MASBO WorkshopOctober 23, 2008

Beth Sullivan, Budget Analyst/MIS SupervisorRosemount-Apple Valley-Eagan

Sara Larsen, Assistant Vice PresidentAssociated Bank

Why review banking services? Products and services offered by banks change

◊ Internet banking, positive pay, cash vault, on-site deposits…

Fees charged for products and services change Your District’s needs change

Does your District have a Board Policy in place to review banking services ?

◊ Banking Services: The administration will seek competitive quotes on banking services every five years. Depositories will be chosen based on their fee structures, their provisions for safeguarding district funds, for providing efficient and effective services and for providing special services of importance to the district

RFP: Banking ServicesMASBO Workshop 10/23/08

Determine Timeline and Needs Implementation beginning of fiscal year or mid-

year◊ Board approval, order deposit tickets, endorsement stamps, checks,

set up accounts, gain access to on-line banking…

Depository and Disbursement accounts◊ General, Payroll, Food Service and Community Education◊ Deposits, Checks, ACH, Wires, EDI◊ Current account(s) volume levels

Banking Relationships◊ Internet search for banks in your community to send the RFP◊ Contact your current bank(s)◊ Current products and services being used ◊ New products and services are being offered RFP: Banking Services

MASBO Workshop 10/23/08

Comparing Proposals Bank Presentations

◊ Internet◊ Products or Services

Products and Services◊ Spreadsheet to compare costs◊ Determine if all products and services requested can be provided◊ Interest vs. Earning Credits

Recommendation to the School Board Presentation to the Board Approval

RFP: Banking ServicesMASBO Workshop 10/23/08

Account set-up and/or changes Bank Assistance

◊ Checking account

Review Service Needs◊ Existing products and services

Value Added Features Look at new service options

◊ Managing your cash flow◊ Information Services◊ Electronic Payments◊ Fraud Prevention

RFP: Banking ServicesMASBO Workshop 10/23/08

Managing your cash

flow

Examples: Collecting

Funds, Managing Funds &

Disbursing Funds

Information Services

Examples: Online Access;

Summary account

information, Imaging, Historical account

information

Electronic payments

Examples: ACH, EDI & Wire

Transfer capabilities

Fraud Prevention

Examples:ACH Blocks ACH FiltersPositive Pay

RFP: Banking ServicesMASBO Workshop 10/23/08

Timeline Determine when to begin Request a “Transition Plan Document”

◊ List of products◊ Responsible parties◊ Timeframes◊ Completion◊ Products or Services

RFP: Banking ServicesMASBO Workshop 10/23/08

Banking Relationship

Review your statements to ensure accuracy◊ Products◊ Transaction Volume◊ Pricing

Questions◊ Any questions/problems should be directed to your bank◊ Frequently inquire about new products & services

RFP: Banking ServicesMASBO Workshop 10/23/08