Banking Services FAQ.pdf

This document is a detailed Questions & Answers (Q&A) document for the City of Hillsdale's 2025 Banking Services Request for Proposal (RFP). The RFP seeks a new banking services provider as the current contract is expiring. The city requires comprehensive banking services including credit card processing, merchant services, procurement card programs, online bill payment portal, wire transfers, and ACH transactions. The city currently uses three commercial checking accounts and has specific requirements around digital banking capabilities, including one remote deposit scanner (an Epson M236A), an online payment portal hosted by Invoice Cloud, and BS&A Software for general ledger and ERP systems.

The city processes approximately $290,511 in monthly credit card transactions across 1,638 transactions involving credit/debit cards and EFTs. Their procurement card program involves 15 cardholders with a $30,000 overall program limit and average monthly spending of $6,500. The cards are primarily used for travel, training, and online purchases. The city wants to earn interest on accounts and pay fees, uses ACH for select vendor payments and resident utility payments, and initiates wire transfers online. They currently do not have overdraft protection, zero balance account sweep, or a credit sweep in place. Their banking needs emphasize flexibility, comprehensive reporting, and efficient digital transaction management.