Title
New Banking Services Agreement for General Government and GRU (NB)
This item presents the firm rankings from the Request for Proposals (RFP) for General Banking Services for both General Government and GRU, a joint process.
Explanation
The City's current contract for General Banking Services expires September 30, 2007. On January 10, 2007 the City issued a Request for Proposals for General Banking Services for both General Government and GRU. The RFP was a work product of both staffs. The City held a non-mandatory pre-bid meeting on January 30, 2007. The proposal deadline was February 28; six proposals were received. Staff made preliminary rankings on March 7. Three firms were closely spaced at the top of the list of six, and those were invited to make oral presentations on March 12, 2007. They included SunTrust, the City's current banking partner, Wachovia and Bank of America. All three firms were present on March 19 for oral presentations. General Banking Services encompass account balances and maintenance; custodial services for certain City investments; electronic funds transfers for both employees and vendors; depository services, both cash and electronic; wire transfers; and many other daily banking services both routine and non-routine. The evaluative factors led to the following ranking of the three finalists:
- SunTrust
- Wachovia
- Bank of America
All are sophisticated national banks who could serve the purposes of both General Government and GRU. In addition, certain elements regarding personnel and contact points will have to be negotiated in order for the City to develop a satisfactory contract, but staff does not envision any difficulties in such negotiations.
Fiscal Note
The fiscal effects of the contract were ...
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