RFP for Banking Services

Washington County, Minnesota, is soliciting proposals from qualified financial institutions to provide comprehensive custodial and banking services for all county departments and satellite offices. The scope of work includes account maintenance, cash vault deposits, currency furnishing, and e-box services, while specifically excluding municipal or financial advisor investment services. The selected vendor will be awarded a five-year contract scheduled to commence on February 1, 2025, and run through January 31, 2030. Proposals are due by November 4, 2024, and will be evaluated using a trade-off process based on the vendor's understanding of requirements (30 points), qualifications and experience (30 points), cost (25 points), and references (15 points). The contract mandates strict adherence to various regulatory standards, including the Minnesota Government Data Practices Act and OSHA regulations. Key requirements include comprehensive insurance coverage for general, professional, and cyber liability, as well as a broad indemnification clause protecting the county. Vendors must comply with rigorous IT security policies and data privacy obligations. Performance will be measured against specific quality standards such as ACH return rates and payee validation accuracy. The procurement process requires a single electronic submission including a pricing form, qualifications, and a conflict of interest disclosure, with a maximum page limit of 50 pages for the main proposal body.