Vendor needs to provide banking services to the government authority located in Little Rock, AR.
• List of bank personnel who will be contacts for CAW accounts, including contact information and short description of credentials. CAW must be notified if assigned financial institution personnel changes.
• List of three or more references that have similar volume and complexity, including a contact person and his/her contact information for each reference.
• Description of any services that are provided by third parties, identifying the parties providing the service.
• Description of fraud detection/prevention measures.
• Timeline for implementation
- Core Banking Services
CAW desires to select a reputable financial institution to manage its deposits and provide core banking services.
1. Provide separate accounts as needed
2. All funds deposited shall earn interest. Balances remaining at the end of each day in the main operating account shall be invested overnight at a competitive rate in an interest - bearing checking account.
3. Monies deposited in the bank by 5 P.M. shall be processed and credited with the same day credit. Exception items can be delivered to the bank's designated operation center by 5 P.M.
4. Other monies, such as maturing investments shall be given immediate credit and availability. Collected funds credit shall be given to checks drawn on the US Treasury, Federal Reserve, and the State of Arkansas.
- ONLINE BANKING SERVICES:
Provide online 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 online services are down, provide an acceptable backup method for each online requirement listed herein. All online services and options must be accessible from 7 A.M. to 7 P.M. seven days per week.
Provide the following report types online:
a. Detailed transaction and balance reports - Report should show previous day detailed transactions,
which include listings of all debits and credits impacting the accounts. Reports should be accessible
online for ten prior business days.
b. Intra-day position report - Report must provide real time recap of available accounts balances. It should be updated continuously throughout the day and reflect beginning balances, incoming/outgoing Fed wire transfers, ACH activity effective that day, maturing investments and disbursing debits.
c. Return report - Report should list all check and ACH return items for the previous day. - Provide stop payment services online from authorized officials of CAW. Verbal requests from authorized officials will be accepted and processed on the same day with documentation to follow. As a part of this service, authorized officials would be able to inquire online to determine if a specific check had previously been presented for payment prior to initiating a stop payment. - OTHER SERVICES: - Provide detailed itemized statement for each account for the previous month which shows each deposit, credit or debit memo, along with the check number and amount of each transaction by the fifth business day of the subsequent month at no charge to CAW. In RFP response, provide a sample bank statement.
- Provide Stop Payment orders at no cost to CAW.
- Forward bank generated debit or credit items to CAW the next business day with detailed support describing the nature of the transaction. Detailed support should include images of checks, adding tapes, and deposit slips. Bank generated transactions without sufficient detail will not be accepted. - Provide change as needed for various activities.
- Custodial services must include:
a. Physical custody and safekeeping of assets
b. Collection and remittance of income
c. Notification of securities called for redemption or defaults of payment.
d. Collection of called or maturity principle.
e. Buying, selling, receiving, or delivering of securities on specific instruction
f. Primary contact person
- Credit Card Services
CAW currently uses minimal credit cards (less than five) to transact day-to-day business. Statements and reports are received monthly in paper format from the card provider. A master bill is sent to the purchasing department instead of individual statements being printed and sent.
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