RFP 24-06-01 BANKING SERVICES - Laserfiche WebLink

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RFP 24-06-01 BANKING SERVICES 23 c. Details on whether it is possible to reverse or cancel an ACH file and the appropriate procedures that apply. 3. Electronic Vendor Payments - The City wishes to implement electronic payments to its vendors for their outstanding invoices. The Proposer shall include a description of the system and bank’s process used to accommodate this feature, provide an implementation plan to assist the City, provide the associated costs, indicating any requirements and initial and ongoing marketing efforts provided by the bank to encourage sign up by vendors. N. Banking Supplies The bank will provide all necessary banking supplies, including but not limited to, tamper- proof disposal style deposit bags, deposit slips (two-part carbonless), deposit stamps, coin wrappers and envelopes at no charge to the City. If the bank is unable to provide these items free of charge, a list of any fees assessed for these items must be included in the proposal. The City reserves the right to obtain supplies from a vendor other than the depository bank if supplies are not provided as needed in a timely manner. O. Bank Collateralization of City Funds Deposits are to be collateralized as required by Chapter 280, Florida State Statutes. Each proposing bank shall provide their specific collateralization guidelines, if they vary from the statutory requirements or require additional explanation. P. Disaster Recovery The bank shall provide information regarding their disaster recovery plan including a specific plan related to serving the City in the event of disaster. A contact name and phone number are to be provided for service 24 hours a day and 7 days a week. Q. Positive Pay The bank will provide Positive Pay to ensure the City’s protection and security against fraud and theft. The City will transmit check files bi-weekly on Wednesdays for payroll disbursements and weekly on Fridays, or more frequently, if necessary, for accounts payable disbursements. The bank shall have the capability to accept an uploaded file from the City’s accounting system as well as manual entries into the Positive Pay software for checks issued during interim periods. The Proposer shall provide details of the bank’s process as it relates to this system and discuss alternative procedures should the City be unable to transmit the file electronically (i.e. during a disaster). The bank will contact the City via phone or email if the City has not provided instruction to pay or return a check prior to the Positive Pay cut-off deadline. The file that is sent to the bank includes the check date, check number, payee and amount.