Rfp #D00225 - 2025 Banking Services

Background
The City of Staunton is seeking proposals from qualified financial institutions to provide banking services.
The purpose of this Request for Proposals (RFP) is to establish a contract through competitive negotiations to ensure the security of the City’s funds and banking transactions.
The City provides all local government services, including education, and has a current operating budget of $148,627,141.00.

Work Details
The successful Offeror must provide a full range of banking services as detailed in the RFP, including:
1. Deposit Services: Accepting all items for deposit with immediate availability for wire transfers and automated clearinghouse operations.
2. Checking Services: Providing Positive Pay service and specific reconciliation for each account.
3. Purchasing Card Services: Offering purchasing cards for small transactions with specific design requirements and liability terms.
4. Online Banking Capabilities: Including information reporting, wire transfer services, fraud control services, and transaction search capabilities.
5. Additional Services: Providing analysis services, courier services for cash/check deliveries, and support for ACH transactions.

Period of Performance
The contract period will be from January 1, 2026 (or sooner based on implementation date) through December 31, 2027.
The contract may be renewed for four additional two-year periods upon mutual agreement.

Place of Performance
The banking services will be performed within the City limits of Staunton, Virginia.

Bidder Requirements
Offerors must have at least one brick-and-mortar branch located within the City limits available for cash and coin deposits or must provide deposit transportation for cash and coin.
They are required to comply with the Virginia Security for Public Deposits Act during the contract term.