FY27 Banking Services

Project Overview Winona State University is seeking a qualified financial institution to provide comprehensive banking services that support its daily financial operations. The selected vendor will manage key accounts—including activity checking, direct deposit, and an Insured Cash Sweep account—and deliver secure, compliant, and efficient banking solutions. Services required include daily transaction processing, detailed EFT reporting, ACH capabilities, Positive Pay fraud protection, monthly account analysis, and local depository operations in Winona and Rochester. The University also seeks a modern, web‑based platform to manage its credit card program, including cardholder reporting, reconciliation, and 24/7 support. Overall, WSU aims to partner with a financially strong, service‑focused bank that offers competitive pricing, robust technology, and reliable support for its campus community. Vendor Requirements Collateral Requirements In accordance with Minnesota Statute § 9.031, all state bank accounts must be fully collateralized. Acceptable collateral includes a surety bond or an Insured Cash Sweep (ICS) account. Winona State University requires the use of an Insured Cash Sweep account. Banking Service Requirements Required Accounts and Services 1. Activity Checking Account This account is used for issuing checks for local non‑state funds and for depositing the majority of University receipts. Deposit activity includes: Incoming wire transfers EFT transactions ACH transactions Credit card receipts The bank must also supply currency and coin to support check‑cashing and change fund needs. 2. Direct Deposit Checking Account Used to process rejected direct deposit payments. 3. Insured Cash Sweep Account Average daily balances in the main checking account must automatically sweep into an interest‑bearing ICS account at the close of each business day. Investment activity must comply with Minnesota Statute § 118A.04. 4. Local Facilities Requirement The vendor must operate depository and processing facilities in Winona and Rochester, Minnesota. If a required service cannot be provided, a statement must be included along with a proposed equivalent alternative. 5. Bank Card Services 1. Multiple University departments accept credit cards and must receive the most competitive processing rates available. 2. The University operates a Group Travel Credit Card Program. 3. The vendor must state whether it can prepare 1099s for credit card purchases. Required Account Attributes and Services Checking and Savings Accounts. Online access for University personnel to view real‑time and previous‑day data, including account balances, daily transaction activity, incoming wires, ACH activity, and EFT transactions. The Vendor must also provide detailed daily information on EFT debit and credit transactions. Online ability to download at least the most recent month of account activity. Prohibition of all ACH debits except reversals unless approved by a designated University position. The Vendor must describe current debit‑filter capabilities and any planned enhancements. Provision of ACH software and/or intelligent access for creating ACH files from Workday Ability to send and receive ACH Return (RET) and Notification of Change (NOC) transactions. The Vendor must detail its capabilities for these services. Disclosure of any reserve requirement. No compensating balance requirement is needed. Ability to view check images online. Ability to provide coin and currency as needed. Acceptance of cash deposits exceeding $10,000. Monthly analysis statements that list all service charges by per‑item cost, number of items, extended totals, and any interest earnings, along with reserve requirements and base rate percentages. Submission of the Vendor’s current Funds Availability Schedule. Cooperation in handling exception items to the extent allowed by regulation and prudent banking practice. Delivery of all return items to the University by the next business day. No direct debiting of University accounts for service charges or out‑of‑pocket expenses. All charges must appear on the monthly analysis statement. Description of the procedure to be followed by the University in the event an account becomes overdrawn. Student organizations are not authorized to establish banking relationships under this RFP or resulting contracts. Acknowledgment of all University telephone calls and inquiries within three (3) business hours. Provision of photocopies of deposit corrections within two (2) business days of request. Positive Pay services providing daily reporting of unmatched checks through Workday. Must comply with Workday banking intergration requirements. Credit Card Program Requirements Winona State University is seeking improved mechanisms for tracking cardholder credit‑card expenditures, reconciling transactions, and administering the program. Required capabilities include: A web‑based interface for cardholders, custodians, and administrators 24/7 technical support for cardholders and program administrators Ability to query and extract data from standard and ad hoc reports A credit card with worldwide acceptance and support for cash advances Selection Process The selection process includes the VP of Finance and Administrative Services, Director of Business Services and Accounting Director of Winona State University. This group will evaluate the proposals and make the final decision. Evaluation Factors The following factors and their identified weight will be used to evaluate the responses: Topic Factor Weight Adherence to Minnesota State Terms and Conditions. A statement of the objectives, goals, and tasks to show or demonstrate its view and understanding of the nature of the contract 5 Work Plan. A description of the deliverables to be provided by the Responder along with a detailed work plan that identifies the major tasks to be accomplished and be used as a scheduling and managing tool, as well as the basis for invoicing. 20 Cost/Value. Identify the level of the participation of Minnesota State in the contract, as well as any other services to be provided by Minnesota State, and details of cost allowances for this participation. 25 Qualifications of Respondent and its personnel. An outline of the Responder’s background and experience with examples of similar work complete by the Responder and a list of personnel who will conduct the project, detailing their training, and work experience. Resumes or other information about project personnel should not, if possible, contain personal telephone numbers, home addresses or home email addresses. If it is necessary to include personal contact information, please clearly indicate in the proposal that personal contact information is being provided. 20 Completeness, thoroughness and detail of the response Completeness, thoroughness and detail of the response as reflected by the proposal's discussions and coverage of all elements of work listed above 20 Accessibility A completed response to the linked Voluntary Product/Service Accessibility Template(s)®(VPAT) for all software, hardware, and websites as applicable (guidance available in the ‘Products’ tab). The response must contain adequate information to evaluate the responsiveness to the accessibility standards (e.g., a completed VPAT or equivalent). 10 Total: 100 Contract Terms Minnesota State desires to enter into a contract with the successful Respondent(s) effective July 1, 2026 or on the date the last recognized signature is obtained, whichever occurs later. The length of such contract(s) will be five (5) years. If Minnesota State and Respondent are unable to negotiate and sign a contract by June 1, 2026, then Minnesota State reserves the right to seek an alternative Respondent(s). Minnesota State reserves the right to name a date which all responding Respondents will be invited to present demonstrations or participate in an interview. Minnesota State does not agree to reach a decision by any certain date although it is hoped the evaluation and selection will be completed by the contract terms date identified. Inquiries and Submission Instructions Minnesota State accepts all questions and bid submissions exclusively through Minnesota State's e-procurement system. Hard copy submissions, emails, or submissions through any other medium will not be considered. Each Respondent is solely responsible for the timely delivery of its questions and bids by the RFx date and time deadlines. Failure to meet the deadlines shall be grounds for rejection.