HomeMy WebLinkAboutTD BANK (2)PREPARED BY
Treasury Management Services
City of Sunny Isles Beach
RFP No. 24-06-01
July 12, 2024
Proposal information enclosed is proprietary
to TD Bank
PROPOSAL FOR
Pamela Ramkalawan
Vice President, Government Relationship Manager
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Email: Pamela.Ramkalawan@td.com
Table of Contents
Topic
Minimum Qualification Requirements (MQRS) .............................................................................................. 01
Transmittal Letter ............................................................................................................................................ 04
•Executive Summary .......................................................................................................................... 07
Company Information ...................................................................................................................................... 09
Personnel Experience and Qualifications ....................................................................................................... 15
Approach / Methodology ................................................................................................................................. 19
Pricing and Fees ............................................................................................................................................. 46
References ...................................................................................................................................................... 53
Contract Forms ............................................................................................................................................... 55
Questionnaire Form ........................................................................................................................................ 73
Exceptions ....................................................................................................................................................... 91
Minimum Qualification Requirements (MQRS)
1.Minimum Qualification Requirements (MQRS)
Firms must read the MQRs first to ensure your firm meets these requirements in order to
provide a response to this RFP. Firms that do not meet all the MQRs stated will be
determined non-responsive and disqualified from the evaluation process and will not be
considered. Proposer must provide all MQRs as requested, in addition to the information
requested below.
Please refer to the following pages for TD's response to the City's MQRS.
Proposed by: TD Bank, N.A.Page 1
Minimum Qualification Requirements (MQRS)
2.3 MINIMUM QUALIFICATION REQUIREMENTS (MQRS)
1.Please read the MQRs to ensure the Firm meets these requirements prior to submitting a
response to this RFP.
TD Bank acknowledges the above.
2.All Minimum Qualification Requirements (MQRs) must be submitted with Firm’s response.
TD Bank acknowledges the above.
3.Firms that do not comply with MQRs may be determined non-responsive and disqualified.
TD Bank acknowledges the above.
4. Awarded firm will be required to maintain Minimum Qualification Requirement a and b
during the term of the Contract and any Contract renewals.
a.The Proposer shall hold the proper license/qualifications to perform the Scope of
Work set forth within this solicitation to including but not limited to the following:
•Federal or State of Florida Charter Bank;
•Certified as a “Qualified Public Depository” under Chapter 280 Florida
Statutes, “Security for Public Deposits”;
•Member of FDIC; and
•Member of Federal Reserve System.
The Proposer must provide a copy of the applicable license(s) or status with Firm’s
response.
TD Bank acknowledges the above.
b.The Proposer shall have a branch bank located in Sunny Isles Beach. Be a Federal or
Florida chartered bank with a principal Branch office located within a ten (10) mile
radius of the city of Sunny Isles Beach, Florida, from the zip code 33160. Preference
may be given to proposing banks with a principal Branch office within the city limits of
Sunny Isles, Beach.
c.The Proposer must have received an unqualified opinion in its audited financial report
for each of the last two (2) years.
Proposer must provide a copy of the opinion with Firm’s response.
TD Bank's most recent financial information including annual audit financial
reports for the last two years are available online at:
https://www.td.com/investor-relations/ir-homepage/ir-homepage/investor-
index.jsp
d.The Proposer must have at least five (5) years’ experience having provided the scope
Proposed by: TD Bank, N.A.Page 2
Minimum Qualification Requirements (MQRS)
of services as outlined in the RFP and provide details of this experience. The City will
review the bank’s incorporation date filed on Sunbiz.org by month and year. As of the
submittal due date is the period of time counted for the five-year experience.
TD Bank acknowledges the above.
e.The Proposer shall provide reference letters for five (5) verifiable clients with a
minimum of three (3) municipalities/local governments, for projects of similar scope
as outlined in this RFP. Please ensure the contact information provided is up to date
and accessible. Proposer must complete the Questionnaire Form # 22 to meet this
requirement.
TD Bank acknowledges the above.
f.The Proposer must submit most recent audited financial statements to substantiate
the financial stability of the Proposer. Please note, financial statements are exempt
from public records request.
From this report, please indicate its effective date and amount of capital and
surplus for your institution.
Capital $ 46,280,4371
Surplus $ 34,002,753
Total $ 367,174,651
Date: as of 12/31/23
1Balances include Noncontrolling Interest
Proposed by: TD Bank, N.A.Page 3
Transmittal Letter
2.Transmittal Letter
A letter of transmittal, signed by an authorized officer of your company, briefly stating
the Proposer’s understanding of the services to be performed and a positive commitment
to perform the services described herein. Provide the name(s) of the person(s) who will
be authorized to make representations for the Proposer, their titles, office and E-mail
addresses and telephone numbers.
Please refer to the following pages for TD's Transmittal Letter.
Proposed by: TD Bank, N.A.Page 4
Transmittal Letter
July 12, 2024
City of Sunny Isles Beach
Attn: Genesis Cuevas, MPA, CPPB, NIGP-CPP
Purchasing Manager
18070 Collins Ave.
Sunny Isles Beach FL 33160
RE: RFP # 24-06-01 Banking Services
Dear Ms. Genesis Cuevas:
TD Bank, N.A. is pleased to be included in the Request for Proposal for Banking Services for the City
of Sunny Isles Beach (also referred to as the City). We are confident that TD Bank can continue to
meet the outlined requirements and exceed the expectations of the City when it comes to providing all
banking services.
TD Bank, America’s Most Convenient Bank®, is committed to outstanding customer service. TD Bank
has been named the best bank for customer satisfaction by such notable organizations as J.D. Powers
and Consumer Reports. At a time when many banks are cutting back, TD Bank continues to invest in
innovative technology and the expansion of our branch network. We pledge to the City of Sunny Isles
Beach that our staff will be responsive to your needs and will deliver excellence day after day. TD
Bank will continue to commit numerous resources to provide an unparalleled banking experience to
the City of Sunny Isles Beach and our other clients.
Government Banking has been an important line of business at TD Bank for many years. Our team
approach to working with municipalities has allowed us to manage over $29.6 billion in public funds
as of May 2024. We are leaders in Government Banking in Maine, New Hampshire, Vermont,
Massachusetts, New York, New Jersey, Pennsylvania, and Delaware. Our Government Banking
business continues to grow in markets of Florida, Maryland, Virginia and the District of Columbia. TD
Bank is ranked the 3rd top holder of public deposits in Florida and the United States.
A team of our finest professionals have been assembled to manage the City's relationship, Pamela
Ramkalawan, Vice President, Government Banking Relationship Manager has over 23 years of
banking experience. Pamela will be the Relationship Manager and is authorized to legally bind TD
Bank to this proposal. Andrea Tyrell-Grant, Vice President Treasury Sales Officer, will continue to
serve as the Treasury Officer responsible for Treasury Management services. Seana Lassiter and Sue
Gibbs will act as sales and service support to the City. Together, this team will be able to deliver TD
Bank's Legendary Customer Service.
In our recommended solution, the TD Municipal Advantage Checking account will continue to provide
the City maximum flexibility along with the increased control to achieve the best possible return on
funds. In this tailored solution, the City will receive an Earnings Credit Rate of 300 basis points*.
Proposed by: TD Bank, N.A.Page 5
Transmittal Letter
All of the City of Sunny Isles Beach's funds that are not required to off-set service fees will automatically
receive an interest rate of 300 basis points*. Key details of TD's offer to the City of Sunny Isles Beach
are:
Substantial Net Interest Benefit over current financial institution
"Managed” Earnings Credit Rate (ECR) with a rate of 300 basis points*
Competitive 300 basis points* Interest for Excess Funds Not Needed to Offset Banking
Services
TD Bank provides the City of Sunny Isles Beach a 9 month waiver of Account Analysis fees,
not including Courier fees, from the date of contract signing. TD Bank will provide the City a
monthly banking account analysis
No FDIC Charges for the Life of the Contract
Customized, In-Person or Virtual Trainings on all TD Bank Services (if needed)
Local Relationship Management Team, in Ft. Lauderdale
The City will NOT incur any transition costs or the need to allocate valuable time and resources
to a conversion.
Waiving All One-Time Implementation Costs Related to any additional Banking Services
At TD Bank, we are convinced that our innovative approaches and commitment to detail set us apart
from the competition. Our Government Banking team will work side-by-side with the staff from the City
to ensure complete satisfaction. In addition, we pledge to keep you abreast of the latest developments
related to Banking Services.
As part of the new contract process: execution/updates of signature cards, a corporate resolution, and
a TD Bank Cash Management Master Agreement will be required. Copies of these documents will be
made available after our initial meeting discussing any updates needed and the implementation
process.
Thank you for the opportunity to present our bid to City of Sunny Isles Beach. We are confident that
the City of Sunny Isles Beach will continue to find comfort in knowing that TD Bank is one of the world's
strongest financial institutions and will continue to be a safe and sound financial partner. We look
forward to your favorable response. Should the City of Sunny Isles Beach require any additional
information, you may continue to contact your relationship manager, Pamela Ramkalawan.
Sincerely,
Pamela Ramkalawan
Government Banking Relationship Manager
TD Bank's FL Diversity and Inclusion WIL Chair
5900 N. Andrews Ave. 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Fax: (954) 233-2037
Email: Pamela.Ramkalawan@td.com
Proposed by: TD Bank, N.A.Page 6
Confidential
Executive Summary
TD Bank is qualified to meet the financial service needs of the City of Sunny Isles Beach. Throughout our
proposal, TD Bank will demonstrate its unmatched commitment to customer service, our knowledge and
understanding of banking for our Governmental Clients, our state-of-the-art treasury management
products and services, our innovative approaches, and – most importantly – our desire to be your bank
of choice. The following summarizes our proposal response:
Relationship Management, Customer Service, and Community Engagement
TD Bank prides itself on creating positive banking experiences for our clients. The TD Bank team is here
to help and will continue to deliver best-in-class service to you while working to better the communities
where we collectively live and work.
We know Government entities have unique needs and have developed a Government Banking group to
help entities comply with numerous statutes that dictate how they conduct financial affairs. Our
Relationship Team is well-versed in public finance and how to structure accounts and treasury
management solutions that provide cost savings, maximize interest earnings, and simplify the way our
Government Clients conduct business. Careful attention is paid to the details that matter, and our
Government Bankers will provide on-going support the City of Sunny Isles Beach's employees. Periodic
relationship reviews will be conducted to ensure that you have the appropriate products and services and
to keep staff abreast of new technologies and innovations in treasury management as well as other new
services offered by the bank.
The Ready Commitment
TD Bank is committed to enriching the lives of our clients, colleagues, and communities. We aspire to
help create an inclusive future where individuals and communities feel confident that they can succeed
in a changing world. We deliver on this purpose through The Ready Commitment, grounded in four
interconnected drivers of change:
•Financial Security
•Vibrant Planet.
•Connected Communities
•Better Health
The Ready Commitment creates value for businesses and communities across our footprint by driving
social and environmental impact for all of our communities. We uncover ways to use our core business
from product development to lending and investing to create shared value. As an environmental leader,
we're committing $100 billion (CDN) in our business transient to a low carbon economy by 2030.
With long-term view, we use our philanthropy to open doors to a more inclusive and sustainable
tomorrow. We will deliver $1 billion (CDN) in community giving by 2030. We leverage the strength of our
employees to make an impact and are targeting 4 million volunteer hours globally by 2030.
Proposed by: TD Bank, N.A.Page 7
Executive Summary
About TD Bank
TD Bank, America’s Most Convenient Bank, is one of the 10 largest
banks in the U.S., with more than 27,000 colleagues providing over 10
million customers with a full range of retail, small business and
commercial banking products and services at more than 1,100
locations throughout the Northeast, Mid-Atlantic, Metro D.C., the
Carolinas and Florida.
In the U.S., TD Bank has a long history of prudent risk management
and a strong mix of deposit clients and customers across all industries
and sectors. TD Bank has maintained a dedication to stability while
satisfying our customers, our employees, our shareholders and our
communities.
TD Bank’s parent, The Toronto-Dominion Bank of Toronto, Canada,
was named by Global Finance Magazine among the “World’s Safest
Banks.”
TDBG Key Facts
• Second largest bank in Canada by assets
• Global Systemically Important Bank (G-SIB), which means that
it is held to a higher regulatory standard and higher capital
requirements and more stringent stress tests.
• Historically maintained a stable balance sheet that is not overly
invested in long-term assets, which facilitates liquidity.
• TD Bank Group has an investment grade credit rating (AA-).
• TD’s investment portfolio as a percentage of assets is 18%, which includes significantly higher
deposits than loans, which facilitates liquidity.
An Important Decision
At TD Bank, we offer the best of both worlds: the hands-on, client-first mentality you would expect from
a local bank combined with all the capabilities of a globally recognized financial institution. From meeting
your borrowing needs to discussing capital strategy to investing excess cash, we're ready to help.
Combined, these factors make TD Bank the ideal choice as the City of Sunny Isles Beach's preferred
financial services provider.
TD Bank Quick Facts
• $409.4 billion in assets*
• $324.4 billion in deposits*
• $192.4 billion in loans*
• $35.5 million in charitable
contributions (2023)
• ~10 million customers*
• ~27,502 employees*
• 1,173 US locations*
• Credit Ratings (US): Moody’s
Aa2 / S&P AA-*
Environmental
Stewardship
• Opened the nation’s first net-
zero energy bank location that
produces more electricity on
site than it consumes
• First large North American
bank to be carbon neutral
• Purchases renewable energy
credits for 100% of the
electricity consumed by our
Stores, ATMs, and operations
*As of 04/30/24. Additional information is available at www.td.com/investor-relations
Proposed by: TD Bank, N.A.Page 8
Company Information
3. Company Information
In response to this Proposal, all Proposers must provide the following:
• Name of Financial Institution (including any "Doing Business As" names)
TD Bank, N.A.
• Headquarters and local Branch Locations
Headquarters
TD Bank, N.A.
1701 Route 70 East
Cherry Hill, NJ 08003
Local Relationship Management
Pamela Ramkalawan
Vice President, Government Relationship Manager
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Email: Pamela.Ramkalawan@td.com
TD Store
TD Sunny Isles store
16830 Collins Ave
Sunny Isles Beach, FL 33160
Phone: (305) 956-5770
Less than 1 mile away from the City's Government Center.
• Internet Web Site Address (if any)
www.TD.com
• Details of Entity Business Structure (Corporation, Partnership, LLC)
TD Bank is a National Association.
• Date Founded
1852.
Proposed by: TD Bank, N.A.Page 9
Company Information
• Headquarters address and telephone number, and local branch address and
phone number
Please refer to the Headquarters and branch assigned to the City in
the response above.
To view a full listing of TD stores in the area, the City can go online to
view this information with the link below:
https://www.td.com/us/en/personal-banking/store-locator#/
• Proof of insurance
As financial institutions, the Toronto-Dominion Bank and its wholly
owned subsidiaries are required to maintain minimum regulatory
capital levels to fund potential losses stemming from credit, market
and operational risks. In addition to maintaining strong capital and
liquidity positions, we manage a broad portfolio of insurance programs
commensurate with the scope of business activities and operations
typical to a financial institution of our size and that also meet statutory
requirements.
Within our portfolio of insurance programs we maintain the following
types of traditional coverage:
• Comprehensive General Liability for bodily injury and property
damage including personal injury, blanket contractual and
products and completed operations.
• Professional Liability covering liability for financial loss
stemming from errors, omissions or negligence in the
performance of professional services.
• Workers Compensation or alternative plans or coverage
permitted in the forms required under the applicable
jurisdictional regulations.
• Comprehensive Crime and Fidelity including Computer Crime
covering losses that the Bank might incur as a result of
fraudulent or dishonest acts of external parties or Bank
employees committed against the Bank.
• All Risk Property Insurance covering the Bank's premises,
equipment and contents utilized in the execution of its
operations.
Within our insurance programs, the Bank may deem it appropriate to
self-insure components at levels deemed acceptable by the
organization and that are well within the capacity of the firm to absorb
the risk. All insurance that is retained must be provided by insurers
that meet minimum claims paying capability acceptable to the Bank.
Please refer to TD Bank's Certificate of Insurance in the Contract
Forms section.
Proposed by: TD Bank, N.A.Page 10
Company Information
•Indication of how long it would take to implement service after authorized to
begin
TD Bank has the privilege of being the incumbent service provider for
the City. This represents business as usual to the City without any
disruption to your daily banking needs. In the event the City wishes to
add additional treasury management services, your Relationship
Management Team will work closely with you to ensure a smooth and
seamless implementation as well as delivering our promise of legendary
customer service.
•List of any outstanding litigation that would threaten the viability of the firm or
the performance of this contract
TD Bank, N.A. has routinely engaged in legal proceedings occurring in
the ordinary course of its business, both throughout its footprint and
elsewhere in the United States, none of which have a material impact on
the financial condition of TD or on TD’s ability to perform under the
proposed contract.
•Financial Stability of the Bank along with audited financial statements
TD Bank's most recent financial information including annual audit reports are
available online at: https://www.td.com/investor-relations/ir-homepage/ir-
homepage/investor-index.jsp
Proposed by: TD Bank, N.A.Page 11
A1
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Business Profile
April 30, 2024
About Us
TD Bank 1 , America’s Most Convenient Bank®, is one of the 10 largest banks in the U.S.2, providing
over 10 million customers with a full range of retail, small business and commercial banking
products and services at more than 1,100 convenient locations throughout the Northeast, Mid
Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank,
N.A., ofers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also
ofer customized private banking and wealth management services through TD Wealth®. TD Bank
is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us . Find TD Bank on Facebook
at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US /.
TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 financial services company in
North America 3 . The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges
under the ticker symbol “TD”. To learn more, visit www.td.com/us.
Our Business Model
We’re committed to delivering everything customers would expect from a bank—plus,
everything they wouldn’t—while also protecting the health and well-being of our customers
and colleagues in today’s environment. We’re dedicated to our customers, communities and
colleagues, to inclusion and diversity and to our environment. And we focus on always being
more customer-centric, more convenient and more Unexpectedly Human than any other bank.
•Legendary Service
•Longer Hours
•Live Customer Service 24/7
•Online & Mobile Banking
•Instant Debit Card Issuance
•Mobile Check-in availableat Stores
Key Statistics
TD Bank (see footnote 1)(As of 04/30/2024)
Total Assets ~$409.4 billion
Total Deposits ~$324.4 billion
Total Loans ~$192.5 billion
Commercial ~$97.5 billion
Personal ~$95.0 billion
Retail Stores 1,173
ATMs (see footnote 4 )2,650
Customers (see footnote 5 )~10 million
Employees 27,502
2023 Charitable Contributions (see footnote 6 )$35.5 million
Credit Ratings (see footnote 7)
Moody’s S&P Fitch DBRS
The Toronto
Dominion Bank
Long Term Deposits Aa1 AA-AA AA (high)
Legacy Long Term Debt (see footnote 8)Aa2 AA-AA AA (high)
Long Term Debt (see footnote 9 )A1 A AA-AA
TD Bank, N.A.Long Term Deposits Aa2 AA-AA AA
Long Term Debt AA-AA-AA
For further details on financial information and credit ratings for The Toronto-Dominion Bank andTD Bank, N.A., please visit our Investor Relations website: td.com/investor
1 TD Bank refers to the U.S. retail business segment of TD Bank Group. Amounts are in U.S. dollars unless otherwise noted.Total Deposits and Total Loans reported are averages for the second quarter ended April 30, 2024. Total Loans include personaland business loans. Total Deposits include personal and business deposits as well as the insured deposit account agreement withSchwab. Total Assets based on TD Bank U.S. Holding Company.
2 Based on total assets as of February 29, 2024. Source: S&P Global, 50 largest US banks by total assets.
3 Based on assets as of April 30, 2024 (for Canadian peers).
4 Total ATM numbers as of April 30, 2024 and include Live, Mobile and TD-Branded ATMs.
5 TD Bank retail customer counts are approximate and includes Consumer Banking, TD Auto Finance, and Wealth Consumer customers.
6 U.S. Community Giving processed through the TD Ready Commitment Network; includes TD Bank giving and TD CharitableFoundation grants as reported from November 1, 2022 through October 31, 2023.
7 Ratings on long-term debt and deposits of The Toronto-Dominion Bank and TD Bank, N.A., as of April 30, 2024. Credit ratings are notrecommendations to purchase, sell, or hold a financial obligation inasmuch as they do not comment on market price or suitabilityfor a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization.
8 Includes (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 whichis excluded from the bank recapitalization “bail-in” regime.
9 Subject to conversion under the bank recapitalization “bail-in” regime.
U.S. Retail Banking Lines
of Business:
Retail Banking
Commercial Banking
Wealth Management
TD Auto Finance
Operates retail Stores in15 states & the District of
Columbia:
Connecticut
Delaware
D.C.
Florida
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Vermont
Virginia
TD’s Commitment to Communities it Serves:
In March, TD announced the grant recipients of its 2023 TD Ready Challenge, an annual North American initiative that seeks to support non-profit and charitable organizations developing innovative, impactful and measurable solutions for communities across the U.S. and Canada. This year, five U.S. non-profit organizations each received a $1 million grant to provide innovative solutions that address systemic barriers to afordable housing across the continuum from transitional to permanent homes.
Awards and Recognition:
2023 American BankerMost Powerful Women inBanking Top Team
62-23646 (04/24)Proposed by: TD Bank, N.A.Page 12
Metric (TDGUS)4Q 2023 Regulatory Minimum
LCR (quarterly avg.)117.80%100%
NSFR (quarterly avg.)104.08%100%
CET1 17.06%7 %
Background
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., with 28,000 colleagues providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida.
In the U.S., TD Bank has a long history of prudent risk management and a strong mix of deposit clients and customers across all industries and sectors. TD has maintained a dedication to stability with a focus on satisfying our customers, our colleagues, our shareholders and our communities.
2024
TD Bank Remains Committed to Financial Stability
TD Bank consistently maintains liquidity and capital regulatory ratios in excess of regulatory minimums, with a focus on maintaining sufficient liquidity and capital to help it withstand stress.
TD Bank, America’s Most Convenient Bank 1:
• In the US, TD Bank has total deposits of $334 billion and a loan-to-deposit ratio of 58% as of 12/31/23.
• TD Bank prudently manages its balance sheet and financial resources, with a focus on maintaining sufficient liquidity and capital to helpit withstand stress.
• TD Bank is subject to the Liquidity Coverage Ratio Rules (LCR Rule) of the Federal Reserve and the Office of the Comptroller of the Currency
(OCC), which set minimum standards to ensure banks maintain adequate liquidity under a 30-day period of stress.
o TD Bank consistently exceeds the LCR 100% regulatory minimum: In Q4 2023, TD Bank had an average LCR of 117.8%, with average weighted
eligible High Quality Liquid Assets (“HQLA”) of $86.4 billion of which $71.5 billion (~83%) was comprised of Level 1 assets in the form of cash and
highly liquid securities (e.g., U.S. Treasury securities and other government-guaranteed investment securities) that can be converted into cash during
a period of stress.
o For more information please view the TD Bank LCR Disclosure and LCR Calculation.
•TD Bank is subject to the Net Stable Funding Ratio Rules (NSFR Rule) of the Federal Reserve and the Office of the Comptroller of the Currency
(OCC), which sets minimum standards designed to ensure that banking organizations maintain adequate levels of stable funding over a 1‐year period.
o TD Bank consistently exceeds the 100% regulatory minimum: In Q4 2023, TD Bank had an average NSFR of 104.08%, with average weighted
eligible Available Stable Funding (“ASF”) of $280.3 billion and Required Stable Funding (“RSF”) of $269.3 billion.
o For more information, please view the most recent TD Bank NSFR Disclosure and NSFR Calculation.
•TD Bank is required by the Federal Reserve to complete an annual Dodd-Frank Act Stress Test to ensure the bank is sufficiently capitalized in
times of severe stress.
o TD Bank consistently exceeds the regulatory minimum of 7%. In Q4 2023, TD Bank had a Common Equity Tier 1 (“CET1”) ratio of 17.06%, which
equates to excess capital of $27.2 billion over the regulatory minimum.
• TD Bank maintains a suite of contingency plans articulating the actions that can be taken to generate additional liquidity and/or capital when
contemplating a stress event.
TD Bank is a member of TD Bank Group (TDBG) and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada.
TDBG Key Facts:
• Second largest bank in Canada by assets.
• Global Systemically Important Bank (G-SIB), which means that it is held to a higher regulatory standard and has higher capital requirements
and more stringent stress tests.
• Historically maintained a stable balance sheet that is not overly invested in long-term assets, which facilitates liquidity.
• TD’s investment portfolio as a percentage of assets is 18%, which includes significantly higher deposits than loans, which facilitates liquidity.
• TD has industry-leading credit ratings. TD is rated Aa1 by Moody’s Long-Term Deposits Ratings and Counterparty Risk Rating, AA- by S&P’s
Issuer Credit Rating, AA by Fitch’s Long-Term Deposits Rating and AA (high) by DBRS’ Long-Term Issuer Rating
• For more information, please view Credit Ratings for TD and TD Subsidiaries Information.
•View our most recent financial reports, regulatory disclosures and investor presentation here.
As a global financial institution and G-SIB, TD Bank Group and TD Bank, America’s Most Convenient Bank, must adhere to strict regulations both in the United States as well as Canada.
“Our bank – your bank – is one of the strongest in the world with ample liquidity, and a robust capital position – both critical measures of a successful Bank.” -- Bharat Masrani, TDBG President and CEO, 2024 Shareholder Address
1 Refers to TDGUS; OCC governs the subsidiary banks.Proposed by: TD Bank, N.A.Page 13
1 The financial data referenced is based on publicly disclosed financial information available on our website or via publicly available regulatory information, such as Call Reports and
Y-9C Reports.
TDGUS:
• TD Group US Holdings LLC (“TDGUS”) is TD’s top-tier U.S. bank holding company and “Intermediate Holding Company” (IHC) under Regulation
YY of the Board of Governors of the Federal Reserve System (Federal Reserve).
LCR:
• TDGUS is subject, on a consolidated basis, to the Liquidity Coverage Ratio Rule (LCR Rule) of the Federal Reserve, and its U.S. banking
subsidiaries, TD Bank, N.A. (TDBNA) and TD Bank USA, N.A. (TDBUSA), are each subject on a consolidated basis to the LCR Rule of the Office of
the Comptroller of the Currency (OCC).
• The LCR Rule sets forth minimum liquidity standards designed to ensure that banking organizations maintain adequate liquidity under a 30
calendar day period of stress.
• For calendar Q4 2023, TDGUS had an average LCR of 117.8%, with average weighted eligible High Quality Liquid Assets (“HQLA”) of $86.4 billion
and net cash outflows of $73.3 billion. The Company continues to maintain a stable average LCR above the regulatory minimum of 100%.
• For more information, please view the Quarterly Disclosure.
NSFR:
• TDGUS is subject, on a consolidated basis, to the Net Stable Funding Ratio Rule (NSFR Rule) of the Federal Reserve, and its U.S. banking
subsidiaries, TD Bank, N.A. (TDBNA) and TD Bank USA, N.A. (TDBUSA), are each subject on a consolidated basis to the NSFR Rule of the Office
of the Comptroller of the Currency (OCC).
• The NSFR Rule sets forth minimum standards designed to ensure that banking organizations maintain adequate levels of stable funding over
a 1‐year period.
• For calendar Q4 2023, TDGUS had an average NSFR of 104.08%, with average weighted eligible Available Stable Funding (“ASF”) of $280.3
billion and Required Stable Funding (“RSF”) of $269.3 billion. The Company continues to maintain a stable average NSFR above the regulatory
minimum of 100%.
• For more information, please view the Quarterly Disclosure.
Capital:
• TD Bank is required by the Federal Reserve to complete an annual Dodd-Frank Act Stress Test to ensure the bank is sufficiently capitalized in
times of severe stress.
• As of Q4 2023, TDGUS had a Common Equity Tier 1 (“CET1”) ratio of 17.06% vs. a regulatory minimum of 7%. This equates to excess capital of
$27.2 billion over the regulatory minimum.
• This is pulled from the FRY-9C.
Contingency Planning:
• TDGUS maintains liquidity and capital contingency plans and actions to manage through both liquidity and capital stresses.
Proposed by: TD Bank, N.A.Page 14
Personal Experience and Qualifications
4. Personnel Experience and Qualifications
Provide an explanation of why the Proposer is the best qualified to perform the contract
and demonstrate its qualifications including an item-by-item disclosure outlining how the
firm meets or exceeds the requirements of this RFP. The proposal should give a
description of the firm, including the size, range of activities, etc. and emphasize how the
firm-wide experience and expertise in this type of project will be brought to bear on the
proposed project.
Include organizational chart with local, district, and corporate levels for Proposer.
Describe how the organizational structure will ensure orderly communications,
distribution of information, effective coordination of activities, resource management,
accountability, and decision-making authority. Describe the designated team
representatives who are technically competent to assist the College in all activities
associated with the service and maintenance of this account.
The composition of the team should include:
The names of the employees in the area responsible for this contract
Their function in the company
The name of the person who will be responsible for the coordination of work
through to implementation.
TD Bank prides itself on creating positive banking experiences for our clients.
The TD Bank team is here to help and will continue to deliver best-in-class
service to the City while working to better the communities where we collectively
live and work. TD Bank realized years ago that Government entities have unique
needs and require a higher level of client service. In addition, TD Bank
recognized that many of these entities had to comply with numerous statutes
that dictated how they conducted their financial affairs.
In order to meet these needs, Government Banking was developed. Our
Relationship Management Team is well-versed in public finance and how to
structure accounts and treasury management solutions that provide cost
savings, maximize interest earnings, and simplify the way our municipal clients
conduct business. Careful attention is paid to the details that matter, and our
Government Bankers will provide on-going support to the City's staff members.
Periodic relationship reviews will be conducted to ensure that the City has the
appropriate products and services and to keep staff abreast of new technologies
and innovations in treasury management and other new services offered by the
bank.
Proposed by: TD Bank, N.A.Page 15
Personal Experience and Qualifications
Pamela Ramkalawan, will serve as the City's primary contact. Pamela
Ramkalawan will anchor all of the City's banking and service activities. Together
with your assigned Relationship Management Team, Pamela Ramkalawan
would be involved with all aspects of your banking relationship and be available
to provide consultative assistance. The City's Relationship Manager accepts
responsibility for every aspect of servicing the City's accounts. TD Bank’s
Relationship Managers are available 24 hours a day, seven days a week, by cell
phone or email and are available to meet at the City's convenience.
The City can contact any member of its relationship management team at any
time. This team, in addition to providing consultative advice and product
recommendations, is charged with ensuring that the City's service needs are
met and exceeded. TD Bank prides itself on the service accountabilities for all
its employees. Providing multiple service points are just one of the many ways
TD Bank provides its clients with the legendary service that has become the
Bank’s hallmark.
TD Bank is pleased to introduce the City's dedicated Relationship Management
Team:
Government Banking
Pamela Ramkalawan
Vice President, Government Relationship Manager
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Fax: (954) 233-2037
Email: Pamela.Ramkalawan@td.com
Pamela Ramkalawan will manage the City's relationship.
Ms. Ramkalawan has the necessary authority to carry out any tasks required to
effectively and efficiently manage the City's relationship with TD Bank. Ms.
Ramkalawan has over 24 years of banking experience exclusive to Florida of
which 22 years has been dedicated to Government Banking. The balance of her
banking career was in retail banking and operations. As a former Government
Banking Specialist at Wachovia Bank (currently Wells Fargo), Ms. Ramkalawan
was responsible for supporting many municipal relationships.
Ms. Ramkalawan supported some of Florida’s largest government entities
including Broward County, Broward County Public Schools, Palm Beach County,
Miami-Dade County, Broward County School Board and the Seminole Tribe of
Florida to name a few. Today, Ms. Ramkalawan manages many familiar
relationships in addition to the City of Lauderhill, City of Tamarac, City of Sunny
Isles Beach, City of Pembroke Pines, Miami-Dade Clerk of Courts and the
Housing Authority of Miami Beach, just to name a few.
Proposed by: TD Bank, N.A.Page 16
Personal Experience and Qualifications
Ms. Ramkalawan holds a BS degree in Business Management. She is also an
active member of TD Bank's diversity program where she is currently the
"Women in Leadership" chair for Florida.
She also participates in many local and state governmental organizations such
as the FGFOA, Florida League of Cities, Florida City and County Management
Association and many other professional organizations.
Ms. Ramkalawan will bring her unique qualifications and knowledge of account
structures, lending, treasury management services and other various services
to your banking relationship with TD Bank.
Tonya England
Assistant Vice President, Account Manager Government Banking
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2054
Email: Tonya.England@td.com
Tonya England will be the City's dedicated servicing representative. Ms.
England will aid Ms. Ramkalawan with the daily management of the relationship.
Ms. England will bring her wealth of customer service experience and
coordination skills to the Broward Town's relationship.
Ms. England’s servicing skills were acquired over a period of 15 years in a
combination of the travel industry and 13 years in the banking industry, which
included training clientele and coordinating projects.
Ms. England is dedicated to ensuring that all TD customers receive the highest
level of customer service.
Treasury Management
Andrea Tyrell Grant
Vice President, Treasury Management Sales Officer
5900 N. Andrews Avenue, 2nd Floor
Ft. Lauderdale, Florida 33309
Phone: (954) 233-2048
E-Mail: Andrea.Tyrell-Grant@td.com
Andrea Tyrell Grant is TD Bank's Vice President and
Senior Treasury Management Sales Officer for the
Broward County, Palm Beach & Treasure Coast markets.
Andrea has over 35 years of banking experience and uses that experience to
grow the Treasury Management line of business, working across Commercial,
Middle Market, Government Banking and Commercial Real Estate segments.
Proposed by: TD Bank, N.A.Page 17
Personal Experience and Qualifications
Prior to joining TD Bank in 2009, Andrea began her career at Citibank where
she held positions of increasing responsibility in the retail segment before joining
the Commercial Banking Treasury Management team.
Andrea previously held Series 7, 24, 63 Securities and Life Health and Variable
Annuities licenses. Andrea possesses a wealth of knowledge about the South
Florida market, where she has worked and resided since 1981.
Andrea is a graduate of Miami Dade College and a board member of the South
Florida Association for Financial Professionals.
Susan Gibb
AVP, Sales Support Specialist II
2401 Ponce de Leon Boulevard
Coral Gables, FL 33134
Phone: (856) 437-3854
Cell: (609) 500-5024
Email: Susan.Gibb@td.com
Susan Gibb is the Treasury Management Sales
Support specialist supporting the Broward County
Market. Susan is responsible for the sale of Treasury Management products and
services as well maintaining portfolios of Treasury Management customers.
She started her career at TD Bank 15 years ago on the retail side holding serval
positions learning all of
the different aspects of banking. She is a graduate of Penn State University with
a degree in communications. Susan enjoys her time traveling and currently
resides in Coral Gables, FL with her husband and son.
Retail
Our TD Sunny Isles store, located less than 1 mile from the City's Government
Center , will serve as the primary location to service the Town's in-store banking
needs. This includes banking services for the Town's employees, providing
account needs, night depository, and serving as a local resource for the Town.
Store hours and location are provided below:
Store Location Lobby Hours Drive-Thru Hours
TD Sunny Isles store
16830 Collins Ave
Sunny Isles Beach, FL 33160
(305) 956-5770
Monday: 8:30 a.m. – 5:00 p.m. Monday: 8:30 a.m. – 5:00 p.m.
Tuesday: 8:30 a.m. – 5:00 p.m. Tuesday: 8:30 a.m. – 5:00 p.m.
Wednesday: 8:30 a.m. – 5:00 p.m. Wednesday: 8:30 a.m. – 5:00 p.m.
Thursday: 8:30 a.m. – 6:00 p.m. Thursday: 8:30 a.m. – 6:00 p.m.
Friday: 8:30 a.m. – 6:00 p.m. Friday: 8:30 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m. Saturday: 9:00 a.m. – 1:00 p.m.
Sunday: 11:00 a.m. - 02:00 p.m. Sunday: 11:00 a.m. - 02:00 p.m.
Proposed by: TD Bank, N.A.Page 18
Approach / Methodology
5. Approach / Methodology
Proposers approach methodology to providing the services requested in this solicitation,
including but not limited to:
Clearly describe the ability to perform the scope of services proposed including a
work plan, an explanation of methodology to be followed to perform the services
required of this proposal
Management Policies and Customer Service Structure
Overall organization to completing the project
Ability to meet desired timelines and deadlines
Submit any additional information that would assist the City in the evaluation on your
proposal.
Please refer to the following pages for TD's response to our approach/methodology
to the City's Scope of Services.
Proposed by: TD Bank, N.A.Page 19
Approach / Methodology
SECTION 3
SCOPE OF SERVICES / TECHNICAL SPECIFICATIONS
3.1 BACKGROUND
The City of Sunny Isles Beach is located on a barrier island in the northeast corner of Miami-Dade
County, bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west.
The City has experienced a major redevelopment renaissance on the east side of Collins Avenue,
the main thoroughfare. To the west of Collins Avenue, the City is building parks, improving the
infrastructure, and laying the groundwork for future redevelopment. The City has a diverse
population of approximately 23,000 residents and almost one million vacationers visit Sunny Isles
Beach annually.
TD Bank acknowledges the above.
3.2 SCOPE OF SERVICES
The purpose of this Request for Proposal is to contract with a single bank that can offer the highest
quality of service at the lowest cost to the taxpayers. There are several services which are required
as part of this RFP. All services must be included in the proposal for it to be considered. It is the
intent of the City to select one financial institution to provide full banking services for all City
funds. The list below is a general overview and may not be all inclusive of the City’s banking
services required. In addition, where applicable, the City has indicated new or additional services
it will consider.
The City currently has nine (9) merchant accounts with TD Bank.
General Overview of Banking Services
Operating Account Automated Clearing House (ACH)
Accounts Payable Account (ZBA) Wire / Funds Transfers
Payroll Account (ZBA) Information Reporting
Merchant Services Account (ZBA) Account Reconciliation
Money Market Account Return Items
Online Banking/Treasury Management Positive Pay
Online Retrieval of Check and Deposit Images Remote Deposit Capture
Business credit cards Electronic vendor payments (e-payables)
TD Bank acknowledges the above and will be able to continue meeting the City's Treasury
Management and depository service needs.
Proposed by: TD Bank, N.A.Page 20
Approach / Methodology
A. Detailed Requirements
1. Online Account Access
The bank shall provide a secure, web-based solution that will allow the City online
access to all City bank accounts. The system will enable the City user to communicate
with the bank, download and archive information, provide daily reporting, facilitate
viewing and printing of the front and back of cleared checks, deposit slips, individual
deposit items, etc., execute online stop payments, perform wire transfers, and access
detailed ACH information. Preferably, all activities should be done on one central
online website. If not, please submit a list of the different online sites they use for
each service type (i.e., fraud control, online treasury, ACH control, deposits, etc.) The
City currently utilizes an internet-based treasury management system to view and
print daily balances and detailed transactions for its accounts. The City wishes to
continue utilizing this type of treasury management system. The treasury
management system will also allow for user security levels to be set up by a system
administrator to access its features.
The bank must have the ability to provide the City with access to online balance and
account activity reporting with the following minimum prior day and current day
information:
a. Closing ledger balance
b. Collected balance
c. One (1) day float
d. Two (2) days float
e. Total credits
f. Number of credits
g. Total debits
h. Number of debits
i. Opening ledger balance
j. Opening available balance
k. Current available balance
Individual activity amounts and descriptions to include, but not limited to, the
following:
i. Deposits
ii. Wire transfers (incoming and outgoing)
iii. ACH transfers (incoming and outgoing)
iv. Internal Bank account transfers
v. Other bank credits and charges
vi. Individual check amounts paid along with corresponding check numbers
and date cleared.
Proposed by: TD Bank, N.A.Page 21
Approach / Methodology
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily
banking needs. Below is an overview of TD eTreasury which provides online
information reporting and payment initiation for the City. This web-based tool offers
features that will enable the City to efficiently manage its business online 24 hours
a day, seven days a week.
TD eTreasury deploys the latest technology to simplify and enhance your online
banking experience. This web-based tool provides immediate access to account
information 24 hours a day, seven days a week.
• Real-Time Balance and Transaction Reporting with 365 Days of Online
History
• 7-year archive of Paid Check, Deposit Tickets, Deposited Items,
Debit/Credit Memos, and Return Item Images Available
• Detailed Incoming Wire and ACH Reporting
• Real-Time Stop Payments
• Online Statements (Bank Statements and Analysis Statements)
• Automated Email Report Delivery (additional fees apply)
• Custom Reports – create and export ad hoc reports in addition to standard
offerings
• Advanced Search Features - utilize flexible sorting and filtering to easily
locate transactions
Payment Initiation Services
• Domestic and International Wires with Real-Time Foreign Exchange Rates
• ACH Payments including Direct Deposits, Pre-Authorized Debits,
Corporate Payments and International ACH
• Real-Time Transfers between Accounts including Loan Payments and
Advances
Fraud Protection and Security
• Positive Pay Reporting with Online-Decision Making
• Token Security with Encryption and Authentication
• User Entitlement by Function, Account and Dollar Amount for Payments
and Administrative Functions
• Comprehensive Audit Reporting
Customized Features
• eLearning – simplify training with "Show Me" and "Let Me Try" features
• Alerts and Reminders – receive notification of important events
• Personalized Dashboard – easily enhance your banking experience using
widgets
Proposed by: TD Bank, N.A.Page 22
Approach / Methodology
2. Other
a. The City has Edmunds & Associates MCSJ financial systems management software
package. The successful bank shall demonstrate past experience with integrating
with the Edmunds system or a comparable system in the following ways:
i. Electronic processing of Positive Pay files
ii. Electronic processing of check reconciliation files
iii. Export and import of ACH electronic payment files
b. The demonstrated experience must include accepted Edmunds MCSJ accepted file
layouts, statement showing banking systems accept standard Edmunds exports,
and listing of previous customers using banking services with Edmunds MCSJ
system or a comparable system in each instance.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. In the event the City wishes to add additional treasury management
services, your Relationship Management Team will work closely with you to ensure
a smooth and seamless implementation as well as delivering our promise of
legendary customer service.
TD Bank can support all financial accounting systems. We have numerous clients
in our portfolio for which we have provided customized solutions for unique financial
accounting systems and technical requirements.
If required by the City, TD Bank's Implementation Team will bring a solution based
approach, and work with the City to meet any system or technical specifications
both new and current.
B. Bank Accounts
The City currently maintains one operating account (depository), a secondary merchant
account, one money market account and two (2) zero balance (ZBA) accounts.
1. Operating Account
a. This account is used for check and cash deposits and other activity to include,
but not limited to, incoming and outgoing wire transfers, incoming and outgoing
ACH transactions, and other electronic credits and debits. It’s also used for any
return item charge backs. This is the main account to which the zero balance
accounts are linked.
b. The proposer will provide the interest rate offer for this account as well as
discuss any other options to gain a higher yield with limitations governing those
options such as maximum monthly withdrawals, minimum balances to be
maintained, etc.
Proposed by: TD Bank, N.A.Page 23
Approach / Methodology
c. The proposer will describe its process for FDIC charges and whether the
proposer plans on passing these fees to the City.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. In the event the City wishes to add additional treasury management
services, your Relationship Management Team will work closely with you to ensure
a smooth and seamless implementation as well as delivering our promise of
legendary customer service.
TD Bank will not charge the City an FDIC fee.
Please refer to Pricing and Fees section for full cost details.
2. Secondary account – Merchant
This account is used for credit card deposits only. The City currently has nine (9)
merchant accounts all held with TD Bank.
TD Bank has the privilege of being the incumbent service provider for the City.
This represents business as usual to the City without any disruption to your
daily banking needs. Below is an overview of TD Merchant services.
TD Bank Merchant Solutions
TD Bank Merchant Solutions is a full-service Merchant Acquiring provider with
a team of subject matter resources specializing in payment processing. We are
a sponsor bank and have relationships with all major card and debit networks
(i.e., Visa, MasterCard, Discover, AMEX). TD Bank Merchant Solutions utilizes
Fiserv: which enables us to leverage the infrastructure of one of the largest
processors; accessing multiple processing options, card acceptance solutions
and high-performance standards. TD Merchant Solutions also works with
different hardware vendors and PCI Compliance partners, providing us with
access to new product development insight, leading qualified security
awareness and subject matter experts.
Determining the best solutions to meet your card processing needs is important
to us. Backed by the strength and stability of a top-10 U.S. bank, we take a
relationship-centric approach with our clients to get to know and understand
your business's unique needs.
TD Bank Merchant Solutions enables you to rapidly accept credit and debit
cards from all major carriers and networks, across a host of advanced point-of-
sale (POS) devices and online platforms.
Proposed by: TD Bank, N.A.Page 24
Approach / Methodology
Advantages of TD's Merchant Solutions Processing
• Improve your cash flow with the availability of next-business-day
funding to your TD Bank Business Checking Account
• Easily generate customized, detailed reports with data available by
location through access to ClientLine, our online reporting dashboard
• Resolve chargebacks and receive dispute updates electronically
through Dispute Manager
• Simplify Payment Card Industry Data Security Standard (PCI DSS)
compliance requirements through our partnership with Security Metrics
• Accepted Payment Solutions
• Most common Credit and Debit card networks accepted, including:
Visa®, MasterCard®, American Express®, Discover®, Star®,
Interlink®, NYCE®, and more
• We are able to integrate to industry leading payment solutions,
delivering seamless payment processing, reporting and chargeback
management
• TD Bank Merchant Solutions offers the latest in contactless technology
enabling payments through the use of mobile devices, including Apple
Pay and Google Pay.
3. Money Market Account
This account is used for a small percentage of deposits of excess cash, and it is an
interest-bearing account. The proposer will advise of the money market interest rate
and any additional options to maximize interest earnings.
TD Bank has the privilege of being the incumbent service provider for the City
and will continue to provide a Money Market Account.
4. Zero balance account – Accounts Payable
This account is used solely for all check payments to vendors. The funds are swept into
or out of this account to or from the Operating account.
TD Bank has the privilege of being the incumbent service provider for the City
and will continue to provide a Zero Balance Account for Accounts Payable.
5. Zero balance account – Payroll
This account is used solely to process payroll disbursements to employees. The funds
are swept into or out of this account to or from the Operating account.
TD Bank has the privilege of being the incumbent service provider for the City
and will continue to provide a Zero Balance Account for Payroll.
Proposed by: TD Bank, N.A.Page 25
Approach / Methodology
The City reserves the right to open additional accounts during the contract period. Proposers must
indicate documents required to open a new account.
In the event the City wishes to open additional accounts, your Relationship Management
Team will work closely with you to ensure a smooth and seamless process as well as
delivering our promise of legendary customer service.
C. Availability of Funds
The Awarded Bank agrees to credit the City’s Operating Account for Incoming EFT’s the same
day regardless of the time of receipt during the day.
The City will receive immediate availability on electronic deposits and wire transfers
on the business day we receive the deposit.
D. Deposit Processing and Remote Deposit Capture
1. The bank will provide the ability to deposit checks using remote deposit capture. A
check scanner and appropriate software will be provided to the City to digitally
capture the check images for deposit. The deposit will be balanced, and an electronic
deposit slip created. The file would then be transmitted to the bank through a secure
website for posting to the City’s operating account. Proposer shall describe its remote
deposit capture services to include related costs to the City.
TD Bank has the privilege of being the incumbent service provider for the City.
This represents business as usual to the City without any disruption to your
daily banking needs. Below is an overview of TD Digital Express.
TD Digital Express
TD Bank offers the ability to process checks by Remote Deposit Capture (RDC)
using our TD Digital Express solution. With TD Digital Express, you have the
flexibility to scan your checks and transmit your deposits from the convenience
of your office and beyond traditional banking hours. Some of the features of
TD Digital Express include:
• History retention of 45 days
• TD eTreasury offers 365 days of Images
• Optional seven-year image archive through TD eTreasury
• Export capability of standard reports in CSV and PDF formats
• Unlimited number of accounts per entity
• Virtual endorsement on checks
• System availability 24-hours a day, seven days a week
• Same-day credit on deposits received up until 9:00 p.m. ET with next
day availability.
• Multiple scanners to choose from based on volume
Proposed by: TD Bank, N.A.Page 26
Approach / Methodology
2. The Proposer will specify the requirements for depositing checks and currency along
with its availability schedule for deposited items: cash, in-state checks, out-of-state
checks, foreign checks, etc. The bank will allow deposits with an attached breakdown
of individual checks rather than itemizing each check on the deposit slip.
TD Bank maintains a unique availability policy. There are no complicated
availability schedules and no special pricing tables. TD Bank will notify the City
of any change in funds availability policies.
We credit deposits as processed with next day availability. TD Bank gives
immediate (same day) availability for cash and checks drawn on TD Bank when
deposited at a store location before 8:00 p.m. ET. For all other checks
deposited before 8:00 p.m. ET at a store location, the City will receive $100.00
credit the day of the deposit and the remainder of the deposit is generally
available to you no later than the next business day.
E. Foreign Check Deposits
The City receives Canadian and other foreign checks for payment of building permits
and other services. Canadian and foreign checks will be deposited in U.S. dollars on
the day of deposit. A foreign exchange adjustment will not be permitted.
Availability of foreign check deposits is as follows:
Canadian Checks – Next day availability for all items under $5,000.00 to be
converted at the prevailing spot rate if made before 8:00 p.m. ET at a store
location. Regular deposit fee applies. Checks over $5,000.00 will be sent to the
foreign check collection department with an estimated 6 – 8 week timeframe
for funds availability.
All Other Checks – Checks drawn on any other country will be sent to the
foreign check collection department. For checks under $2,500 USD, the funds
will generally be made available within 3 – 5 business day of the receipt by the
check collection department. For items greater than $2,500 USD, checks will
be sent to collections with an estimated 6 – 8 week timeframe for funds
availability. A fee of $17.50 will apply for all items regardless of the amount.
US Funds – Checks written in USD on any foreign bank except for Canada,
the 6 – 8 week time frame for availability applies. A $17.50 fee will be applied
by TD Bank for these items. Additional fees may be charged by the
correspondent bank. TD Bank is unable to determine the amount of the fee
charged by the correspondent bank.
Proposed by: TD Bank, N.A.Page 27
Approach / Methodology
F. Cashing Petty Cash Checks
The bank will cash petty cash checks at no charge to the City or employee cashing the
check. The bank will require that the employee present a current City issued
identification card to cash petty cash checks.
TD Bank is able to meet the requirement above.
G. Information Reporting
1. The Proposer shall describe the types of information reporting their internet-based
treasury management system provides (i.e. cash balances, ACH debits and credits,
wire transfers, reconciliation, positive pay decisions, stop payments, account activity,
etc.).
TD eTreasury provides efficient features for immediate access to account
information. Through our online platform, items are processed in real-time and
post to your account at the time they are presented.
TD eTreasury will provide the City real-time balance reporting and is constantly
updated throughout the day. The Information Reporting module provides
account number, account name, ledger date, view details, opening available
balance, one day float, total debit amount, total credit amount and closing
ledger balance. Under "View Details", you will be able to view all account
transactions including BAI code, SWIFT code, transaction description,
transaction detail, amount, debit/credit indicator, bank reference, customer
reference and images (deposit ticket, deposited items and checks paid).
The following reports are available through TD eTreasury: Incoming ACH
Details, Multi-Day Statement, Wire Confirmation Summary, Wire Confirmation
Detail, Controlled Disbursement Detail, Controlled Disbursement Summary,
ACH Detail, ACH Summary, Current Day Combination, Current Day Detail New
Items, Current Day Detail, Current Day Summary, Paid Check, Prior Day Detail
No Check, Prior Day Combination, Prior Day Detail, Prior Day Summary and
many more customizable reports. TD eTreasury does have an automated
report delivery feature that allows reports within eTreasury to be e-mailed to
anyone within the organization.
2. The Proposer will provide details regarding how far back data is warehoused, how
many business days the data is stored in the reporting system and available for the
City to access for the types of data listed above.
Our TD eTreasury system offers 365-day storage of detailed banking history
for all of the City's accounts including balances, transactions, images of all paid
checks, deposit items, deposit tickets, and returned items organized by date
and by account. Search fields also include transaction type, dollar amount,
dollar range, bank/customer reference, serial number, date, and date range. In
addition, you will also be able to review the full amount and source of all ACH
and wire transactions when they post to your account.
Proposed by: TD Bank, N.A.Page 28
Approach / Methodology
TD also offers through TD eTreasury an option whereby you will have access
to paid checks, deposit items, deposit tickets, and returned items for seven
years.
3. The Proposer will provide a sample of their daily online reporting format.
Please refer to the sample reports attached within this Proposal.
H. Bank Account Statements and Reconciliation
1. Bank statements for all City accounts will be provided monthly at the end of each
calendar month. Statements shall be delivered no later than seven (7) banking days
after the end of each calendar month, preferably in an electronic format. Statements
will contain images of the front and back of the cleared checks, sorted by check
number. All the information shown in the statement will be accessible through an
internet-based treasury management system and be able to be downloaded into an
Excel or csv format. In addition, the City requires that cancelled check images (front
and back) be provided on CD-ROM in a searchable format.
The City will have access to monthly statements online, which will be available
the first day after month end via TD eTreasury along with a rolling 365-day
history of front and back images of paid checks, deposit items, deposit tickets,
and returned items organized by date and by account. Search fields include
transaction type, dollar amount, dollar range, bank/customer reference, serial
number, date, and date range.
TD Bank will provide the City with check imaging services via CD-ROM and TD
eTreasury. As mentioned in the previously, City will also have an available
seven-years archive history relative to images of disbursement checks on TD
eTreasury.
2. The City requires the bank to provide a full account reconciliation program for the
Accounts Payable account. The information provided should include the check
number, amount of the check, and date the check was paid. This information should
be available immediately at the month-end in excel or text file format.
TD Bank has the privilege of being the incumbent service provider for the City.
This represents business as usual to the City without any disruption to your
daily banking needs. Below is an overview of TD Full Reconcilement.
TD Full Reconcilement
Full Reconcilement Services provides a detailed reconcilement statement
including a consolidated report that includes a listing of checks paid, checks
outstanding, stops and cancelled checks. The reconciliation package also
includes reports detailing debits and credits along with a DDA settlement
including any adjustments to the account.
Proposed by: TD Bank, N.A.Page 29
Approach / Methodology
A reconcilement statement can be prepared weekly, bi- weekly, or monthly to
coincide with the City's bank statement. To allow for data capture in the Bank’s
reconcilement system, the City will need to have a check serial number MICR
encoded on all checks. Monthly, or on a predetermined schedule, a file of
checks issued will be transmitted to the Bank. Check issue files must include
check number, date of issue, amount, and account number. Once the Bank
receives the issue files, the Bank will match the checks issued against the
checks paid to produce an “outstanding check issue report.”
Benefits of TD Full Reconcilement include:
• Consolidated statement of outstanding checks
• Significant time savings is realized in reconciling bank statements
• Processing schedules to meet your needs Simplifies internal
reconcilement
• Special daily reports are available upon request
• Provides the option of paying for services by maintaining
compensating balances or by direct charge through account analysis
3. Debit and credit advices are to be issued for deposit discrepancies within 24 hours of
deposit.
Should a discrepancy in any deposit occur, or any error caused by TD Bank,
we will adjust the City's account accordingly. Adjustments will be reflected as
a credit or debit memo on your bank statement. TD Bank must receive
notification prior to the 25th of the month in order to make corrections for the
next statement.
The adjusting debit or credit memo will be mailed to the City the next business
day. TD Bank will not charge the City for any adjustments.
I. Overdraft
If the total amount of checks and/or other payments exceeds the available balance of the
Operating Account or any other non-linked City account, the Proposer agrees to pay all checks
presented for payment. The Proposer will notify the Finance Director or City Manager
immediately so that corrective action may be taken. Proposers must provide information
regarding overdraft protection as well as any assessment of fees.
Overdrafts are closely monitored by the Relationship Manager, Pamela
Ramkalawan, who has the ability to authorize the payment of the related items and
will ensure they are handled in a satisfactory manner. TD Bank recognizes that
overdrafts do occur on occasion and we are willing to work with the City if such an
event does occur. Your Relationship Manager or other bank representative will
contact the City first thing in the morning during normal business days to determine
how the overdrawn items will be funded.
Proposed by: TD Bank, N.A.Page 30
Approach / Methodology
J. Stop Payments
1. The bank agrees to accept stop payment orders online utilizing an internet-based
treasury management system. If the respective check is unpaid, the bank will provide
online confirmation of the stop payment order as well as follow up with written
confirmation. The Bank shall be responsible for any item cashed if the item was
confirmed as a stop payment as of a specific date and is subsequently cashed by the
bank.
2. A cancellation of a stop payment order will be handled in the same manner.
3. Proposers will indicate to the City in their proposals the period in which a stop
payment order remains in effect.
4. Each Proposer will also indicate whether a cost-effective electronic online process is
available for stop payment orders.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. Below is an overview of our stop payment process.
TD eTreasury offers online access for inquiring, cancelling, and placing stop payments
on checks in real-time. Stop payments can also be made over the phone or in any of
our stores and are effective immediately, if placed before the 8:00 p.m. ET deadline.
The City may cancel a stop payment in the same manner.
For requesting stop payments of non-sequentially numbered checks, TD eTreasury
provides a multiple entry screen for up to ten items. In addition, all stop payments can
be monitored via TD eTreasury along with viewing all paid checks. TD Bank's system
will verify if a check has been paid before accepting the stop payment. The City will
receive notification once the stop payment has been processed.
Stop payments may also be placed over the phone by calling any TD Bank Store or
the TMSS team.
K. Deposit Returned Items
All returned checks due to insufficient funds or other reasons will NOT be automatically re-
deposited a second time. Instead, these checks will be returned to the City’s Finance
Department. The bank will provide the ability to access online return checks for the Operating
account to include an image of the check returned. The bank will also provide the ability to
retrieve a history of returned items.
TD Bank acknowledges the above.
Proposed by: TD Bank, N.A.Page 31
Approach / Methodology
L. Wire Transfers
The bank will provide the City same day wire transfer service for outgoing transfers and accept
incoming transfers into the account for immediate credit. The City transfers money via wire
transfer using both repetitive and non-repetitive wires. Both repetitive and non-repetitive
wire transfers will be done utilizing an internet-based treasury management system. The
Proposer will provide its cut-off deadline for same day outgoing wire transfers.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. Below is an overview of our wire transfer service.
The City has the convenience of initiating wire transfers electronically through TD
eTreasury while maintaining appropriate payment initiation controls. User profiles
established by the System Administrator govern the level of wire authority for each
user (create, approve, create templates, etc.) and associated dollar limits. As an
enhanced security feature, dual control is required for all wires.
On TD eTreasury, current day wires with a Fedwire payment method must be
submitted by 5:00 p.m. ET. International foreign currency wires must be submitted by
3:00 p.m. ET. US Fed Tax payments must be submitted by 4:00 p.m. ET. Due to the
nature of international wires in foreign currency, same day settlement cannot be
guaranteed.
Users may elect to create a payment instruction status alert in eTreasury to notify them
when a wire is pending their approval, and this alert will be sent directly to your work
email address. Additional alerts are available for receipt of an incoming or outgoing
wire, etc. Email wire notifications directly from our wire system are also available.
Alternatively, the City may utilize any of our convenient store locations to initiate
outgoing wire transfers. The deadline for in-store initiation for domestic wire transfers
is also 5:00 p.m. ET. The deadline for international wires in USD or foreign currency
is 2:00 p.m. ET.
TD eTreasury will provide the City with real-time notification of the Federal Reference
number for all initiated outgoing and all incoming wire transfers. In addition, the City
will receive an immediate confirmation that the wire was placed online via TD
eTreasury for tracking purposes.
The City will also have the ability to initiate USD international wires and foreign
currency international wires to any of its accounts worldwide via TD eTreasury. Wires
are initiated with RSA tokens that are supplied when your System Administrator grants
users access to functions like creating or approving wire transfers. Wires created by
one user must be approved by a second user before they are released.
Incoming wires received by 6:00 p.m. ET will receive same-day ledger credit. Wires
received after 6:00 p.m. ET will receive next-day ledger credit.
Proposed by: TD Bank, N.A.Page 32
Approach / Methodology
M. ACH Files/Transfers
1. The bank will provide the City the ability to receive and send Automated Clearing
House (ACH) transfers / files utilizing an internet-based treasury management system.
The Proposer will provide the timeline for ACH transfers, including deadlines, timing
of receiving deposits and withdrawals from disbursement accounts using the ACH
system.
TD Bank has the privilege of being the incumbent service provider for the City.
This represents business as usual to the City without any disruption to your
daily banking needs. Below is an overview of our ACH initiation service.
TD Bank is one of 31 Direct Financial Institution members of the National
Automated Clearing House Association (NACHA). TD Bank's Automated
Clearing House (ACH) services allow the City to create and process the
exchange of funds electronically on predetermined dates through the NACHA
network. Unlike writing a check or sending a wire transfer, ACH services
provide the ability to transfer funds electronically between TD Bank accounts
and accounts at other financial institutions for the purpose of disbursing or
collecting funds. Additional payment details, known as addenda records, may
be included with the transaction data.
The City may select between a variety of delivery channels including direct
transmission, secure web, or through our online banking platform, TD
eTreasury.
TD Bank requires strict adherence to the NACHA Rules as well as US
regulations. For direct file transmissions, TD Bank supports secure web and
FTP transmissions with Pretty Good Privacy (PGP) encryption through our
FTExpress file transmission system. An email confirmation is sent after receipt
of the file, and includes the dollar values in the file and a confirmation that the
file was in an acceptable format.
The Bank cutoff time of ACH is 8:00 p.m. ET, and the offsetting ACH entries
are settled on the night of the effective settlement date.
2. Payroll Direct Deposit - The City is on a bi-weekly payroll basis, covering an average
of 300 employees every other Friday. The net payroll amounts to approximately
$850,000 ($650,000 net payroll / $200,000 tax liability). Currently, all employees have
direct deposit; however, there may be an occasional check issued to an employee in
lieu of or in addition to a direct deposit. The Proposer will provide details of how their
bank administers a direct deposit payroll program, including, but not limited to:
a. Procedures for receiving electronic payroll, including transmission
deadlines for direct deposit ACH files and description of when funds are
debited from the City’s account.
As long as electronic credit transactions are submitted a minimum of
two days in advance, transactions will be available at the start of
Proposed by: TD Bank, N.A.Page 33
Approach / Methodology
business on due date. EFT debit transactions are posted at the end
of the business day as long as they are received one day prior to due
date. Same day credit transactions will appear at the end of the
processing day as long as they are received prior to their respective
cut-off times.
b. Details on how to handle a void and reversal of an individual direct deposit
item.
In the event a reversal or deletion is required, the City may call, or
send the request through TD eTreasury. Callback verification is
performed on all requests. TD Bank will then process the request
according to ACH guidelines. All transmission files submitted to TD
Bank are always done within a secure environment, and we use
Secure Socket Layer protocol with encryption.
The deadline to delete or reverse a file/batch/entry varies based on
when the files has been distributed into the network, which occurs
numerous times throughout the day. If the file or batch has not been
distributed to the ACH Operator, then it can be deleted from the
warehouse. If the file/batch has been distributed to the ACH
Operator, then a reversal is required.
The City may request a reversal of an entry or file, once released into
the network within five business days of the settlement date of the
transactions under qualifying conditions. There is no guarantee that
this will be accepted by the RDFI or Receiver, as prescribed by
NACHA Rules. Specific transactions that do not meet immediate
validation rules will be rejected immediately and the City will be
advised immediately by email.
Issues with ACH transmissions are directly by our Treasury
Management Services Support (TMSS) Team at (866) 475-7262.
The TMSS team handles most inquiries themselves same-day or
within a short period following receipt of the request. The City may
also contact any member of its Relationship Management Team for
further assistance.
c. Details on whether it is possible to reverse or cancel an ACH file and the
appropriate procedures that apply.
Yes, the City may request a reversal of an entry or file, once released
into the network within five business days of the settlement date of
the transactions under qualifying conditions.
See response above for details.
Proposed by: TD Bank, N.A.Page 34
Approach / Methodology
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.
TD Integrated Payables
TD Integrated Payables is a convenient and flexible solution that accepts
consolidated payment files in varying formats from the City, separates
payments by type (check, wire, and ACH), and then delivers payments to the
appropriate applications within the bank for processing. TD’s Integrated
Payables solution enables you to leverage your existing A/P system’s ability to
generate a payment file for processing by TD Bank. This eliminates the need
for you to initiate payments directly through each payment stream (check, wire,
or ACH).
Your consolidated payments file is securely transferred to TD Bank where your
transactions are separated by type and processed through the appropriate
payment channels. We’ll provide you with confirmations when your file is
received, and as payments are processed. Details of payments processed are
also available through our TD eTreasury corporate online banking solution.
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.
*Confidential Information
TD will provide the City an amount of $500.00 per calendar year towards its choice
of banking supplies. Any unused credit will not roll over from year to year. Any
additional supplies exceeding this amount can be obtained at standard cost.
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.
TD Bank collateralizes government/public deposits per the requirements of the State
of Florida's Public Deposits Security Act – Statute 280. TD Bank is Qualified Public
Depository Bank as defined in the statute and abides by all rules and regulations. TD
Bank will maintain its QPD status throughout the life of the contract and will
collateralize all amounts maintained on deposit by the City.
Proposed by: TD Bank, N.A.Page 35
Confidential
Approach / Methodology
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.
In the event that online capabilities and functionality for any service are temporarily
unavailable for any reason (power failures, etc.) or a disaster occurs within TD Bank's
or the City's electronic systems, mirrored data-backup data is housed off-site with a
secured third party.
TD Bank maintains backup processing. Site and capabilities are confidential to ensure
optimum security for processing in the event of a disaster. The locations and
capabilities are not disclosed for security reasons.
TD Bank's robust enterprise-wide BCM program includes formal crisis management
protocols and continuity strategies that accommodate both short-term and long-term
recovery initiatives. We regularly maintain and exercise business continuity and
disaster recovery plans to address the loss or failure of any component on which
critical functions depend.
Upon notification from the City of a disaster, TD Bank and your Relationship
Management Team would assess your needs and provide support services as
applicable. We have a history of going above and beyond normally expected service
lengths to provide for our clients.
Below is the contact information to the City's Relationship Manager.
Local Relationship Management
Pamela Ramkalawan
Vice President, Government Relationship Manager
5900 N. Andrews Ave., 2nd Floor
Ft. Lauderdale, FL 33309
Phone: (954) 233-2064
Cell: (561) 866-8368
Email: Pamela.Ramkalawan@td.com
Proposed by: TD Bank, N.A.Page 36
Approach / Methodology
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.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. Below is an overview of our check Positive Pay service.
TD Positive Pay
TD Positive Pay is recommended for any account used for check clearing and is the
best method for preventing check fraud. This value added service will mitigate risk and
provide comfort and security for the City. Positive Pay compliments the internal
security measures you employ to ensure that only authorized checks are paid.
Through Positive Pay, in the event that a check paid does not match either the serial
number or amount of the check issued, TD Bank will notify the City to make the
decision to pay the check or return the check unpaid. You will receive information on
exception items by 10:00 a.m. ET each business day. We ask that you review items
and enter your pay or return decisions by 2:00 p.m. ET, which provides a four hour
window for the review of exception items.
We “push” our Positive Pay information directly to our teller platforms. If an item is
presented at a teller window that was not on the issue file, or there is a variation of
information (i.e., dollar amount), notification will be sent to the specified contact for a
"pay" or "no pay" decision. The exception will be out on eTreasury, TD Bank’s state-
of-the-art corporate online-banking system for information reporting and transaction
initiation, for the City to make a decision. You also have the option to sign up for alerts.
The teller line will be updated six times a day at: 9:30 a.m., 11:30 a.m., 1:30 p.m., 3:30
p.m., 4:30 p.m. ET, and overnight. The Bank’s deadline for the transmission of check
issuance files to the Bank is 4:30 p.m. ET for same-day upload to the reconciliation
system. Files received after 4:30 p.m. ET will be uploaded to the reconciliation system
the morning of the next business day.
All files received by 4:30 p.m. ET will be verified and effective against checks
presented through all TD Bank Stores at the opening of business the next morning.
Proposed by: TD Bank, N.A.Page 37
Approach / Methodology
Benefits of TD Positive Pay are:
• Provides protection against certain types of check fraud
• Fraud detection at encashment at the branch
• Enables viewing of the image of the check through commercial online banking
prior to making a decision
• Provides the option of paying for services by maintaining compensating
balances or by direct charge through account analysis
TD Bank also offers Positive Pay with Payee Name Verification as optional service
enhancement, which is a process that requires payee information to be provided to the
Bank on the positive pay issue file before the checks are mailed and/or distributed. TD
Bank will then process the payee information and store it on our Account
Reconcilement platform.
R. Credit Cards Processing
The City currently has TD Bank as its merchant processor. Please provide any relevant
information on these services.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. Below is an overview of our Merchant Solutions service.
S. Armored Car Service
1. The bank will provide services necessary for the City to utilize an Armored Courier
Service for pick-up of the City’s deposits for same day deposit. Pick-up will be daily at
one location within the City, as follows:
City Hall, Finance Department, 4th Floor, 18070 Collins Avenue – Deposits from
this location are to be picked up for same day credit on select days in which the
City is open for business. Frequency of pick-ups has not been determined yet.
Proposer shall provide the latest time each day deposits can be picked up for
same day credit and the fee structure based upon every day, every other day and
intermittent frequencies.
2. Each and every deposit pick-up will be receipted for by signature in a City maintained
logbook.
3. The armored courier service company will service the pick-up location and keep
current photo identification and signature samples of each and every person assigned
to pick up such deposits from the designated City location. This provided
documentation will be relied upon by the City for turnover of such deposits.
4. The Proposer must state in the proposal if there are additional charges assessed to
the City for deposits greater than a certain dollar amount.
Proposed by: TD Bank, N.A.Page 38
Approach / Methodology
5.A credit will be applied to the City’s charges on the analysis statement in the event
that the courier fails to pick up at the designated time and location.
TD Bank utilizes partnerships with multiple armored car and safe vendors to provide
coin and currency along with smart safe services. We are contracted with Brinks,
Garda, and Loomis.
Through our partnership with highly experienced Armored Carrier and Money Center
vendors, your deposits can safely and efficiently reach your bank account.
•Established fleet of bonded drivers through Garda Global Brinks, Inc., and
Loomis Armored
•Flexible scheduling may be possible to meet the needs of your business
•Next day delivery of currency/coin orders submitted by 11:00 a.m. ET (Garda
& Brinks) 9:30 a.m. ET (Loomis)
•Video surveillance systems monitor all processing
•High speed currency and coin counting equipment for optimum efficiency
•Bonded employees
•Direct link to TD Bank for same day posting of cash deposits
•Automated touch tone phone system for change order
All contract negotiations for Armored Carrier services and the associated costs are
between the City and its preferred courier. With TD Bank, the City has the option to
choose any Armored Carrier as TD Bank has relationships with all the major providers.
T.Emergency Services and Cash
1.The bank shall be prepared to deliver banking services within twenty-four (24) hours
of a disaster event (hurricane, tornado, wildfire, flood, etc.). The bank shall provide
information regarding their disaster recovery plan, including specific plans related to
servicing the City, in the event of a disaster. The bank shall provide a listing to the
City semi-annually of bank contact names, phone numbers, and physical location to
be available to assist in the event of an emergency.
2.The City may request a large amount of cash in the event of an emergency. Requests
for such funds are generally given within 48 hours’ notice but could be given as late
as 24 hours’ notice.
TD Bank will work with the City to accommodate any of its special disaster needs.
During our implementation, we will discuss this process and detail specific steps to
meet your specifications.
Should the City choose to utilize a vault service provider in the event of a disaster, TD
Bank can support orders processed for a City emergency event. Orders must be
received by 11:00 a.m. ET for deliveries expected the next business day. Emergency
orders or orders after the 11:00 a.m. ET cut-off time can be processed between 11:01
a.m. and 2:00 p.m. ET for pick up by your armored car company within three hours.
Assuming your vault service provider is not impacted by the same "Disaster event",
orders would be processed as an emergency request until 2:00 p.m. ET on any given
business day.
Proposed by: TD Bank, N.A.Page 39
Approach / Methodology
U.Business Credit Cards
The City uses business credit cards for everyday purchases. There are currently five (5) active
credit card accounts assigned to departments. Proposer shall submit a description of the
credit card programs it offers along with the respective program stipulations, any card
incentives/rebates (i.e. rewards program, etc.) and any other card programs it offers along
with the minimum spend requirements for these card programs provided.
The TD Commercial Plus Card provides robust purchasing and travel card functionality
through a single consolidated card program. The globally accepted Visa charge card
will help the City reduce costs and add efficiency to the procure-to-pay process while
maintaining control. Designed to support a wide range of payments types, including
indirect and direct spend, this flexible solution may also be custom tailored to
accommodate your specific reporting and risk management needs. The included and
feature-rich TD Commercial Plus Card Online platform for program management and
reporting completes this value-added solution which will directly help your
organization:
•Consolidate multiple card programs
•Provide (Or Utilize) physical plastic, ghost, declining balance and virtual cards
•Reduce the cost, effort and time to procure and pay
•Streamline process and create efficiencies
•Accounting code allocation available
•Generate working capital improvements
•Extend disbursement float and increase DPO
•Negotiate preferred trade terms with suppliers
•Increase visibility into company spend with enhanced reporting
•Improve controls and contract compliance
•Produce income through rebates (minimum spend required for eligibility)
TD Bank manages the Southeast Florida Governmental Purchasing Card Co-Op, for
which the City of Deerfield Beach is the lead agency. The Purchasing Card program
was awarded through a competitive RFP process. There are several municipalities
currently participating and more have expressed an interest to join. By participating in
this Purchasing Card program the City will derive the benefits outlined below. This
also provides the ability to earn a rebate based on the overall spend of the entire Co-
Op.
Proposed by: TD Bank, N.A.Page 40
Approach / Methodology
V.Costs of Account Maintenance
The City will pay for banking services using an Account Analysis calculation, whereby the bank
will bill for the quantity of services provided multiplied by a specific unit cost less an Earnings
Credit. The bank will provide the City with a monthly account analysis statement for each
account detailing activity volume versus associated unit costs, cost extensions and a summary
analysis for all accounts combined.
1.Proposer shall provide a sample monthly analysis statement based upon the City’s
Bank statement and Account Analysis statement for the most recent month. See
ATTACHMENT B and ATTACHMENT C. The sample account analysis should include, at
a minimum:
a. Description of Service
b.Target Average Collected Balance – minimum target daily balance which
produces a monthly earnings credit sufficient to pay/offset monthly bank
service fees.
c.Earnings Credit Rate – the proposer will identify the index used. This rate
should be fixed for the contract term.
d. Monthly Earnings Credit
e.Net Service Charge – total bank service fees less the Earnings credit
f.Interest earnings rate on excess balances over minimum target balance
The City will have access to monthly account analysis statements via TD eTreasury
which are issued on or around the 15th of the following month. All analysis reports
provide a detail of activity including the average monthly collected balance, balance
requirements, itemized services, checks processed, checks paid, deposits, returned
items, stop payments, and fees. Accrued interest will also be shown on this analysis
report.
TD Bank’s ECR and Interest rates are not directly tied to any specific financial market
rate at this time. We utilize a “managed” rate method of determining ECR and interest
each month. In the management of these rates, a central leadership rate committee
examines competitive data and various indices, including US Treasury Bill, short-term
auction rates, monthly average short-term LIBOR, Fed Funds and other
investment/economic barometers to determine when changes to TD Bank’s ECR &
Interest rate is required. Rates are established each month based on real-time
positions in these indices and are tempered by historic and emerging trends or events.
TD Bank reserves the right to change its rate and methodology from time to time in its
sole and absolute discretion without regard to any external interest rate index or
market conditions.
Proposed by: TD Bank, N.A.Page 41
Approach / Methodology
The Earnings Credit will be applied on your TD Bank account analysis statement to
offset fees incurred during the monthly cycle.
TD Bank does not offer pricing tied to a specific index. Our rates our bank managed
and subject to change at any time.
W. Fee Structure
Proposer is to complete ATTACHMENT A to include a comprehensive list of all fees associated
with the services being requested in this Request for Proposal (RFP). All per item charges will
remain fixed for the life of the contract and all optional renewal periods. However, in the
event that any customer of the Bank, having comparable deposits and transaction volumes,
negotiates a lower fee structure for these requested services or similar services, the Bank shall
notify the Finance Director within thirty (30) days and shall extend the lower negotiated rate
to the City retroactively to the first date the lower rate was offered to another customer.
Should the Bank fail to provide the City the lower negotiated rate within ninety (90) days, the
Bank shall be required to reimburse the City the difference between the amount the City was
charged under its original contract and the amount the City would have been charged under
the lower negotiated rate.
Please refer to Pricing and Fees section for full cost details.
X. Confirmations
The bank must agree to respond to audit confirmations and requests for data, at no charge,
as needed from the Finance Department or its auditors. Proposer will provide a name and
address for the audit confirmation letter.
TD Bank acknowledges the statement above.
Y. Continuous Service
The bank will maintain sufficient staff to support the City’s requirements on a continuing basis
without interruption of service. Severe or repeated breakdowns of service for this reason will
be cause for termination of the contract. The City requires that the bank designate one of its
cash management services personnel who will act as liaison with the City for matters
regarding its accounts.
TD will meet this request.
In the event that online capabilities and functionality for any service are temporarily
unavailable for any reason (power failures, etc.) or a disaster occurs within TD Bank's
or the City's electronic systems, mirrored data-backup data is housed off-site with a
secured third party.
TD Bank maintains backup processing. Site and capabilities are confidential to ensure
optimum security for processing in the event of a disaster. The locations and
capabilities are not disclosed for security reasons.
Proposed by: TD Bank, N.A.Page 42
Approach / Methodology
TD Bank's robust enterprise-wide BCM program includes formal crisis management
protocols and continuity strategies that accommodate both short-term and long-term
recovery initiatives. We regularly maintain and exercise business continuity and
disaster recovery plans to address the loss or failure of any component on which
critical functions depend.
Upon notification from the City of a disaster, TD Bank and your Relationship
Management Team would assess your needs and provide support services as
applicable. We have a history of going above and beyond normally expected service
lengths to provide for our clients.
Z.Audit and Inspection of Records
1.The bank shall permit the authorized representatives of the City to inspect and audit
all data and records of the bank, if any, relating to the performance under the
contract. Such data and records shall be preserved by the bank as required by
applicable regulatory bodies.
2.In addition, the City will be provided with information in order to access electronic
quarterly and annual financial reports which indicate the financial soundness of the
institution.
TD’s financial and accounting records are maintained in accordance with GAAP.
Other bank records are maintained in accordance with industry standard banking
practices and applicable law. Review and audit of bank records may be made
available subject to bank policy and to various confidentiality, privacy, security, and
other banking laws and regulations that may otherwise restrict or prohibit access
to TD’s financial and banking records by third parties.
AA. Transition Plan
Proposer shall describe their conversion plan to transfer assets of the City to their bank.
Include information regarding lead time necessary before the contracts can be implemented
and include plan details for educating and training City employees in the use of the bank’s
systems. Proposer shall provide a timeline schedule for full implementation, of which, should
be at no cost to the City.
TD Bank has the privilege of being the incumbent service provider for the Jacksonville
Aviation Authority. This represents business as usual to the City without any disruption
to your daily banking needs. In the event the City wishes to add additional treasury
management services, your Relationship Management Team will work closely with
you to ensure a smooth and seamless implementation as well as delivering our
promise of legendary customer service.
Proposed by: TD Bank, N.A.Page 43
Approach / Methodology
BB. Employee Benefits
1.The bank will cash payroll checks for City employees at no cost whether they have an
account with the bank or with another financial institution.
2.Proposer shall describe incentives it would provide to City employees who have
accounts with their bank and/or participate in payroll direct deposit or who wish to
open a new account with their bank (i.e. free checking) and other programs offered
that may be beneficial to City employees.
The TD Bank at Work Program is a convenient one-stop shop for all of your employees’
banking needs and we bring it right to your doorstep.
During our Bank at Work events, we’ll have meaningful conversations with your
employees about products and services that are right for them. What’s even more
convenient is that we can open their account, set up direct deposits and even complete
credit card applications right on the spot!
Why Should You Invite Us to Your Business?
•You’ll provide convenience to your employees; giving them access at work to
our financial experts can save valuable time.
•We’ll make Direct Deposit easy to take advantage of; that means fewer checks
to distribute.
•We have great new account opening incentives and bonuses.
We're More than Just Great Checking
•Live Customer Service 24/7
•Free mobile banking app with mobile deposit
•Free access at thousands of TD ATMs in the U.S. and Canada
•Open late with extended hours
•Online banking with free bill pay and balance alerts
•TD Bank Visa® Debit Card on the spot
CC.Service Enhancements
Proposer shall describe and provide any new financial services that may be considered for
further improving the effectiveness of the City’s treasury management operations that are
not otherwise addressed herein and include related Costs to the City.
TD Bank has a strong product development and enhancement discipline. We
continually work with our vendor partners and most importantly our customers to
develop new products and find ways to enhance your Banking experience. We are
continually looking for ways to leverage technology to push more of the administrative
burden to our web platforms.
TD Bank Product Management & Development is a fully evolved line of business
within TD Bank Treasury Management. We have well over 100 active projects that
are all directed at the Customer Experience.
Proposed by: TD Bank, N.A.Page 44
Approach / Methodology
We have numerous industry affiliations that allow us stay abreast of industry trends
on behalf of our Customers. Many of our Product Mangers have been in the Financial
Services industry for a number of years, which affords them a unique perspective that
enables them to develop and enhance our product sets.
Keeping products current in an era of rapidly evolving technology is certainly a major
concern and challenge for all banks. In-house developments of technology based
solutions tend to delay implementation and make it difficult to enhance and upgrade
products. When needed, our solution at TD Bank is to seek out providers and partners
with the best available technology applications. Our vendor partnerships demonstrate
this philosophy.
We at TD Bank Product Management & Development will work closely with our Sales
partners to ensure that the City's needs are not only met, but exceeded!
Proposed by: TD Bank, N.A.Page 45
Pricing and Fees
6.Pricing and Fees
Provide a schedule of proposed services and fees including earnings credit rate and, if
applicable, interest rate on excess balances (amount that exceeds target minimum
balance that produces a monthly earnings credit sufficient to pay/offset all service fees
each month).
The Proposer must complete ATTACHMENT A and submit it with their proposal.
Each firm shall submit in their price proposal and any pricing conditions or contingencies
must be clearly stated.
*Confidential Information
TD Bank has thoroughly examined the City of Sunny Isles Beach's RFP for
Banking Services. We are confident that we can continue providing all of the
required services and exceed your expectations.
TD BANK OFFERS THE FOLLOWING TO CITY OF SUNNY ISLES BEACH:
TD Bank recommends the use of our Advantage account structure. We are offering
to the City of Sunny Isles Beach an Earnings Credit Rate on collected balances to
offset fees. We are also offering the City no reserve requirement, hence providing
all balances in its entirety to cover service charges. TD Bank will offer the City and
interest to help maximize interest earnings. Funds within these account(s) are Fully
Collateralized in Accordance with FL State Statutes governing Public Funds.
The following rates are proposed:
Advantage Earnings Credit Rate:
TD Bank will provide the City of Sunny Isles Beach a MANAGED
EARNINGS CREDIT RATE of 300 Basis Points (3.00%) on balances
utilized to offset bank service charges. This rate will be bank managed.
This option offers the highest ECR and results in the most interest paid
monthly to the City. Interest paid on any excess balances will be
automated. TD Bank will review the projected target balance periodically to
ensure the City is optimizing the use of their balances for earnings credits
and interest.
Advantage Interest Rate:
TD Bank will provide the City of Sunny Isles Beach a MANAGED
INTEREST RATE of 300 Basis Points (3.00%) on excess funds not needed
to offset bank service fees. These rates will be bank managed, determined
by market conditions.
We will conduct regular Relationship Reviews and TD Bank will inform the
City of its options to maximize returns while providing safety and liquidity.
Proposed by: TD Bank, N.A.Page 46
Confidential
Pricing and Fees
Fees Waived:
TD Bank will WAIVE (9) MONTHS OF ACCOUNT ANALYSIS SERVICE
CHARGES to the City of Sunny Isles Beach. This waiver does not include
courier service fees.
TD Bank will WAIVE ALL IMPLEMENTATION/SOFTWARE FEES for any
additional cash management products/services.
TD Bank will NOT charge the City ANY FDIC CHARGES providing the City
an additional cost savings.
TD Bank will also provide the City an additional benefit by not charging a
10% reserve requirement which will provide ECR and interest on the City
first dollar.
TD will provide the City an amount of $500.00 per calendar year towards
its choice of banking supplies. Any unused credit will not roll over
from calendar year to year. Any additional supplies exceeding this
amount can be obtained at standard cost.
Explanation of Interest and Earnings Credit Rate Calculations:
TD Bank’s ECR and Interest rates are not directly tied to any specific financial
market rate at this time. We utilize a “managed” rate method of determining ECR
and interest each month. In the management of these rates, a central leadership
rate committee examines competitive data and various indices. Rates are
established each month based on real-time positions in these indices and are
tempered by historic and emerging trends or events. TD Bank reserves the right to
change its rate and methodology from time to time in its sole and absolute
discretion without regard to any external interest rate index or market conditions.
Please refer to TD's completed Attachment A on the following pages.
Proposed by: TD Bank, N.A.Page 47
Confidential
RFP 2024-06-01
Banking Services
DESCRIPTION Annual
Volume
Cost Per
Unit Total Cost Comments
FDIC Insurance Charge 81,040,000 $0.000 $0.00
General Account Services
Account Maintenance 48 $9.3500 $448.80
Digital Express Deposit Correction 3 $25.0000 $75.00
Non Customer Check Cashing 24 $3.8500 $92.40
ACH Services
ACH Received Credits 4,492 $0.1210 $543.53
ACH Received Debits 549 $0.1210 $66.43
ACH Filter 313 $2.7500 $860.75
ACH Positive Pay Accounts 48 $8.2500 $396.00
ACH Notice of Change 1 $5.0000 $5.00
Depository Services
ZBA-Parent Acct Maint 12 $22.0000 $264.00
Zero Balance Sub Acct Maint 36 $13.7500 $495.00
ZBA Credit Transfer 680 $0.0000 $0.00
ZBA Debit Transfer 680 $0.0000 $0.00
Deposits Processed 964 $0.2269 $218.73
Checks Deposited 4,853 $0.0605 $293.61
Branch Cash Processing 162,435 $0.0005 $0.00 First $10k at no charge (per month)
Remote Capture Checks Deposited 4,814 $0.0151 $72.69
Digital Express Monthly Maint 12 $28.7375 $344.85
Digital Express - Addtl Scanner 12 $65.0000 $780.00
Checks Paid 4,085 $0.1450 $592.33
Paper Disbursement Services
Return Checks Final Presentment 3 $23.0000 $69.00
Account Reconcilement
Positive Pay Maint 24 $32.5000 $780.00
Positive Pay Return Item 4 $15.0000 $60.00
Payee POS Pay Monthly 24 $12.5000 $300.00
ARP Paid Items 4,090 $0.0450 $184.05
ARP-Issue File Transmission 109 $10.0000 $1,090.00 First 10 transmissions charged (per
month)CD ROM Services
CD ROM-Img Maint 12 $1.5875 $19.05
CD ROM-Per Add Acct 36 $1.1513 $41.45
CD ROM-Image Per Item 4,085 $0.0028 $11.44
Information Reporting Services
Base Package Maintenance- Gold 12 $27.2500 $327.00
Transaction Record 6,000 $0.0000 $0.00
Transaction Record 5,729 $0.5500 $3,150.95
Online Accounts 36 $6.6000 $237.60
Online Accounts 24 $6.6000 $158.40
ACH Module Maintenance 12 $0.0000 $0.00
ACH Initiated 9,125 $0.0484 $441.65
Extended Image Search 12 $3.0250 $36.30
Online Security 24 $3.3000 $79.20
Online Security 177 $3.3000 $584.10
Book Transfer 3 $0.6000 $1.80
Wire Transfer Module 12 $0.0000 $0.00
Wire Out Domestic 137 $15.0000 $2,055.00
Issue/ Cancel Transactions 78 $0.0756 $5.90
Customer Maint Wire Templates 132 $0.1650 $21.78
ACH Batch Initiated 26 $1.2500 $32.50
ATTACHMENT A
City of Sunny Isles Beach
Total Cost Proposal
Note: Proposers are to complete the unit price and total monthly cost columns below. List any additional fees not referenced herein in the space provided, or in an
attachment. Proposers may also submit their own file in hard copy excel format, along with a CD of the excel file to be included as part of the proposal submittal, as
long as the analysis prepared, at a minimum includes the items below with unit price and monthly cost information.
#
Proposed by: TD Bank, N.A.Page 48
Confidential
RFP 2024-06-01
Banking Services
DESCRIPTION Annual
Volume
Cost Per
Unit Total Cost Comments
Wire & Other Funds Transfer Services
Wire IN-Domestic 30 $7.1500 $214.50
EFT Wire Notification Paper 167 $2.5000 $417.50
Other (newly added / additional services)
Armored Car Service 120 All contract
negotiations for
Armored
Carrier services
and the
associated costs
are between the
City and its
preferred
courier. With
TD Bank, the
City has the
option to
choose any
Armored
Carrier as TD
has
relationships
with all the
major providers.
See Vault
Processing fees
$0.00 estimated pickups at 2-3x per week
Electronic Vendor Payments 5,200 $0.1700
$884.00 estimated # of vendors paid annually include
set up/implementation
Bank Credit Cards 6
No annual fee
for the cards.
Refer to Rebate
Schedule
included in RFP
under
Commercial
Plus card for
other potential
fees.
$0.00
estimated # of cards
TOTAL PROPOSED ANNUAL COST $19,224.53
Description Annual Volume Cost Per Unit Total Cost Comments
Attach additional sheets, if necessary
Electronic Vendor Payment Services
ACH Payment Maintenance 12 $175.0000 $2,100.00
IP FTP File Transfer 15 $20.0000 $300.00
IP ACH Addenda Record $0.00
$0.00
Vault Services
Brinks - Adjustments $8.5000 $72.25
Brinks - Curr Proc 1500 - 39999 $1.2000 $0.00
Brinks - Deposit Charge $1.5000 $0.00
Brinks - Check Image Fee $0.1400 $0.00
ATTACHMENT A
City of Sunny Isles Beach
Total Cost Proposal
Note: Proposers are to complete the unit price and total monthly cost columns below. List any additional fees not referenced herein in the space provided, or in an
attachment. Proposers may also submit their own file in hard copy excel format, along with a CD of the excel file to be included as part of the proposal submittal, as
long as the analysis prepared, at a minimum includes the items below with unit price and monthly cost information.
TOTAL PROPOSED ANNUAL COST (Written):Nineteen thousand, two hundred twenty four dollars, and fifity three cents
***********************************************************************************************
Charges for Any Other Services Not Listed Above - Itemize
#
Proposed by: TD Bank, N.A.Page 49
Confidential
Pricing and Fees
See Merchant Services pricing below:
*Confidential Information
Card Network Direct Fees
MC/Visa/Discover Interchange Rates, Fees, Dues & Assessments to the
Card Networks and PIN Debit Network Fees Pass Through*
American Express Interchange Rates and Fees Set by AMEX
TD Merchant Solutions Fees (If Applicable)
Start-Up Fees
Application Fee $0
Reprogramming Fee $0
Set-Up Fee $0
Processing and Miscellaneous Fees
MC/Visa/Discover Processing Fee 0.30% per transaction
MC/Visa/Discover/AMEX Authorization Transaction Fee $0.07 per transaction
AMEX Express Processing Fee Pass Through*
Pin Debit Not Applicable
Tokenization & Encryption Fee $0.00 per transaction
PCI Non Compliance Fee $25.00 per merchant ID per month
Monthly Service Fee - per merchant ID and includes Business Track,
Monthly PCI compliance and Breach Protection Program fee per
Account (includes $100,000 indemnity waiver) $19.95 per month
Minimum Processing Fee $25.00 per merchant ID
Paper Statement Fee Waived
Chargeback Fee $25.00 per chargeback
ACH Reject Fee $35.00 per item
Batch Settlement Fee $0.20 per batch
Monthly Funding Advantage 0%
Address Verification Service (AVS) $0.01 per applicable transaction
Voice Authorization $1.25 per applicable transaction
MasterCard/Visa/Discover Network Access Fee $0.0195 per transaction
MasterCard Acquirer License Fee 0.0075% per transaction
MasterCard Cross Border Fee | USD .60% per applicable transaction 0.80% per applicable transaction
Visa Int'l Service Fee USD .80% per applicable transaction Non-USD 1.00% per applicable transaction
Electronic Benefits Transfer (EBT) Not Applicable
Other
*Pass Through Fees: Fees incurred by the Card -Networks (Visa, MasterCard, Discover, American Express and PIN debit Networks) are charged back to the
merchant at wholesale cost and are subject to changes
Proposed by: TD Bank, N.A.Page 50
Confidential
COMMERCIAL CARD SOLUTIONS
Confidential
Pricing Prepared for: Southeast Florida Governmental Purchasing Commercial
Card Co-Op
Rebate Program:
The TD Commercial Plus Card & TD ePayables Rebate Program financially rewards clients for making
procurement, travel and AP payments using their TD Bank issued commercial card solution. The program
offers an increased rebate incentive for incrementally expanding annual spend volumes. The attractive
program’s annual spend and rebate tiers are outlined below:
Monthly Bi-Weekly Weekly
> $28,000,000 173 178 183
$18,000,000 - $28,000,000 168 173 178
$10,000,000 - $17,999,999 153 158 163
$5,000,000 - $9,999,999 130 140 145
$1,000,000 - $4,999,999 100 105 110
>$500,000 - $999,999 60 70 75
Interchange Type
Visa Purchasing Large Ticket (PLT)
Visa Preferred Partners (VPP)
Rebate in Basis Points 2
35
20
Rebate Schedule - Level I, II and III Interchange
Annual Spend 1
Settlement Cycle
Rebate in Basis Points 2
Rebate Schedule - Specialized B2B Interchange
Grace Period options - 14 days, 7 days and 2 Days
1 Annual Dollar Spend = Purchase totals less returns for 12 month period from first month with spend
2 Rebates paid annually
Proposed by: TD Bank, N.A.Page 51
COMMERCIAL CARD SOLUTIONS
Confidential
Sign On Bonus:
As an added benefit to the entities that comprise the SE FL Co Op, TD Bank may, at its sole discretion,
negotiate an additional annual bonus with individual government entities that will commit to a five-year
term AND individually exceed $10,000,000 in annual spend within a calendar year.
Contingency:
Enrollment in this program is contingent on credit approval and underwriting.
Applicable / Potential Fees:
Custom logo on cards $700.00
Custom logo on cards (Waived for annual spend over $300,000)
Outbound reporting file:
- Custom mapping and programming $150.00 per hour
- Data Transmission $200.00 per month
- Data Transmission (Waived for annual spend over $300,000)
Data Transmission File (Visa VCF 4.4) $150 per month
Commercial Card Online $90 per month (Annual spend under $300,000)
Commercial Card Online (Waived for annual spend over $300,000)
Special request items:
- Express Card Delivery $25.00 per card
- Printed Statements $1.00 per statement
Cash Advance: 3.00%. Minimum of $5.00 / Maximum of $50.00
Foreign Transaction Fee 1.00%
Finance Charge 13.90% APR
Client Acceptance:
Signature:
Printed Name:
Title: Date:
Proposed by: TD Bank, N.A.Page 52
References
7.References
The Proposer shall provide reference letters for five (5) verifiable clients with a minimum
of three (3) municipalities/local governments, for projects of similar scope as outlined in
this RFP. Please ensure the contact information provided is up to date and accessible.
Proposer must complete the Questionnaire Form # 22 to meet requirement.
* Confidential Information
Name of Firm, City, County, or Agency City of Aventura
Contact: Brett Rogers
Telephone No: (305)466-8953
Email: rogersb@cityofaventura.com
Scope of Work: Banking Services
Name of Firm, City, County, or Agency Miami Shores Village
Contact: Georgina Rodriguez
Telephone No: (305)795-4856
Email: rodriguezg@msvfl.gov
Scope of Work: Banking Services
Name of Firm, City, County, or Agency City of Tamarac
Contact: Christine Cajuste-Joseph
Telephone No: (954)597-3553
Email: christine.cajuste@tamarac.org
Scope of Work: Banking Services
Name of Firm, City, County, or Agency City of Hialeah Gardens Water & Sewer
Contact: Margie Izquierdo
Telephone No: (305)822-3017
Email: mizquierdo@CityofHialeahGardens.com
Scope of Work: Banking Services
Confidential
Proposed by: TD Bank, N.A.Page 53
References
Name of Firm, City, County, or Agency City of Parkland
Contact: Christopher Johnson
Telephone No: (954)757-4124
Email: cjohnson@cityofparkland.org
Scope of Work: Banking Services
Signature and Date 7/12/24
Title/Company Vice President / TD Bank, N.A.
Confidential
Proposed by: TD Bank, N.A.Page 54
Contract Forms
8.Contract Forms
All completed contract forms.
Please refer to TD's completed contract forms on the following pages
Proposed by: TD Bank, N.A.Page 55
Contract Forms
DELIVER TO:
DemandStar.com
REQUEST FOR PROPOSALS
SECTION 6
PROPOSAL SUBMITTAL
FORMS
OPENING: 11:00 AM
07/09/2024
PLEASE QUOTE PRICES CITY IS TAXED EXEMPT, DELIVERED TO
CITY OF SUNNY ISLES BEACH, FLORIDA
NOTE: City of Sunny Isles Beach is exempt from all taxes (Federal, State, and Local). Bid price should be
less all taxes. Tax Exemption Certificate furnished upon request.
Issued by: Purchasing Date issued:
06/05/2024
Sealed proposals are subject to the Terms and Conditions of this Request for Proposals and the
accompanying proposal Submittal. Such other contract provisions, specifications, drawings or other data as
are attached or incorporated by reference in the Bid Submittal, on DemandStar until the above stated time
and date, and at that time, publicly opened for furnishing the supplies or services described in the
accompanying Proposal Submittal Requirement.
RFP 24-06-01
Banking Services
A Financial Institution Fidelity Bond for employee dishonesty on a Blanket Basis will be required upon
execution of the contract by the successful firm and City of Sunny Isles Beach. The bond shall be endorsed
to cover “Third Party” liability including a third party beneficiary clause in favor of the City of Sunny Isles
Beach. The bond shall include a minimum of twelve (12) month Discovery Period when written on a Loss
Sustained Basis.
Purchasing: Firm Name:
Genesis Cuevas
____TD Bank, N.A.__________________________
Commodity Code(s):
Banking Services
SUBMIT ELECTRONIC SUBMITTAL ACCORDING TO PROPOSAL FORMAT ABOVE AND
AFFIDAVITS ON DEMANDSTAR.COM
FAILURE TO SIGN PAGE 42 OF SECTION 6 BID SUBMITTAL WILL RENDER YOUR BID NON-
RESPONSIVE
*Please refer to TD Bank's Certificate of Insurance on the following page.
Proposed by: TD Bank, N.A.Page 56
Proposed by: TD Bank, N.A.Page 57
Confidential
Contract Forms
SECTION 6
BID SUBMITTAL FOR:
ACKNOWLEDGEMENT OF ADDENDA
INSTRUCTIONS: COMPLETE PART I OR PART II, WHICHEVER APPLIES
PART I:
LIST BELOW ARE THE DATES OF ISSUE FOR EACH ADDENDUM RECEIVED IN CONNECTION
WITH THIS BID
Addendum #1, Dated 6/26/24
Addendum #2, Dated 7/2/24
Addendum #3, Dated 7/5/24
Addendum #4, Dated
Addendum #5, Dated
Addendum #6, Dated
Addendum #7, Dated
Addendum #8, Dated
PART II:
NO ADDENDUM WAS RECEIVED IN CONNECTION WITH THIS BID
FIRM NAME: TD Bank, N.A.
AUTHORIZED SIGNATURE: DATE: 7/12/24
TITLE OF OFFICER: Vice President
Proposed by: TD Bank, N.A.Page 58
Contract Forms
BID SUBMITTAL FORM
Bid Title: Banking Services
The undersigned Proposers proposes and agrees, if this Bid is accepted, to enter into an agreement with
The City of Sunny Isles Beach to perform and furnish all Work as specified or indicated in the Contract
Documents for the Contract Price and within the Contract Time indicated in this Bid and in accordance with
the other terms and conditions of the Contract Documents.
The Proposer accepts all of the terms and conditions of the Advertisement, Request for Proposal, or
Invitation to Bid and Instructions to Proposers, including without limitation those dealing with the
disposition of Bid Security. This Bid will remain subject to acceptance for 90 days after the day of Bid
opening. The Proposer agrees to submit other documents required by the Bidding Requirements within ten
days after the date of the City’s Notice of Award.
In submitting this Bid, the Proposer represents, as more fully set forth in the Agreement, that:
•The Proposer has familiarized himself/herself with the nature and extent of the Contract
Documents, Work, site, locality, and all local conditions and Law and Regulations that in any
manner may affect cost, progress, performance, or furnishing of the Work.
•The Proposer has given the City written notice of all conflicts, errors, discrepancies that it has
discovered in the Contract Documents and the written resolution thereof by City is acceptable to
the Proposer.
•This Bid is genuine and not made in the interest of or on behalf of any undisclosed person, firm
or corporation and is not submitted in conformity with any agreement or rules of any group,
association, organization, or corporation; the Proposer has not directly or indirectly induced or
solicited any other Proposers to submit a false or sham Bid; the Proposer has not solicited or
induced any person, firm or corporation to refrain from Bidding; and Proposer has not sought by
collusion to obtain for itself any advantage over any other Proposers or over the City.
The City and the successful Proposer will establish completion times for each individual Work Item and the
successful Proposer agrees that the work will be completed within the time frames agreed upon.
Firm Name:
TD Bank, N.A.
Street Address:
5900 N. Andrews Ave., 2nd Floor, Ft. Lauderdale, FL 33309
Mailing Address (if different):
Telephone No. (954) 233-2064 Fax No. (866) 710-7323
Email Address: Pamela.Ramkalawan@td.com FEIN No. 01-0137770
*“ By signing this document the bidder agrees to all General and Specific Terms and
Conditions.
Proposed by: TD Bank, N.A.Page 59
Contract Forms
Signature:
(Signature of authorized agent)
Print Name: Pamela Ramkalawan
Title: Vice President
THE EXECUTION OF THIS FORM CONSTITUTES THE UNEQUIVOCAL OFFER OF PROPOSER TO
BE BOUND BY THE TERMS OF ITS PROPOSAL. FAILURE TO SIGN THIS SOLICITATION WHERE
INDICATED ABOVE BY AN AUTHORIZED REPRESENTATIVE SHALL RENDER THE PROPOSAL
NON-RESPONSIVE. THE CITY MAY, HOWEVER, IN ITS SOLE DISCRETION, ACCEPT ANY
PROPOSAL THAT INCLUDES AN EXECUTED DOCUMENT WHICH UNEQUIVOCALLY BINDS THE
PROPOSER TO THE TERMS OF ITS OFFER.
Proposed by: TD Bank, N.A.Page 60
AFFIDAVITS
RFP 24-06-01 BANKING SERVICES 48
Proposed by: TD Bank, N.A.Page 61
Proposed by: TD Bank, N.A.Page 62
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Proposed by: TD Bank, N.A.Page 67
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Proposed by: TD Bank, N.A.Page 70
Proposed by: TD Bank, N.A.Page 71
Questionnaire Form
9.Questionnaire Form
Must complete form.
Please refer to TD's completed Questionnaire Form on the following pages.
Proposed by: TD Bank, N.A.Page 72
Questionnaire Form
PROPOSAL QUESTIONNAIRE FORM
Any questions that are not applicable Proposer to identify with a response of N/A (not applicable) Please
provide answers to questions below as an attachment if it cannot fit on this page.
Name of person completing questionnaire:
Title:
1.Type of Bank (Federal or State Charter): Federal
2.Is your Bank a member of NACHA? Yes No
3.Deposits Federally insured up to $250,000.
4.Is your bank an Equal Opportunity Lender? Yes No
5.Authorized Florida Qualified Public Depository? Yes No
6.Please describe in detail your ability to provide remote deposit capture services. Include all benefits,
processing procedures, deadlines, return items, safekeeping and destruction guidelines and
indemnification. (costs to be identified on the proposal form)
Address the liability for illegible images.
TD Bank has the privilege of being the incumbent service provider for the City. This represents
business as usual to the City without any disruption to your daily banking needs. Below is an
overview of TD Digital Express.
TD Digital Express
TD Bank offers the ability to process checks by Remote Deposit Capture (RDC) using our TD
Digital Express solution. With TD Digital Express, you have the flexibility to scan your checks
and transmit your deposits from the convenience of your office and beyond traditional banking
hours. Some of the features of TD Digital Express include:
•History retention of 45 days
•TD eTreasury offers 365 days of Images
•Optional seven-year image archive through TD eTreasury
•Export capability of standard reports in CSV and PDF formats
•Unlimited number of accounts per entity
•Virtual endorsement on checks
•System availability 24-hours a day, seven days a week
•Same-day credit on deposits received up until 9:00 p.m. ET with next day availability.
•Multiple scanners to choose from based on volume
Communication from the City's location is strictly HTTPS / SSL. In addition, we have architected
our software so that you can apply client and server digital certificates for secure transmissions.
TD Bank has no liability for illegible images created from a damaged or illegible original
Document.
Proposed by: TD Bank, N.A.Page 73
Questionnaire Form
7. How will the Proposer return validated deposit receipts to the City for night deposits?
In what time frame?
TD eTreasury provides efficient features for immediate access to account information. Through
our online platform, items are processed in real-time and post to your account at the time they
are presented.
Online images of deposit items and deposit tickets are available through TD eTreasury along
with current and prior-day balance and transaction reporting. Previous day information is
available by 5:00 a.m. ET.
8. What is the Proposer’s notification and adjustment process for counterfeit bills and fraudulent checks?
All verified deposits found to contain counterfeit bills will be credited for the declared value of
the deposit and an adjustment will be processed upon discovery.
9. Safekeeping Services
The Proposer may be required to act as custodian of the City's investment securities. For
safekeeping purposes, the Proposer would be required to evidence custody by providing an
original non-negotiable safekeeping receipt.
How would the City be compensated for a failed security due to the Proposer’s actions as it
relates to Safekeeping Services as fully detailed in the Scope of Services?
TD Bank has a Custody Department. Should the City need to obtain these services see service
overview below.
As Custodian, TD Bank safeguards cash and securities, effectuates investment instructions,
and collects/disburses funds pursuant to a governing custodian agreement. All assets are
segregated from the assets of others and remain the sole property of the client. Our
comprehensive range of services includes:
• Service through the Trust department of TD Bank, N.A.
• Segregation of assets to keep those of the Town separate from the Bank and those of other
clients
• Maintenance of one or more custody accounts
• Settlement of securities transactions
• Collection of all dividends, maturities, principal, and income
• Automated daily sweep investment alternatives
• Comprehensive reporting
• 24/7 real-time online access to account activity, holdings, and statements
• Single point of contact for day-to-day client assistance
• Cost effective fee structure
TD Bank, N.A. has an agreement with BNY Mellon for custody services which includes the
collection of all income on assets as well as settlement of Global and Domestic equity and bond
trades. The arrangement with BNY Mellon provides our link to DTC.
Proposed by: TD Bank, N.A.Page 74
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TD works directly with the Federal Reserve for all Fed eligible securities. TD Bank serves as
the primary record keeper for all securities held for its clients.
10. The Proposer will furnish the City an Availability of Funds Schedule for the clearing of deposits. The
schedule shall contain the latest time of the day for deposits to incur the least number of days for clearing
each of the following deposit items: Please provide the availability of funds schedule for clearing of
deposits.
Checks drawn on:
A. The Selected Bank (on-us items)
B. Local (Palm Beach County) Checks
C. State Checks
D. U.S. Governmental Checks
E. Interstate Checks
F. Do you provide for fractional availability?
If YES, provide explanation
G. Credit card deposits.
TD Bank maintains a unique availability policy. There are no complicated availability schedules
and no special pricing tables. TD Bank will notify the City of any change in funds availability
policies.
We credit deposits as processed with next day availability. TD Bank gives immediate (same day)
availability for cash and checks drawn on TD Bank when deposited at a store location before 8:00
p.m. ET. For all other checks deposited before 8:00 p.m. ET at a store location, the City will
receive $100.00 credit the day of the deposit and the remainder of the deposit is generally
available to you no later than the next business day.
11. Electronic Funds Transfer: Describe the services you provide for the payment to vendors through the
Automated Clearinghouse by means of electronic funds transfer. (If additional space is required, please
include as an appendix to your proposal.) Include a description of the services you are able to provide in
implementing an ACH program.
TD Bank has the privilege of being the incumbent service provider for the City. This represents
business as usual to the City without any disruption to your daily banking needs. Below is an
overview of our ACH initiation service.
TD Bank is one of 31 Direct Financial Institution members of the National Automated Clearing
House Association (NACHA). TD Bank's Automated Clearing House (ACH) services allow the
City to create and process the exchange of funds electronically on predetermined dates through
the NACHA network. Unlike writing a check or sending a wire transfer, ACH services provide the
ability to transfer funds electronically between TD Bank accounts and accounts at other financial
institutions for the purpose of disbursing or collecting funds. Additional payment details, known as
addenda records, may be included with the transaction data.
The City may select between a variety of delivery channels including direct transmission, secure
web, or through our online banking platform, TD eTreasury.
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TD Bank requires strict adherence to the NACHA Rules as well as US regulations. For direct file
transmissions, TD Bank supports secure web and FTP transmissions with Pretty Good Privacy
(PGP) encryption through our FTExpress file transmission system. An email confirmation is sent
after receipt of the file, and includes the dollar values in the file and a confirmation that the file
was in an acceptable format.
The Bank cutoff time of ACH is 8:00 p.m. ET, and the offsetting ACH entries are settled on the
night of the effective settlement date.
Direct Payroll Deposit:
Provide details of how your bank administers Direct Payroll Deposit Programs.
See responses below.
Is there a limitation as to participating financial institutions?
There is no limitation as to participating financial institutions.
In what form and timeframe would you need the information regarding the City's employees and
their respective account numbers, payroll amounts, and identification numbers?
For your Direct Payroll Deposits, once your ACH file arrives at TD Bank, we process files
from 3:15 a.m. through 8:00 p.m. ET each business day. All of the processing from file
transmission receipt, through processing in our ACH PEP Platform is a fully automated
process.
Any file rejects are promptly reviewed by our ACH Operations staff and mitigated quickly.
If necessary, we will reach out to the City designated employees to confirm or report any
issues.
Once resolved, we will promptly complete your processing and send transactions destined
for Receivers outside of the Bank to our ACH Operator for further processing. On-us items
will remain within the Bank and settle on the Effective Date settlement. We offer daily
reporting of NOCs and Returns either via our online system, TD eTreasury for your viewing
or via a daily outbound transmission via FT Express.
Payroll is an area where we have seen the use of same day ACH. Although most payroll
files are still handled on an effective date settlement method, same day ACH has provided
for a way to deal with issues concerning connectivity and timing of when files need to be
sent.
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Provide details on how voiding and reversal of individual direct deposit ACH items are handled.
Indicate If it is possible to reverse or cancel an ACH file, and the appropriate procedures and
rules applicable.
In the event a reversal or deletion is required, the City may call, fax, or send the request
through TD eTreasury. Callback verification is performed on all requests. TD Bank will
then process the request according to ACH guidelines. All transmission files submitted to
TD Bank are always done within a secure environment, and we use Secure Socket Layer
protocol with encryption.
The deadline to delete or reverse a file/batch/entry varies based on when the files has
been distributed into the network, which occurs numerous times throughout the day. If the
file or batch has not been distributed to the ACH Operator, then it can be deleted from the
warehouse. If the file/batch has been distributed to the ACH Operator, then a reversal is
required.
12. Lockbox Service: Provide detail process of lockbox service.
TD Bank’s Lockbox operation is an internal department of the bank. We maintain a secure
Lockbox processing facility in West Palm Beach, FL staffed by well-trained, dedicated, and
experienced employees. In addition to our employees who are committed to delivering the
highest levels of quality and service to the City, we have established metrics in place and
various quality control measures to further ensure the timeliness and accuracy of the lockbox
services that we provide.
Retail Lockbox
TD Retail Lockbox allows the City to optimize available funds, improve customer service, and
systematically update your accounting system by having the bank process your receivables
daily using a designated lockbox. By using TD Retail Lockbox, you will optimize your available
funds due to minimizing the float associated with the conversion of receivables into cash.
To allow for data capture in the bank’s lockbox processing system, the City's bills or coupons
will need to be created using optical character recognition (OCR) technology. Daily contents
of your lockbox will be collected from one of our Post Office locations from Maine to Florida
then processed and deposited into your checking account.
Retail lockbox workflow consists of the following primary processes:
1. Mail Receipt – Collection of work from the designated post office box. This process
will be supported using both internal and external couriers providing transportation
services (e.g. mail retrieval and delivery.
2. Data Prep – The mail will be opened, sorted, and prepped for image capture as per
the City's defined processing instructions.
3. Image Capture – the City's transactions will be captured on high speed image capture
devices. Images will be utilized to support additional workflow processes such as
manual data capture, balancing and to support image-based output services.
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4. Transaction Repair – Manual review and repair of capture data including check
information. TD Bank’s lockbox product offers the ability to provide look-up capability
as well as access to the City's system to acquire customer account information to
facilitate posting.
5. Data Capture – Data entry functions to support non-financial data capture of check or
invoice information.
6. Output File Generation – Supports delivery of the City's output data including daily
reporting and electronic data files.
7. Online Services – Detailed lockbox transaction data is available intra-day via secure
internet access. Transaction information is available to support timely research, same
day exception decisioning, and deposit reporting. Online services expedite transaction
information delivery, minimize exceptions, and provide an automated archive solution.
13. Other Innovations: Propose any new financial services, plans or practices deemed to be in the best
interest of the City not otherwise addressed in this proposal. Any fees for these services to be included in
the Fee Proposal section “Future Services”.
TD Bank has a strong product development and enhancement discipline. We continually work
with our vendor partners and most importantly our customers to develop new products and find
ways to enhance your Banking experience. We are continually looking for ways to leverage
technology to push more of the administrative burden to our web platforms.
TD Bank Product Management & Development is a fully evolved line of business within TD Bank
Treasury Management. We have well over 100 active projects that are all directed at the
Customer Experience.
We have numerous industry affiliations that allow us stay abreast of industry trends on behalf of
our Customers. Many of our Product Mangers have been in the Financial Services industry for
a number of years, which affords them a unique perspective that enables them to develop and
enhance our product sets.
Keeping products current in an era of rapidly evolving technology is certainly a major concern
and challenge for all banks. In-house developments of technology based solutions tend to delay
implementation and make it difficult to enhance and upgrade products. When needed, our
solution at TD Bank is to seek out providers and partners with the best available technology
applications. Our vendor partnerships demonstrate this philosophy.
We at TD Bank Product Management & Development will work closely with our Sales partners to
ensure that the City's needs are not only met, but exceeded!
14. Business Operations- Banking Services Only
A. What is the largest volume of paid items your bank processes in one month for a single commercial
account?
There is no limit for paid items that TD can process in any given time for a single commercial
account.
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B. What is the largest volume of deposit items your bank processes in one month for a single commercial
account?
There is no limit for deposited items that TD can process in any given time for a single commercial
account.
C. Describe your wire transfer department.
Where is it located.
The Wire Department at TD Bank is based in the central operations headquarters in New
Jersey.
Who manages it.
The Wire Department at TD Bank is managed internally.
What is your normal cut-off time for outgoing transfers?
On TD eTreasury, current day wires with a Fedwire payment method must be submitted
by 5:00 p.m. ET. International foreign currency wires must be submitted by 3:00 p.m. ET.
US Fed Tax payments must be submitted by 4:00 p.m. ET. Due to the nature of
international wires in foreign currency, same day settlement cannot be guaranteed. Users
may elect to create a payment instruction status alert in eTreasury to notify them when a
wire is pending their approval, and this alert will be sent directly to your work email
address. Additional alerts are available for receipt of an incoming or outgoing wire, etc.
Email wire notifications directly from our wire system are also available.
Alternatively, the City may utilize any of our convenient store locations to initiate outgoing
wire transfers. The deadline for in-store initiation for domestic wire transfers is also 5:00
p.m. ET. The deadline for international wires in USD or foreign currency is 2:00 p.m. ET.
What is the Proposer’s policy in case of a wire transfer failure for which the City has confirmed
receipt of instructions?
If an outgoing wire transfer has not been received, the City can initiate a tracer by calling
our TMSS Team. For domestic wires, a tracer can be placed no sooner than 24 hours
after the transfer was executed. A second tracer can be placed after two days if there has
been no response to the first. Final resolution is communicated to the customer by a TMSS
representative via the City's prior-established preferred method of communication.
How and when is the City notified of a failed wire transfer?
Wire Transfers that fail prior to being released to the Federal Reserve are communicated
to the City within 30 minutes of failure by our Treasury Management Service Support
(TMSS) Team via a preferred communication method established by the City. Wire
Transfers that are sent and subsequently returned by the beneficiary bank are reported to
the customer via TD eTreasury.
Proposed by: TD Bank, N.A.Page 79
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What controls has the Bank put in place to prevent wire transfer fraud to prevent ACH and Wire
Transfer fraud?
If a fraudulent wire transfer is discovered, the City should immediately contact our
Treasury Management Service Support (TMSS) Team by phone at (866) 475-7262. The
specialist will gather all relevant information and urgently request a recall, as well as open
a case with our Global Security Team for further recovery efforts.
ACH Fraud Control services provide effective tools to control the ACH transactions that
post to your accounts.
Our most comprehensive solution, ACH Positive Pay, lets the City create filters to specify
allowable ACH transactions using TD eTreasury. ACH items received that do not match
your filter criteria are presented daily between 7:00 a.m. and 2:00 p.m. ET via TD
eTreasury, allowing you to accept or return the items. ACH Positive Pay also gives you
the ability to update your existing filters online to minimize future exceptions.
With ACH Block and Filter service, the City provides instructions to restrict all ACH activity
on its account or specify the transactions that should be paid automatically. Upon receipt
of your instructions, we will begin monitoring your accounts and return ACH items that do
not meet your predefined criteria. The City will not need to do anything further once it's
defined the block and filter criteria – items will be paid or returned automatically by the
Bank based on your instructions.
What has been the Proposer’s experience with fraud in the wire transfer area?
The majority of Wire Fraud scenarios involve business email compromise or
invoice/payment fraud where an employee of the business is sent instructions to legitimately
send a wire that is routed to a "bad actor". TD eTreasury has several authorization features
that allow a business to verify outgoing payments and protect their business from fraudulent
wires before sending:
• System Administrator establishes the level of user access
• System Administrator can disable and add users
• Dual Control is available for System Administrative functions
• System Administrator can assign users daily dollar limits per item/per batch/per day
for ACH, wires, and book transfers
• System Administrator determines ACH and wire transaction approval requirements
• Dual Control is required for all ACH and wire transactions Infrastructure Features
D. Describe your account reconciliation department. Where is it located.
Our Reconciliation Department at TD Bank is based in the central operations headquarters
in New Jersey.
Who manages it?
Our Reconciliation Department at TD Bank is managed internally.
Proposed by: TD Bank, N.A.Page 80
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What is the timing for completion of reconciliations after receipt of input information from the
customer?
5:00 a.m. ET the following business day.
E.Should the City’s main accounts be the target of counterfeit drafts, what are your procedures to limit
losses to all parties concerned and what is the effect and cost to the City?
To identify counterfeit currency, TD Bank stores utilize dual hand count on all physical deposits
(along with Currency Counter). Counterfeit bills are identified prior to commingling different
deposit bags.
If the bill is determined to be counterfeit or is inconclusive, TD Bank will explain to the City that
we will need to send the bill to the Secret Service for further review. The review process takes
approximately 2-3 weeks. If the bill is determined to be genuine it will be returned to the store and
the customer's account will be credited for the amount of the bill.
Discrepancies in a check deposit total will be corrected by processing a debit or credit adjustment.
The adjusting debit or credit memo will be mailed to the City the next business day.
In correcting an error in the cash deposit total, the TD Bank location processing the deposit can
contact the City to report the discrepancy before the adjustment is applied.
F.Describe your process for resolving deposit discrepancies, especially when cash is in question.
The City should contact their Relationship Manager or our Treasury Management Services
Support (TMSS) within 60 days of any discrepancies in your Account Analysis statement. Your
account will be credited directly within three business days of notification. TD Bank must receive
notification prior to the 25th of the month in order to make corrections for the next statement.
The City also has the option to contact TMSS to follow up on resolving outstanding inquires in
the event of the absence of the City's Relationship Management Team.
The discrepancy amount will dictate how it is handled. Any discrepancy greater than $100 is
reported to TD Bank by the vendor. TD Bank will in turn notify the City of the discrepancy.
Please be advised that the City is responsible for researching any discrepancy less than $100.
All discrepancies are reported as a separate entry to the DDA account.
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G. Describe your method of applying pricing to governmental or exception type accounts.
* Confidential Information
TD Bank has thoroughly examined the City of Sunny Isles Beach's RFP for Banking Services.
We are confident that we can continue providing all of the required services and exceed your
expectations.
TD BANK OFFERS THE FOLLOWING TO CITY OF SUNNY ISLES BEACH:
TD Bank recommends the use of our Advantage account structure. We are offering to the City
of Sunny Isles Beach an Earnings Credit Rate on collected balances to offset fees. We are also
offering the City no reserve requirement, hence providing all balances in its entirety to cover
service charges. TD Bank will offer the City and interest to help maximize interest earnings.
Funds within these account(s) are Fully Collateralized in Accordance with FL State Statutes
governing Public Funds.
The following rates are proposed:
Advantage Earnings Credit Rate:
TD Bank will provide the City of Sunny Isles Beach a MANAGED EARNINGS CREDIT
RATE of 300 Basis Points (3.00%) on balances utilized to offset bank service charges.
This rate will be bank managed.
This option offers the highest ECR and results in the most interest paid monthly to the
City. Interest paid on any excess balances will be automated. TD Bank will review the
projected target balance periodically to ensure the City is optimizing the use of their
balances for earnings credits and interest.
Advantage Interest Rate:
TD Bank will provide the City of Sunny Isles Beach a MANAGED INTEREST RATE of
300 Basis Points (3.00%) on excess funds not needed to offset bank service fees.
These rates will be bank managed, determined by market conditions.
We will conduct regular Relationship Reviews and TD Bank will inform the City of its
options to maximize returns while providing safety and liquidity.
Fees Waived:
TD Bank will NOT charge the City ANY FDIC CHARGES providing the City an additional
cost savings.
TD Bank will also provide the City an additional benefit by not charging a 10% reserve
requirement which will provide ECR and interest on the City first dollar.
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H. How do you lock in and maintain our banking fees into your billing system?
What steps are taken to assure accurate billing each month per the final agreement rates.
Your Relationship Team reviews billing files monthly.
The City should contact their Relationship Manager within 60 days of any discrepancies in your
Account Analysis statement. Your account will be credited directly within three business days
of notification. TD Bank must receive notification prior to the 25th of the month in order to make
corrections for the next statement.
I. Describe the Proposer’s ability to make cash available before, during and after an emergency:
TD Bank will work with the City to accommodate any of its special disaster needs. If needed,
your Relationship Team can discuss this process and detail specific steps to meet your
specifications.
J. Describe your Emergency Disaster Plan and assistance available to the City. Include time to restore
based on type of disaster.
In the event that online capabilities and functionality for any service are temporarily unavailable
for any reason (power failures, etc.) or a disaster occurs within TD Bank's or the City's electronic
systems, mirrored data-backup data is housed off-site with a secured third party.
TD Bank maintains backup processing. Site and capabilities are confidential to ensure optimum
security for processing in the event of a disaster. The locations and capabilities are not disclosed
for security reasons.
Upon notification from the City of a disaster, TD Bank and your Relationship Management Team
would assess your needs and provide support services as applicable. We have a history of going
above and beyond normally expected service lengths to provide for our clients.
Recovery Time Objective (RTO) measures are reviewed and tested in accordance with internal
policies with the required RTO being determined based on risk ratings.
Backup sites for essential applications can be activated and running between 0 and 4 hours with
operations at the backup site continuing until operations can be recovered at the primary site.
K. Positive Pay:
Detail if payee match is part of positive pay.
TD Bank offers Positive Pay with Payee Name Verification as an optional service
enhancement, which is a process that requires payee information to be provided to the Bank
on the positive pay issue file before the checks are mailed and/or distributed. TD Bank will then
process the payee information and store it on our Account Reconcilement platform. When
checks come in for payment, TD Bank uses optical recognition software to lift the payee name
from the cleared check. This lifted payee name is then compared to the name originally
supplied on the Positive Pay issue file. If the name is a match, no further processing is needed.
Proposed by: TD Bank, N.A.Page 83
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If the lifted payee name is not a match, then the item will be sent for approval to pay the item
or return it.
When addressing positive pay, address procedure for verification when City is closed for business.
TD Bank has the privilege of being the incumbent service provider for the City. This
represents business as usual to the City without any disruption to your daily banking
needs. Below is an overview of our check Positive Pay service.
TD Positive Pay
TD Positive Pay is recommended for any account used for check clearing and is the best
method for preventing check fraud. This value added service will mitigate risk and provide
comfort and security for the City. Positive Pay compliments the internal security measures
you employ to ensure that only authorized checks are paid. Through Positive Pay, in the
event that a check paid does not match either the serial number or amount of the check
issued, TD Bank will notify the City to make the decision to pay the check or return the
check unpaid. You will receive information on exception items by 10:00 a.m. ET each
business day. We ask that you review items and enter your pay or return decisions by
2:00 p.m. ET, which provides a four hour window for the review of exception items.
We “push” our Positive Pay information directly to our teller platforms. If an item is
presented at a teller window that was not on the issue file, or there is a variation of
information (i.e., dollar amount), notification will be sent to the specified contact for a "pay"
or "no pay" decision. The exception will be out on eTreasury, TD Bank’s state-of-the-art
corporate online-banking system for information reporting and transaction initiation, for
the City to make a decision. You also have the option to sign up for alerts. The teller line
will be updated six times a day at: 9:30 a.m., 11:30 a.m., 1:30 p.m., 3:30 p.m., 4:30 p.m.
ET, and overnight. The Bank’s deadline for the transmission of check issuance files to the
Bank is 4:30 p.m. ET for same-day upload to the reconciliation system. Files received
after 4:30 p.m. ET will be uploaded to the reconciliation system the morning of the next
business day.
All files received by 4:30 p.m. ET will be verified and effective against checks presented
through all TD Bank Stores at the opening of business the next morning.
15. City Employee Banking Services
Please describe if your organization offers any type of benefits to employees working for the City
of Sunny Isles Beach.
The TD Bank at Work Program is a convenient one-stop shop for all of your employees’
banking needs and we bring it right to your doorstep.
During our Bank at Work events, we’ll have meaningful conversations with your
employees about products and services that are right for them. What’s even more
convenient is that we can open their account, set up direct deposits and even complete
credit card applications right on the spot!
Why Should You Invite Us to Your Business?
• You’ll provide convenience to your employees; giving them access at work to our
Proposed by: TD Bank, N.A.Page 84
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financial experts can save valuable time.
• We’ll make Direct Deposit easy to take advantage of; that means fewer checks to
distribute.
• We have great new account opening incentives and bonuses.
We're More than Just Great Checking
• Live Customer Service 24/7
• Free mobile banking app with mobile deposit
• Free access at thousands of TD ATMs in the U.S. and Canada
• Open late with extended hours
• Online banking with free bill pay and balance alerts
• TD Bank Visa® Debit Card on the spot
16. Is there any disclaimer of liability required for use of your web based products? Identify products and
response for each.
Yes there is a disclaimer of liability required for use for TD eTreasury.
17. Security of Web Based Applications (Related to Banking Services) (Do not include products related to
Merchant Services for this question)
For each product available identify the product and detail the requested information as it relates
to each Web Based Application proposed for the City to use.
Web Based Application
Name of Product:
What application is this used for?
TD eTreasury is our online banking system for information reporting and transaction initiation.
TD Bank's Physical Security Standards identify the controls required to protect TD Bank
information processing facilities, equipment, and work areas.
The standard mandates that TD Bank's sensitive information processing facilities must be housed
in secure areas, with appropriate security barriers and entry controls. Physical controls should be
in place to ensure proper protection from unauthorized access and damage .Physical protection
measures must also be commensurate with the value of the information or information processing
assets.
TD Bank employs industry best practices and beyond to protect Bank locations, systems, and
Customer data from internal and external threats. While we cannot provide in-depth details about
our security, we utilize a number of tools that may include security personnel, restricted access,
timed access, cameras, and other restriction/monitoring tools.
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TD Bank understands the importance of security; therefore, varying degrees of authorization can
be established at the user level by the System Administrator, (initiators, approvers, dollar limits,
etc.). The City will have the convenience of initiating ACH transactions and wire transfers
electronically through TD eTreasury while maintaining appropriate payment initiation controls.
User profiles established by your System Administrator govern the level of ACH and wire authority
for each user (create, approve, create templates, etc.) and associated dollar limits.
As an enhanced security feature, two users are needed to create and approve ACH transactions
and wire transfers for dual control purposes. The system allows you to create free form and
repetitive templates. Users may also choose to create an alert to notify them when an ACH or
wire is pending their approval.
A.Does session inactivity cause a sign-off? After how long?
Users are timed-out after 30 minutes of inactivity.
B.How are form entries protected against common attacks like SQL injection, buffer overflow, Cross-site
scripting, etc.
UOB has implemented a series of servlet filters that scan for SQL injection and XSS attacks.
Dynamic scanning tools are employed to test the effectiveness of these filters.
C.What web server software are you using?
IBM Web application server (IHS)
D.What internet browsers is your software compatible with? Are there any exceptions or limitations?
Recommended browsers are Microsoft Internet Explorer 8.0 or above, Firefox 3.6 or above;
Safari 5.0 or above; Google Chrome 6.5 or above.
E.Describe procedures to test and install manufacturer’s security patches when issued.
TD has a monthly patching cycle for OS patches and quarterly patching cycle for database.
Application patches are available through vendor software releases.
F.Do your web based applications conform to “Open Web Application Security Project” (OWASP)
Standards? http://www.owasp.org.
Yes UOB confirms to the OWASP standards.
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