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<br /> RFP 24-06-01 BANKING SERVICES 17 <br /> <br /> SECTION 3 <br />SCOPE OF SERVICES / TECHNICAL SPECIFICATIONS <br /> <br />3.1 BACKGROUND <br /> <br />The City of Sunny Isles Beach is located on a barrier island in the northeast corner of Miami-Dade <br />County, bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west. <br />The City has experienced a major redevelopment renaissance on the east side of Collins Avenue, <br />the main thoroughfare. To the west of Collins Avenue, the City is building parks, improving the <br />infrastructure, and laying the groundwork for future redevelopment. The City has a diverse <br />population of approximately 23,000 residents and almost one million vacationers visit Sunny Isles <br />Beach annually. <br /> <br />3.2 SCOPE OF SERVICES <br /> <br />The purpose of this Request for Proposal is to contract with a single bank that can offer the highest <br />quality of service at the lowest cost to the taxpayers. There are several services which are required <br />as part of this RFP. All services must be included in the proposal for it to be considered. It is the <br />intent of the City to select one financial institution to provide full banking services for all City <br />funds. The list below is a general overview and may not be all inclusive of the City’s banking <br />services required. In addition, where applicable, the City has indicated new or additional services <br />it will consider. <br /> <br />The City currently has nine (9) merchant accounts with TD Bank. <br /> <br /> General Overview of Banking Services <br /> <br />Operating Account Automated Clearing House (ACH) <br /> <br />Accounts Payable Account (ZBA) Wire / Funds Transfers <br /> <br />Payroll Account (ZBA) Information Reporting <br /> <br />Merchant Services Account (ZBA) Account Reconciliation <br /> <br />Money Market Account Return Items <br /> <br />Online Banking/Treasury Management Positive Pay <br /> <br />Online Retrieval of Check and Deposit Images Remote Deposit Capture <br /> <br />Business credit cards Electronic vendor payments (e-payables) <br /> <br /> <br /> <br />