Request for Proposals City-Wide Banking Services for Treasurer

The City of Springfield is soliciting proposals for banking services from qualified, full-service banking institutions with demonstrable experience in the municipal area. The City will pay for these services on a direct fee basis. The successful Offeror will be required to provide complete banking services to the City commencing January 1, 2023. Proposals that do not specifically address EACH ITEM of the following Minimum Criteria may be rejected: 1. The banking institution has its principal offices located in the Commonwealth of Massachusetts. 2. The banking institution is a member of the Federal Deposit Insurance Corporation (FDIC). 3. Ability at the City’s request, to collateralize City deposits and investments that are more than $100,000.00 4. Massachusetts General Law Chapter 44 Section 55 requires the maximum percentage of City deposits that a banking institution may hold in relation to their capital and surplus holdings is 60%. The City’s average daily balance is approximately

$60 million. However, the daily balance can be as high as $96 million during the course of a fiscal year. Therefore, a banking institution’s capital and surplus holdings must be equal to least $160 million to comply with this law. Does the baking institution meet this requirement? 5. The Offeror has had three or more years’ experience providing banking services substantially similar to those described in SECTION II, Scope of Services, to at least on municipality with an annual operating budget of $100,000,000 or greater. 6. The banking institution is a member of the Automated Clearing House (ACH) and can accept direct deposit payments to the City from various sources (e.g., Commonwealth of Massachusetts, U.S. Federal Government) and process direct deposit of City payroll checks. 7. The City provides account reconciliation information and payroll direct deposit information via files transmitted electronically using FTP protocols. The file language is ASCII. The Offeror is able to process information provided in this format. 8. The Offeror will credit the City’s deposit accounts with available funds according to the availability schedule established by the Federal Reserve. 9. The banking institution has a main or branch office located within the city limits of Springfield, of has the ability to arrange for check cashing privileges for City employees at a location (bank) within the city boundaries, at no cost to the employees. 10. The Offeror can provide all the following services (a more detailed description of each is provided in Section III). 11. Wire transfer, ACH collections, and disbursements (including direct deposit of employee payroll checks). 12. Automated reconciliation plan (ARP) for disbursement accounts. 13. Daily deposits night depository services, daily armored car service to Treasurer’s Office in City Hall located at 36 Court Street, Springfield MA 01103, weekly armored car service to the School Department, Central Business Office located at 1550 Main Street, Putnam Vocational High School located at 1300 State Street, and Department of Public Works at 70 Tapley Street. 14. Daily account balance reporting, daily and monthly bank statements. 15. General Banking services: a. Stop payments b. Voids c. Electronic depositing of checks at City Hall d. Coin processing e. Research and Retrieval of cashed checks f. Canceled check storage g. Automated check deposit on site 16. Flash Drive of the City’s banking records 17. Visa or Mastercard payment processing for Recreation/Golf Courses, and any other City Departments that in the future decide to accept credit cards. 18. Ability to issue and update debit cards used for payroll etc. 19. Coin processing for parking meter collections and infrequently, coin processing for other departments. 20. Cash investments such as certificates of deposit, repurchase agreement, and high-yielding money market accounts. 21. Ability to purchase the City’s revenue anticipation notes (RANS)and bond anticipation notes (BANS). 22. Feral and State income withholding payments. The Proposer shall supply the information in a structure as required in SECTION IV, Technical Proposal, and shall meet all other requirements of this RFP and applicable statutory requirements. Questions regarding the RFP should be in writing and delivered via email or facsimile (413) 787-6295 to: Office of Procurement Attn: Lauren Stabilo, Chief Procurement Officer City Hall – Room 307 36 Court Street Springfield, MA 01103 lstabilo@springfieldcityhall.com 2. All inquiries related to the requirements should prominently refer to “RFP No. 23-032, City Banking Services”, and the RFP opening date. In order to be considered, questions must be made in writing and received by the Office of Procurement no later than September 21, 2022 by close of business. Responses to inquiries will be in the form of a numbered addendum to the specifications issued by the Office of Procurement and sent to all parties listed in the RFP file as Proposers(s) holding the RFP documents. Proposers should base responses only on the specifications including any addenda, which will become exhibits to the RFP document. The City, in its sole discretion, may decline to provide the information requested. The City of Springfield supports the goal of twenty percent minority and women participation in all contracts. No questions will be answered unless received by the Chief Procurement Officer at least 7 days prior to the expiration of the time set for submitting bids or proposals. The Chief Procurement Officer reserves the right to waive any informality in and to reject any or all bids if it is in the public interest to do so. Contact: Lauren Stabilo lstabilo@springfieldcityhall.com 413-787-6284