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Requests for Proposal (RFP) for the selection of a financial institution to provide banking and investment services for the Board’s District Fund, School Nutrition Services Fund and After-School Care Enrichment Services Fund (ACES) for a four and one-half year period (January 1, 2007 – June 30, 2011) with the option to renew for five additional years (July 1, 2011 – June 30, 2016) were forwarded to nine financial institutions in Guilford County on August 29, 2006. Four proposals/responses were received by the September 15, 2006 due date. A copy of the RFP is attached for information/reference purposes.
Due to confidentiality requests expressed by the respondents, we have not included cost component data with this correspondence. However, we have recapped below the monthly service charge/fees per financial institution that would be assessed in exchange for providing the services outlined in the RFP.
The RFP also addressed the START Card program, NSF check collection, procurement card services, electronic payment solutions for ACES and employee banking services (i.e., reduced fee and/or no service charge checking accounts, reduced loan rates, interest bonuses on savings accounts, low or no annual fee credit cards, etc.). We appreciate the interest expressed by respondents to provide the district with these services. At this point in time, we are making a recommendation on the banking and investment services and will continue the evaluation of the other services cited above. Vendors will be notified upon completion of the analysis for each of these services.
RECOMMENDATION: I recommend awarding the banking services contract for the Board’s District Fund, School Nutrition Services Fund and After-School Care Enrichment Services Fund for a four and one-half year period (January 1, 2007 – June 30, 2011) with the option to renew for five additional years (July 1, 2011 – June 30, 2016) to Wachovia.
Attachment - Request for Proposal (RFP)
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