Banking Services

Auburn University is seeking sealed proposals for comprehensive banking services through a Request for Proposal (RFP) process targeting financial institutions capable of providing cash management banking services for the university's operating accounts, payroll accounts, and related checking accounts. The procurement is for a five-year contract term with potential extension options, anticipated to be awarded by August 1, 2025. Key deliverables include advanced online banking systems offering balance reporting, transaction details, account transfers, ACH origination, wire transfers, stop payments, positive pay, and controlled disbursement reporting. Evaluation criteria will be weighted as follows: pricing (50%), compliance with RFP requirements (15%), financial conditions and references (15%), and customer service and creative solutions (20%). Critical procurement dates include questions due by June 16, 2025, with university responses provided by June 18, 2025, and the final bid opening scheduled for July 2, 2025, at 10:30 AM CST. Proposing banks must meet specific minimum qualifications, including being organized under Alabama or U.S. laws, maintaining federal deposit insurance, being a member of the Federal Reserve System and NACHA, and having branch offices within five miles of both Auburn and Montgomery campuses.

The RFP does not specify specific set-aside designations or restrictions for disadvantaged enterprises. The current banking services provider is Regions Bank, and the university expects the new contract to maintain or improve upon existing service levels, including provisions for remote deposit machines, coin wrappers, bill straps, and printed deposit tickets at no additional cost. Auburn University operates with a substantial financial footprint, including a Fall 2024 enrollment of 39,364 students, over 16,000 employees, and an operating budget exceeding $1.7 billion for the fiscal year beginning October 1, 2024. While a specific contract value is not explicitly stated, the comprehensive nature of the banking services and the university's significant financial operations suggest a high-value procurement. The university will evaluate proposals through the JAGGAER Sourcing Event Portal, with bid openings conducted via a conference call where only vendor names will be read aloud. Proposers are expected to demonstrate comprehensive banking product solutions, advanced technological capabilities, and the ability to support both the university's current and future banking infrastructure and needs.