PROPOSAL FOR BANKING SERVICES
CITY OF YORBA LINDA Finance Department Attn: Scott Catlett, Finance Director 4845 Casa Loma Avenue Yorba Linda, CA 92886 Due: February 25, 2016 5:00 PM PREPARED BY: Senior Government Relationship Manager
Cash Management Consultant
Anaheim Hills Branch Manager
Malisa Day Vice President
Kelvin Moss Vice President
Brian Ploessel Assistant Vice President
323.727.3646 Office 866.235.9308 Fax
925.843.2466 Office 323.837.3052 Fax
714.660.0312 Office 714.777.9562 Fax
[email protected]
[email protected]
[email protected]
CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TABLE OF CONTENTS
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TABLE OF CONTENTS TAB 1: COVER LETTER ............................................................................................................. 5 TAB 2: BANK AND STAFF PROFILE ......................................................................................... 8 TAB 3: REFERENCES.............................................................................................................. 13 TAB 4: COMMUNITY REINVESTMENT ................................................................................... 15 TAB 5: DEPOSIT PROCESSING .............................................................................................. 17 TAB 6: ACCOUNT RECONCILEMENT & POSITIVE PAY ........................................................ 19 TAB 7: ARMORED TRANSPORT SERVICE ............................................................................ 23 TAB 8: REMOTE DEPOSIT ...................................................................................................... 24 TAB 9: ELECTRONIC MONEY TRANSFERS ........................................................................... 25 TAB 10: STATE ACTIVITY........................................................................................................ 27 TAB 11: ONLINE INFORMATION REPORTING AND TRANSACTION PROCESSING ............ 28 TAB 12: AUTOMATED CLEARING HOUSE (ACH) SERVICE REQUIRMENTS ....................... 33 TAB 13: PAYROLL TAX PROCESSING ................................................................................... 36 TAB 14: BUSINESS CREDIT CARDS ...................................................................................... 37 TAB 15: MERCHANT SERVICES/CREDIT CARD PROCESSING ........................................... 40 TAB 16: OVERNIGHT SWEEP ACCOUNT FACILITY .............................................................. 47 TAB 17: EMERGENCY LINE OF CREDIT ................................................................................ 48 TAB 18: SERVICE ENHANCEMENTS ...................................................................................... 49 TAB 19: CONVERSION PLAN .................................................................................................. 50 TAB 20: BANK COMPENSATION............................................................................................. 52 TAB 21: COLLATERALIZATION ............................................................................................... 54 TAB 22: BANKING SERVICES PRICING FORM ...................................................................... 55 TAB 23: FINANCIAL STATEMENTS AND RATINGS................................................................ 56 TAB 24: ACCOUNT ANALYSIS ................................................................................................ 57 TAB 25: PRO FORMA .............................................................................................................. 58 TAB 26: EXHIBITS .................................................................................................................... 59
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
COVER LETTER
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 1: COVER LETTER February 25, 2016 City of Yorba Linda Attn: Scott Catlett Finance Director 4845 Casa Loma Avenue Yorba Linda, CA 92886 Dear Mr. Catlett: Bank of the West (“Bank”) is pleased to submit our proposal for banking services to the City of Yorba Linda (“the City”). We confirm our understanding of the services to be provided, and are willing and committed, if selected, to provide the services to the City. The enclosed proposal addresses banking services in response to the City’s Request for Proposal “RFP” for Banking Services. The Bank of the West Government Banking office is located at 500 Capitol Mall, Sacramento, CA 95814. Your Relationship Manager, Malisa Day, is located at 13300 Crossroads Parkway North, City of Industry, CA 91746. Following is a summary of our offer and benefits: Fixed pricing over the life of the contract Transition/Implementation Bonus: Waive analysis fees for the first three (3) months of the contract term, including costs associated with implementation and setup Preferred Earnings Credit Rate (ECR) of 0.55%, fixed – this bank managed rate is 0.35% over our current standard rate of 0.20% Collateral & FDIC: Deposits are collateralized and FDIC insured Waive Federal Reserve Requirement: Waive the 10% Federal Reserve Requirement resulting in the City having additional earnings allowance to offset service fees No Check Cashing Fee: Waive check cashing fee for all the City checks that are cashed at any Bank of the West branch for the duration of the contract Employee Banking: Through our Bank At Work program, the City employees can receive discounted/enhanced consumer banking products and services through our branch network Commitment: Proposal is committed for a period of 120 days from the date of this letter WHAT SETS BANK OF THE WEST APART Financial Integrity: A financial institution with a strong capital position and fiscal responsibility Access to Expertise: Accomplished local leadership, exceptional bankers and service professionals Steadfast Relationship: Successful partnerships built on understanding your business and sharing thoughtful advice Delivering Results: Comprehensive financial services, global scale and local delivery PERSONALIZED CASH MANAGEMENT SOLUTIONS: Our mission is to provide the City with cost-effective banking solutions that combine a broad array of products and services with a relationship driven approach to provide the streamlined solutions you seek. As a Bank of the West client, you will enjoy personalized service and unparalleled access to your banking team.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
SOLUTIONS DESIGNED WITH YOU IN MIND: We will customize solutions to meet the City’s banking needs and objectives to: Minimize banking costs Improve operational efficiency Maximize investment capabilities With this in mind, we will offer you the following products and services to support your existing operations and beyond: Web Direct, our online information reporting and transaction initiation platform ACH, Stop Payments, Wire Transfer Services, etc. via Web Direct online Positive Pay and ACH Positive Pay to help prevent account fraud Other financial related services as the City needs evolve
PERSONALIZED SERVICE: To deliver a superior level of personalized customer service, your dedicated Customer Service Specialist will support your day-to-day banking needs and you will have direct access to our customer service management team at all times. SUMMARY: In selecting Bank of the West as a banking partner, the City will be selecting more than just products and services. You will be selecting a high-touch, customer-centric, market-oriented financial institution with the capabilities you need and the relationship-driven culture you want. Bank of the West appreciates the opportunity to share our vision and we are confident we will exceed your expectations and earn the opportunity to build a relationship that is mutually beneficial for the City and the Bank. Bank of the West would like to be the bank of choice for the City of Yorba Linda!
SOLUTIONS
Sincerely,
Malisa Day Vice President, Senior Government Relationship Manager
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
RFP RESPONSE
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 2: BANK AND STAFF PROFILE Overview: Provide a corporate overview of the bank. How long has the bank been in existence? State whether it is a local, national or international entity, and whether it is a parent, a subsidiary of a corporation, or other ownership type. Identify the number of branches within the City of Yorba Linda and surrounding areas, and the location of the nearest full service branch that can assist with the City’s banking needs. Founded in 1874, Bank of the West is a full-service commercial bank serving the personal and business banking needs of customers through a network of more than 600 retail and commercial locations in twenty-two states. Bank of the West is a financially sound StateChartered bank. Bank of the West is a State of California chartered bank and is the third largest commercial bank based in California. A subsidiary of holding company BancWest Corporation, Bank of the West has $74.0 billion in assets as of September 30, 2015. BancWest Corporation is a wholly owned subsidiary of BNP Paribas, a European leader in banking and financial services, and the fifth highest rated bank in the world according to Standard & Poor's. The local branch is located at 4501 E La Palma, Anaheim, CA 92807 just 2.2 miles from the City’s offices. Your Relationship Manager Malisa day is located at 1330 Crossroads Parkway North, City of Industry, CA 91746. Bank of the West also has the following branches in the surrounding areas. Branch Fullerton Brea Rowland Heights La Habra Santa Ana Main Anaheim
Address 3021 Yorba Linda Blvd., Fullerton, CA 92831 311 S. State College Blvd., Brea, CA 92821 19005 Colima Road, Rowland Heights, CA 91748 1330 S. Beach Blvd., Unit A, La Habra, CA 90631 103 East Memory Lane, Santa Ana, CA 92705 619 S Brookhurst St., Anaheim, CA 92804
Miles Away 2.79 3.91 7.62 8.37 8.5 8.99
Experience: Describe the bank’s experience in providing services to the public sector. Include a description of exclusive resources dedicated for the public sector, the number of governmental clients in California, types of services offered, and bank’s knowledge of and adherence to the California Government Code. Bank of the West has a dedicated Government Banking Division located in Sacramento. Our Government Banking Division is managed by Director Lily Ng and is staffed with experienced professionals. These professionals have a combined total of over one hundred years of experience working in the government sector and have specialized knowledge on issues concerning government entities.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
As of January 31, 2016, Bank of the West has over 3,900 public fund accounts with more than $3.0 Billion in deposits. In California, we have over 1,400 public fund accounts with $1.4 Billion in deposits are collateralized in accordance to the California Government Codes and other applicable laws. Customer Service Philosophy: A clear dedication to outstanding customer service is a critical component of the City’s evaluation process in selecting a bank. Describe the bank’s customer service philosophy, with specific emphasis on levels of support provided to clients, the bank’s escalation strategy for initially unresolved issues, and what point(s) of contact will be provided to the City to address any issues experienced with the bank’s systems and/or services. Customer Service is the cornerstone of our business where we empower our employees to provide highly personalized customer service and promote community well-being. These qualities set us apart and allow us to build strong bonds with our customers. Our strategy is to create a customer centric, intelligent, energetic and caring customer service organization delivering personalized and quality customer service to our clients. The City’s assigned dedicated Customer Service Specialist is Ly Huynh who can be reached directly at toll free number 1-800-676-4549 extension 7483. Ly is your first point of contact for all daily account inquiries and to address any issues with the bank’s systems and/or services. Ly has authority to escalate customer issues to senior bank management and operations for initially unresolved issues. Relationship Management: Describe the team that will be assigned to service the relationship. Provide the name, title, experience and qualifications of each individual team member, and describe their roles and responsibilities as they relate to services to be provided to the City of Yorba Linda. Provide an organizational chart for the personnel who will be assigned to manage the City’s services, indicating the roles of each individual and illustrating the relationships among those personnel. Relationship Manager and Team: Malisa Day is the City’s dedicated Relationship Manager and leads a team of specialists to serve the City’s needs now and in the future. Malisa will coordinate and be responsible for service, performance and delivery of products by her support team. She will be the City’s conduit to the various groups within the Bank. In Malisa’s absence, her manager Lily is her back up, in addition to being the management escalation. Ly is your assigned Government Customer Service Specialist who is your day-to-day contact for all account inquiries and issues. Ly is your focal point on any issue escalation amongst the various bank departments and management. The following chart depicts the City’s Relationship Team assigned to manage the City’s services and their roles. In addition, we have included bios for key members of the relationship team.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Bank of the West Management LILY NG Director, Government Banking Division >30 years banking experience 916-552-4404
[email protected]
Credit: Shari Sacks Merchant Services: Mary Fladland Card Programs: Dean Christman Fixed Income: Craig Conley
Anaheim Hills Branch Bryan Ploessel *Local contact on branch services* >10 years banking experience 714-660-0312
[email protected]
Malisa Day Vice President Senior Government Relationship Manager
(213) 972-0646 (909) 331-5869 (866) 235-9308
[email protected]
Senior Government Banking Relationship Manager MALISA DAY Primary Contact Manages City’s overall relationship with BOW >20 years banking experience 323-727-3646 / 909-331-5869 cell 866-235-9308 Fax
[email protected]
Government Customer Service Ly Huynh *Supports daily inquiries* >18 years banking experience 800-676-4549
[email protected]
City’s Banking Services Administrator
Sr. Government CM Consultant Kelvin Moss *Provides solutions in CM services* >22 years banking experience 925-843-2466
[email protected]
Malisa Day is currently a Vice President and Senior Government Relationship Manager. She will serve as your dedicated Relationship Manager and will be your primary contact. Malisa has over 20 years of the financial industry and is Six Sigma Green Belt certified. Since 2013, Malisa has dedicated her time working with the government sector. Malisa has vast experience working directly with various state and local agencies and the higher education segment. As your primary Relationship Officer, Malisa will coordinate and be responsible for the service, delivery of products and overall customer satisfaction. She will be your first line of contact and conduit to the various groups within the Bank. Memberships: CACTTC, CSMFO, CMTA, CSDA Malisa is a Board Member of the Foothill Family Shelter, and graduate of Women’s Unlimited. She is also a member of an international volunteer organization Soroptimist Group in Southern California.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Lily Ng Director Government Banking Department Manager
(916) 552-4404 (213) 256-5693 (866) 235-9308
[email protected]
Kelvin Moss Vice President Senior Govt Cash Mgmt Sales Consultant
(925) 843-2466 (323) 837-3052
Lily Ng, Director and Government Banking Department Manager, has over 30 years of experience in the financial industry. Since 2004, Lily has dedicated her time to serving the government sector working directly with various federal, state and local organizations. An advocate of community involvement, Lily has served on various organizations. Currently, Lily is CACTTC 201516 Associate Vice Chair, member of CSDA 2015 Fiscal Committee, CMTA 2015-16 Associate President, member of 2016 CSMFO Conference Host Committee, USTA HITS program Junior Team Tennis Coach, and Board Advisor of San Gabriel Tennis Club. Previously, Lily served as the CACTTC 2013-14 Associate President, member of the CSMFO 2011-12 Conference Host Committee, member of PHRPD 2010 Measure E Bond Oversight Committee, and was presented the Women of Influence award in 2010 by the Pleasant Hill Chamber of Commerce. Memberships with CSMFO, CMTA, CSDA, CACTTC, USTA, PHTC, SGTC, HTC, ACTA, Gold River RC and FORC. In Malisa’s absence, Lily will be your backup banker. Kelvin Moss, Vice President and Senior Cash Management Consultant, has over 22 years of banking experience with 18 of those years in Treasury Management. Kelvin joined Bank of the West in 1993. Prior to Bank of the West, Kelvin attended University at UC Santa Barbara, Major - Political Science
Kelvin supports all Government Accounts
Kelvin is responsible for consulting with clients relative to the collection and disbursement of their depository accounts by offering various banking services
[email protected] Bryan Ploessel Branch Manager Anaheim Hills Branch (714) 660-0312 (714) 777-9562
Bryan Ploessel, Branch Manager of our Anaheim Hills Banking Center joined Bank of the West in 2011 and has been a valuable asset in the Retail Banking Group. Bryan brings 10 years of banking experience with an expertise in consumer & commercial lending.
bryan.ploessel@ bankofthewest.com
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Ly Huynh CCS Relationship Specialist Commercial Client Services
Ly Huynh is a seasoned Commercial Customer Service Specialist assigned exclusively to Bank of the West’s Government Banking group. Ly joined Bank of the West in January 2010 and has been a valuable asset in our Cash Management Customer Services Department for over 6 years. Ly has over 18 years experienced within the financial industry and customer service.
(800) 676-4549 Ext. 7483 (323) 727-4984
Ly is well versed in all Cash Management products and services and is an expert with finding unorthodox solutions. Ly has an unwavering commitment to customer service with the ability to build productive relationships, resolve complex issues and win customer loyalty.
[email protected]
Compliance and Exceptions: Include a statement to confirm the bank’s compliance to the specific minimum qualifications, listing any exceptions to required services.
Be a Federally or State of California chartered financial institution. Be a member of the Federal Reserve System and have access to all services. Be a member of the Federal Deposit Insurance Corporation (FDIC). Be a qualified State of California depository for public funds (includes being a LAIF depository), and meet all California government code requirements related to providing banking services to a public entity. Be a full service bank in good standing among other comparable banks and have a service location in or within 10 miles of the City of Yorba Linda. Be capable of providing the services sought by the City, including a wide range of electronic payment and deposit services. Agree to assign experienced and dedicated staff committed and capable of servicing the City’s accounts. Be in compliance and good standing with the Community Reinvestment Act, having a minimum “Satisfactory” CRA rating. Be sufficiently capitalized to accommodate the City’s cash/investment management needs.
Bank of the West complies with the specific minimum qualifications above and does not have any exceptions to the required services.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 3: REFERENCES Please provide five (5) references. References should include other California cities or local government entities of similar size and scope of service utilization as the City of Yorba Linda. Both long-standing and recent customers should be included among the bank’s references. Include the following information for each reference: Contact name and title Name of customer (agency) Address Telephone number Number of years as a customer Services provided Following is five Bank of the West’s government clients with their contact information, services utilized and years as a bank customer. CONTACT NAME /TITLE NAME OF CUSTOMER ADDRESS TELEPHONE FAX EMAIL YEARS AS CUSTOMER SERVICES UTILIZED
Stephen Parker, Administrative Services Director CITY OF STANTON 7800 Katella Avenue, Stanton CA 90680 714-890-4226 714-890-1443
[email protected] Since 1970 DDA, Sweep, Positive Pay, ACH, Tax Direct, Remote Check Deposit (aka EDS), Cash Vault, Online WebDirect (Information Reporting, Special Reports, ACH, Money Transfers), Merchant Services
CONTACT NAME /TITLE
Adam Pirrie, Finance Director/Treasurer
NAME OF CUSTOMER
CITY OF CLAREMONT
ADDRESS
207 Harvard Avenue, Claremont, CA 91711
TELEPHONE
909-399-5328
FAX
909-399-5366
EMAIL
[email protected]
YEARS AS CUSTOMER
Since 2013 DDA, Online Image Express, Positive Pay, Remote Check Deposit (aka EDS), Cash Vault, Online WebDirect (Information Reporting, Money Transfers, ACH), Merchant Services, Investments, Brokered CDs, ePayables
SERVICES UTILIZED
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
CONTACT NAME /TITLE
Hue Quach, Director of Administrative Services
NAME OF CUSTOMER
CITY OF ARCADIA
ADDRESS
240 West Huntington Drive, Arcadia, CA 91066
TELEPHONE
626-574-5425
FAX
626-821-0092
EMAIL
[email protected]
YEARS AS CUSTOMER
Since 2007 DDA, ZBA, CD ROM, ARP, Positive Pay, Image Cash Services, Online WebDirect (Information Reporting, Money Transfers, ACH), Cash Vault, Merchant Services
SERVICES UTILIZED
CONTACT NAME/TITLE
Annie Yaung, Financial Services Manager
NAME OF CUSTOMER
CITY OF MONTEREY PARK 320 W Newmark Avenue, Monterey Park, CA 91754
ADDRESS TELEPHONE
626-307-1349
FAX
626-307-2516
EMAIL
[email protected]
YEARS AS CUSTOMER
Since 2012 DDA, ACH, ARP, Positive Pay, Cash Vault, Online WebDirect (Information Reporting, Wire Transfers), Cash Vault, Remote Check Deposit (aka EDS), Stop Payments, Image Express, Purchasing Card, Merchant Services, ATM Services, ePayables
SERVICES UTILIZED
CONTACT NAME /TITLE
Dean G. Johnson, Assistant Finance Director
NAME OF CUSTOMER
CITY OF ALHAMBRA
ADDRESS
111 South First Street, Alhambra, CA 91801
TELEPHONE NUMBER
626-570-5017
FAX
626-576-8568
EMAIL
[email protected]
YEARS AS CUSTOMER
Since 1988 DDA, ZBA, Online Image Express, CD ROM, Lockbox, ARP, Positive Pay, ACH, Remote Check Deposit (aka EDS), Image Cash Service, Online WebDirect (Information Reporting, Stop Payments, Money Transfers, ACH), Cash Vault, Cash Services, Merchant Services, Credit Services
SERVICES UTILIZED
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 4: COMMUNITY REINVESTMENT The City is seeking to partner with a bank that is active in the growth and reinvestment in the City of Yorba Linda and its surrounding communities. Responding banks must provide the following information relative to community reinvestment:
Provide the bank’s most recent Community Reinvestment Act (CRA) rating and include a copy of the pages of their most recent CRA evaluation report affirming this rating.
Bank of the West’s most recent CRA Rating is Satisfactory as of March 3, 2014. Bank of the West is committed to our communities. Since 2002, Bank of the West has supported under-resourced communities with more than $95 billion in loans, investments and charitable contributions to individuals, small businesses, companies and community- based organizations. Bank of the West and its employees work closely with many community-based groups and participate in a financial advisory capacity for numerous organizations. Bank employees serve on a variety of boards and finance committees providing technical, managerial and financial expertise to many organizations specializing in small business development, services benefiting low-income and disadvantaged individuals, economic development and community revitalization, affordable housing and shelter, health, wellness and education. It is through our branch network that Bank of the West brings its community-oriented banking philosophy, which is firmly committed to achieving the goals of the Community Reinvestment Act (CRA) enacted by Congress in 1977. Throughout the Bank of the West organization, managers and staff believe strongly in the importance of meeting the needs of the communities they serve, including low and moderate-income individuals and neighborhoods. Our employees contribute thousands of hours annually to their communities. They serve on a variety of boards and finance committees providing technical, managerial and financial expertise to many organizations specializing in small business development, services benefiting lowincome and disadvantaged individuals, economic development and community revitalization, affordable housing and shelter, health, wellness and education. Employees also participate in various financial literacy-training programs within the community and at local schools, are active in career days and participate in job fairs targeted to serve low and moderate-income individuals. Please refer to the end of Tab 26 for pages of from our most recent CRA evaluation report affirming our rating.
Describe the bank’s participation in and/or sponsorship of community or charity events and/or programs, including the annual financial commitment to each program, in Yorba Linda and surrounding communities.
Over the past three years Bank of the West has made more than $921,000,000 in loans and leases to businesses and residents of Orange County.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
The following chart shows the events and programs that the Bank has contributed to over the past three years: Bank of the West Community Development Contributions Program 2013-2015 Orange County Grants
Nonrpofit Collaborative Courts Foundation Project Access Project Access WISEPlace Illumination Foundation KidWorks Community Development Corporation UC Irvine Diabetes Center Boys and Girls Club of the South Coast Area Orange County United Way Santa Ana College Foundation Asian American Senior Citizens Service Center Orange County/Inland Empire SBDC Network Lead Center (California State University, Fullerton Philanthropic Foundation) Boys and Girls Club of Stanton Boys and Girls Club of the South Coast Area Project Access UC Irvine Diabetes Center WISEPlace Collaborative Courts Foundation Alzheimer's Association, Orange County Chapter KidWorks Community Development Corporation United Cerebral Palsy of Orange County Santa Ana College Foundation HomeAid Orange County COR Community Development Corporation Boys and Girls Club of the South Coast Area Girls Incorporated of Orange County Orange County United Way Pediatric Cancer Research Foundation Boys and Girls Club of Stanton Asian American Senior Citizens Service Center Templo Calvario Community Development Corporation UC Irvine Diabetes Center Collaborative Courts Foundation Susan G. Komen Orange County Project Access WISEPlace HomeAid Orange County Boys and Girls Club of Stanton Collaborative Courts Foundation Girls Incorporated of Orange County Asian American Senior Citizens Service Center Orange County Community Housing Corporation Orange County United Way Orange County United Way KidWorks Community Development Corporation Alzheimer's Association, Orange County Chapter Santa Ana College Foundation COR Community Development Corporation United Cerebral Palsy of Orange County Collaborative Courts Foundation Templo Calvario Community Development Corporation
City Laguna Beach Newport Bech Newport Beach Santa Ana Irvine Santa Ana Irvine San Clemente Irvine Santa Ana Santa Ana FULLERTON Stanton San Clemente Newport Beach Irvine Santa Ana Laguna Beach Irvine Santa Ana Irvine Santa Ana Irvine Irvine San Clemente Costa Mesa Irvine Irvine Stanton Santa Ana Santa Ana Irvine Laguna Beach Costa Mesa Newport Beach Santa Ana Irvine Stanton Laguna Beach Costa Mesa Santa Ana Santa Ana Irvine Irvine Santa Ana Irvine Santa Ana Irvine Irvine Laguna Beach Santa Ana
Amount $7,000.00 $6,000.00 $1,000.00 $3,000.00 $5,000.00 $5,000.00 $5,000.00 $2,500.00 $3,000.00 $5,000.00 $150.00 $5,000.00 $3,000.00 $3,000.00 $6,000.00 $5,000.00 $3,000.00 $7,000.00 $5,000.00 $2,500.00 $2,500.00 $5,000.00 $2,000.00 $5,000.00 $1,500.00 $4,000.00 $3,000.00 $2,000.00 $3,000.00 $3,000.00 $5,000.00 $5,000.00 $1,000.00 $15,000.00 $10,000.00 $5,000.00 $5,000.00 $5,000.00 $10,000.00 $7,500.00 $5,000.00 $7,500.00 $3,000.00 $5,000.00 $7,500.00 $10,000.00 $5,000.00 $5,000.00 $1,000.00 $1,000.00 $5,000.00 $236,650.00
Date 04/17/2013 05/29/2013 06/17/2013 06/24/2013 08/19/2013 08/27/2013 08/28/2013 10/25/2013 11/15/2013 12/09/2013 12/09/2013 12/09/2013 12/18/2013 12/18/2013 04/22/2014 03/25/2014 06/13/2014 09/17/2014 11/17/2014 11/14/2014 10/24/2014 11/14/2014 10/28/2014 10/15/2014 12/12/2014 12/15/2014 12/12/2014 12/15/2014 12/12/2014 12/12/2014 12/18/2014 02/06/2015 02/20/2015 04/08/2015 05/01/2015 08/17/2015 09/18/2015 09/18/2015 08/24/2015 10/26/2015 09/24/2015 12/17/2015 09/11/2015 09/24/2015 09/24/2015 09/24/2015 10/15/2015 10/16/2015 11/25/2015 11/20/2015 12/16/2015
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 5: DEPOSIT PROCESSING The City currently makes deposits once a week at its current bank’s local branch. Deposits are comprised solely of currency and coin. Describe how the bank would accommodate the City’s deposit activity. Indicate deposit options, including remote deposit and cash vault centers. The bank should have a centralized cash vault operation that can accommodate the security and deposit volume associated with City accounts. Indicate the cut-off time for deposits at the operations center to ensure same-day ledger credit. Describe the bank’s adjustment procedures for any deposit discrepancies. Provide information on the bank’s procedures for processing change/currency orders placed by the City. Cash Vault Services The Bank’s cash vault service offers a secure, efficient way to make large cash deposits, delivered by licensed, bonded armored carriers. The City’s account will be structured with a unique profile that defines your specific service requirements by location number, order limits and adjustment advice addresses. The profiles are retained in our automated vault processing system to ensure that your requirements are consistently met. Features and benefits include:
Safety and security: We employ state-of-the-art security systems at the cash vault and work in conjunction with your contracted armored carrier to ensure deposits and change orders are transferred in a secure and timely manner. Fast availability of funds: The City receives same day credit for cash only deposits accepted in the vault by our published deadlines. Online Information Reporting: WebDirect, the Bank’s online cash management system, provides 24/7 access to deposit reports and includes inquiry capabilities to research deposits, adjustments, and change orders. Flexible coin and currency order options: You can order coin and currency seven days a week, 24 hours a day by touch-tone phone.
Remote Deposit Service Electronic Deposit Service (EDS) is the Bank’s remote deposit solution, providing a fast and secure means of depositing checks directly to your accounts from the City’s various locations. Using a desktop scanner and software supplied by the Bank, you can deposit paper checks electronically and eliminate trips to a branch or check processing center. EDS allows you to make deposits to multiple Bank of the West accounts and all deposit files are transmitted to the Bank in a secure, encrypted file format. An email confirmation is delivered to the City when deposits have been received by the Bank, and check images are available for viewing and printing directly from the EDS program or via WebDirect, the Bank’s online cash management system.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Branch Service Making deposits at a traditional branch is an ideal solution for the City if your locations are in close proximity to a Bank of the West branch and have relatively low cash deposit activity. The Bank recommends the City use cash vault and/or remote deposit (EDS) as primary depository channels, with the branch as an alternative when those solutions do not fit with your exact needs. Night Drop Service Most of the Bank’s full-service traditional branches are equipped with a night depository. Deposits received by 6:00 AM PT local time on business days are opened in dual custody and credited the same day. Adjustment advices are mailed to the adjustment advice address the City specifies during service implementation. The Bank recommends the City use cash vault and/or remote deposit (EDS) as primary depository channels with night drop as a back-up alternative when those solutions do not fit with your exact needs. Deadlines for Same Day Ledger Credit:
Cash Vault: o Cash only deposit — 7:00 PM o Check or Mixed (cash and checks) — 6:00 PM Remote Capture (EDS) — 7:00 PM Branch (Anaheim Hills) — 5:00 PM Mon-Thurs 6:00 PM Fri Night Drop Service — 6:00 AM
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 6: ACCOUNT RECONCILEMENT & POSITIVE PAY The bank must provide monthly account reconcilement reports, bank statements, account analysis statements, confirmations and other report-related features. The bank must be able to provide various reports and statements in an electronic format via download from the online portal and also provide specialized reports, where feasible, as needed. Describe the account reconciliation and positive pay services offered by the bank whereby the City can view check images for daily exception items prior to making a pay or no/pay decision. Also describe the bank’s check truncation services with check image availability over the internet, including estimated savings if used. Account Reconciliation The Bank uses a sophisticated software program that gives us the capability and flexibility to meet the City’s specific needs. We designed our Account Reconcilement Services to be flexible and easily implemented with your accounting system. The City can utilize the Bank’s standard ARP format or the Bank can customize the format to function with your financial system. There are two options for file export/import:
Download and export paid check information from WebDirect in a BAI or CSV format. Receive a direct transmission of Paid, Partial or Full Reconcilement to your treasury workstation using the following protocols: Secure Transport Web Portal – HTTPS; or (S)FTP Client – SSH/SCP.
Once reconciliation is complete the Bank generates various reports, available by mail, electronically via WebDirect or by transmission. Our reports are easy to generate, view, print and save for future use. Following are features and reports to assist in tailoring your reconcilement program to fit your needs:
Paid check reports via transmission, online in WebDirect, or hard copy Reports sequenced by check number, issue date or paid date Available in various subtotal, total and grand total schemes Custom calendar cutoff dates and “as-of” or “from-to” cutoff dates available Sub-account tracking and cumulative stop reports Special reconcilement requests at any time during the accounting period Paid only reports Outstanding reports Stale date feature Maximum dollar control Miscellaneous data fields, such as customer identification, department name
Account Reconcilement and Monthly Depository Services statements can be downloaded and printed online and are available one day after month-end cut-off.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Positive Pay The Bank recommends the use of Payee Positive Pay to add an additional layer of fraud protection to your accounts. Payee Positive Pay is a secure and effective way to minimize check fraud losses caused by the payment of unauthorized checks. By reviewing a daily “exception” report with images of suspicious items, the City can return fraudulent checks while paying all legitimate checks in a timely manner. Payee Positive Pay combined with Account Reconcilement will streamline accounting procedures and give the City total control over check and reconcilement activity. The Bank also offers Payee Positive Pay as a stand-alone service for customers without Account Reconcilement services, but in need of a safeguard against check fraud. Payee Positive Pay utilizes Optical Character Recognition (OCR) technology to read the payee name on the “Pay to the Order Of” portion of your checks. OCR software reads the payee name and performs a character-by-character match against the payee information provided in the City’s check issue file. Payee Positive Pay Workflow 1) Prior to checks being issued, the City supplies the Bank with a “check issue file” containing the payee name, account number, check number, issue date, and dollar amount of each check. The check issue file can be transmitted to the Bank using one of two methods:
WebDirect, using a comma separated value (CSV) or fixed width text (TXT) format DirectSend Transmission
2) As checks are presented to the City’s account for payment, the Bank electronically compares them to your check issue file. The following components of the check must match for the Bank to pay the item: payee name, account number, check number, issue date and dollar amount. 3) Checks matching the City’s check issue file are paid. 4) Checks that do not match the check issue file are identified as “Exceptions”, and presented to the City in an Exception Report on WebDirect by 7:45 AM PT. Prior to reporting exceptions to the City, a Bank specialist reviews each item to ensure that only legitimate exceptions are included in the final exception report. 5) Using simple drop-down menus in WebDirect, the City makes a “Pay” or “Return” decision by 1:00 PM PT. The Bank provides an image of the exception item to assist in making a decision. If a decision is not made prior to the cut-off time, the default disposition established by the City at the time of account set-up, will take effect. Payee Positive Pay Cut-Off Times
Check Issue File Upload Cut Off (Via WebDirect): 10:00 AM, 12:00 PM, 2:00 PM, 6:30 PM Check Issue File Upload Cut Off (Via Transmission): 7:00 PM Exception Viewing Available: 7:45 AM Exception Response Deadline: 1:00 PM
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Payee Positive Pay Reports The Bank’s Payee Positive Pay reports are easy to use and we integrate the Exception Report with images of the checks for additional check authentication. The following Payee Positive Pay reports are available via WebDirect:
Exception Report Customer Transactions Report User Transactions Report Customer Recap Report
Payee Positive Pay Notifications The Bank provides an email notification when Payee Positive Pay activity is pending and the City’s WebDirect users can specify their preference in the notification method. Following are examples of email notifications from Payee Positive Pay. Features of Payee Positive Pay
Daily receipt of an Exception Report via WebDirect Make pay/return decisions online in real-time Add manual check issue data online in the Payee Positive Pay module of WebDirect
Benefits
Effective, early detection of unauthorized payments View images of exception items online to assist with decision Minimize risk and improve overall cash management Reduce potential for loss due to fraud The City is in complete control of its disbursement process
The Bank welcomes the opportunity to discuss Payee Positive Pay services with the City and develop a customized solution to efficiently manage check disbursements and guard against check fraud. WebDirect Transaction and Image Storage The Bank provides a default 90-day archive of images through the online banking platform WebDirect. Images of deposits, disbursement checks, and all other paper transactions are available for viewing on our secure internet site. Electronic transactions are also searchable and available on WebDirect for 90-days as a default. (Note: images of electronic transactions are not available because there is no paper item negotiated and therefore no item to scan/capture). Additional transaction and image retention is available for 180-days or 1-year at an additional cost.
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ImageExpress The Bank also supplies images of paper transactions through two methods that include longer archiving: 1. ImageExpress CD-ROM Via secure login, the City will have access to images of paid checks and monthly bank statements. Multiple copies of each CD can be delivered to multiple locations and each disc can hold up to 10,000 images. Search Function: The City can search the CD-ROM using various criteria including: serial number, account number, dollar amount or date paid. Once the desired image is located, the City can print a copy of the image if desired. The CD is mailed within 3-5 days after month-end cut-off. 2. ImageExpress Online Access an online archive of check images within 24 hours of payment. The online site is available 24/7 and is accessible by secure login and password. The City can also use this service to research deposits and view transactions included in the deposits. ImageExpress Online service archives images for seven years starting from the beginning date of service.
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TAB 7: ARMORED TRANSPORT SERVICE The City currently does not use an armored transport service. Describe what the bank offers for armored transport services and include pricing on the Banking Services Bid Form. Indicate whether the cost can be included in Analysis. Third party providers, specifically armored carriers and couriers are not provided by the Bank. The City can contract directly with the vendor of your choice. On a case-by-case basis, the cost can be included in Analysis and the City can use compensating balances to offset this cost.
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TAB 8: REMOTE DEPOSIT The City currently uses this service. Provide information on the bank’s capability to provide a scanner for remote deposit, including the cost of any equipment required. The City currently uses has scanner with a typical volume of 30-50 checks per day processed. Electronic Deposit Service (EDS), the Bank’s Remote Deposit solution, may be compatible with the City’s existing scanner. If selected, the Bank can discuss providing a new scanner to the City and include the cost in our offer to the City. Below is a list of compatible scanners and standard costs.
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TAB 9: ELECTRONIC MONEY TRANSFERS Describe the bank’s incoming and outgoing electronic money transfer services. Include safeguards and security measures offered by your service. The Bank provides the initiation of domestic and international wires, as well as internal book transfers between Bank of the West accounts. Wire transfers can be generated in US Dollars or multiple foreign currencies and provide same day availability when initiated according to the Wire Deadline schedule provided by the Bank. Wire Initiation – the Bank offers the initiation of wire transfers through the following methods: 1. Internet/Web-based: Wire initiation using WebDirect, the Bank’s online cash management system. 2. Direct Wire: Phone-in wire transfer requests. 3. Standing Transfer Order (STO): An automated option for repetitive wires with a recurring schedule; can be set-up on a fixed or peg balance amount. 4. Branch: Wires initiated at the branch can be authorized in person by an authorized signer 5. Flat File Wire Delivery: File import of wires using WebDirect or WebDirect “Connect”, an adjunct service containing an automated scheduler; used for large volume of daily wires. 6. Straight thru processing (CPU to CPU) via the Bank’s Integrated Solutions service. WebDirect – choose from free-form or create wire templates
Free Form – Initiate a one-time wire transfer without creating recurring transfer instructions. Wire Template – Initiate wire instructions from a pre-formatted template (repetitive transfers) for frequent or regularly scheduled transfer of funds.
Wire Transfer screen – Online initiation of free form Wires for one-time use and Wire templates for repetitive use.
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Wire transfers initiated via WebDirect can be scheduled up to 30 days in advance. Wires initiated via Integrated Solutions can be scheduled up to 7 days in advance. Wire Deadlines
Incoming Wires received by the Bank before 2:30 PM PT will receive same day credit. Outgoing wires will be sent the same day when initiated and approved prior to the following cut-off times: o Domestic and International — 2:30 PM PT o Book Transfers (to another BOTW client) — 4:30 PM PT
Wire Security Features WebDirect uses multifactor authentication to prevent unauthorized access to the wire transfer system and the application is secured by 128-bit SSL encryption. Using the System Administration module in WebDirect you may assign specific dollar and approval limits to users initiating wires as well as establish dollar limits per transaction or maximum daily usage amounts for each wire template. Other security measures include password changes and timing-out individual WebDirect sessions. Password changes are required every 90 days by default, however the frequency is controlled by the Administrator and may be modified at the user level as desired. WebDirect will log out users after 20 minutes of inactivity. If a WebDirect session becomes inactive for 20 minutes, the session will end or “time-out” and the user must log on to begin a new session. Operational security features include required approvals on all free form wires and template setups. Multiple approver requirements (up to 9) can be established on templates prior to wire release. Maximum dollar limits can be established at the user or template levels.
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TAB 10: STATE ACTIVITY Describe the method the bank uses to process subvention payments from the State of California and LAIF transfers. Please describe the process (phone, wire, other) for LAIF transfers. LAIF transfers are originated online through the WebDirect Wire module, to an internal clearing account. LAIF transfers are considered an internal book wire transfer. The State of California originates redemptions from LAIF as an incoming wire to the City’s bank account.
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TAB 11: ONLINE INFORMATION REPORTING AND TRANSACTION PROCESSING The bank must have an online portal or internet-based system to allow the City to receive previous day balance and transaction information for each designated account and download/export data as needed. The City will use a personal computer and the internet to obtain a balance report each morning. The system must have stop payment capability. Describe the balance reporting system of the bank, listing its features, including userfriendliness. Please include examples of the current day and prior day reports that would be the best example of the system’s capabilities. Also, discuss the bank’s contingency plan for providing information in the event of unexpected bank system problems or natural disasters. Information Reporting Each business-day the City can access a variety of electronic statements and reports using WebDirect for viewing, downloading and printing detailed financial information. Previous Day reports are available at 6:00 AM PT and provide timely, comprehensive reporting of your cash position. Current Day information reporting is available and updated in real-time or in standard intervals throughout the day. WebDirect delivers electronic month-end reporting of your accounts including, bank statements, account analysis statements and account reconcilement reports. The following report types are available through WebDirect: WebDirect Information Reporting – Report Types Previous Day – Account Balance with summary and detail information including:
Balance and detail reports Check images and deposit tickets Miscellaneous credit and debit images Cash position report CSV (Excel) and BAI detail reporting with export capabilities
Current Day – Account Balance with summary and detail information including:
Incoming wire transfers with all associated detail Controlled disbursement funding and detail of checks Detail lockbox report ACH transactions Memo post and other intra-day transactions CSV (Excel) and BAI detail reporting with export capabilities
Special Reports – displayed as text files and can be saved as html files for later access
Depository services reports Account reconciliation with various specialized reports Account analysis statement
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WebDirect Information Reporting – Report Types ACH Service
Return Resolution Report Adjustments Completed Report Notification of Change Return Items Processed Adjustments Settled Settlement Reconciliation EDI Report
Account Reconciliation
Audit List Report DDA Input List Daily Unposted Daily Updated Audit Report Daily Stop Activity Daily Expired Stop Payment Daily Paid Check Report Reconcilement Report Recap of Posted Items Report Outstanding Settlement Report Diagnostic Summary Report Deposit Detail Report Recap Report
Cash Vault
Cash Vault Adjustment Notice Cash Vault Deposit Receipt
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Sample Previous Day Statement Report
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Sample Current Day Statement
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Stop Payments The City can place a stop payment on a single check or on a range of checks online via WebDirect’s Stop Payment module. Stop payment requests can be initiated for a 6 month or 12 month period. When the stop payment expires, the City may choose to renew by selecting the “Renew Stop Payment” option. User-Friendliness The WebDirect interface has easy to navigate modules in a vertical input format. Quick Link options and intuitive Help functions enhance the user experience. The Landing Page gives a snapshot of the previous days’ ending balance position and each account is hyperlinked to access a quick 30-day transaction history.
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TAB 12: AUTOMATED CLEARING HOUSE (ACH) SERVICE REQUIRMENTS ACH Direct Deposit of Payroll: The City utilizes direct deposit services for bi-weekly payroll (every other Tuesday). Approximately 90% of the City’s employees take advantage of this payment mechanism. Please include the following:
Describe the bank’s direct deposit services, including the software requirements and transmission options available.
Automated Clearing House (ACH) The Bank’s Automated Clearing House (ACH) service provides a reliable, cost-effective method to originate electronic payments. ACH Transactions are electronic payments that are exchanged between participating banks through the ACH network. Unlike Domestic Wire Transfers, which settle on an immediate same day basis, ACH transactions are designed to settle within one to two business days of origination. Bank of the West is a nationally recognized ACH originator and is among the top 50 ACH originators in the United States. Bank of the West will assist the City in identifying how our various ACH solutions fit your cash management requirements. ACH Transaction Types ACH services include the origination of Direct Deposit, Direct Debit, Check Conversion, Corporate Payments and Financial Electronic Data Interchange (EDI). ACH Origination The Bank offers two methods of ACH origination: 1) WebDirect ACH WebDirect ACH is a comprehensive internet-based ACH origination module allowing the City to simplify collection and disbursement activities by significantly reducing paper check handling. WebDirect ACH enables the City to:
Upload NACHA files directly to the WebDirect interface Create ACH batches using preformatted, user friendly templates for recurring transactions Modify or delete transactions within a batch Import NACHA files to update or create new batches Create electronic Federal and State tax payments View various report types including Return Resolutions and Notices of Change (NOC)
2) DirectSend ACH (direct transmission) DirectSend ACH is a transmission-based origination service to upload NACHA files directly to the Bank via secure connection. DirectSend includes the following features:
Connect using Secure Transport web portal (HTTPS); or (S)FTP Client (SSH/SCP)
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Enter control totals and view online confirmations when the Bank has received your transmitted files Receive a daily, automated return file in NACHA format, making it easier to manage and post high return volumes
Discuss screening measures that the bank uses to minimize errors on files sent to the bank.
The Bank does not screen ACH files for accuracy of ABA number or account number format. Although the Bank does not necessarily recommend, and the NACHA Rules do not require prenotifications (pre-notes), these can be beneficial when it is critical for the first entry to post, such as a payroll or direct debit entry. If there are other formatting errors that prevent the file from being submitted to the Fed, the City will be promptly notified and instructed on how to resolve the issue.
Indicate the transmission deadlines for direct deposit ACH files, including date and time when the bank needs the input file from the City and when funds are debited from the City’s account.
ACH Deadlines Deadline – ACH Debits:
WebDirect ACH files must be submitted and approved by 5:30 PM PT, 24-hours before the settlement date. DirectSend ACH (transmission*) processing requires file transmission and approval by 8:00 PM PT, 24-hours before the settlement date.
Deadline – ACH Credits (incl. Direct Deposit):
WebDirect ACH files must be submitted to the Bank and approved by 5:30 PM PT, 48hours before the settlement or pay date. DirectSend ACH (transmission*) processing requires file transmission and approval by 8:00 PM PT, 48-hours before the settlement or pay date.
* For DirectSend transmission of ACH files during extended processing windows (6:00 PM PT – 8:00 PM PT) the Bank requires the City provide a direct contact person accessible to the Bank during this time period, in the event file issues warrant communication with the City. NACHA guidelines specify that payment is guaranteed only if processed within the stated cut-off time standards. Funds will be debited from your account on the settlement date.
Optional Paycard solution for employees not on direct deposit – this is under consideration.
Currently, we do not offer prepaid card at this time.
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ACH Vendor Payments: The City currently does not utilize this service. Please describe the mechanism used by the bank to facilitate these type of vendor payments. Describe whether these payments can be made using the bank’s online system, and if so, what measures are in place to provide a higher level of security. ACH Vendor Payments are generated using the same mechanisms as described above for direct deposit of payroll. We can accept a standard NACHA file imported to WebDirect or directly transmitted. Preformatted ACH templates are also available for manual entry within WebDirect. For additional security, any WebDirect ACH template, transaction or file import can be set to require one or more approvals prior to release.
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TAB 13: PAYROLL TAX PROCESSING Describe the services available from the bank to accommodate the City’s payment and reporting of payroll taxes. The City requires the ability to report and pay Federal and State tax withholdings automatically either by telephone or by PC (internet). TaxDirect TaxDirect is the most effective way to make your tax payments electronically. The system has the capacity and speed to process payments quickly and accurately, eliminating the need to write checks and complete coupons. Whether it's federal, state or local taxes, we offer a complete service with multiple tax type options. TaxDirect is secure, reliable and confidential. It can only be accessed through your PIN (Personal Identification Number) and Access Code. Furthermore, it carries one of the highest commercial government security ratings. Initiate your payment at least one business day prior to the due date and complete your session no later than 3:00 PM PT for next day credit. You can rely on TaxDirect to pay your taxes on time, every time. Features and Benefits of TaxDirect
Fully compliant with federal, state and local program requirements Ability to electronically pay 1,700 types of taxes across many jurisdictions Automatic payments can be scheduled up to 30 days in advance Direct remittance of payments to the appropriate authorities Optional immediate payment confirmation Avoid late penalties due to lost or delayed mail Access the system 24/7 from the office, home or on the road Reliable and secure
PAYMENT METHOD
DESCRIPTION OF SERVICE
1. Internet
Enter payments online, access a drop-down menu with currently enrolled tax jurisdictions and receive real-time editing and confirmations. For higher volume, you can upload a tax payments file via the online portal.
2. Touch-tone Telephone
Our automated interactive voice response (IVR) system allows you to make payments anytime, on the phone
3. Live Operator
Enables small businesses with less than 10 payments per month, those with a rotary phone or those requiring customer assistance to complete their transactions
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TAB 14: BUSINESS CREDIT CARDS The City currently has four credit card accounts with an existing credit line amount of $100,000 that can be used by any authorized employee. Describe the bank’s issuance of credit cards for travel and expenses. Provide any information on rewards or incentive programs associated with a business credit card account. Note any annual or recurring fees associated with the maintenance of a City credit card account. Also, describe the availability, if any, to view the credit card statements online. Commercial Credit Cards
Corporate Card – The Bank of the West Corporate Card helps control cost, easily monitor travel and entertainment expenses, improve your expense voucher reimbursement process and track expenses by merchant type to help manage your budget. The Bank of the West Corporate Card gives the option of a competitive rewards program or receiving a rebate (Min. $1mm spend). The corporate card includes car rental and travel accident insurance and many other benefits to keep you protected. Reporting and expense management is through CentreSuite, the Bank of the West state of the art reporting management system. Purchasing Card (P-Card) – The P-Card is typically used for small dollar expenses other than travel and entertainment. It helps companies manage individual spending, reduces processing time and saves money by eliminating checks and simplifying expense reporting. P-card use can be restricted by merchant type and can have transaction control features for each individual card holder (number of transactions, spending limitations, etc.). Some Benefits of a P-card program:
Greater processing efficiency o Streamline purchasing and payment o Reduce processing costs up to 76% Enhanced management information and control o Control card limits o Increase visibility and improve policy compliance o Expense reporting capabilities Improved cash flow o Up to 55 days of float from date of purchase Convenience o Simplify business and travel expenses for employees o Cut cycle time by 72% or up to 12 days* Rewards and Rebates o Earn rewards or rebate (depending on volume) on all purchases
P-card programs are highly valued for the efficiencies and financial advantages they bring. Bank of the West has been a leading provider of all commercial card products since 2006, bringing deep experience and unsurpassed personal service.
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Highlights of Bank of the West Commercial P-Card Technologies Manage employee expenses with enhanced monitoring and reporting capabilities Individual and group dollar limit and merchant controls Web Based Expense Reporting (minimum spend requirement) • Includes Out of Pocket Transactions w/receipt imaging option • ACH reimbursement automation also optional for out of pocket items • Employee Self Service / Scheduling / Reports Post transactions to your accounting software with correct GL codes with automated mapper (minimums spend requirement) Self-manage the program Full card control by program administrator Change limits, create cards, delete cards, identify decline issues Adjust access for managers, users and admins • View all accounts and transactions • Transaction data available in real time Bank of the West ePayables
The Bank of the West ePayables product allows the City to pay vendors in the program through the simple upload of a file with payment information. Here is a brief description of the process, with a diagram. 1) The City transmits a payment file to the Bank of the West secure FTP server. Bank of the West can receive any data payment file type, and custom configure it to spec. 2) Bank of the West creates individual, one time use virtual card numbers through MasterCard for each payment for the exact amount requested by the City. The City receives confirmation of successful payment transmission. 3) Payment information is securely emailed to each vendor, including amount, validity period and any invoice information provided by the City. Email is customizable to specifications given by the City. 4) The City vendors process the payment through their regular merchant service for the requested amount. The payment can only be processed for the exact amount, during the specified validity period. 5) Vendor receives payment through the MasterCard network. 6) At the end of the billing cycle, the City receives a bill with each posted transaction, and a reconciliation file with posted and outstanding transactions. BOW ePayables Benefits and Advantages Financial Value Net spend qualifies for additional rebates if in conjunction with the City T&E commercial card spend Save time, money, and generate revenue through automation, float and rebate Increase float of up to 55 days which helps to improve cash flow
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Streamline processes that reduce overhead costs
Efficiency
Paper checks are replaced with electronic payments Automation will reduce transaction processing workload “Exact Pay” – Single Use Cards allow for easy reconciliation
Fraud Containment Reduce fraud risk – Check Fraud is the most prevalent payment fraud in the US. Each transaction is assigned a one-time use virtual card number with merchant controls, nearly eliminating unauthorized payments. Industry proven secure technology platform and technology provider – MasterCard. Ease of Implementation BOW can take any payment file format and configure it for payment through the batch card process. Vendor enrollment - We will contact all your vendors and ask them to join the program. Customer centric end-to end onboarding process & superior Customer Service - Our Sales, Account Management, and Implementation. CSDA Card program Bank of the West also sponsors a government consortium card program with the California Special Districts Association. The City may likely qualify to participate in this program, eliminating fees and increasing rebate. More information will be given at any finalist presentation.
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TAB 15: MERCHANT SERVICES/CREDIT CARD PROCESSING The City’s average annual volume is approximately $800,000. The bank must be able to provide an electronic system, which will accommodate credit card authorizations. Describe the electronic system(s) available for processing credit card transactions. Provide pricing information, including any costs associated with acquiring necessary equipment and establishing merchant accounts. Elavon agrees to the terms, conditions and specifications of the City of Yorba Linda’s portion of the RFP provided that the parties also execute Elavon’s Terms of Service (TOS) Agreement and applicable schedules, copies of which are submitted herewith (the “Agreement”). The Payment Networks require that Elavon enter into agreements with its merchants containing specific provisions mandated by the Payment Network Regulations, which provisions are not included in the RFP. Therefore, in the event that Elavon is the successful bidder, Elavon will require that the parties include the terms of the Agreement, in substantially the same form as submitted herewith, in the final contract and will, in good faith, work and negotiate with the requestor toward a resolution of all conflicting items. In certain instances Elavon may, through its various sales channels, submit more than one response to this RFP. While Elavon's exceptions to the legal terms and conditions of the RFP may be similar, the remainder of the bid and pricing issues will differ due to the independent responses prepared by each sales channel. Merchant Services with Bank of the West/Elavon: Since 1993, Bank of the West has teamed with Elavon as its exclusive provider to meet its clients’ payment processing needs. Elavon has provided merchant services to the public sector for 20 years. Moreover, Elavon currently provides credit card processing services for many of the largest counties, cities, special districts, universities, colleges and other government agencies in the country with substantial transaction volume. With a Bank of the West DDA we can provide Next Day Funding! Experience / Qualifications Information: We are one of the few processors within the industry that performs all bankcard processing functions in-house. These functions include all bankcard interchange and settlement processing, exception item handling (i.e., retrieval requests and chargebacks), accounting and billing, reporting and statement production, new card acceptor implementations and training, and customer service. What we do for our customers is crucial. We listen. We respond. We resolve. We pride ourselves on delivering timely, accurate and reliable products and services to assist our customers in managing their business. Quality encompasses everything we do. Elavon offers processing for the following Payment Solutions:
Visa® MasterCard® American Express® Discover® JCB® UnionPay® Debit Cards Debit Cards (signature, PIN based and PC PIN based) Electronic Benefits Transfer (EBT) Wireless Services
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EMV Credit Card Terminals Converge Mobile Services Gateway Solutions Tokenization Encryption Contactless Services Dynamic Currency Conversion Electronic Gift Cards (EGC) Biller Direct Services – Elavon offers two types of bill payment solution services: (i) EBS Enterprise Billing Solutions or (ii) Bill Payment Portal. Visa, Master/card Utility Card Program Service Fee Program (Elavon managed) No Signature Required Program Services
Here are a few product options: Converge Gateway: The City may utilize any networked PC to process payment transactions – quickly and securely, anywhere, any time – without a major investment of money or effort. Elavon’s Converge product is a complete hosted payment solution that instantly transforms your PCs into “virtual” payment terminals. Converge allows you to process transactions in physical face-to-face, mail order/telephone order, or ecommerce environments. Converge easily handles re-occurring payments and reduces your risk by letting Elavon help protect your data and ensure the City’s compliance with the latest industry security One-time cost - $499 /// Monthly gateway fee - $10 Converge Benefits
Turns any PC into a virtual payment solution in both physical (face-to-face) and mail order/ telephone order (MO/TO) environments.
Integrates “Buy Button” functionality easily and affordably with your shopping cart to securely process e-commerce transactions.
Converge offers API (Application Programming Interface) and often times has been used as middleware/gateway functions to integrate with various other POS/Cashiering systems.
Processes a full array of payment types – Credit, signature debit, PIN-based debit, (EBT) and gift cards.
Supports real-time processing and also features a highly efficient multiple-entry mode for key entering a series of non-real-time transactions.
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Accommodates an unlimited number of users, departments, and Merchant IDs and easily scales over time, making Converge ideal for any size City location and for any number of locations.
Tokenization-protect card holder data in transit and at rest. Our Converge system supports Tokenization, see schedule for associated fees.
Supports re-occurring payments - Control and Manage payments whether they are a week apart, or two weeks, or monthly. You can set the time periods and adjust the dollar amounts for each period. There is no limit on how many payments or payers you can load.
Fully-hosted solution by Elavon minimizes the City’s security liability and ensures card association regulations and standards are met – without the need for expensive compliance audits.
Elavon’s Managed Service Fee Program: Elavon has introduced a terminal solution that will allow the City to pass a service fee for credit/signature debit transactions for both face to face transactions and over the phone. This specific credit card terminal will calculate the service fee on behalf of the City and charge the cardholder a service fee at the point of sale. The City will receive the entire amount of the payment, while Elavon will retain the amount of the service fee assessed to the cardholder and use this to offset the cost of the card processing fees for these transactions. The service fee assessed will need to meet Card Association compliance rules when determining how the fee is assessed and which cards can be accepted face to face. In compliance with Card Association regulations, the City can accept Visa and MasterCard and pass a service fee in a face to face / phone payment environment. Elavon would be pleased to discuss this in greater detail should we become a finalist. Our service fee program is a low to no-cost card fee solution that allows processing fees to be offset by charging you’re constituents a service fee when making payments using their Visa or MasterCard. Example: The service fee of (3%) would be charged to the constituent and would be automatically calculated by the terminal. Here is how the process works: (Example) The City would simply enter the amount due into the terminal which then automatically calculates a service fee of (3%). Two transactions are then processed: 1. The service fee is processed and the monies are deposited to an Elavon / Bank of the West bank account. 2. Next, the payment amount due is processed and deposited to the City’s bank account. (see funding timeline in the Next Day Funding to Elavon section). Your customer will receive (2) receipts – one for the service fee and one for the amount of the sale. With a single swipe of the card, the terminal will authorize two transactions and generate a receipt for the service fee amount and a second one for the payment amount. The percentage
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based fee is set to entirely offset the card fees resulting in no card processing fees being charged to the City. About the Program and Service Fee Transaction:
The payment and service fee transaction must be submitted and processed as two separate transactions. Service fees must be clearly disclosed to the cardholder and meet cardholder fee requirements with the option to “opt out”. Service fees may be assessed in all transaction processing channels (i.e., face to face, telephone) The fee may be a fixed/ flat rate or a variable (percentage) regardless of the Visa card type (i.e., consumer credit and debit cards can be assessed the same) Utility payments may not utilize this program.
*Should volumes, average ticket, or adoption rates differ dramatically from those presented or if the card associations increase interchange rates, Elavon reserves the right to adjust the service fee set to offset ongoing processing costs. The City would be given advanced notice before any changes would be made. Next Day Funding with Elavon: Customers depositing into a Bank of the West DDA (checking account) and processing on our Elavon network typically receive same business day funding with ledger credit applied against debits and next business day funds availability for Visa, MasterCard, and debit transactions, provided batch settlement is completed by 7:00PM Pacific Standard Time. American Express and Discover will be handled according to the contract the client has in place with these associations. Elavon is an approved settlement and billing provider of American Express and Discover full service transactions (i.e., the authorization, processing, and settlement performed through Elavon). If our mutual contracts allow for Elavon to directly acquire Discover transactions for the client then these transactions can be included with batch deposits. Weekends and federal banking holidays will impact funding times. Saturday and Sunday batch settlement will typically be deposited on Monday as separate deposits. If a federal holiday lands on a weekday, typically funds will be deposited to the DDA the following business day. Elavon’s Customer Service: Elavon has a customer service organization specifically focused on recognizing relationships that they have different needs. A Client Relations team is assigned to your relationship and is responsible for evaluating your needs and carefully mapping them to present and future Elavon products and services, to ensure your satisfaction and your objectives are met. This team is in-house in order to ensure full accountability and control of your service. For routine services, Elavon operates a call center in Knoxville, Tennessee for customer assistance that is supported by a dedicated and well-trained staff of service professionals and is available 24 hours a day, 7 days a week. PCI Compliance:
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Elavon offers a comprehensive PCI Compliance Program to help securely manage cardholder data and validate compliance. Elavon’s program is focused on three key areas:
Education – Materials and information to help customers understand PCI-DSS compliance
Validation – Tools to help customers validate and demonstrate compliance to protect their business
Financial Assistance – Depending upon a customer’s level and validation of PCI-DSS compliance, Elavon customers may receive financial coverage from $10,000 to $100,000 per compromised merchant ID per incident
This program is offered through a third party service provider. Additional details regarding the program are set forth in the PCI Compliance Program Terms. Visa / MasterCard / Discover Pricing Structure: Interchange pass-through models remain the most transparent method of merchant services pricing. The Elavon processing fee does not vary by card type and simply floats above the Visa/MC and Discover published interchange rates, dues and assessments for each given qualification category. The three (3) components to “Interchange Plus” pricing (also known as ‘Cost Plus’) are: Interchange (the level which a credit / debit transaction is cleared at the Card Associations), Assessments (the association fees charged by the Card Associations) ie. Visa / MasterCard / Discover; and the Elavon fee charged. The Interchange fees make up the bulk of the transaction costs and are determined by the card issuing banks and the card associations. They are passed directly from Visa / MasterCard / Discover and are the same for all three (3) service providers. The “PLUS” component is the fee which would be charged by Elavon. Visa / MasterCard / Discover: IC + D + A + 0.10% (basis points) per transaction IC = Interchange, D = dues, A = assessments + the Elavon fee Interchange levels and Assessments are not negotiable, and are subject to change. If any changes were to occur, those changes (any increases as well as decreases) would be passed on to your organization typically following statement notifications. See Schedule A for a pricing list. Elavon will debit fees monthly as is industry standard, and will provide monthly statements identifying all transaction activity. Generally, batch deposits are shown separately on our customer’s cash management reports. However, this is dependent upon your depositor bank’s reporting capabilities. American Express: $0.15 per transaction American Express Fees which would be negotiated between your organization and American Express. *Interchange Tables outlining the current Interchange and Assessment Pricing updated and published online by Visa, MasterCard, and Discover on each of their respective websites: Visa
http://usa.visa.com/merchants/operations/interchange_rates.html
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
MasterCard Discover
http://www.mastercard.com/us/merchant/support/interchange_rates.html http://www.discovernetwork.com/home/data/acqIntchgPricingVerify.html Discover Verification Code (required): disc5379
Elavon’s pricing is dependent upon interchange and other fees imposed on all credit card processors by Visa, MasterCard and other third parties. Elavon will pass through to the merchant all such increases imposed by third parties, upon written notice to the merchant of the increased fee. Elavon agrees to offer the pricing herein for 180 days. If requestor wishes to add products or services at the conclusion of the bid process, Elavon will submit a new Schedule of Fees and any additional Schedules for such services, if applicable. Visa/MasterCard/Discover Interchange Fees Interchange Card Level Association Dues and Assessments Encryption and Tokenization, (if desired) Other Fees VISA/MasterCard/Discover Processing Fee American Express Fee, (settlement) Foreign Network Fees, (if applicable) Pin Debit Fees Voice Authorization Fee /AVS Fee (if, utilized) Monthly MID Processing Fee Minimum* (per mid) Chargeback Fees (if, necessary) Return NSF Item Fees (if, necessary) Supplies (RR DONNELLEY) Paper Statement fees, (if desired) Reprogramming existing equipment , (if applicable) VAR integration / direct certification to network, (if needed) PCI Monthly Fee (Protection Policy) ** PCI Non Compliance Fee*** Equipment (EMV) Terminals-Peripherals Options Ingenico iCT220 Contactless Terminal/Printer, needs PP for EMV Ingenico iCT250 Contactless Terminal/Printer Verifone VX520 (if using Elavon’s Managed Service Fee Program) Pinpad PP320 PINPAD Verifone VX820 PINPAD Equipment / Software Options Converge, Mobile/Terminal/Web (Unlimited MIDs/Users) ICMP EMV Card Reader Epson ReadyPrint T20 Ingenico ISC250 Tokenization Options Virtual Merchant (Less than 8,000 transactions a year) Virtual Merchant (Over 8,000 transactions a year) Magstripe Encryption Credit Card Reader (USB)
PASS THROUGH PASS THROUGH $0.07/per transaction 0.10% $0.15/per transaction $0.02-$0.04/per transaction Network Interchange/Switch Fees + $0.40 $0.85 per authorization $25 $25 per $20 per Varies $10/monthly Waived Fee may vary upon application $7/per MID $45/monthly $489 purchase $589 purchase $449 purchase $369 purchase $369 purchase $499 purchase + $10 monthly $249 purchase $249 purchase $585 purchase $700 purchase + $35 monthly $600 purchase + $0 monthly $150 purchase
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Reporting Tool Options (Merchant Connect) Web reporting tool (Basic) Web reporting tool (Premium 1-5 users) (if, desired)
FREE $20/monthly
Discover, MasterCard and Visa Interchange, and Assessments, pricing are dependent upon interchange and other fees imposed on all Associations members and other Acquirers. Elavon will pass through increases or decreases of these fees imposed by the Association members upon written notice. Pricing Provisions: 1. Pricing implies that all hardware and software is certified to Elavon’s network/platform. If another Payment Provider Network (PPN) is necessary to authorize and settle transactions; we will pass through any additional fees. Fees vary by specific “PPN”. 2. American Express transactions are submitted directly to American Express for processing, payment and settlement. 3. Rate qualifications require compliance with Discover, Visa and MasterCard Interchange requirements, including settlement within 24 hours of authorization. 4. Processing fees may be adjusted from time to time to reflect and correspond to increases or decreases in applicable Discover, Visa and MasterCard Interchange, Assessments and Debit Network Fees. Additional Comments 1. We do offer Lease term (12, 24, 36 and 48 months.) 2. *If the processing cost does not reach $25, we will assess a minimum processing cost of $25. 3. **This fee is a protection policy for PCI. We will provide monetary coverage up to 100K for forensic/investigation cost associated with breach and/or security fraud. Level of coverage is determined dependent of Attestation City of Yorba Linda regarding its PCI Compliance. 4. *** This fee is only assessed if City of Yorba Linda has not provided its required PCI SAQ (Self-Assessment Questionnaire) within 90 days of MID issuance. Discover, MasterCard and Visa Interchange, and Assessments, pricing are dependent upon interchange and other fees imposed on all Associations members and other Acquirers. Elavon will pass through increases or decreases of these fees imposed by the Association members upon written notice.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 16: OVERNIGHT SWEEP ACCOUNT FACILITY Describe the overnight sweep account options offered by the bank. Include whether the funds meet the California Government Code for allowable investments, and any associated costs. Upon request, the Bank will provide an overnight sweep that complies with the California Government Code sections that regulate the investment of public funds. An optional peg balance is established for the checking account by evaluating all disbursement activity and anticipated monthly banking fees. When the checking account’s collected balance exceeds the predetermined peg balance, excess collected balances are “swept” to the Investment account. If the checking account balance falls below the peg balance, funds are “swept” from the Investment account, up to the amount available, to restore the DDA’s peg balance. The balance that remains in the checking account continues to generate an earnings credit to offset checking account service fees. The monthly fee is $100.00 for a Repurchase Investment Sweep.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 17: EMERGENCY LINE OF CREDIT Please describe the bank’s willingness and ability to provide a line of credit to the City for emergencies. Indicate whether the bank’s relationship manager has credit authority and the ability to sponsor a loan request on behalf of the City. Bank of the West is willing to consider providing a line of credit to the City for emergencies. The provision of the line of credit is subject to credit approval at the bank. Malisa Day your assigned Relationship Manager does not have credit authority. She would be able to sponsor a loan request on behalf of the City by making a request to the Bank’s Public Finance and Credit Risk departments.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 18: SERVICE ENHANCEMENTS Based upon information presented in this RFP and the bank’s knowledge of the public sector, describe any enhancements, technological or otherwise, that the City should consider to improve operational or cash management efficiencies. Our Cash Management Consultant will analyze the City’s unique situation and we will work to create solutions to enhance and streamline the City’s electronic banking procedures. Any service enhancements recommended must make sense for the City and take into consideration the City’s technical capabilities and available resources. Here are some areas for the City to consider adopting as part of their banking relationship: Primary Broker Dealer Services: Bank of the West further sets itself apart by having established ourselves as an Office of Supervisory Jurisdiction (OSJ) of BNP Paribas. BNPP is one of the largest primary Broker-Dealers in the world and also one of the largest underwriters of US Treasury and US Government City securities. We now offer direct access to BNNP’s securities inventory at institutional pricing. Custody Services: Safekeeping at Bank of the West is a perfect complement to our new OSJ relationship with BNPP, providing ultimate convenience and highly competitive pricing and service. Take advantage of this unique relationship and the City will incur no safekeeping fees for purchases made through our OSJ. Public Finance: The BOTW Public Finance Department is a major provider of credit facilities in the form of letters of credit, private placements, direct purchase facilities, lines of credit, funded loans and leases to municipal borrowers. Our team has a combined forty years of experience in providing these facilities to local government agencies. Bank at Work: This program offers free and discounted products and services to your active full-time employees while Bank of the West is your primary bank. Bank at Work features include:
Free small safe deposit box Free Checking – No monthly service charge or minimum balance requirement on a personal checking account with Check Safekeeping Free Regular Savings account when linked to a checking account – No monthly service charge or minimum account balance required Free eTimeBanker – Our online banking service – with free personal Bill Pay Free Debit Card – The easiest way to pay for purchases Free box of Bank of the West corporate image checks or $5.00 off any wallet style checks Annual fee waived for the first year on Overdraft Protection Up to 0.25% Annual Percentage Rate reduction on Home Equity and Auto Loans with automatic loan payment from a Bank of the West checking account Up to 1% Annual Percentage Rate reduction on your new Home Equity Line of Credit with automatic payments from your Bank of the West checking account
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 19: CONVERSION PLAN As part of any conversion the City requires a smooth and low-cost transition to a new bank and any waivers of implementation fees is welcome and appreciated. Because the City will be running accounts with multiple banks during the transition period, we also appreciate a waiver of monthly bank fees during the first two months of the new bank relationship. Please describe the overall plan the bank would coordinate to ensure a smooth, error free transition from the current provider. Include the following:
Detail all costs associated with the conversion of all of the proposed services and the responsible party.
The costs associated with the conversion include the setup fees for Online information reporting; origination of ACH transmission, remote check capture and ACH fraud protection. There are costs related to the supplies for each of the City’s accounts: to include check stock, deposit slips, deposit bags, and endorsement stamps. Bank of the West will be responsible for paying these costs during the first 3 months, after accounts have been opened (external vendor fees & equipment excluded). All future supplies and setup fees after the 3 months will be the responsibility of the City.
Describe any on-site training to City personnel for the operation and use of the bank’s services and automated systems for all areas of service. How is training structured?
The City will be assigned a dedicated Bank of the West Implementation Specialist who will coordinate all conversion and implementation procedures with the City, including training. Training is available, typically utilizing the Webinar environment. We evaluate each conversion on a case-by-case basis and can schedule onsite visits to train staff based on request and necessity. The training will include the operation and use of Bank of the West products and systems such as the System Administration Module and WebDirect user control for security, as well as reports such as Account Reconcilement, Positive Pay, WebDirect Previous and Current Day reports, etc. Training can be structured as a classroom type or individually, depending on the City’s needs.
Discuss any conversion allowance. Include what supplies the bank will provide at no cost to the City, such as deposit slips, endorsement stamps, cash vault supplies and other items.
For the first three (3) months, beginning at account opening date, the Bank will waive all analysis fees associated with set-up, implementation and the first order of account supplies, to include checks, deposit slips, deposit bags, and endorsement stamps (external vendor fees excluded). This equates to a value of $9,500 to benefit the City.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
Describe in detail how the bank will handle problem resolution, customer service, day-to-day contact, and ongoing maintenance after the conversion is completed.
Your assigned Government Customer Service Specialist’s toll free number is 800-676-4549 and is the City’s first point of contact for all banking service inquiries and issues. Your Service Specialist will be the focal point on any issue escalation amongst the various bank departments and management.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 20: BANK COMPENSATION The City has historically paid for bank services with compensating balances, and settles with its current bank on a monthly basis. The City’s monthly balances have averaged approximately $6,500,000 over the past 12 months. Please indicate the following in this section:
Can the City compensate the bank for services with compensating balances, harddollar fees, or a combination of the two at its own election?
Yes, the City can compensate the bank for services with compensating balances, or a combination of direct payment and compensating balances at its own election.
Is there a surcharge or a different price schedule if the City pays with hard-dollar fees?
There is no surcharge or different price schedule if the City pays with hard-dollar fees.
Can the City choose between paying for any analysis deficiencies by check, auto debit, or ACH credit?
The Bank’s preferred payment method for analysis deficiencies is auto debit. If the Bank is awarded the contract, we can seek approval for invoice billing. The Bank currently has no method for paying analysis fees via ACH credit.
What is the bank’s Earnings Credit Rate (ECR) based on, and how is it calculated each month?
The Bank’s ECR is based on a combination of current Treasury Rates and market conditions. The Bank calculates earnings credit as follows: Earnings credit = Avg. Coll. Bal. x (1-Reserve Requirement) x (ECR x Days in Month)/365 Earnings credit is applied to offset monthly fees for the settlement period specified.
List the bank’s actual ECR for each of the last six months.
The Bank’s standard ECR for the past six months has been 0.20%. Please see the cover letter and pricing proposal for exception rate offered.
Using the ECR for the most recently completed month, please calculate the level of compensating balances (after float and reserves) needed to offset one dollar of bank services. ($1 in services = $______ in compensating balances.)
Based on the offered 0.55 % exception rate and reserves waiver, $1 in services = $2,140.76 in collected balances for a typical 31 day month.
What is the bank’s settlement period for account analysis and billing purposes (monthly, quarterly, semiannually, and annually)? How long can any excess balances be carried forward to apply to charges in future billing periods?
The Bank’s standard settlement period for Government entities is monthly or quarterly. If awarded, semi-annual or annual settlements can be discussed. Excess credits will not be carried forward beyond the agreed settlement period.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
For what period of time will the proposed pricing in the bank’s proposal be fixed? Assuming the RFP is for a 5-year contract, it is assumed that the depository and treasury services pricing is fixed for 5 years with increases in ECR as the market improves.
The proposed pricing and Earnings Credit Rate will be in effect and guaranteed for the initial 5 year term of the contract. If at the end of the 5 year term the City would like to renew for another 5 years, any changes to pricing or to rate will be mutually agreed upon by the City and the Bank.
Please detail which types of items and services can be applied against account analysis in addition to standard bank services, such as messenger service, armored carrier, check stock, supplies, custody services, etc.
In addition to standard bank services & account supplies, Bank of the West can apply banking-related services (armored carrier, courier) against the City’s account analysis. If awarded, we will work with the City to determine your needs.
How does the bank charge for overdrafts? Does the bank charge for the use of uncollected funds? If so, how is the charge calculated?
The Bank charges $18.00 for each item paid or returned against a ledger overdraft for the first 4 OD occurrences of within a 12 month period. For the 5th OD occurrence (and each occurrence thereafter) the per-item charge is increased to $22.00. A funds advanced charge of Prime + 2.00% is applied to the average uncollected balance which is calculated by taking the total of the month’s UCF balances and dividing by the total days in the month. The funds advanced charge is applied as: Average UCF x rate/365 x days in the month.
When calculating average balances, are positive and negative balances netted?
Yes, the average negative collected balance (if any) is subtracted from the average collected balance to arrive at the Investable Balance.
Are account analysis reports available on-line? If so, specify the cost.
Yes, Account Analysis statements are available for print or download through WebDirect Special Reports. The cost is $0.35 per statement.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 21: COLLATERALIZATION Please describe how the bank will collateralize all deposits in excess of FDIC insured balances in accordance with California Government Code Sections 53630 – 53686. Bank of the West complies with all state of California Code Sections. The deposits are collateralized at 110% and backed by a pool account pledged to the Local Agency Administrator in Sacramento. Wells Fargo Bank is our custodian for all pledged collateral.
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CITY OF YORBA LINDA RFP FOR BANKING SERVICES
TAB 22: BANKING SERVICES PRICING FORM Complete the form with pricing information.
Any additional information should be included on the form if possible. An electronic version of the Banking Services Pricing Form in XL format should be submitted along with the electronic proposal as required on page 4 in Section #3 Proposal Submission. Please refer to the following pages for a completed pricing form.
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City of Yorba Linda FINAL Pricing 2-23-2016.xlsx
AFP Code 00 00
0230
01 01 01 01 01 01
0000 0000 0100 0101 0610 9999
01 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
0000 0007 001Z 0020 0021 0100 0106 011Z 014A 0142 0144 0148 0151 0200 0200 021Z 022Z 0229 0229 0230 0400 0401 0402 0411 0430 0411 0411 0411 0411 0411 0411 0310 0502 0502 1010
15 15 15 15 15 15 15 15 15 15 15 15
0102 0102 0122 0210 0410 1350 1351 1351 1353 1399 1399
15 15 20 20 20 20 20
9999 9999 0010 0110 0020 0120 0301
Service Description BALANCE & COMPENSATION INFORMATION DEP INSURANCE-BANK ASSESSMENT TOTAL BALANCE & COMPENSATION INFORMATION GENERAL ACCOUNT SERVICES ACCOUNT MAINTENANCE REMOTE DEP-ACCOUNT MAINTENANCE DEBITS POSTED-OTHER/ELECTRONIC CREDITS POSTED-OTHER/ELECTRONIC PHOTOCOPIES REMOTE DEP CK IMAGE PROCESSING RDSOL - ITEM STORAGE TOTAL GENERAL ACCOUNT SERVICES DEPOSITORY SERVICES BANKING CENTER DEPOSIT NIGHT DROP DEPOSIT CURR/COIN DEP/$100-BKG CTR ZBA MASTER ACCOUNT ZBA SUBSIDIARY ACCOUNT VAULT DEPOSIT DEP CONDITIONING-SURCHG-VAULT CURR/COIN DEP/$100-VLT CURRENCY SUPP/$100-STD-VLT CHANGE ORDER-AUTO-VLT COIN SUPPLIED/ROLL-VLT CURRENCY SUPP/$100-NONSTD-VLT VAULT DEPOSIT-EXTENDED HOURS CASH LETTER/ITEM PROC DEPOSITS IMAGE DEPOSIT CKS DEP PRE-ENCODED ITEMS / ICL OR RDSO CKS DEP UN-ENCODED ITEMS IRD/IMAGE DEPOSITED ITEMS-RDSO IMAGE DEPOSITED ITEMS-RDSO CKS DEP REJECTS RETURNS-CHARGEBACK RETURNS-STORE PROCESSING RETURNS-RECLEAR RETURNS-ELEC TRANS SERVICE RETURNS-MAKER REQUIRED RETURNS-EMAIL IMAGES RETURNS-RECAP /TRIP ADV. RETURNS-NOTIFICATION FAX RETURNS-NOTIFICATION PHOTOCOPY RETURNS-NOTIFICATION SERVICES RETURNS-NOTIFICATION COPY SERVICES DEPOSIT ACCOUNT STATEMENTS DEPOSIT CORRECTION-NON-CASH DEPOSIT CORRECTION-RDS COURIER/ARMORED CAR SERVICES TOTAL DEPOSITORY SERVICES PAPER DISBURSEMENT SERVICES GENERAL CHECKS PAID TRUNCATED GEN DISB CKS PD-IS FRT/BK IMG PAYEE POSITIVE PAY MAINT ARP PAYEE PPAY-ISSUE MATCH STOP PAY AUTOMATED
