Banking Services Contracts Finance and Property Services January - - PowerPoint PPT Presentation

CITY OF MINNEAPOLIS

Banking Services Contracts

Finance and Property Services

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January 14, 2020

Banking Services

• Bank accounts to deposit revenues and pay

vendors and employees

• Bank lockboxes to process utility billing and

annual billing checks

• Merchant accounts so City Departments can

accept credit card payments

• Custodial services to administer investment

activities

• Prepaid cards to provide an option to pay

employees

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Proposals

• Depository Services – three large banks proposals
• Lockbox Services – two large banks proposals
• Merchant Services – five bank\card processor

proposals

• Custodial Services – three proposals from

custodians

• Prepaid Card Services – three proposals from

bank\card processors with two being very close.

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Evaluation

• Evaluation committee consisted of participants

from Mayors Office, Two Council Offices, Coordinator's Office and Finance Management.

• Evaluation Sub-committees were formed for each

banking service with a combined participation from

• ver 35 individuals representing 20 Departments

and Divisions

• Evaluation Criteria included Responsible Banking,

Scope of Services, Cost of Services and Financial Capacity

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Selection

• Depository\Lockbox Services – Wells Fargo Bank
• Merchant Services – US Bank\Elavon
• Custodial Services – Wells Fargo Institutional &

Retirement Trust\The Principal Group

• Prepaid Card Service – Associated Bank\NetSpend

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Wells Fargo Additional Services

• Assist the City with technical expertise and

materials, with the goal of expanding the number

• f small businesses doing work with the City and
• ther public entities.
• Assist the City with efforts to finance mixed income

housing developments and small business finance.

• Provide feedback on City and non-profit loan

programs

• In addition to responses to the City’s Responsible

Banking Ordinance, provide data and meet with City on corporate donations, diverse hire, and CRA.

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