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Banking Contracts Why, How and When, Requirements for Bank Accounts

Banking Contracts Why, How and When, Requirements for Bank Accounts. Office of the State Treasurer Ryan Pitroff Banking Services Manager. Role of the Treasurer. RCW 43.08.015 authority to represent the state in all contractual relationships with financial institutions

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Banking Contracts Why, How and When, Requirements for Bank Accounts

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  1. Banking Contracts Why, How and When, Requirements for Bank Accounts Office of the State Treasurer Ryan Pitroff Banking Services Manager

  2. Role of the Treasurer RCW 43.08.015 authority to represent the state in all contractual relationships with financial institutions RCW 43.88.160 The Treasurer shall coordinate agencies’ acceptance and use of credit cards and other payment methods RCW 43.08.015 allows the Treasurer to delegate cash management responsibilities, with the concurrence of the Office of Financial Management.

  3. Role of the Treasurer OFM SAAM Manual – Chapter 40 • Negotiate master contracts with financial institutions • Coordinate agencies’ acceptance and use of credit cards and other payment methods OFM SAAM Manual – Chapter 65 • OST will provide required language that must be included in any Request for Proposal and/or agreement/contract that has either an electronic funds settlement component or involves a vendor who holds funds for a period of time before remitting to the state. • May delegate authority to state agencies/educational institutions to secure banking services for accounts outside of the State Treasury.

  4. Do I need to have a contract? Why do a Request for Proposal (RFP)? Is there any situation where a RFP is not required? Contracting for Banking Services

  5. Draft your RFP • Submit Draft RFP to OST Cash Management • Review with your Legal/AAG • Submit to OST Deputy Treasurer the RFP Draft along with a request for the Treasurer to delegate authority to college Process for Contracting Banking Services

  6. An introductory paragraph outlining your desire to issue a RFP for common banking services and a request for the Office of the State Treasurer to delegate authority for the procurement of these banking services • Information about the current contract: Who is it with and when does it expire. • When will the RFP be published, when will the new agreement start, what is the initial term of the contract, and how many extensions will there be. Delegation Request Must Include:

  7. A statement that the financial institution will meet the following requirements: • Qualified public depository; approved by the Washington Public Deposit Protection Commission • Insured by the Federal Deposit Insurance Corporation • Conform to eligible investments of public funds. • A list of the banking services being procured under the RFP • A statement that your Assistant Attorney General has reviewed the RFP and approved it and any included contract language. Delegation Request Must Include:

  8. Office of the State Treasurer • Shad Pruitt, Deputy Treasurer • P.O. Box 40202 • Olympia, WA 98516 • Mr. Pruitt, • <COLLEGE> desires to issue a Request for Proposal (RFP) to procure a banking services contract with a qualified financial institution. This RFP will cover common banking services including demand deposit accounts, investment services, bankcard processing and settlement, and financial aid check cashing services. <COLLEGE> is requesting the Office of the State Treasurer delegate authority for the procurement of these banking services. • Our current contract for banking services expires on <DATE>. Upon approval of the delegation of authority, the RFP will be issued on or around <DATE>. <COLLEGE> intends to award the banking services contract to the successful on or around <DATE>. The contract will commence on <DATE> and will cover a <NUMBER> year initial term, with <NUMBER> additional one-year extension periods. • The financial institution awarded the Banking Services contract will meet the following requirements: • Qualified public depository; approved by the Washington Public Deposit Protection Commission • Insured by the Federal Deposit Insurance Corporation • Conform to eligible investments of public funds. • The financial institution awarded the Banking Services contract will provide the following services: • Demand Deposit account(s) to be used as a cash concentration account for all deposits of the College, and any other necessary accounts as needed. • Night Depository services • Web-Based information reporting system • Electronic Funds Transfers, including both wire and ACH initiation. • Merchant Bankcard Services • Investment Services • Financial Aid check cashing services to students • ADD ADDITIONAL SERVICES IF NECESSARY • Our Assistant Attorney General has reviewed the RFP and approved the included contract language. • Thank you for considering our request for the delegation of authority for banking services.

  9. Tell the potential vendors exactly what you need and the services for which you will be contracting. • Tell the potential vendors your business need and ask them to suggest services (Hybrid Request for Information/RFP) RFP Methods

  10. Banks are highly regulated and have certain language they require to be in their agreements • Typically Banks will want you to incorporate by reference their own documents (deposit account agreements, treasury management terms and conditions, etc.) • How much redlining you do will be up to you (and your legal/AAG) Contract Management after the RFP

  11. Contact Ryan Pitroff Banking Services Manager 360-902-8917 Ryan.pitroff@tre.wa.gov

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