2025 Banking Services

Gratiot County, Michigan is seeking banking services through a Request for Proposal (RFP) issued on January 16, 2025, with proposals due by February 12, 2025. The procurement is for comprehensive banking services, including mandatory services such as checking and savings deposit accounts, payroll direct deposit, ACH debit and credit services, positive pay, online banking and reporting, stop payments, overdraft protection, safety deposit box, online wires and account transfers, and remote capture for multiple accounts. Optional services include ACH debit block, credit card processing, procurement cards, safekeeping, and nightly account sweep. Financial institutions must meet specific qualifications, including holding a charter or license to provide banking services, being a qualified Michigan public funds depository, having Federal Reserve System membership, maintaining a local branch, and providing a secure web-based interface for fund transfers and reporting. The procurement timeline includes proposal opening on February 13, 2025, potential interviews on March 3, 2025, staff recommendation to the Finance Committee on March 17, 2025, and City Council approval expected on April 7, 2025. The contract will be finalized during the week of April 14-18, 2025, with implementation in June 2025, and is initially structured for a three-year period with the option for a two-year extension.

While specific set-aside designations are not explicitly detailed in the provided documents, the RFP indicates the city currently maintains three DDA bank accounts with average collected balances of approximately $8,035,128. The city processes around $290,511 in monthly credit card transactions across 1,638 transactions involving credit/debit cards and electronic funds transfers. Their procurement card program involves 15 cardholders with a $30,000 overall program limit and average monthly spending of $6,500, primarily used for travel, training, and online purchases. The city utilizes specific technological infrastructure, 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 banking services provider will need to integrate with these existing systems and provide comprehensive digital banking capabilities. While a specific contract value is not explicitly stated, the complexity of services and the financial volume suggest a significant contract opportunity for a qualified financial institution capable of meeting the city's comprehensive banking service requirements.