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<br /> RFP 24-06-01 BANKING SERVICES 25 <br /> <br />credit card accounts assigned to departments. Proposer shall submit a description of the <br />credit card programs it offers along with the respective program stipulations, any card <br />incentives/rebates (i.e. rewards program, etc.) and any other card programs it offers along <br />with the minimum spend requirements for these card programs provided. <br /> <br />V. Costs of Account Maintenance <br /> <br />The City will pay for banking services using an Account Analysis calculation, whereby the bank <br />will bill for the quantity of services provided multiplied by a specific unit cost less an Earnings <br />Credit. The bank will provide the City with a monthly account analysis statement for each <br />account detailing activity volume versus associated unit costs, cost extensions and a summary <br />analysis for all accounts combined. <br /> <br />1. Proposer shall provide a sample monthly analysis statement based upon the City’s <br />Bank statement and Account Analysis statement for the most recent month. See <br />ATTACHMENT B and ATTACHMENT C. The sample account analysis should include, at <br />a minimum: <br /> <br />a. Description of Service <br /> <br />b. Target Average Collected Balance – minimum target daily balance which <br />produces a monthly earnings credit sufficient to pay/offset monthly bank <br />service fees. <br /> <br />c. Earnings Credit Rate – the proposer will identify the index used. This rate <br />should be fixed for the contract term. <br /> <br />d. Monthly Earnings Credit <br /> <br />e. Net Service Charge – total bank service fees less the Earnings credit <br /> <br />f. Interest earnings rate on excess balances over minimum target balance <br /> <br />W. Fee Structure <br /> <br />Proposer is to complete ATTACHMENT A to include a comprehensive list of all fees associated <br />with the services being requested in this Request for Proposal (RFP). All per item charges will <br />remain fixed for the life of the contract and all optional renewal periods. However, in the <br />event that any customer of the Bank, having comparable deposits and transaction volumes, <br />negotiates a lower fee structure for these requested services or similar services, the Bank shall <br />notify the Finance Director within thirty (30) days and shall extend the lower negotiated rate <br />to the City retroactively to the first date the lower rate was offered to another customer. <br />Should the Bank fail to provide the City the lower negotiated rate within ninety (90) days, the <br />Bank shall be required to reimburse the City the difference between the amount the City was <br />charged under its original contract and the amount the City would have been charged under <br />the lower negotiated rate. <br />