Bank Depository

The City of Denton is seeking a bank depository for public funds. The contract period will be five years, and the selected bank will be required to provide comprehensive services, including deposit accounts, investment services, and cash management. The bank must have a branch in the City of Denton and be able to provide innovative approaches to banking services. The City is looking for a bank that can deliver high-quality services while being responsive to the City's banking needs. Some key requirements include: • Providing a compensating balance method where an earnings credit rate offsets service charges • Offering electronic lockbox services for utility billing revenues • Having the capability to process various types of payments, including checks, money orders, and cashier's checks • Providing online banking services with dual authorization for wire transfers • Maintaining a safekeeping agreement for collateral securities • Complying with regulatory requirements, including the Bank Secrecy Act and the USA PATRIOT Act