Banking Services

Grayson College is seeking a banking institution to serve as its Depository for banking services. The selected institution will be responsible for providing basic services such as receiving deposits, paying items, sending and receiving wired funds, stop payments, time deposits, and other normal business banking activities. The institution should have experience supporting public-sector clients and maintain strong capital ratios, consistent earnings performance, and high credit ratings. The proposal should include information on the institution's ability to perform the required services, cost of banking services, rates offered on interest-bearing accounts, financial strength and stability, and locality. Some key requirements include: • Providing a monthly account analysis for each account • Offering full reconciliation of paid and outstanding checks • Providing a daily detailed report of ledger, collected, currently available balances on all accounts • Having a process for overdrafts and providing notification of overdrafts • Providing deposit availability and same-day credit for all funds deposited • Offering safekeeping and securities clearance services • Providing collateral pledging options The evaluation criteria will include ability to perform the required services, cost of banking services, rates offered on interest-bearing accounts, financial strength and stability, and locality.