Q&A Document 1.pdf
PDF 6 KB Posted
- Attached to
- Depository Banking Services
- Solicitation number
- 2022-23-24
- Issued by
- Texas
About this file
This document is a Questions and Answers (Q&A) file for the City of Weslaco's Solicitation No. 2022-23-24 for Depository Banking Services. The document contains ten questions and answers dated 07/11/2023, addressing various aspects of the city's banking needs and current financial operations. Key details include clarifications on ACH files, EDI services, certificates of deposit, investment pools, payroll processing, security token setup, accounting software, deposit procedures, and overall banking services requirements.
The Q&A reveals that the City of Weslaco manages approximately 350 employees, processes bi-weekly payroll averaging $524,026, and maintains an average of $35 million in investment pools. The city currently has a Certificate of Deposit with Greater State Bank valued at $241,048.95, maturing on 07/19/2023. The average monthly deposits are $6.8 million, and the city uses Incode X as its primary ERP system. The city utilizes a lockbox service with a third-party EMS billing company, prints its own checks, delivers cash deposits with an employee and police escort, and has dual control for ACH and wire transfers. A key concern mentioned is the interest rate received for cash in bank accounts.
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Other files
| File | Type | Posted |
|---|---|---|
| Elavon June 2023.pdf | ||
| Elavon May 2023.pdf | ||
| INVESTMENT POLICY.pdf | ||
| MAY23 Analysis Statement.pdf | ||
| 2022-23-24 RFP Banking FINAL.pdf | ||
| Attachment A - Fees Proposal.xlsx | XLSX spreadsheet | |
| ADDENDUM #2.pdf | ||
| APR23 Analysis Statement.pdf |
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Text version
Questions & Answers - 1
Solicitation 2022-23-24 - Depository Banking Services
Buying Organization City of Weslaco
No Question/Answer Question Date
Q1 Question: Questions for RFP No 2022-23-24
1. Regarding attachment A, please provide an explanation for credit express files. Are these same day
ACH files?
2. Regarding attachment A, can you provide additional details for the EDI services? How is the City currently utilizing this service?
3. Does the City have any Certificate of Deposits? If so, what are the balances and when do they mature?
4. Does the City maintain balances in investment pools? If so, what are the current balances and how often does the City transfer funds from the pools to the Bank?
Answer: 1. They are ACH same day files.
2. EDI services are utilized by the Finance Department to get further detail information on ACH deposits received when the description on the bank statement is non-descriptive.
3. The City has a Certificate of Deposit with Greater State Bank and has a balance of $241,048.95 with the maturity date of 07/19/2023.
4.The City has maintained for the last 6 months an average of 35,000,000 in our investment pools. The
City will be transferring from the pools approximately 4 times a year as some of our capital projects are completed.
07/11/2023
Q2 Question: International Wires
Does the City process International wires in US$ or FX?
Answer: The City does not process International Wires.
07/11/2023
Q3 Question: Payroll File Clarrification
What is the bi-weekly payroll file amount?
Answer: They City's bi-weekly payroll file amount average is $524,026
07/11/2023
Q4 Question: ACH and Wire Transfer Set up
Is the City setup with dual control for ACH services and Wire transfers?
Answer: Yes, dual control is in place for ACH and Wire transfers.
07/11/2023
Q5 Question: Security Token set up
Is City currently using physical security tokens or are they setup with virtual tokens for approval of online payments, Wire & ACH?
Answer: The city has 1 physical security token, and the other users are set up with virtual/mobile tokens for online access and approvals.
07/11/2023
Q6 Question: Accounting and reconciliation
What accounting software does the City use? What file formats can be ingested by your ERP?
Answer: They City is using Incode X as the primary ERP. Incode X imports excel files.
07/11/2023
No Question/Answer Question Date
Q7 Question: Deposit Bags
In anticipation of cash deposits, is the City using tamper resistant bags or locked bags the bank can provide? If locked bags from bank, how many would the City need?
Answer: The City is using tamper resistant bags and would continue to do so. The city currently orders the bags through our provider and is looking to continue the same practice.
07/11/2023
Q8 Question: Services Clarification
Does the City have needs the current processing provider is not meeting?
Answer: A concern is the interest rate that the City is receiving for the cash in our bank accounts.
07/11/2023
Q9 Question: Depository Banking Questions
Good afternoon Mr. Rhodes, Thank you for the opportunity to possible provide banking services to the City of Weslaco.
Please find some questions we have regarding this bid.
1. Please provide 2 months of group analysis statements.
2. Does the City currently utilize a lockbox service?
3. Regarding remote deposit capture service, if City considers this option how many scanners would city need?
4. Does the City use an online bill payment portal service?
5. Does the City utilize check printing thru bank or third-party company?
6. Does the City utilize merchant services? If so, please provide last 2 months statements that include fee breakdown.
7. How does the City currently deliver cash deposits to the bank: Does the City utilize armored cards services? If so, who is the provider?
8. What is the City's average month deposits?
9. How many employees does the City manage?
10. How often is payroll processed?
Thank you, Alex Meade
Answer: 1. I will attach the two months of group analysis... See Addendum No.: 2 Exhibits
2. The City currently utilized a lockbox service with their third-party EMS billing company, but otherwise do not.
3. The City would request three scanners.
4. The City does not use an online bill payment portal service.
5. The City prints its own checks.
6. I will attach the last 2 months statements for Evalon... See Addendum No.: 2 Exhibits
7. The City currently delivers the cash deposits to the bank in tamper evident bags by an employee and police escort. No armored car services are utilized.
8. The City has averaged $6.8M in monthly deposits in the previous 6 months.
9. The City manages about 350 employees.
10. Payroll is processed bi-weekly.
No Question/Answer Question Date
Q10 Question: Investment Policy
Could the City please provide a current Investment Policy
Answer: City's Investment Policy has been posted... See Addendum No.: 2 Exhibit
Questions & Answers - 1
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