Banking Depository Services

The City of Jonesboro, Arkansas is seeking proposals from qualified local financial institutions to handle the government authority's deposit accounts. The agency requires a banking partner that can credit interest to each interest-bearing account monthly based upon the account's daily balance. To ensure smooth financial operations, the selected institution must provide a website to access all city accounts. The scope of work requires the bank to accept daily cash deposits at its branch locations. The institution must generate account statements as of the last calendar day of the month and mail or deliver them to the City Administrative Offices within five working days after the month ends. If any deposit discrepancies occur, the bank must report them to the Finance Director or their designee on the same day they are discovered. Eligible bidders must be onshore organizations based in the United States. The performance of the banking services will occur offsite at the selected institution's facilities. The agency has not disclosed a specific budget and is looking for proposals to determine the cost of these depository services.