure? The list of accounts are on Page 14 of the RFP 9. Do you currently use any fraud prevention services (i.e. ACH block, positive pay, etc.)? Yes, we currently use Positive Pay Services for our payroll and disbursement accounts. 10. Lockbox Services: What type of lockbox applications does The City require: Wholesale Straight Deposit or Retail with Automation? Wholesale Does The City want the lockbox payment stub used to include a scanline? Yes What are the peak times that The City expects its lockbox services to be used? January, April, June and October of each year. 11. Payroll Direct Deposit: Does The City create a NACHA file for payroll direct deposit? Yes What method does The City want used to transmit its payroll direct deposits: Upload or SFTP? Upload 12. Remote Deposit Capabilities: How many scanners does The City require for its remote deposit capabilities at all locations? Refer to Answer # Courier Services: Does The City provide bulk-ready coinage? Yes Is the money bagged and Coin/Rolled for pickups? The money and coins are bagged, not rolled. Does The City currently use a safe for its daily deposits? Yes 14. Employee Payroll Check Cashing: How many of The City s employees require payroll check cashing services? Approximately 150 employees 15. Paycards: How many of The City s employees might require paycards services? We would anticipate no more than 100 including seasonal employees would utilize paycard services if the City decides to implement this feature 16. Automatic Bank Reconciliation Files: Which transmission method does The City require: Upload or SFTP? Upload

3 Questions and Answers, page 3/5 17. Would the City provide the RFP in a word.doc format (This is helpful to respond in requested format). Only the PDF file on the City s website is available. 18. Would the City provide at least 3 months of Analysis Statements received by current bank (12- months is preferred). Attached are analysis statements for May, June and July 2017 which represent an average quarter of activity. 19. Would the City accept an Irrevocable Letter of Credit issues by a Federal Home Loan Bank as collateral for deposits. This form of collateral is approved under New York State General Municipal Law Section 10. Draft language for investment policy would read: An irrevocable letter of credit issued in favor of the government by a federal home loan bank whose commercial paper and other unsecured short-term debt obligations are rated in the highest rating category by at least one nationally recognized statistical rating organization, as security for the payment of 100 percent of the aggregate amount of deposits and the agreed-upon interest, if any. Yes- as long as it is in compliance with General Municipal Law. 20. Please provide the Street access for the City Hall Tax Office and the City Court for courier pick-up. City Hall is located at 515 North Avenue. The City Court is located at 475 North Avenue. 21. Is the City willing to sign a bank provided contract / Cash Management Agreement for the services detailed in the proposal? Yes, but with the review and approval of the City s Law Department. 22. Can the City provide a full list of Account subtitles? The RFP notes that the City operates 20 accounts and only 4 are utilized for majority of activity, however, the RFP list only 13 accounts by name. The 13 accounts that are listed are normal operating accounts. The additional accounts are investment accounts. 23. In regards to the City's "Concentration Account" does this account use controlled disbursement or is the City's primary general fund depository account? Currently, the Concentration Account is funded by subaccounts. The Concentration Account automatically funds the Disbursement Accounts as checks are cleared. Other options may be considered to streamline this process. 24. In regards to the City's "Daily Investment Account" does this account utilize overnight investments or is an FDIC interest bearing account for excess general fund balances? FDIC Interest bearing accounts for investment purposes.

4 Questions and Answers, page 4/5 25. Can the City provide more detail in regards to the Lock Box collection for the New Rochelle School District? The lock box collection fees for the school tax deposits are charged to the school account- separate from the City. The Deposits are made into the School Districts account bearing the School District's Tax ID#? Yes Is the City compensated for providing this collection service? The costs for the school tax payment deposits are part of the School s compensated balance program. 26. Lock Box Services Will New Rochelle School District Account open an account with HSBC for lockbox deposits? Or will the City open an account for New Rochelle School District Account with HSBC for deposit of lockbox checks? Yes if HSBC is the chosen bank. City processes school payments but the account is in the school s name. We would require a separate PO Box for the school. 27. Courier Services Paper currency $2,500 - $5,000 + cash can reach at times $100k, please Provide an average monthly cash deposit amount? Please refer to the attached account analysis provided for three months. 28. Contract Performance If the proposer has had a contract terminated during the past five years, all such incidents must be described. Submit full details of all terminations experienced by the proposer during the last five years including the terminating party s name, address, and telephone number. Present the proposer s position on the matter. If no such terminations for default have been experienced by the proposer in the past five years, the proposer must warrant such. This is proprietary information between HSBC and its clients and cannot be disclosed is it going to be a deal breaker? Please provide a generic answer and the City will contact each proposer as necessary. 29. INSURANCE CERTIFICATES SHALL NAME THE CITY OF NEW ROCHELLE AS ADDITIONAL INSURED PARTY AND SHALL STATE THAT ALL COVERAGE SHALL BE PRIMARY TO ANY OTHER INSURANCE COVERAGE HELD BY THE CITY. While HSBC can provide copies of some of the insurance certificates, we will not provide one that quotes the City s name on it or add any additional language as requested by the City - Is this going to be a deal breaker? The City requires insurance certificates for courier services only. 30. The successful vendor will be required to sign a Contract with the City of New Rochelle, NY; The City of New Rochelle, NY will not sign any company s service agreement, contract or any other form of agreement. The City of New Rochelle, NY does reserve the right to extract certain language from a company s agreement and incorporate it into a City of New Rochelle, NY contract if mutually agreeable to both parties. - HSBC will unlikely sign the City s agreement. Instead, we will require the City to sign our Rules for Cash Management agreement is this going to be a deal breaker? No, a banking agreement will be signed with the review and approval of the City s Law Department.

5 Questions and Answers, page 5/5 31. Monthly Account Analysis will be available on line to the City within ten working days. HSBC generates their Monthly Account Analysis on during the third week of each month. - is this going to be a deal breaker? We will consider all options. 32. Summary of Cost of Services Provide # of deposits (e.g. deposit slips for checks, cash/coin)? Please refer to the attached account analysis provided for three months. 33. Summary of Cost of Services / Other Cost Confirm Account Reconciliation services (is 823 # of reconciled checks) and Zero Balance Funding (is this ZBA monthly maintenance fee)? Yes for both. Thank you S. Murray Purchasing Specialist