REQUEST FOR PROPOSALSFor Comprehensive Banking Services
The Office of the General Treasurer 50 Service AvenueWarwick, RI 02886
RFP Issued: March 22, 2019
Responses Due: April 26, 2019 by 4:00 p.m. EST
STATE OF RHODE ISLAND
OFFICE OF THE GENERAL TREASURER
SECTION I: GENERAL INFORMATION
PURPOSE AND TERM
The State of Rhode Island Office of the General Treasurer (herein referred to as the “State”) is requesting proposals for its primary banking services, with the intention of minimizing banking costs, improving operational efficiency, and maximizing its cash position. Proposals will be evaluated objectively based on the criteria set forth in this Request for Proposals (herein referred to as the “RFP”). The State may accept one or more proposals and it reserves the right to reject any and all proposals submitted. The State makes no guarantee that any commodities or services will be purchased from any contract resulting from this RFP. Once put forward, all RFP submissions and related materials become property of the State under the custody of the Treasurer.
ISSUING OFFICER, CONTACTS AND LOBBYING
The Issuing Officer identified below is the sole point of contact regarding this RFP. No contact with any other employee of the Treasurer, the State, or other State official is permitted with respect to this RFP, any proposal submitted in response to the RFP, or the contract to be awarded under this RFP. This prohibition applies from the date of release of this RFP until a contract is executed, unless otherwise requested by the Issuing Officer. This prohibition includes, but is not limited to, any lobbying efforts directed at the State’s legislators or any State officer or employee who might reasonably be considered to have influence over the process and outcome. Violations of this one-contact provision may result in immediate disqualification from this and any future business opportunities with the Office of the General Treasurer, the SIC, and/or the State.
The Issuing Officer for this RFP is:
Vincent T. IzzoInvestment Accounting ManagerOffice of the General Treasurer
50 Service AvenueWarwick, Rhode Island 02886
(401) [email protected]
SECTION II: MINIMUM QUALIFICATIONS AND INFORMATION REQUESTED
MINIMUM QUALIFICATIONS
To be considered for selection, the following minimum qualifications must be met:
1. The financial institution must be covered by Federal Deposit Insurance.
2. The financial institution must meet or exceed the following:
a. Exist and operate for at least 3 years
b. Return on assets within a six-quarter period must be positive for at least four out of six consecutive quarters
c. The Federal Reserve risk‐based minimum capital ratio must be at least 8% (an 8% ratio signals adequately capitalized institution, 10% well capitalized firm), and
d. Non‐performing assets as a percentage of total assets may not exceed 3%.
3. The Proposer must be authorized to conduct banking services in Rhode Island. Brokers, dealers and service providers must be registered and must be properly licensed to conduct business in Rhode Island.
4. The Proposer must be an equal opportunity employer.
5. The Proposer must submit certification that the Firm has not been in bankruptcy and/or receivership within the last five (5) calendar years, nor that said event(s) are reasonably foreseeable at this time.
6. If incorporated, the Proposer must submit identification of the Proposer’s state of incorporation and a statement that the Proposer is in good standing in that state, and, if the incorporation is not in Rhode Island, a statement that the Proposer has complied with all filing requirements of the Rhode Island Secretary of State.
7. The Proposer must submit a statement certifying that the Proposer has all the licenses and registrations necessary to perform the services included in this RFP.
8. The Proposer must be authorized by the Department of Business Regulation to provide services in the State of Rhode Island and comply with all applicable statutes and regulations. The state may give priority to those banks with full service capabilities that have branch‐banking facilities located within the boundaries of the State.
9. Daylight Overdraft: The banking institution must be able to handle significant daylight overdraft capacity. On a daily basis, the minimum required net debit cap is $60 million. On certain dates, including but not limited to Fridays, the second to last day of the month, and the last day of the month, the capacity must be at least $125 million.
10. Collateral: If full FDIC insurance is not in place for monies on deposit at the bank, collateral will be maintained at a minimum of 102% for uninsured balances and marked to market at least once a month. Any collateral backed by FHLB Letters of Credit must be valued at least 100%. The Proposer must agree to obtain and maintain acceptable collateral sufficient to cover the uninsured balance of all time and demand deposits held by the institution on behalf of the State, regardless of their duration. Deposits must be
collateralized in a manner acceptable to the State and in accordance with State law and the State Investment Commission policies. The prospective bidder must be able to provide collateral for deposits expected to reach as high as $250 million, or higher.
The Proposer has a continuing obligation to disclose information throughout the RFP process should any qualifications or situations change that might render the Proposer unqualified.
INFORMATION REQUESTED
Please submit the following documentation and answer all questions included herein. Anywhere applicable, please explain the role of any third‐party processor that may be used by the bank to provide the service described.
1.Required Financial Information: Proposers must submit one copy of their annual report and audited financial statements for the last three years, one copy of the most recent SEC 10K report, the most recent credit ratings by Moody’s and S&P for the institution and the date of those ratings, and their Community Reinvestment Act rating and the date of that rating.
2.Conflict of Interest: The Proposer must certify in writing that no relationship exists between the Proposer and the Office of the General Treasurer that interferes with fair competition or is a conflict of interest in regards to this RFP. In addition, the Proposer must also certify in writing, that if selected, the Proposer does not foresee any conflicts of interest in regards to executing its duties under a potential contract or, if a potential conflict exists, the Proposer shall disclose such potential conflicts of interest.
3. Litigation: The Proposer must include the disclosure of any ongoing litigation and any adverse actions within the last 3 years against proposer in the State of Rhode Island, any other state, or by the Federal Government. This disclosure must include date of initiation, and if resolved the resolution, nature of the litigation or adverse action, and the parties included in the action.
4. Provide the names and titles of individuals, with phone numbers and email addresses, who will be working with the State on the proposed services. List the role each person will have with the State’s accounts.
5. Describe your institution’s customer service philosophy and organizational structure.
6. Identify key measures of the bank’s financial strength (e.g. capital ratios, market capitalization, total assets). Provide ratings for the bank and/or bank holding company from either Standard & Poor’s or Moody’s.
7. Provide details on any mergers or acquisitions that the bank is currently committed to and the expected impact on services requested in this RFP.
8. Please provide the number of offices maintained in Rhode Island and the number of Rhode Island residents employed in those offices. What percentage of work for the proposed services will be performed within the State? Where would the proposed services be performed? Would any jobs be created as a result of a contract arising out of this proposal? Describe any additional economic benefits or reinvestment to the State as a result of a contract arising out of this proposal.
9. Please supply a summary of proposer’s charitable giving activities for the last 3 years within the State, including: matching charitable contributions of employees, organizations or events that respondent has supported, any scholarship or internship programs developed or sponsored by respondent, evidence of any procurement of local goods and services supporting the local economy.
10. The Proposer shall provide information demonstrating if and to what extent, within the past 5 years, the institution has successfully made loans in Rhode Island through State or federal lending programs designed to assist small and minority‐owned businesses. Please describe any alternative programs or outreach programs designed by the institution to assist small and minority‐owned businesses or emerging businesses, or any incumbent plans committed to do so. Please describe any collaboration in Rhode Island with entities whose mission is to provide technical assistance to small and minority-owned businesses or emerging businesses.
11. Disaster Recovery
a. Describe your institution’s formal disaster recovery plan. b. How quickly will backup facilities be activated? c. Describe your institution’s operating capabilities to assist the State in the event of a
disaster or declared emergency.
12. What security features are in place to minimize the risk of unauthorized transactions?
13. Provide detail of all data breaches or other events that did or had the potential to compromise data within the past three (3) years.
14. Describe your institutions documentation process for opening, closing, and changing bank accounts. Include copies of standard forms if applicable.
15. Describe how the institution handles inquiries requiring research and adjustment. Are there established turnaround times for research and adjustments? If yes, please specify.
16. What interest rate or earnings credit rate will you provide on applicable accounts respectively? Will excess earnings credit carry over for the life of the contract?
17. Most institutions provide investment services, with instruments such as Certificates of Deposit or Collateralized Deposits. What instruments can you provide the State and please provide current rates you would propose?
18. Describe the overdraft protection that the bank will offer, daylight and overnight, including the cost of providing the overdraft protection. If used, provide a benchmark from which the bank will determine the interest to be charged on overdrafts and current rates. Please state your policy relating to daylight overdrafts, as well as what constitutes a daylight and overnight overdraft.
19. Would your institution charge a check processing fee for state issued payroll checks issued from your bank, when presented at your bank by a non‐banking customer? If yes, what would the fee amount be?
20. Describe the process the institution utilizes for determining and monitoring accounts that need to be collateralized and for maintaining adequate collateral coverage (the requirements of which are outlined in the Instructions and Qualifications section of the RFP).
21. Technical and Electronic Services a. Please explain what services are available via an internet-based platform (e.g.
balance reporting, statement reporting, wire transfers, ACH transfers, internal account transfers, file upload, image retention, reconciliation, positive pay, stop payments). Does your bank offer the internet access collectively with the services or are there separate fees per component independent of the actual service fees?
b. Do you offer tokens for an additional security controls? What is the process for setting up a user account and token in the system, is the bank required to perform any part of the setup? Is there a separate charge per user or token?
c. Please describe the structure of users and access levels. If your system has various components such as electronic funds transfers, please explain separately the control levels available for initiating and approving, such as independent users required for approval and release or dollar limit controls.
d. Do you offer template storage in the system for repetitive one off ACH and wires? Do you charge a storage fee per template? Is there an authorization process available in the system for setting up templates? Are there any controls that can be placed on templates?
e. Please describe the capabilities & configuration of the reporting platform. Are there any limitations? Are both current and prior day reports available as a standard feature? Are current day reports real‐time? Are fees charged for reporting per account? Per type of report? Per report pulled? Are reports exportable and if so in what formats? Is there any design in the system for users to create their own reports or save standard repetitive reports for quick launch? Is there any design in the system for users to setup automatically generated reports which are emailed to their specific email address on schedule?
f. What training do you offer and how often? g. Provide a list of all system outages that have occurred within the past year. In the
list include the date, duration, and reason for outage. h. Describe any multi bank reporting features that your system offers if any.
22. ACH Services
a. What are your ACH service delivery options (direct transmission of a file, online transmission of a file, individual online payments) and what are the technical requirements?
b. What are your reporting capabilities for file confirmation, rejected items, and historical information?
c. What are the hours of operation and cutoff times for ACH?d. For what period of time after an ACH is sent can a recall be executed? e. Do you provide provisional credit on recalled ACH’s and up to what period of
time after execution will that be provided? f. What method do you offer for recalling an ACH and tracking a recall? g. What controls do you have in place for fraud prevention? h. In the event a transaction posts to an account that has debit block what is the
process of reversing the transaction? Does the institution accept responsibility for collecting funds?
i. What controls do you have in place for lost files and duplicate transmissions? j. Can the bank automatically redeposit items returned for insufficient or uncollected
funds?
23. Wire Transfer Services
a. Does your institution allow for immediate release of funds? In what cases would a wire transfer be held up or not released immediately?
b. What are the hours of operation and cutoff times for wire transfers? c. Do you differentiate in your fee structure between internal wire transfers, book
wire transfers, and Fed wire transfers? d. For what period of time after a wire is sent can a recall be executed? e. What methods do you offer for initiating a recall and tracking a recalled wire? f. What are your reporting capabilities for rejected wires and obtaining historical
information? g. For incoming wire transfers, is there a cutoff time for same day credit? h. What controls do you have in place for fraud prevention? i. In the case of an emergency where systems are unavailable, what procedure would
you recommend for the transfer of critical funds?
24. Deposit Services a. Does the bank accept over the counter deposits? b. What is the policy on cash or coins being strapped or rolled? c. Does the institution accept deposits that contain cash, coin, and checks together on
one deposit ticket and credit the account as a single entry? d. Until what time are deposits accepted for same day ledger credit? Do you provide
same day availability of deposits comprised of cash deposited? Please provide an availability schedule for all applicable deposits.
e. Does the bank provide banking supplies for over the counter deposits, such as bags, deposit slips, and coin wrappers, at no charge?
f. What is the adjustment process for resolving deposit discrepancies? At what dollar amount do you write off discrepancies?
g. Do you adjust the deposit amount or process an adjusting credit or debit? h. Describe NSF or returned items processing and notification procedures. The State
will require automatic re‐depositing of NSF or returned items a second time prior to being charged back.
i. What is your process for handling foreign currency checks deposited? j. Please provide a list of your deposit locations. k. Please describe your deposit reconciliation process in detail. l. What are your reporting options for credit advices? m. What are your imaging options, if any, for items deposited, e.g. paper, online, CD,
TIFF file transmission?
25. Disbursement Services
a. Please describe your controlled disbursement service. b. Please describe your account reconciliation process for both partial and full
reconciliation. Specifically reference the following: i. Acceptable file transmission formats, layout requirements, and file
transmission deadlines. ii. Positive Pay/Payee Positive Pay service
iii. Notification methods for decision items relative to Positive Pay iv. Reporting options and formats for checks paid and outstanding checks v. Any advancements in web‐based technology that would simplify the
process or enhance reporting c. What are your imaging options for checks paid, e.g. paper, online, CD, TIFF file
transmission? d. What is your policy on stale dated checks? What is the process by the bank in the
event a stale dated check is erroneously cashed? Does the bank automatically place stop payments on stale dated checks? If so is a charge passed onto the State?
e. What stop payment options are offered by your institution? What is the duration of a stop payment (e.g. six months or in perpetuity) and what is the renewal process?
What, if any, are your confirmation requirements? What is the process by the bank in the event a check on which a stop payment was placed is erroneously cashed?
f. Please describe your process and the liability limitations for fraudulent items presented and charged against a State account.
26. Remote Deposit
a. Please outline the cost of scanners and advise if it is incremental or if any concession is given for multiple simultaneous purchases.
b. Please describe the software, transfer procedures, batching, and security. Is the service via portal entry or is it a stand‐alone service?
c. What are your deadlines for same‐day credit deposits? d. Do you offer image capture for items deposited and if so in what capacity, online
or by CD, and for what duration of time? e. What is your document retention policy for checks converted to ACH or processed
via remote deposit capture? f. Please describe the liability as viewed by the bank relating to fraudulent deposit
items.
27. Monthly Statements and Account Analysis a. When are monthly statements and account analysis made available? b. Do you offer online statement or analysis reporting? Is there a supplemental cost
for online statement or analysis reporting? Are online statements or analysis available earlier than paper?
c. What is the bank’s dispute resolution process? d. What controls are in place at the bank to verify the monthly fee structure remains
constant for the length of the contract and that no adjustments are inadvertently made? Is there a process for checking for errors?
28. Several of our State agencies receive payments from patrons via credit card. Please describe how the institution, if applicable, could assist the State in providing convenient ways to receive payments from stakeholders at low cost. Please provide information on rate and fee structure if applicable, relative to payments in‐house, online, or via mail.
29. Several of our state agencies currently utilize third party courier services. What, if any, alternatives does the bank have available or would the bank recommend to reduce the cost of the third party courier, particularly in a cash‐deposit situation? In addition to scanners, we have selectively implemented Cash Vault services. Is this option available, and if so, please detail your service.
30. What is the length of time records are retained online (if available) as a standard at your institution, relative to images of deposited or paid checks and balance or detail
reporting? What options do you offer for extended online record retention? What alternative methods to online record retention do you offer? What is the length of time that these records are maintained at the bank per your record retention policies and how are they stored?
31. Are there any additional services not covered in this RFP that you feel would benefit the State or improve efficiencies within the State’s processes? Bidders are encouraged to suggest alternative or innovative approaches to meeting the state's service requirements. Such alternatives should be described and clearly priced separately. Of particular interest would be the addition of electronic payment/payables systems. Please document the services your institution can provide.
SECTION III: PROPOSED FEE
Please complete the attached Fee Proposal Sheet (EXHIBIT A). The State understands that the verbiage in the Fee Proposal Sheet will differ between banks and some of the charges listed may not be applicable. Theoretical Volumes are a comprehensive aggregate of monthly volumes derived from all of our banking analysis. It should be noted that any one fund could represent a fraction of these volumes. Costs not included on the Fee Proposal Sheet, but which financial institutions charge, must be individually itemized and thoroughly explained in an attachment to the Fee Proposal Sheet. A Proposer must fully disclose all fees based on the information provided in this RFP. Costs or fees that are not specifically identified and defined in the Proposer’s response, and accepted by a department as part of a Contract, will not be compensated under any contract awarded pursuant to this RFP. Fee Proposal Sheets must be executed by an official of the institution in a position to commit the institution and provide services in accordance with these terms and conditions. The State and the Committee will consider all costs associated with a Proposer’s products and services and reserve the right to award various components of the banking services independently to more than one Proposer. The fee structure must be guaranteed for the full term of the contract. The State will consider the Proposer’s willingness to negotiate appropriate fee reductions for banking expenses. Treasury contracts require that no other account of comparable size and structure receive a lower fee for similar services. The Treasurer reserves the right to negotiate fees and request BAFOs. Cost, however, is only one of several factors used to evaluate proposals. The State may select a proposal different from the one with the lowest fees.
Costs that are not specifically identified and defined in the Proposer’s response, and accepted by a department as part of a Contract, will not be compensated under any Contract awarded pursuant to this RFP. The State will not be responsible for any costs or expenses incurred by Proposer’s responding to this RFP.
SECTION IV: SELECTION PROCESS
SCHEDULE
RFP Issued March 22, 2019Deadline for Proposers to submit questions April 1, 2019 by 4:00 p.m. ESTResponse to questions due April 8, 2019RFP responses due April 26, 2019 by 4:00 p.m. ESTFinalists Notified May 10, 2019Selection May 22, 2019SIC Meeting for final approval, if necessary May 29, 2019
Proposals will be evaluated based on the criteria set forth in this RFP. The Treasury may decide to amend this timeline in whole or in part.
PROPOSER QUESTIONS
Any inquiries regarding this RFP must be made in writing and addressed to Vincent T. Izzo, Investment Accounting Manager. Inquiries may submitted via the following link: http://treasury.ri.gov/open-government/rfp-calendar/rfps/comprehensive-banking-services-rfp. No other method of inquiry is permitted. Neither Treasury nor State staff will answer questions verbally or individually during the RFP process.
PROPOSAL SUBMISSION
Proposers should submit two electronic copies of the proposal (one in PDF format and one in Word format) via the following link http://treasury.ri.gov/open-government/rfp-calendar/rfps/comprehensive-banking-services-rfp no later than 4:00 p.m. EST on April 26, 2019. Proposals received after that deadline will not be considered. Telephone or faxed submissions will not be considered.
PROPOSAL FORMAT
In order to fully and equitably evaluate each bank's ability to meet the banking services needs of the State, a standard reply format is required. Each proposal must include a numbered response to each item in the RFP, in the order given. Only proposals submitted in the prescribed format will be evaluated for contract award. All terms, conditions, requirements, and procedures included in this RFP must be met for a proposal to be determined responsive. This includes the completion of all certifications and other documents required in addition to the proposal questions. A proposal that fails to meet such requirements will be deemed unresponsive and may be disqualified. Proposals should be limited to no more than twenty-five (25) pages, excluding attachments.
The proposal must be accompanied by a cover letter (not to exceed two (2) pages), dated and signed by the individual(s) authorized to bind the proposer contractually. The cover letter must indicate that the signer is so authorized, and must indicate the title or position the signatory holds in the proposing firm. The cover letter should also identify the individual(s) authorized to
contact the Issuing Officer on behalf of the Proposer. An unsigned proposal will be rejected.
The cover letter shall include the Proposer’s main contact person for the purposes of this RFP, the location and contact information of such a contact person and a brief executive summary. Please limit the executive summary to two pages. The executive letter must contain the following paragraph:
“We have read the Office of the General Treasurer’s Request for Proposals (RFP) for Comprehensive Banking Services and fully understand its content. We certify that we have adequate personnel, resources, and facilities to provide the requested services. We understand that our ability to meet the criteria and provide the requested services will be judged solely by the State and/or the Banking Services RFP review team. We certify that we have thoroughly examined the RFP requirements and qualifications and that we meet and agree to those requirements and qualifications. Our proposed fees cover all of the services to which we have bid. We acknowledge and accept all terms and conditions included in this RFP.”
The cover letter must also contain the following:
A statement from the firm managing partner (or an individual holding an equivalent positions) certifying that:
1. No member of the firm made inquiries with respect to this RFP other than in written communication as outlined in this RFP from the date of this RFP through the date of submission of proposal;
2. That all information in the proposal is true and correct to the best of his/her knowledge;
3. The firm will assure the dedication of adequate legal resources to the State;
4. The firm employs diversity policies and practices and affirmative action programs undertaken, including a policy of Equal Employment Opportunity (EEO) and non-discrimination based on race, color, religion, sex, sexual orientation, gender identity or expression, age, national origin, or disability;
5. The firm maintains the requisite professional liability insurance; and
6. The firm is in compliance with Title 17, chapter 27 of the Rhode Island General Laws with respect to the reporting of any contributions made to a candidate for public office in the State of Rhode Island.
EVALUATION OF RESPONSES
A Committee, consisting of the Treasurer’s staff (herein referred to as the “Committee”), will objectively review and evaluate the RFPs. The Committee will then make a recommendation to the Treasurer. The Committee has the authority as does the Treasurer to conduct interviews,
request presentations, negotiate terms, conduct onsite visits and request any other information from the Proposer as it deems necessary to make a recommendation or selection. Conversely, the Committee reserves the right to make an award or no award without any further discussions or interviews with the proposers regarding the proposals received. The Committee may select the response(s) that demonstrates the “Best Value” overall, including awarding various components of the banking services independently to more than one Proposer. The State and the selected Proposer(s) may negotiate a change in any element of contract performance or cost identified in the original RFP or the selected Proposer’s response, which results in lower costs or in a more cost‐effective or better value than was presented in the selected Proposer’s original response.
The State reserves the right to request additional information from Proposer’s responding to this request. The State reserves the right to reject any and all responses to this request, to waive any minor informality in a response, to request clarification of information from any Proposer responding, and to effect any agreement deemed by the State to be in the State’s best interest with one or more of the Proposer’s responding. The State reserves the right to amend or cancel this RFP at any time. Modifications or additions may be made to this proposal as a result of questions submitted. Written notification of any such change will be made in writing to all known bidders. The Proposer has the right to withdraw and resubmit a proposal prior to the proposal deadline. No withdrawals or re‐submissions will be permitted after the proposal deadline.
SECTION V: OTHER CONSIDERATIONS AND RESTRICTIONS
CONFIDENTIALITY
The Treasurer shall treat all documents submitted by a Proposer in response to this RFP as public records upon the selection of legal counsel. The release of public records is governed by Rhode Island General Laws §38-2-1 et seq. (“APRA”). Proposers are encouraged to familiarize themselves with this law before submitting a proposal.
By submitting a proposal, Proposer agrees that the Treasurer and/or the State may reproduce Proposer’s proposal for purposes of facilitating the evaluation of the proposal or to respond to requests for public records. Proposer consents to such reproduction by submitting a proposal and further warrants that such reproduction does not violate its rights or the rights of any third parties.
Any request by Proposer that records submitted by them be exempt from being considered public record must be included in the cover letter with the Proposer’s proposal. In addition, Proposer must enumerate the specific grounds upon which the APRA or other applicable law supports treatment of the documents as exempt from being considered a public record, and further, the factual basis, if any, upon which they rely in asserting that the documents should be exempt. Any request for treating records submitted as being exempt must also include: the name, address, and telephone number of the person authorized by the Proposer to respond to any inquiries by the Treasurer and/or the State regarding such an assertion.
Any proposals submitted which contain non-public records must be conspicuously marked on the outside as containing non-public information, and each page upon which non-public information appears must be conspicuously marked as containing non-public information. Identification of the entire proposal as being non-public records may be deemed non-responsive and may disqualify the Proposer.
If the Proposer designates any portion of the proposal as being a non-public record, the Proposer must submit one (1) copy of the proposal from which the non-public record is deleted or redacted. This copy shall be submitted in addition to the number of copies requested in Section IV of this RFP. The non-public records must be excised in such a way as to allow the public to determine the general nature of the information redacted and retain as much of the proposal as possible.
The Treasurer and/or the State will treat the records marked as non-public as being confidential information to the extent such information is determined confidential under the APRA or other applicable law or by a court of competent jurisdiction. The Proposer’s failure to request records submitted as being non-public records will be deemed as a waiver of any right to confidentiality, which the Proposer may have had.
RESTRICTIONS ON GIFTS
State ethics laws restrict gifts which may be given or received by employees and directors and requires certain individuals to disclose information concerning their activities with State government. Proposers are responsible to determine the applicability of these laws to their activities and to comply with the requirements. In addition, it is a felony offense to bribe or attempt to bribe a public official.
STATE CODE OF ETHICS
The State and Treasurer are committed to maintaining the highest standards of ethics in the awarding of contracts. Proposers should be familiar with and abide by the State Code of Ethics, as set forth in Rhode Island General Laws §36-14-1 et. seq. and any additional regulations as provided on the State Ethic’s Commission website: http://www.ethics.ri.gov/code/ .
NON-DISCRIMINATION
All proposals shall be considered based on their merit in accordance with the criteria specified herein and shall not exclude any person, firm, or other entity, from consideration on the grounds of race, color, religion, sex, sexual orientation, gender identity or expression, age, national origin, or disability. For more information, see the State of Rhode Island Office of Diversity, Equity & Opportunity website at http://odeo.ri.gov/offices/eoo/. Further, see the Treasury’s Equal Opportunity Report for 2016 at http://data.treasury.ri.gov/dataset/eeop-utilization-report.
GOVERNING LAW
The executed agreement shall be interpreted and construed under the laws of the State of Rhode Island without reference to its conflicts of laws principals.
TERMINATION BY STATE
The State reserves the right to suspend or terminate the Proposer’s services for poor performance, failure to perform, or other “for cause” conditions upon sending fourteen (14) days prior written notice to the Proposer. The Proposer’s services may be terminated without cause upon sixty (60) days prior written notice. The Proposer’s services may be terminated immediately in the case of fraud against the State.
TERMINATION BY PROPOSER
The Proposer may terminate the contract upon one hundred eighty (180) days prior written notice to the State.
PERIOD OF PROPOSAL VALIDITY
The Proposer shall agree to maintain the validity of the proposal for a minimum of 120 days from the date of submission. This term may be extended by mutual agreement between the Proposer and the State. The selected Proposer must be ready and willing to produce a finalized contract within 90 days of its selection. The winning proposal will be incorporated by reference into any contract.
SERVICE PROPOSEDProposals shall assume that the Proposer will be responsible for all services referenced herein. The Proposer may provide such services directly or, upon approval of the State, the Proposer may subcontract out any of the referenced services, provided that the Proposer remains responsible to the State for all subcontracted services.
EXHIBIT A
Fee Proposal Sheet
Service Theoretical Proposed Fee Per UnitVolume
GENERAL SERVICES ECR ‐ Monthly Maintenance 100
Account Analysis Maint Fee 8
DEPOSIT SERVICES Acount Statement 75 Checks and Items Paid 46,362 Deposits Branch 542 Deposits Night Drop 23 Deposits Vault 519 Items Deposited 34,504
Not On Us Items Deposited 18
Remote Deposit Per Item deposited 57783
Remote Deposit Monthly 9
Remote Deposit Scanner Maint 35
Deposited Check Return Fee 3531
Redeposited Reporting Monthly 14
Return Dep Item Spec Handling 12
Credits Posted Electronically 3,070
Debits Posted Electronically 40
Deposit Reconciliation Maintenance 2
Deposit Reconciliation Per Item 3,193
Checks Deposited Foreign Items 4
Deposit Reconciliation per Location 20
Escrow Account Monthly Flat Fee 4
Escrow Sub-Account Fee 379 CD Imaging Monthly 5 CD Imaging Per Item 10714 Imaging Checks Paid‐ 17,556 Imaging Deposited Items‐ 1,383,199 Image Archive 7,063
CHECK RECONCILIATION SERVICES
Insurance Recovery Charge Please indicate if charged and provide metrics.
Full Reconciliation Maintenance 42
Partial Reconciliation Maintenance
Full Recon Per Check Paid 59,153
Nonrelationship Cust Check Cashed 458
Partial Recon Per Check Paid
Pos Pay Monthly Maint 9 Pos Pay Per Item 794 Pos Pay Per Return 30
Full Rec Pos Pay Pkg Monthly Maint 14
Full Rec Pos Pay Pkg Per Item 5,887
Output file processing per item 2,468
Pos Pay Exception Per Item 1238
Positive Pay Fax Report 7 Payee Positive Pay 6
Payee Positive Pay Per Item 30,902
Pos Pay Notifications 340
Tape Transmission Output Monthly Maint 1
Tape Transmission Output Per Item
General Checks paid Truncated 3928 Transmission Input Fixed 21 Serial Sort Monthly Maint Debits Posted - Other 20 Manual Voids 4 Stop Payments Online 79 Stop Payments Manual 28 ARP Stale Dated Maint 9 CD Imaging Monthly 20 CD Imaging Per Item 18,884 Image Statement 33 Imaging Per Item 17579 Check Order Fee Cash Vault Services
Coin & Currency Dep/$100 QBD‐ ‐ND 102
Coin & Currency Dep/$100 BKG‐ ‐CTR 8379
Coin & Currency Dep/$100‐NONSTD VLT 3
Coin & Currency Dep/$100 STD ‐VLT 16977
Coin & Currency Dep/$1000 BR‐
Coin & Currency Processing
Daily Cash Receipts $1000 And Over Per $100
Deposit Correction Cash‐ 14 Coin Supplied/Roll Vault 653 Change Order 2
Coin Deposit Non Standard Bag Vault 0
Mail Notification 133 ZERO BALANCE SERVICES
Zero Balance Master Account 7
Zero Balance Subsidiary Account 17
Zero Balance Processing 165 WIRE TRANSFER SERVICES
Incoming Wire Transfers 610 Outgoing Wire Transfers 623 Interbank Transfer 355 SOFTI Transfer Faxed Advice Mail Advice 13 Email Advice
Wire Transfer Online Mtly Maint 7
ACH ELECTRONIC SERVICES
ACH Monthly Fixed Charge 41
ACH Per Credit Originated 241,534 ACH Per Debit Originated 34,084 ACH File Transmissions 261 ACH Batch Input 700 ACH Reversals 6 ACH Delete ACH Received Credits 63,815 ACH Received Debits 34311 ACH Addenda Record 3,409 ACH Debit Blocks 74 ACH Block Monthly Maint 25 ACH Reclear 74
ACH Returned Item 520 ACH File Return ACH Fax Report 63 ACH Notification 548
ONLINE AND TECHNICAL SERVICES
General Reporting Module 55
Previous Day Summary Reporting 119
Previous Day Detail Reporting 47
Current Day Summary Reporting 51
Current Day Detail Reporting 94
Information Reporting Services CD stored 12 months - per Item 11847
Information Reporting Services CD stored 12 months - per Account
46
Information Reporting Services PD stored 12 months - per Item 13672
Information Reporting Services PD stored 12 months - per Account
1
Daily BAI Feed 393 Prior Day - Per Item 18767 Current Day - Per Item 17460 Data- Paper Reports 131 Express Mail 76 ACH Module 16 Wire transfer Module 23 Wire Template Storage 36
Electronic Statement Module 159
Remote Deposit Module
Stop Payment Module 1
Stop Payment Image per Item 122
Data Entry -Keystrokes 187230 Online Research per Item 6431 Positive Pay Module 5 Image Module 52 Image Archive 60725 Email Scheduled 16 Per User Charge 1 Per Token Charge 51
Extended Record Retention
LOCKBOX SERVICES RETAIL LBX MONTHLY FEE 2
RETAIL LOCKBOX DEPOSIT PREP FEE 63
RTNS SPECIAL HANDLING MONTHLY FEE 1
RTNS SPECIAL HANDLING PER ITEM 15
SMART SAFE TRANSMISSION FEE 43
CT RETAIL LBX CASH PER ITEM 0
CT RETAIL LBX CANADIAN ITEMS 0
CT RETAIL LBX DATA CAPTURE KS 11435
CT RETAIL LBX DATA TRANS RECORD 1116
CT RETAIL LBX MONTHLY MAINT 2
CT RETAIL LBX ONLINE ARCHIVE 7YR 7395
CT RETAIL LBX PER IMAGE 2626 CT RETAIL LBX PER ITEM 7461
CT RETAIL LBX REJECT REPAIR 5
CT WHLSE ARCHIVE ACCESS 2
CT WHLSE LBX DATA CAPTURE 1587
CT RETAIL LBX UNBANKABLE ITEMS 259
CT RETAIL LBX TRANS MAINT 2
CT WHLSE LBX DATA TRANS RECORD 47
CT WHLSE LBX MONTHLY MAINT 2
CT WHLSE LBX ONLINE ARCHIVE 2YR 177
CT WHLSE LBX PER IMAGE 130 CT WHLSE LBX PER ITEM 47
CT WHLSE LBX UNBANKABLE ITEMS 2
LOCKBOX RETURN/UNBANKABLE ITEM 1681
MA RETAIL ARCHIVE ACCESS 1
MA RETAIL LBX CASH PER ITEM 1
MA RETAIL LBX CDM ITEMS 4
MA RETAIL LBX ANNUAL BOX RENTAL 0
MA RETAIL LBX CDM MAINT 1
MA RETAIL LBX CORR HANDLING 192
MA RETAIL LBX DATA CAPTURE-KS 20793
MA RETAIL LBX DATA TRANS-RECORD 15545
MA RETAIL LBX DEPOSIT PREP 21
MA RETAIL LBX EXPRESS MAIL IN 19
MA RETAIL LBX MONTHLY MAINT 1
MA RETAIL LBX ONLINE ARCHIVE 7YR 32492
MA RETAIL LBX PER ITEM 15545
MA RETAIL LBX REJECT REPAIR 348
MA RETAIL LBX TRANS MAINT 1
MA RETAIL LBX UNBANKABLE ITEMS 296
MA RETAIL LBX US MAIL OUT 14940
MONTHLY MAINTENANCE 21 PER DEPOSIT 48 WHOLESALE LBX DEPOSIT PREP
FEE 16
FEE WORKSHEET PREPARED BY: __________________________________
TITLE: __________________________________
SIGNATURE: __________________________________
*If a fee is not applicable please leave it blank.
*If charges vary for type of service (e.g. domestic wires verses booked transfers or image statement sent by mail verses image statement transmission) please indicate specifically and include both types of charges.
*Costs not included on the Fee Proposal Sheet, but which financial institutions propose to charge, must be individually itemized and thoroughly explained in a signed attachment to the Fee Proposal Sheet. A Proposer must fully disclose all fees based on the information provided in this RFP. Costs or fees that are not specifically identified and defined in the Proposer’s response, and accepted by a department as part of a Contract, will not be compensated under any contract awarded pursuant to this RFP.
