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Olmsted County·Minnesota

Bank Depository

Closes 7/14/2025$10k – $500kRequest for Proposal
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Description

Olmsted County is soliciting proposals from local banks within the city limits of Rochester, MN for making deposits into a money market account, cash vault services, and same day wire transfers. The selected bank will be required to provide these services as outlined in the RFP. Key aspects of the job include: • Making deposits into a money market account • Providing cash vault services • Facilitating same day wire transfers • Meeting the specifications and terms and conditions of the contract The proposal should include a cost proposal and a technical proposal, and bidders must acknowledge that they have reviewed all information under the Questions tab and the Terms and Conditions of the Contract.

Attached files

The solicitation documents live at the source — open the bid source above to download them.

Contact

Wendy Fenton(Contracts Manager)

[email protected]

(507) 328-6549

Key dates

Opened
6/13/2025
Questions due
6/23/2025
Closes
7/14/2025

Last updated

Details

Type
Request for Proposal
Industry
Financial Services
NAICS
522110
Solicitation №
RFP2025-334 Addendum 1

Budget estimate

$10,000 – $500,000

The budget for this opportunity is difficult to estimate as the RFP does not provide a specific amount. However, considering the services being requested, such as making deposits into a money market account, cash vault services, and same day wire transfers, it is likely that the budget will be a recurring fee-based structure. The fee could be a percentage of the total deposits or transactions made. Assuming an average annual deposit volume of $10 million, and a fee of 0.1% to 0.5% per transaction, the estimated budget could range from $10,000 to $500,000 per year.

AI estimate from the solicitation

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