P108432-BD Banking Services

Summary (Newest Update)

Background The County of York, Virginia is seeking proposals from qualified financial institutions to provide banking services for a period of five years, with the option to renew for five additional one-year terms. The County's annual revenue is approximately $455 million, which includes local taxes, intergovernmental revenue, and other local revenues. The Treasurer's Office processes all payments related to these revenues. Work Details The selected financial institution will provide a range of banking services including: - General banking services - Lockbox processing that meets Avenity software specifications - Deposit remittances - Bill pay consolidated services - Reconciliation and reporting services (including bank statements and cleared check files) - Account maintenance services - Collateralization of deposits - Customer service - Deposit reconciliation services - Remote deposit services. The institution must assist in the transition of services and ensure continuity during implementation. Specific banking activities include handling daily deposits from various county departments, managing ACH and wire transfers, processing payroll and accounts payable for the County and schools, and providing online access for account monitoring. Period of Performance The initial contract period will be for five years from the date of award with options to renew for up to five additional one-year periods. Place of Performance Services will be performed within York County, Virginia. The awarded financial institution must maintain at least one full-service branch office in York County. Bidder Requirements Bidders must be a Federal or Virginia chartered corporation with at least ten years in business as a financial institution. They must provide evidence of their ability to meet the banking needs of the County and comply with all relevant laws regarding public deposits.