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TOWN OF WESTBROOK, CONNECTICUTREQUEST FOR PROPOSALS FOR CASH MANAGEMENT AND BANKING SERVICESProject Number: 1172Document Length: 23 pagesIssue Date: February 28, 2020Due Date: March 19, 2020The Town of Westbrook ("the Town"), invites qualified banking institutions to submit proposals to provide cash management and banking services as described herein. The final award will not be based solely on price but a combination of cost, qualifications and the determination by the Town of the successful respondent. The Town reserves the right to waive informalities, reject the entire proposal, or any part thereof, or award services separately if deemed in the Town’s best interest. This RFP is issued by the Town of Westbrook, Connecticut. Respondents are requested not to contact individual town officials regarding this RFP process. All correspondence, questions, clarifications, or requests for additional information regarding this RFP must be directed to:Noel BishopTown of WestbrookWestbrook, CT 06498nbishop@westbrookct.us(860) 399-3040Six (6) copies of the proposal shall be submitted. No other distribution of proposals is to be made by the submitter. The proposals must be signed in ink by an official authorized to bind the submitter to its provisions. Proposals must be received by the Town on or before March 19, 2020 at 5:00pm:Town of WestbrookAttn: Noel Bishop866 Boston Post RoadWestbrook, CT 06498“Cash Management and Banking Services RFP” should be clearly marked on all packages.Should any prospective bank be in doubt as to the true meaning of any portion of this RFP, or find any ambiguity, inconsistency, or omission therein, they shall make a written request for an official interpretation or correction. Such a request must be submitted to the issuing office not less than seven (7) days prior to the final date of submittal of the proposals. The person making the request shall be held responsible for its prompt delivery. All inquiries and responses to same will be posted on the Town's website (westbrookct.us). Respondents are responsible for checking the Town’s website for all addenda distributed in response to questions and requests for additional information.TABLE OF CONTENTS1GENERAL INFORMATION4AIntroduction4BMinimum Requirements5CTerms of Service62SCOPE OF SERVICES6AAccount Maintenance6BDeposit Services7CACH and Wire Transfer Services7DOnline Banking8EPositive Pay9FCheck Services9GFunds Availability9HInvestment Program9ICourier Service10JTreasury Services10KEscrow Services10LProblem Resolution10MTraining11NService Enhancements113GENERAL REQUIREMENTS11AService Period11BPayment Basis11CSample Reports11DContract/Agreement Requirements11EGreen Initiative11FProposal Sheets12GInsurance Requirements12HIndemnification134SUBMISSION OF PROPOSAL14AProposal Instructions14BEvaluation Criteria16CSelection Process17DTimeline185ADDITIONAL INFORMATION19Attachment A – Proposal Response Page20Attachment B–Public Depository Qualification Form, CRA Rating & Disaster Recovery Plan.21Attachment C – Preliminary Fee Proposal Form221. GENERAL INFORMATIONINTRODUCTIONFor the fiscal year ending June 30,2018, the Town and Board of Education’s general fund total revenues and expenditures are estimated at $31,000,000, as well as activity in other accounts.The Town currently uses a pooled cash concept with a concentration account that carries a $400,000 daily minimum (General Fund Town Accounts Payable, General Fund Town Payroll). The Board of Education has zero balance accounts (ZBA) linked to its account (Board of Education Accounts Payable and Board of Education Payroll). All available funds are swept out of the concentration account overnight and are invested. Any cash remaining within the concentration account earns interest which is applied to bank fees on a monthly basis. Separate Town and Board of Education accounts are maintained for other purposes. The fees related to these accounts are also part of the concentration account arrangement. The Town would prefer to continue with this system unless an alternate more efficient system could be recommended. There are periodic transfers between several accounts, pooled and non-pooled, but no draw down with checks. Other accounts may be added as needed. The Town will consider modifications to this structure, as recommended, if deemed beneficial to the Town; both from a cost and operational perspective. The Town currently performs online banking services and is considering using the Remote Deposit Capture, Positive Pay, Lockbox service, Courier service, purchase card and Accounts Payable ACH Disbursements options.The Town accounts applicable to this RFP are as follows:Sweep AccountsGeneral Fund Payables and Payroll Board of Education PayrollBoard of Education PayablesSeparate bank accounts (appx 6 accounts)Separate accounts are maintained to conduct various Town businesses. From time to time these accounts are closed or new ones added. The Town would like an assessment of interest earned compared to bank fees paid.The Town accepts credit card payments through its Transfer Station, Recreation and Tax Collector departments. Other departments may accept credit card payments in the future. The Town will consider modifications to this structure as recommended if deemed beneficial to the Town both from a cost and operational perspective.The Town presently manages its banking relationship through the use of 6 checking accounts, one sweep account. The Town and Board of Education (BoE) use the same accounting system, but have separate data bases. Therefore, the combined general fund banking package includes 3 accounts: General Fund Accounts Payable (AP) & Payroll, BoE Accounts Payable and BoE Payroll. All of these accounts use a sweep account. The Town utilizes separate bank accounts to keep track of performance bonds and escrow monies. Typically, these funds are placed with the Town for large development work and a performance bond is held until completion. The Town is interested in learning about the best method to account for and track these transactions. The fees for these accounts are rolled into overall bank fees, and they typically have balances. If interest is earned on these accounts, the Town must be able to track the interest for each entity that monies are held.MINIMUM REQUIREMENTS Interested banking institutions must satisfy the following minimum requirements:Qualified Public Depository: Any bank submitting a proposal must be a qualified public depository, as defined by Connecticut General Statutes (Revised), Sections 7-402 and 36a-330 and must submit the Public Depository Qualification Form, CRA Rating & Disaster Recovery Plan Questionnaire (Attachment B). Please also submit the Maximum Municipal Deposit Amount per the statutory limitation of CGS Section 7-402. Location: State the nearest branch banking facility to be used. Should a branch banking facility not be located in Westbrook, specify how the services are to be provided in lieu of an available branch. In either case, the full ranges of banking services required by this RFP are to be available. The Town requires the account representative to be located in a bank office within the State of Connecticut. It would be preferred if the qualifying bank has its home office or a full-service branch within five miles of Westbrook Town Hall.Equal Opportunity and Affirmative Action: The Town of Westbrook is an equal opportunity employer and requires an affirmative action policy for all of its Contractors and Vendors. Findings of non-compliance with applicable State and Federal equal opportunity laws and regulations could be sufficient reason for revocation or cancellation of this contract. By signing the Proposal Sheet, all vendors and contractors agree to this condition of doing business with the Town and should the Town choose to audit their compliance, the vendor agrees to cooperate fully. Rating: The bank shall give evidence of a rating by IDC, Shesunoff, Kroll or an equivalent of an “Average”, "B" or better for the past 24 months OR if not available, please provide the information in the form of ratios (as of end of latest quarter) for the past four (4) years and submit with the proposal. Federal Reserve Member: The Town prefers a bank which is a member of the Federal Reserve System. Banks that are not members of the System shall identify their correspondent member bank. The Bank will not charge the Town for any transactions processed through that correspondent relationship. Experience: Have municipal experience with three (3) or more accounts of Towns in similar size to Westbrook within the last five (5) years.Reporting: Each provider shall submit a copy of their quarterly Uniform Banking Performance Reports (Schedule RC only) and their annual financial reports, including appropriate notes to the financial statement and an unqualified auditor’s opinion, for the past three years. These reports will be used by the Town in determining the financial soundness of the Institution. The successful institution shall, during the duration of this contract, continue to furnish the Town with updated issues of each call report and quarterly and annual financial reports in a timely manner. Each bank must disclose any adverse audit findings, outstanding restrictions or sanctions imposed by federal or state regulators, or unresolved issues of a similar nature.Collateralization: Depository banks must pledge necessary Portfolio Securities in excess of FDIC coverage as collateral on the Town of Westbrook deposits in compliance with Connecticut General Statute 36a-333 (formerly) 36-386. Collateralization is required on both demand deposits and investments. Reporting must be quarterly and contain the bank contact person’s name and addressTERMS OF SERVICEThe selected firm or individual will be expected to commence services on or before July 1, 2020 subject to contract execution. It is anticipated the contract will be for a three-year term with options to extend for additional terms upon mutual agreement. 2. SCOPE OF SERVICESA. ACCOUNT MAINTENANCEAccount Balances: Transactional data and the ending account balance for each business day are to be available online by 8:30 a.m. the following business day. This information must be viewable online for at least 180 days.Bank Statements: The bank shall provide to the Town’s Treasurer a monthly (month end statement of itemized services provided and balances maintained by the Town) analysis statement for all accounts and a consolidated monthly and year-to-date analysis statement within ten banking days after calendar month end. The Town shall have the right to examine any records that support this monthly statement. Check Printing: The bank will either; reimburse the Town for the check stock used in the check printing, pay the provider of checks directly or provide checks at no cost per Town specifications for all of the individual accounts. Please also address whether it is possible to provide MICR information to the Town and Board of Education for printing to be done in house.Check Imaging: The bank will provide the ability to view the front and back of all paid and cancelled checks online for a minimum of one year. In addition, the imaging must be saved for a minimum period of seven years. Please discuss options and costs for storing the images long-term (such as memory sticks, USB devices, or long-term storage with the bank) which the Town and Board of Education could access as needed through a secure portal or encrypted messaging.Deposited Items: The bank will provide the ability to view all deposited items online for a minimum of 180 days. In addition, the imaging must be saved for a minimum period of one year. Please discuss the options and costs for long-term storage and retrieval as requested for check imaging above.Email Notifications: In addition to hard copies, the bank will provide email notifications of significant transactions such as returned deposited items, wire transfers in and out, and returned ACH transactions. Deposit Slips, Bank Deposit Bags and Other Deposit Supplies: The bank will provide three-part carbon MICR deposit slips, deposit bags, coin rolls and paper bands for bills at no charge.Secure Portal: The bank will provide a secure shared access point for all non-standard reporting for the Town and Board of Education. Please discuss the cost per user, maximum number of users and what types of ad hoc (query) reporting is available.Account Representative: The bank shall have assigned personnel available to answer questions pertaining to Town transactions which require more explanation. In addition, the bank shall provide the name and direct business telephone number of the bank officer with overall management responsibility for the account relationship. The Town requires the account representative to be located in a bank office within the State of Connecticut.B. DEPOSIT SERVICES State the nearest bank branch office to 866 Boston Post Road, Westbrook, CT. Please discuss options for making deposits to the bank.The bank shall include all deposits received at any of its branches up until regular bank closing time in the determination of the Town Demand Account Ledger Balances for the same day. The Bank agrees to credit the concentration account for all checks in accordance with the bank’s availability schedule. Banks are required to attach a copy of their availability schedule to the bid. Awarded bank agrees to notify the Town in advance, in writing, of any changes to the schedule. Bank encoding errors are to be corrected within 72 hours after notification by the Town; at no cost to the Town. Transfers between accounts will be charged to the Town only as transfers and not as items deposited and checks paid. A large volume of loose coin may be presented for deposit. Should a bank not be able to handle the processing and deposit of loose coin as a regular deposit, the bank needs to identify how the deposit would be processed and any costs involved.Remote Deposit CaptureRemote Deposit Capture option should be made available. Please include the maximum number of checks that can be scanned per deposit; whether the Town would have the ability to print a summary deposit report and deposit reports with item details; and a breakdown of the equipment needed and the cost to the Town for this program.C. ACH AND WIRE TRANSFER SERVICES The bank will be required to be a member of the National Automated Clearing House Association (NACHA) for both sending and receiving transactions, provide same-day credit capability for ACH and EFTs without a singular or aggregate dollar amount limitation as well as same-day online reporting. Rejected ACH transactions must be communicated to the Town the same business day so they can be rectified.Incoming: The Town intends to consider all wire transfers and ACH transactions received by the bank prior to the end of the business day as available for investment that day, regardless of the actual time of receipt by the bank. Should the bank not receive a wire transfer or ACH deposit, the transfer will be traced from origin to destination to ascertain the party responsible for the delay in transfer. If necessary, adjustments will be made for lost interest.Outgoing: The awarded bank agrees to execute any wire transfer order within one hour after notification by the Town’s designated representative(s) processed via the online banking system, by telephone, or by fax if necessary. Wire transfers ordered but not received by the destination party will be traced by the bank from origin to destination to ascertain the party responsible for the delay in the transfer. If necessary, adjustments will be made for lost interest or charges from a “fail” to consummate an investment transaction or bond payment. ACH payments must be processed either the same day or next day. Please specify the cutoff time for same day transactions. Please include the amount of any fees for this service. Other: The Town requires the capability to create and store recurring/repetitive wire and ACH instructions/templates, and the ability to create and store future-dated wire and ACH instructions. The Town also requires positive pay capabilities for ACH debits.Direct Deposit PayrollThe Town and Board of Education utilize direct deposit of payroll its employees via ACH. An employee may have more than one direct deposit account. The Town and Board process a biweekly payroll with approximately 250 combined direct deposit transactions. The proposal should include the structure of the banks direct deposit program, and the cost for direct deposit services.The Town and Board of Education submit their tax obligations through ACH transfers as prescribed by the Federal and State governments.Indicate any services that would be made available with banking institution for employees who utilize direct deposit. The Town and the Board of Education use Paychex and ADP, respectively for payroll services. Their systems produce an ACH direct deposit file which is uploaded to the bank’s data transmission web server over a secure internet connection.Accounts Payable and Other DisbursementsThe Town and Board of Education process minimal ACH transactions for vendor payments. The Town would like the option of uploading an ACH disbursement file to the bank’s data transmission web server for electronic vendor payments. Indicate the services that would be made available for this process.D. ONLINE BANKING The bank will provide the Town a secure method to access the Town’s accounts online via secured internet access to the bank. This access should enable the Town to perform all banking transactions including but not limited to:Place and remove stop paymentsPlace wire transfers and online internal account transfersObtain float informationQuery the transactions database using specific parameters such as date range, amounts, or type of transactionInitiate ACH payments and transfers Review activity of accounts on a daily basisDownload transaction details, bank activity and statements in Excel formatReceive monthly bank statementsDeposit imaging for all items included in each depositRemote depositsReturned item imaging for all returned itemsObtain the balances of all accounts daily. Current up to date information is to be available by 8:30 a.m. daily. The Town would prefer up to the minute on-line balances.Research the status of checks, debits, deposits and credits, and print images of cleared checks.Receive a downloadable monthly cleared check file for check reconciliation which contains, at a minimum, the check number, dollar amount, and date check cleared.E. POSITIVE PAY The Town and Board of Education are not currently using positive pay services. The capability to electronically upload an accounts payable and/or payroll file and be notified immediately by email of any exceptions should exist. Please describe the services offered.F. CHECK SERVICES The bank will be required to process all checks and perform related services as follows:Accept all Town checks presented each day and sort the checks monthly by the MICR document number.The bank will indemnify the Town for any claims for payment made against the Town by the payee of a Town check subject to the following conditions:The redeemed check and any photo copy is missing;The check giving rise to the claim is listed on an Automated Account Reconciliation printout presented to the Town;The bank is unable to provide sufficient evidence, of whatever nature, that the missing check was cashed or otherwise negotiated and presented to the bank for payment;The Town’s check records have not been tampered with, destroyed or otherwise impaired;In all cases, bank liability shall be limited to the amount of the missing check or checks and shall automatically terminate three (3) years from the date on which the check giving rise to the claim.G. FUNDS AVAILABILITY Deposits will be made during the business day at the nearest branch of the awarded bank. The Town is to be given credit as collected funds for all items that are cleared by the bank on the same day as the deposit is made. Items deposited that clear at institutions located within the Federal Reserve Region will be considered collected funds within one business day at a maximum. The bank will credit the Town’s account for incoming wire transfers and ACH transactions on the day received regardless of the time of receipt during the day. Attach a copy of the bank’s current funds availability schedule to the proposal responseH. INVESTMENT PROGRAM The Town will continue its customary investment program of purchasing Certificates of Deposit and depositing fund in the State of Connecticut Short-Term Investment Fund (STIF). The procedure will not be affected by the outcome of this RFP.Any excess collected cash balances should be invested via an overnight investment mechanism. The investment account sweep mechanism and costs should be disclosed within the proposal. The basis used to determine the earnings rate on these funds should be disclosed as well as the method to collateralize the investment.The bank will provide safekeeping for investments purchased from the Bank at no additional charge. Funds are invested in accordance with Connecticut General Statute 7-400. Normal investment activities of the Town are outside the scope of the banking service contract. The Town will endeavor to use the service of the operating bank for all normal and traditional banking activity; however, the banking services contract shall not be an exclusive contract nor shall the contract preclude the Town from obtaining service from any other bank or financial institution.I. COURIER SERVICE A bank without a branch located with the Town of Westbrook will provide courier service, at the bank's expense, to and from the Town Hall and Board of Education a minimum of once each working day, at times mutually agreeable, for pickup of deposits. Upon delivery of the deposits to the bank's courier, said deposits are considered to be in the possession of the banking institution.Banks with branches within the Town of Westbrook should provide pricing for the courier services as an option. The Town reserves the option of contracting for this service independent of the bank services contract. J. TREASURY SERVICES Provide a description of the bank’s services for zero and minimum balance accounts and automatic investment services (sweep capability).K. ESCROW SERVICES The Town utilizes escrow accounts to manage Land Use bonds. Describe the escrow services and sub-accounting process at the bank including the number and type of accounts necessary in addition to the cost.L. PROBLEM RESOLUTION Explain the steps and bank’s policy for obtaining problem resolution. Discuss the length of time that it takes to get a problem resolved.The bank will be required to process all problem resolution requests within two days from the time that the bank was notified of a problem. If a longer period of time is required to resolve the problem then the Town should be promptly notified and an expected time frame for the resolution to occur should be identified and agreed upon. If the bank should discover an error the Town should be notified within one week of the error occurring. In no case should the resolution take more than 21 days. In the event that the bank cannot rectify the problem within 21 days or the agreed upon time, the Town will have the right to be indemnified for the amount in question. If the Town is not notified of errors within one week of the occurrence then the Town will have the right to have the bank indemnify the Town for the amount in question. If the bank should have excessive problems that do not get resolved within a timely manner then the Town will have the right to revoke or cancel the contract. M. TRAINING The bank will provide training for online services and a description/schedule for training should be included with the proposal response. N. SERVICE ENHANCEMENTS Please describe and include proposals for any service or technology enhancements that the Town should consider to improve operational or cash management efficiencies, including lockbox services. The selection criteria previously set forth also applies to the selection of these optional services, unless they are provided to the Town at no additional cost. 3. GENERAL REQUIREMENTSA. SERVICE PERIODIt is anticipated that the service period will be for XX years. Advantages realized for a longer period should be identified and included in the proposal as necessary. B. PAYMENT BASISAll costs will be billed monthly and included and analysis of costs and activity for the month. Costs will be billed on a per unit charge for the items listed on the attached proposal sheet. The Town will designate which additional bank accounts shall receive the interest or be charged fees. All other expenses will be charged to the General account for expenses associated with additional bank accounts. The account analysis should be sent no later than 10 days after the close of the month.C. SAMPLE REPORTSProvide a sample account analysis format which will be used to compute the monthly cost to the Town. This format should include all earnings, activity, unit costs and total costs for each account. In addition, provide samples of monthly bank statements.D. CONTRACT/AGREEMENT REQUIREMENTSPlease provide a sample banking agreement which would be executed between the bank and the Town of Westbrook. The successful institution will, during the duration of this contract, continue to furnish the Town with State of Connecticut Qualified Public Depository reports in a timely manner.E. GREEN INITIATIVEThe Town of Westbrook is dedicated to waste reduction and the practice of using and promoting the use of recycled and environmentally preferable products.? Respondents are encouraged to submit RFP responses that are printed double-sided (except for the signed proposal page) on recycled paper, and to use paper dividers to organize the RFP for review. The Town appreciates your efforts towards a greener environment.F. PROPOSAL SHEETSThe attached fee proposal sheet must be completed as indicated and submitted in a separate sealed envelope clearly marked “Cash Management and Banking Service – Preliminary Fee Proposal”. The unit charges should be completed taking into account that the Town will utilize online banking and electronic imaging services. The separate fee proposal must include cost per unit item (Attachment C). Estimated sweep and account interest earnings and annual net cost should also be included. Identify any areas where economies of scale may be achieved by aggregating various services and note any exceptions as necessary. Please also provide a copy of your current "published" standard banking service charges for accounts which are similar to the accounts within this request for proposal. The Bank may also recommend different approaches to conducting business that will make the Town’s banking relationship more cost effective, automated, or efficient.G. INSURANCE REQUIREMENTSThe Respondent shall, at its own expense and cost, obtain and keep in force during the entire duration of the contract insurance against claims for injuries or losses to persons or property that are alleged to have arisen in connection with activities of the respondent and any agents, representatives, subcontractors or employees. Insurance companies must be licenses by the State of Connecticut or otherwise acceptable to the Town of Westbrook. In addition, the Respondent shall name the Town of Westbrook and the Board of Education and their employees and agents as Additional Insured. Full disclosure of any nonstandard exclusion is required for all coverage. These requirements shall be clearly stated in the remarks section of the Respondent’s Certificate of Insurance. It is further agreed that the Respondent shall provide the Town of Westbrook with a thirty (30) day notice of cancellation, in advance of the retroactive date, and/or non-renewal of any insurance policy. Minimum Limits and requirements are stated below:Commercial General Liability:Each Occurrence:$1,000,000Personal/Advertising Injury per Occurrence:$1,000,000General Aggregate:$2,000,000Product/Completed Operations Aggregate:$2,000,000Fire Damage Legal Liability$ 100,000Automobile Liability:Each Accident:$1,000,000Hired/Non-owned Auto Liability:$1,000,000Workers’ Compensation/Employers Liability:Workers’ CompensationStatutory Requirement set forth by State of CT Employers LiabilityEach Accident$100,000Disease-Policy Limit$500,000Disease-Each employee$100,000Umbrella/Excess Liability (following form of general liability, auto liability and employer liability):Each Occurrence:$1,000,000General Aggregate:$2,000,000Product/Completed Operations Aggregate:$2,000,000Errors & Omissions/Professional Liability InsuranceEach Claim:$5,000,000Annual Aggregate$5,000,000Data Breach LiabilityEach Claim:$1,000,000Annual Aggregate$1,000,000The respondent shall provide a Certificate of Insurance as "evidence" of General Liability, Auto Liability including all owned, hired, borrowed and non-owned vehicles, statutory Worker's Compensation and Employer's Liability and Professional Services Liability coverage.The respondent shall direct its Insurer to provide a Certificate of Insurance to the Town before any work is performed. The awarded Respondent(s) will be responsible to provide written notice to the Owner 60 days prior to cancellation or non-renewal of any insurance policy. The Certificate shall evidence all required coverages including the Additional Insured on the General Liability and Auto Liability policies and Waiver of Subrogation on the General Liability policy. The respondent shall provide the Town copies of any such insurance policies upon request.H. INDEMNIFICATIONAny person contracting with the Town of Westbrook and Board of Education must, to the fullest extent permitted by law, indemnify, defend and hold harmless the Town and Board of Education and their respective officers, agents, consultants, directors and employees from and against all claims, damages, errors, omissions, losses and expenses, direct, indirect or consequential (including but not limited to fees and charges of engineers, attorneys and other professionals and court and arbitration costs) arising out of or resulting from the performance of the Respondent’s work and/or the supplying of materials, provided that such claim, damage, loss or expense (a) is attributable to bodily injury, sickness, disease or death, or to injury to or destruction of tangible property including the loss of use resulting therefrom, and/or (b) is caused in whole or in part by any negligent act or omission by the Respondent, any subcontractor, anyone directly or indirectly employed by any of them or anyone for whose acts any of them may be liable, regardless of whether or not they are caused in part by a party indemnified hereunder. In any and all claims against the Town, or any of its agents or employees, by any employee of a selected respondent, or anyone directly or indirectly employed by a selected respondent, or anyone for whose acts as a selected respondent is liable, the indemnification obligation shall not be limited in any way by any limitation on the amount or type of damages, compensation or benefits payable by or a selected respondent under Workers’ Compensation Acts, disability benefits acts or other employee benefit acts.? 4. SUBMISSION OF PROPOSALA. PROPOSAL INSTRUCTIONS By submitting a proposal, you represent that you have thoroughly examined and become familiar with the scope of services outlined in this RFP and are capable of performing the work to achieve the Town’s objectives. All banks are required to submit:A clearly marked original and six (6) copies of their technical proposal A clearly marked original and two (2) copies of the preliminary fee proposal Proposals shall be submitted in separate packages clearly marked “Technical Proposal” and “Preliminary Fee Proposal” to Noel Bishop, First Selectman, 866 Boston Post Road, Westbrook, CT 06498. The proposal must be submitted in a sealed envelope or package and the outside shall be clearly marked:SEALED REQUEST FOR PROPOSALCASH MANAGEMENT AND BANKING SERVICESMARCH 5, 2020 – 5:00PMAll respondents are required to submit the information detailed below. Responses shall be organized and presented in the order listed below to assist the Town in reviewing and rating proposals. Responses should be presented in appropriate detail to thoroughly respond to the requirements and expected services described herein.Table of Contents to include clear identification of the material provided by section and number.A letter of transmittal indicating the bank’s interest in providing the service and any other information that would assist the Town in making a selection. This letter must be signed by a person legally authorized to bind the bank to a contract. This letter also must affirm that the bank or their representative has made themselves knowledgeable of those matters and conditions in the Town which would influence this proposal. Name, email address and telephone number of person(s) to be contacted for further information or clarification.A background and qualifications statement, including a brief description and history of the bank and the servicing office including qualifications, experience, and ability to deliver banking services. Disclose any material litigation, administrative proceedings or regulatory investigations in which your bank has been involved currently or in the past three years.Include a list of not less than three current (within the last five years) municipal client references of similar size to the Town, with services similar to those outlined herein. These services either shall have been provided or are currently being provided. This list shall include the following information:Name of the organizationApproximate gross cost of contract, annuallyDates services encompassServices being providedName, address, and telephone number of the responsible official of the organization. The Town reserves the right to contact these organizations regarding the services provided by the bank.List of personnel to be assigned to this project, including years of experience in their current position, municipalities served, their roles in providing those services and their main office location. Please provide brief resumes, and document the chain of command for these individuals.Other Minimum RequirementsPublic Depository Qualification Form, CRA Rating & Disaster Recovery Plan Questionnaire (Attachment B)Bank Location and branch locationsEqual Opportunity – Affirmative ActionRatingFederal ReserveExperienceReporting InformationCollateralization discussionScope of Services – please address the scope of services in the following order:Account MaintenanceDeposit ServicesACH and Wire Transfer ServicesOnline BankingPositive PayCheck ServicesFunds Availability – Attach copy of Bank’s availability scheduleInvestment Program Courier ServiceTreasury ServicesEscrow ServicesProblem ResolutionTrainingService Enhancements (if any)General Requirements – respond as follows:Service PeriodPayment BasisSample Account Analysis Report and Bank StatementsSample Banking AgreementOverall approach to addressing the needs of the Town for services described herein.Transition, implementation, and training schedule for all services.A concluding statement as to why the respondent is best qualified to meet the needs of the Town.Any topics not covered by this RFP which you wish to disclose to the Town and which further describe the bank’s level of qualifications.Respondent must list on a separate page any exceptions to the RFP specifications.Proposal Response Page (ATTACHMENT A) Respondent is required to review the Town of Westbrook Code of Ethics. Respondent shall acknowledge that they have reviewed the document in the area provided on the attached Ethics Acknowledgement form included on ATTACHMENT A. Respondent shall submit as a separate sealed package a preliminary fee proposal as outlined in Attachment C. This attachment was prepared using as many items/terms the Town was able to identify, please include a complete list of fees and identify any exceptions or additions to this schedule as necessary on the additional lines provided, or attach a separate page. Also identify cost savings that can be achieved through the combination or packaging of different services. All additional services or service enhancements shall be identified and costed out separately. All technical inquiries regarding this RFP must be made in writing to Noel Bishop, First Selectman, 866 Boston Post Road, Westbrook, CT 06498 or by email at nbishop@westbrookct.usNote: Responses to requests for more specific contract information than is contained in the RFP shall be limited to information that is available to all respondents and that is necessary to complete this process. Failure to include any of the above-referenced items in the submitted proposal may be grounds for disqualifying said proposal.B. EVALUATION CRITERIA The Town of Westbrook shall select the responsible and responsive proposal which is determined by the Town to be the best suited, most advantageous, and provides the best value to the Town on the basis of the criteria included in this RFP. The Town expressly reserves the right to negotiate with the selected proposer prior to an award of any contract pursuant to this RFP. Best value shall be determined by consideration of the following factors as deemed appropriate by the Town. The following factors will be considered by the Town when evaluating proposals:Accuracy, overall quality, thoroughness and responsiveness to the Town’s requirements as summarized herein.Public depository qualifications, CRA rating and disaster recovery.Demonstrated understanding of the Scope of Services.The qualifications and municipal experience of the bank and the designated account executive and other key personnel to be assigned to the account.Demonstrated successful performance on other municipal accounts.Capacity to provide numerous electronic banking services.Problem resolution services timeline.Geographical location of nearest branch to Town Hall and favorable schedule of hoursReferences.Approach to services.Transition, implementation, and training schedules for services. Preliminary fee proposal.C. SELECTION PROCESS This RFP does not commit the Town of Westbrook to award a contract or to pay any costs incurred in the preparation of a proposal to this request. All proposals submitted in response to this request become the property of the Town of Westbrook. The Town of Westbrook reserves the right to accept or reject any or all proposals received as a result of this request, to negotiate with the selected respondents, the right to extend the contract for an additional period or to cancel in part or in its entirety the RFP, if it is in the best interests of the Town to do so. Respondents may amend or withdraw their Proposal prior to this RFP’s closing date and time by submitting a clear and detailed written notice to the Town. All Proposals become irrevocable after this RFP’s closing date and time.Additional technical information may be requested from any respondent for clarification purposes, but in no way changes the original proposal submitted.A Respondent filing a proposal thereby certifies that no officer, agent or employee of the Town who has a pecuniary interest in this request for proposal neither has nor shall participate in the contract negotiations on the part of the Town, that the proposal is made in good faith without fraud, collusion or connection of any kind with any other Respondent of the same call for proposals, and that the Respondent is competing solely in its own behalf without connection with or obligation to, any undisclosed person or firm. Respondents must fully disclose, in writing to the Town on or before the closing date of this RFP, the circumstances of any possible conflict of interest or what could be perceived as a possible conflict of interest if the Respondent were to become a contracting party pursuant to this RFP. The Town shall review any submissions by Respondents under this provision and may reject any Proposals where, in the opinion of the Town, the Respondent could be in a conflict of interest or could be perceived to be in a possible conflict of interest position if the Respondent were to become a contracting party pursuant to this RFP.Any act or acts of misrepresentation or collusion shall be a basis for disqualification of any proposal or proposals submitted by such person guilty of said misrepresentation or collusion. In the event that the Town enters into a contract with any Respondent who is guilty of misrepresentation or collusion and such conduct is discovered after the execution of said contract, the Town may cancel said contract without incurring liability, penalty, or damages.A Selection Committee will evaluate all proposals received for completeness and the respondent’s ability to meet all requirements as outlined in this RFP. The Selection Committee will then short list the specific banks whose proposals best meet all criteria required and may conduct interviews with these banks. During the interview process, the Selection Committee will review the scope of services, fee proposals, and other factors with the top-rated banks and negotiate a specific agreement based on these discussions. Upon completion, the Selection Committee forward to the Board of Selectmen a recommendation for appointment.D. TIMELINE The following schedule is anticipated. The Town intends to adhere to this schedule as closely as possible but reserves the right to modify the schedule in the best interest of the Town as required.Publicize RFP February 28, 2020RFP Due Date/TimeMarch 19, 2020 5:00pmShortlist of Proposals ReceivedApril 2, 2020Interviews with Top RespondentsWeek of April 6th, 2020Scope of Services/Fee AgreementTBDContract Effective DateMay 11, 20206. ADDITIONAL INFORMATIONA. ADDITIONAL INFORMATIONAll proposals submitted and information included therein or attached thereto shall become public records upon their delivery to the Town. All documents created by the respondent during the completion of their contract requirements shall become the property of the Town, including any databases and information systems that are created.The Town of Westbrook is not responsible for any costs/expenses incurred by anyone submitting a proposal for this project. Costs/expenses are the sole responsibility of the parties submitting proposals.The respondent in performing under this agreement shall not discriminate against any workers, employee or applicant or any member of the public because of race, creed, color, religion, age, sex, marital status, national origin, mental retardation or physical disability, including but not limited to blindness, unless it is shown by Respondent that such disability prevents performance of the work involved, in any manner prohibited by the laws of the United States or the State of Connecticut, nor otherwise commit an unfair employment practice. Respondent will take affirmative action to insure that applicants are employed and that employees are treated during employment without regard to their race, creed, color, religion, age, sex, marital status, national origin mental retardation or physical disability, including but not limited to blindness, unless it is shown by Respondent that such disability prevents performance of the work involved, in any manner prohibited by the laws of the United States or the State of Connecticut, nor otherwise commit an unfair employment practice. Respondent agrees that this non-discrimination clause will be incorporated in all contracts entered into by it with suppliers of services or materials, contractors and sub-contractors and all labor organizations furnishing skilled, unskilled and craft unions skilled labor or whom may perform any such labor or services in connection with this agreement.ATTACHMENT APROPOSAL RESPONSE PAGENAME OF PROJECT: CASH MANAGEMENT AND BANKING SERVICESDATE ADVERTISED: DATE/TIME DUE:The Respondent acknowledges receipt of the following Addenda:Addendum #1 ______ (Initial/Date) Addendum #2 _______ (Initial/Date) Addendum #3 ______(Initial/Date) NON-COLLUSION STATEMENT:By submission of this proposal, the Respondent certifies that it is being submitted without any collusion, communication, or agreement as to any matter relating to it with any other respondent or competitor. We understand that this proposal must be signed by an authorized agent of our company to constitute a valid proposal.CODE OF ETHICS:I / We have reviewed a copy of the Town of Westbrook’s Code of Ethics. Yes _____ No _____ Type or Print Name of IndividualDoing Business as (Trade Name)Signature of Individual Street AddressTitleCity, State, Zip CodeDate Telephone Number / Fax NumberE-mail AddressSS # or TIN#ATTACHMENT BPUBLIC DEPOSITORY QUALIFICATION FORM,CRA RATING & DISASTER RECOVERY PLAN QUESTIONNAIRE1.Is your institution a "Qualified Public Depository" as defined in Section 36a-330 of the Connecticut General Statutes?2.Does your institution comply with the provision of Section 36a-333 of the Connecticut General Statutes in regards to the segregation of collateral by a public depository?3.What is the dollar amount of your institution's total capital?$____________4.Please multiply the amount in question 3 by 75.0%$____________5.What is your tier one leverage ratio? ___________%6.What is your risk-based capital ratio? ___________%7.Who maintains the segregated collateral for your institution?8.Is your institution under a formal regulatory order?9.Has your institution been under a formal regulatory order within the previous five (5) years of the date of this RFP request?10.What is your institution's most recent Community Reimbursement Act (CRA) rating? ___________11.What is the date of your institution's most recent CRA rating? ___________12.Has your Institution received any CRA complaints within the previous five (5) years of the date of this request?13.Has your institution been cited for any violations of the substantive provisions of antidiscrimination, fair lending or other illegal credit practice rules, laws or regulations within the previous five (5) years of the date of this RFP request?14.Please describe your institution's disaster recovery plan. (attach copy)Attachment CPRELIMINARY FEE PROPOSAL FORM (To be submitted in a separate sealed package)The Town requests two bids: (1) the first to price out the services as they are used today, and (2) a second optional bid where the bank would recommend a more effective banking structure, if any, in terms of price, automation and services not currently used by the Town such as lockbox services. There are four users at the Town with full access to all banking accounts and 3 users at the BoE which require access to BoE accounts. Please price out for the entire relationship account maintenance costs and online banking (all accounts, sweeps): (1) account maintenance, (2) on-line access, (3) ACH, (4)wire transfer access, (5) positive pay, and (6) any other fee that would be charged not specifically listed below. It will be assumed that all other services are not charged. There are only a few items listed below because the Town does not have a comprehensive list of service fees charged. Please include a complete fee schedule with your submission.General Account ServicesCost Per UnitItem 1Returned DepositsItem 2Checks WrittenItem 3DepositsItem 4Stop PaymentItem 5ACH DebitsItem 6ACH CreditsItem 7Domestic WireItem 8Account Maintenance W/Check Return Item 9Monthly MaintenanceItem 10DDA Statement - PaperItem 11Deposit Bank, Regulatory AssessmentItem 12Monthly Paper StatementInformation ServicesCost Per UnitItem 1Desktop Deposit Monthly BaseItem 2Desktop Deposit Report Per ItemItem 3Infofax Return Monthly BaseItem 4Online Portal Previous Day Subscription Mnthly BaseItem 5Online Portal Previous Day Item LoadedItem 6Online Portal Intraday Subscription Monthly BaseItem 7Online Portal Intraday Item ViewedItem 8Online Portal Event Messaging ServiceItem 9Electronic Window Extended Storage 30Item 10Electronic Window Extended Storage 120Item 11Online Portal Previous Day Expanded Desc– Per ItemLockbox ServicesCost Per UnitItem 1Lockbox Monthly BaseItem 2Lockbox Data Transmission MonthlyItem 3Lockbox Online Decision MonthlyItem 4Lockbox Image Maintenance Monthly BaseItem 5Lockbox Standard Item Processing Non-ScanItem 6Lockbox Total Payments ProcessedItem 7Lockbox Unmatched PaymentsItem 8Lockbox Multi-Check/CouponItem 9Lockbox Excess Check Only SurchargeItem 10Lockbox Remit Processed Express MailItem 11Lockbox Correspondence RejectsItem 12Lockbox ChecksItem 13Lockbox Rough Sorts <5Item 14Lockbox Online Decision Exception PostItem 15Lockbox Online Decision Items RejectItem 16Lockbox Document ScannedItem 17Lockbox Document Scanned Non-ScanItem 18Lockbox 1-Year B/W Image ArchiveItem 19Lockbox Daily Deposit CutItem 20Lockbox Transmission ItemItem 21Lockbox Online Portal Subscription Monthly BaseList Any Package ServicesAverage Daily Balances for InvestmentsPlease provide an analysis of how you propose to compensate the Town for its average daily balances available for investmentGrand Total for All Services (written amount): _________________________________________________Earnings Credit Rate Formula: _____________________________ ................
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