Banking and Related Services

The City of Long Beach is seeking a qualified service provider to offer banking and related services. The provider will be responsible for a wide range of services including core banking services, depository services, remote deposit capture, coin and currency deposits, cash vault operations, wholesale lockbox, electronic lockbox, image cash letter, local agency investment fund, disbursement services, positive pay/payee validation, and other related services. The contract term will be for five years with the option to renew for five additional one-year renewal periods. The City's objectives are to establish a new contract with a qualified and financially secure institution, enhance security for transaction access and execution, enhance cash management capabilities, and reduce banking costs. • The City maintains 26 commercial banking accounts with an average annual cash flow activity of over $10 billion. • The City averages approximately $19.6 million per day in credit transactions and an equal amount in total debit transactions. • The City is looking for a provider that can offer a wide range of banking services, including online access to deposited item images, deposit reconciliation, and account statements. • The provider must be a Federal or State of California chartered commercial banking institution and must be FDIC insured. • The provider must have established capabilities to process automatic deposits at LAIF as instructed by the City. • The provider must have the capability to receive and process a daily file from the City and send daily confirmation files to the City after payments are processed.