Banking Depository Services

The City of Jonesboro, Arkansas is seeking proposals from qualified local financial institutions to handle the municipality's banking deposit accounts. The city requires a depository partner to manage these accounts while crediting interest to each interest-bearing account on a monthly basis based on the daily balance. To facilitate efficient financial management, the selected institution must provide a website that allows the city to access all of its accounts. The scope of work requires the bank to accept daily cash deposits at its local branch locations. The bank must generate monthly statements for all accounts as of the last calendar day of the month and deliver or mail 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 depository services will take place offsite at the bank's facilities. The city has not disclosed a specific budget and is looking for proposals to determine the financial terms.