RFP No. 2017-01: Banking Services
Deadline: 2 p.m. August 18, 2017
The Town of Orchid is inviting banks to participate in the Request for Proposals “RFP” for the Town’s banking services. It is the Town’s objective to identify a financial institution to provide full banking services for the Town of Orchid in conjunction with the Town’s needs.
A more complete scope of services is outlined in the RFP document HERE. The Town will use the information gained from the RFP’s to select the institution that best meets the Town’s objectives of receiving quality service while minimizing the costs, maximizing investment earnings and avoiding unreasonable risks.
Important: Questions for RFP No. 2017-01 must be submitted to the Town Manager via email no later than 2 p.m. on July 28, 2017. Answers to submitted questions shall be posted on this page, so please check back regularly. The Town Manager's email address is firstname.lastname@example.org.*
- Question: Please provide copies of the past 3 months Town of Orchid account analysis statements.
- Question: Please provide copies of the past 3 month Town of Orchid bank statements
- Question: Please provide a copy of the subject Banking Services RFP in "Microsoft WORD format"
- Answer: The Town has provided a digital copy of the RFP as a PDF above.
- Question: How many bank checking accounts does the Town require?
- Answer: The Town needs only one checking account, but is open to suggestions should there be other ways to better maximize the Town's objectives of receiving quality service while minimizing the costs, maximizing investment earnings and avoiding unreasonable risks.
- Question: Can you clarify if the two credit cards the Town requires are standard business credit cards or purchase cards (P Cards)?
- Answer: The Town uses two standard business credit cards.
- Question: Could you also clarify if you need to initiate direct deposit of payroll through banking services or does your payroll company do that for you? It appears as if currently you are using intuit through quick books as your ACH debit provider.
- Answer: The Town utilizes Intuit’s payroll function through its Quickbooks accounting software to accommodate its biweekly payroll. Payment is made by direct deposit. Intuit engages directly with the bank to initiate the payments.
- Question: Page 4 of 11 (# 1 Account Structure): The bank does not currently provide an account whereby fees are offset by an Earnings Credit in addition to earning interest. It will structure the account whereby the interest rate will cover fees and the remainder would be the town’s interest rate. Does this disqualify the bank from this RFP?
- Answer: This does not disqualify the bank from participating in the Town’s RFP for banking services. As you will see in the Evaluation Criteria there are a certain number of maximum points for various categories. Those ranges allow for the differences between services, price etc. and it is expected there will be differences between the banks responding.
- Question: Page 6 of 11 (# 9 Business Credit Cards): Please provide the annual amount the town spends using its Business Credit Cards as well as its current issuer and type (e.g. Visa, Mastercard, American Express).
- Answer: The Town has not had its business cards long enough to evaluate one year’s worth of spending. The current maximum is set to $5,000. The cards are currently Mastercard
- Question: Page 7 of 11 (# 15 Account Statements, #16 Cost of Maintenance & Number 17 – Fee Structure): Please provide the bank with three months bank statements that shows variations (if any) of seasonal activity and interest rate given. Also, please provide three months of Analysis Statements that details fees charged (per unit as well as total fees for statement period) as well as the earnings credit given.
- Answer: These documents have already been posted in response to a previous question, please see above.
- Question: Page 8 of 11 (# 19a Bank Performance and Inspection of Records): The Bank utilizes external Auditors and Regulatory authorities to perform audits of its data, records as well as the evaluation of its system of internal controls. It does not usually allow its clients to send representatives to inspect and audit such information. If the bank were not to agree to this service, does it disqualify itself from this RFP?
- This section was provided as a caveat for the most extreme cases and the Town therefore does not anticipate needing access as described.
- Question: Page 8 of 11 (#20 Transition Plan): As noted in the RFP, the town operates on a fiscal year starting October 1st. Please confirm that this is the date the town would like to begin its banking services if it was to award this RFP to a new bank.
- No date has yet been set for the transition to the new bank to begin.
- Question: Page 8 of 11 (Additional Banking Options): The town has stated its interest in Remote Deposit Capture and has access to scanners, computers and an iPad for this function. Please provide the bank the make and model numbers of its scanners.
- Answer: The scanners the Town uses are three Epsons (DS-510, ES-500W, XP-400) and two HP (Officejet 4630, Envy-7645).
Note: The deadline to submit questions has passed.
Request for Proposals
From time to time, the Town requires services from vendors to operate smoothly. Whenever the Town is engaged in a Request for Proposals (RFP) the information is posted here.
Please read below for more information.
*Under Florida law, email addresses are public records. If you do not wish your email address to be released in response to a public records request, do not send electronic mail to the Town Administration or its officials. Instead, contact this office by phone or letter.
located between the atlantic ocean and the intercoastal waterway in historic indian river county