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Banking Services


Delivery Location
Middlesex County, MA, USA
Publication Date
01/26/2018 07:00 AM EST
Closing Date
02/15/2018 06:00 AM EST
Issuing Organization
City of Cambridge
Solicitation Number
Description

Specifications include, but are not limited to: The City of Cambridge (the City) is soliciting bids for banking services from qualified, full-service banking institutions with demonstrable experience in the municipal area. The City will pay for these services on a direct fee basis. The successful Offeror will be required to provide complete banking services to the City commencing April 1, 2018. Prospective Offerors must demonstrate the ability to provide the full range of banking services described in this document must meet all quality requirements and must submit a completed bid package. Bidders are encouraged to attend the prebid conference. All banking institutions submitting a proposal must be familiar with and able to comply with all Massachusetts General Laws (MGL) pertaining to municipal banking relations. Account Structure The City's account structure includes separate accounts for deposit and disbursement accounts. Deposits are made into ten main accounts: Lockbox, Traffic & Parking Lockbox, Concentration (City general receipts), Traffic & Parking general receipts, Police Detail, Fire Detail, Cemetery, School Lunch, DHSP and Health Claims Trust. The City uses lockbox services for parking ticket receipts, and for tax and utility receipts. The lockbox services make deposits to specified accounts at the principal bank. Disbursements are made from the following accounts: City Payroll, Payroll Deductions, Vendor and Payroll Tax. All accounts must be interest bearing. Funds in the deposit accounts are either transferred to the disbursement accounts or transferred to outside accounts (i.e. Mass Municipal Depository Trust) for investment purposes. The City’s policy is to fund each disbursement account fully each time checks/direct deposits/EFT payments are issued. However, if any disbursement account is overdrawn, the bank will honor all checks that clear against the disbursement accounts, and will charge the City an overdraft fee. This fee is calculated by multiplying the amount of the overdraft by the current prime rate for one day on a 365day basis. The City does not foresee an overdraft occurring in a nondisbursement account; however, the overdraft fee in all other accounts described in this section will be calculated in the same manner, should the account become overdrawn. All returned checks must be re deposited at least once. The City requires full collateral for its deposits over $250,000. Currently the City’s deposits are fully collateralized at Century Bank. All current deposits are collateralized with Citibank, N.A. with U.S. Government Agency Bonds.

Source
http://www2.cambridgema.gov/purchasing/listBids.cfm?bidType=f (opens in a new window)

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