Specifications include, but are not limited to: The City of Sandy Springs (“City”) is seeking proposals from highly qualified banking institutions to provide banking services for the City. The City’s objectives are to ensure the highest degree of safety for its financial assets while at the same time managing its banking relations in a cost-efficient manner. The City believes administrative efficiency is enhanced by awarding its commercial banking business to one bank. A. Wire Transfers The City desires to enter into a separate “Wire Transfer Agreement” with the awarded bank. The terms of this agreement will be mutually negotiated and agreed upon. Wire transfers may be repetitive, non-repetitive, internal, Automated Clearinghouse (ACH), or Electronic Funds Transfer (EFT). The awarded bank must be a member of the Federal Reserve System and have direct wire capabilities. The awarded bank must be a member of an automated clearinghouse association and be in compliance with all rules and relations set by the National Automated Clearing House Association (NACHA), local ACH associations, and ACH operators. The City shall have the ability to initiate all types and amounts of wire transfers through electronic banking, via telephone, or written consent. The awarded bank agrees to execute any orders for outgoing wire transfers in accordance with the specifications of the Wire Transfer Agreement. B. On-Line Banking The awarded bank must have a password protected Personal Computer (PC)-based electronic reporting system, which includes the following minimum capabilities: 1. Daily reporting of ledger, collected balances, and available balances including one day and two or more-day float. Credit detail should indicate funds availability. 2. Account details of debits and credits for current day and prior day activity. 3. Concentration/zero balance accounts daily interaction reporting
