Depository Services for the City of Alamo Heights

The City of Alamo Heights, Texas is soliciting proposals from eligible and qualified financial institutions to serve as its Banking Services Depository. This includes services such as receiving deposits, paying items, wiring funds, stop payments, and time deposits. The City plans to manage its own investment portfolio and is seeking a depository that provides excellent customer service and competitive interest rates on daily deposits. The selected financial institution will be responsible for providing online balance reporting, processing deposited items, general ACH services, and wire transfer services. They will also provide account reconciliation, positive pay services, and maintain resource personnel to assist the City. The agreement will not cover investment transaction activities beyond safekeeping services. Collateral requirements stipulate that the Depository must pledge security equal to at least 105% of the City's largest total balance, less FDIC coverage. The contract period will be for a five-year term, with a six-month extension option for transition if needed. The City reserves the right to cancel the agreement with ninety (90) days prior written notice. Addendum 1 clarifies questions regarding the investment policy, transaction data, and currently utilized banking services.