BANKING SERVICES

Midlands Technical College, through the State Fiscal Accountability Authority (SFAA) Division of Procurement Services, is seeking comprehensive banking services for its eight campus locations across South Carolina. The procurement targets a full-service FDIC/FSLIC-insured banking institution to provide depository services, cash management, investment services, payroll processing, fraud protection, and electronic transaction support for an institution serving approximately 12,500 credit students with annual banking activity of $61.5 million. The solicitation requires offerors to submit detailed pricing on an Administrative Cost Schedule, specifying per-item fees, monthly fees, or flat fees for various service categories, with a focus on comprehensive banking capabilities. Proposals are due online by April 16, 2024, at 11:00 AM EST, with questions accepted until March 29, 2024, at 3:00 PM EST. The evaluation will be based on five equally weighted criteria: banking service capabilities (20 points), administrative costs (20 points), potential earnings of the cash management system (20 points), online banking services (20 points), and convenience of banking activities to college locations (20 points). The contract will have an initial one-year term with four optional one-year renewals, creating a maximum five-year contract period from May 31, 2024, to May 30, 2029.

There are no specific minority business participation requirements for this solicitation. Offerors must be FDIC-insured and must submit audited financial statements, references from other higher education institutions, detailed service descriptions, and management contact information. The college will compensate the bank through compensating balances, direct payment, or a combination thereof, with annual settlement by February 28 of each year. The estimated annual banking volume includes approximately 600 operating account checks, 40 payroll checks, 7 outgoing wire transfers monthly, and 375 ACH transactions monthly, with a $1 million temporary line of credit requirement and potential wire transfers up to $6 million depending on the time of year. While no incumbent vendor is explicitly named, the analysis statements suggest Wells Fargo has previously provided banking services to the college. The solicitation indicates a flexible approach to pricing, with the potential for service charges to be offset by earnings allowances, and a comprehensive evaluation process that considers both cost and service quality.