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<br /> RFP 24-06-01 BANKING SERVICES 26 <br /> <br />X. Confirmations <br /> <br />The bank must agree to respond to audit confirmations and requests for data, at no charge, <br />as needed from the Finance Department or its auditors. Proposer will provide a name and <br />address for the audit confirmation letter. <br /> <br />Y. Continuous Service <br /> <br />The bank will maintain sufficient staff to support the City’s requirements on a continuing basis <br />without interruption of service. Severe or repeated breakdowns of service for this reason will <br />be cause for termination of the contract. The City requires that the bank designate one of its <br />cash management services personnel who will act as liaison with the City for matters <br />regarding its accounts. <br /> <br />Z. Audit and Inspection of Records <br /> <br />1. The bank shall permit the authorized representatives of the City to inspect and audit <br />all data and records of the bank, if any, relating to the performance under the <br />contract. Such data and records shall be preserved by the bank as required by <br />applicable regulatory bodies. <br /> <br />2. In addition, the City will be provided with information in order to access electronic <br />quarterly and annual financial reports which indicate the financial soundness of the <br />institution. <br /> <br />AA. Transition Plan <br /> <br />Proposer shall describe their conversion plan to transfer assets of the City to their bank. <br />Include information regarding lead time necessary before the contracts can be implemented <br />and include plan details for educating and training City employees in the use of the bank’s <br />systems. Proposer shall provide a timeline schedule for full implementation, of which, should <br />be at no cost to the City. <br /> <br />BB. Employee Benefits <br /> <br />1. The bank will cash payroll checks for City employees at no cost whether they have an <br />account with the bank or with another financial institution. <br /> <br />2. Proposer shall describe incentives it would provide to City employees who have <br />accounts with their bank and/or participate in payroll direct deposit or who wish to <br />open a new account with their bank (i.e. free checking) and other programs offered <br />that may be beneficial to City employees. <br /> <br />CC. Service Enhancements <br /> <br />Proposer shall describe and provide any new financial services that may be considered for <br />further improving the effectiveness of the City’s treasury management operations that are