RFP - FPS - Banking Services

The City of Minneapolis is requesting proposals for banking services from qualified financial institutions, with proposals due October 22, 2026, at 2:00 PM CT and questions due by October 2, 2026. The scope encompasses general depository banking, lockbox services, prepaid card services, and potential designation of a secondary financial institution for business continuity purposes, though no business is guaranteed to any secondary bank.

The City operates eight depository accounts with an aggregate average daily balance of approximately $10.6 million. Lockbox operations process an estimated 142,650 annual payments across utility billing, receivables, permits, regulatory services, public works, health, and business licensing functions. Prepaid card services cover approximately 53,550 annual issuances to regular and seasonal employees, election judges, independent contractors, and for customer refunds. Pricing for depository banking services must be submitted on Attachment E based on sample transaction volumes provided.

The contract term runs April 1, 2027, through March 31, 2030, with options for two one-year extensions under the same fees and terms. No set-asides or incumbent preferences are stated. Respondents must carry insurance including commercial general liability of $2 million, professional liability of $2 million, and cyber liability of $1 million minimum per occurrence. All proposals must be submitted electronically through the City's eSupplier Portal.

Selected contractors must comply with the Minneapolis Living Wage and Responsible Public Spending Ordinance, the Small & Underutilized Business Program requirements, equal opportunity and anti-discrimination statutes, the Minnesota Government Data Practices Act, Payment Card Industry compliance standards, and Terms and Conditions for Professional Services Contracts Over $175,000. The City anticipates consultant selection by November 20, 2026. Inquiries should be directed to Aksana Belik at aksana.belik@minneapolismn.gov.