Requests for Proposal.
Click the appropriate RFP download link to view the complete RFP.
|RFP Title||Date Opened||Date Closed||Description||RFP Download|
|Banking Services||03/16/2021||04/26/2021 3:00pm CST||The St. Louis Office for Developmental Disability Resources (DDR) is seeking an organization to provide banking services effective July 1, 2021.||Bank Services RFP 2021|
Submit a question
Submit questions online by emailing RFP@stldd.org. All questions must include the RFP title in the subject and contact information in the body of the message. Assistance is limited to answering questions regarding clarification of RFP instructions, definitions, or terms. All phone calls are referred back to this website.
Please select the appropriate RFP tab below to review Frequently Asked Questions. Submitted questions will be answered within 1 business day of receipt.
Answer: Direct email upon request.
Question: How many current bank accounts do you have?
Answer: We currently have only 1 checking account. Cash reserves are transferred to an investment account at Wells Fargo where the account manager purchases Certificates of deposit from various financial institutions to maintain FDIC coverage. We plan on maintaining the financial relationship with Wells Fargo.
Question: What are the 12 month average cash collected balances in each of the current bank accounts?
Answer: For 2020, the 12 month average cash collected balance was $439,641. Monthly averages range from a high of $1,048,493 in January 2020 to a low of $238,878 in November 2020.
Question: Do you currently utilize a Repurchase Sweep (repo)?
Answer: Not currently. We would like to have this option in our new banking services.
Question: Do you currently have an interest checking or Earning Credit Rate on your balances?
Answer: Yes, the rate is 0.19%.
Question: Do you currently Originate any ACH files ( i.e Payroll )?
Answer: Currently we do not upload ACH files. We manually enter the payments in our current bank website for ACH payments. We process approximately 60 ACH transactions monthly. Our new accounting system will create a payment data file to transmit to the bank in an encrypted format via a bank provided FTP program. ADP directly withdraws our bi-weekly payroll and taxes. Other benefit providers and several vendors also directly withdraw monthly payments. The monthly average of ACH payments from our accounting system will be around $500k. We do not currently subscribe to any Fraud Tools.
Question: Please provide details around the RFP request to, “Have the ability to accept deposits at a local city location or a processing center in the greater St. Louis area for next day deposit at the latest.”
Answer: We prefer to have remote deposit. However, occasionally we have checks over $1,000,000 and need to take these checks to a branch office for deposit. Since we are located in the city of St. Louis and funded by city tax revenue, we prefer a branch location in the city of St. Louis. We prefer for holds on deposit of checks from the St. Louis City Collector of Revenue to be reasonable.