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
Top Related