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Raleigh County School District·West Virginia

Mowers

Closes 8/26/2025$2M – $5MRequest for Expression of Interest
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Description

The Raleigh County Board of Education is seeking proposals for interest-bearing demand accounts to serve as depositories for the Board's general current expense funds for a three-year period. The selected bank will provide various services, including online banking, ACH processing, and credit card management. The proposal should include a statement of qualifications, performance data, and other material information. The bank must agree to maintain qualified securities as collateral for the deposits and have a full-service branch within Raleigh County. • The bank must provide free online banking for the accounts under this agreement. • The bank shall provide ACH processing for payroll direct deposits transmitted from AS400. • The bank shall provide full checking account statement reconciliation for each account via electronic file transfer or tape through the AS400. • The bank shall provide credit cards or other purchasing alternatives with detailed information on interest rates, annual fees, and service fees.

Attached files

Contact

R. Casas Moder(Treasurer/CSBO)

(304) 256-4500

Key dates

Opened
5/1/2025
Closes
8/26/2025
Projected award
7/8/2025
Duration
3 years

Last updated

Details

Type
Request for Expression of Interest
Industry
Financial Services
NAICS
522110
Solicitation №
2026-09R

Budget estimate

$2,000,000 – $5,000,000

The budget for this opportunity is difficult to estimate, as the document does not provide a specific amount. However, based on the services required, including interest-bearing demand accounts, online banking, ACH processing, and credit card management, the budget could be substantial. The bank will earn interest on the deposits, as well as fees from various services, such as credit card transactions and ACH processing. Assuming an average monthly balance of $81,910,213.98, as stated in the document, and an interest rate of 7% of WSJ Prime (currently 0.245%), the annual interest earned could be approximately $1,993,112. The bank may also earn fees from credit card transactions, ACH processing, and other services, which could add hundreds of thousands of dollars to the total budget. Therefore, a rough estimate for the budget could be between $2 million and $5 million per year, depending on the services provided and the interest rates.

AI estimate from the solicitation

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