R21-039 1 RESOLUTION NO.R21-039
2
3
4 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA,
5 APPROVING THE PIGGY-BACK OF THE CITY OF BOCA RATON
6 BANKING SERVICES RFP NO.2013-030 AND AUTHORIZING THE CITY
7 MANAGER TO SIGN THE NEW AGREEMENT BETWEEN THE CITY
8 AND BANK OF AMERICA, THE UMBRELLA AGREEMENT AND THE
9 ACCEPTANCE OF TREASURY SERVICES; AND PROVIDING AN
10 EFFECTIVE DATE.
11
12
13 WHEREAS,the City of Boynton Beach has had a continuing contract with the Bank of
14 America since February 2004 that has been automatically renewed over the past several years;
15 and
16 WHEREAS,The City of Boca Raton awarded the Bank of America a five-year contract
17 with two (2)two-year renewals as a result of RFP No.2013-030 for Banking Services;and
18 WHEREAS, The City of Boynton Beach would like to piggy-back this contract to take
19 advantage of the competitive rates afforded the City of Boca Raton through award of RFP 2013-
20 030 to Bank of America; and
21 WHEREAS,the City Commission of the City of Boynton Beach,Florida deems it to be
22 in the best interests of the citizens and residents of the City of Boynton to approve the piggy-
23 back of the City of Boca Raton Banking Services RFP No. 2013-030 and authorize the City
24 Manager to sign the new Agreement between the City and Bank of America; the Umbrella
25 Agreement and the Acceptance of Treasury Services.
26 NOW,THEREFORE,BE IT RESOLVED BY THE CITY COMMISSION OF THE
27 CITY OF BOYNTON BEACH,FLORIDA,THAT:
28 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
29 being true and correct and are hereby made a specific part of this Resolution upon adoption
30 hereof
S:\CA\RESO\Agreements\Piggy-Back Boca Raton RFP For Banking Services-Reso.Docx
31 Section 2. The City Commission hereby approves the piggy-back of the City of Boca
32 Raton Banking Services RFP No. 2013-030 and authorizes the City Manager to sign the new
33 Agreement between the City and Bank of America;the Umbrella Agreement and the Acceptance
34 of Treasury Services,a copy of which is attached hereto as Exhibit"A.
35 Section 3. This Resolution shall become effective immediately upon passage.
36
37 PASSED AND ADOPTED this 20th day of April, 2021.
38 CITY OF BOYNTON BEACH, FLORIDA
39
40 YES NO
41
42 Mayor—Steven B. Grant ✓
43
44 Vice Mayor—Ty Penserga ✓
45
46 Commissioner—Justin Katz ✓
47
48 Commissioner—Woodrow L.Hay ✓
49
50 Commissioner—Christina L. Romelus
51
52
53 VOTE 5`
54 ATTEST:
55
56 4AKIL/4. /' L A,1
57 Tammy Stanzion;
58 Deputy City Cl- k
59
60
61 (Corporate Seal)
l a
S:\CA\RESO\Agreements\Piggy-Back Boca Raton RFP For Banking Services-Reso.Docx
AGREEMENT NO. 007-2410-21/RW
BETWEEN
BANK OF AMERICA AND THE CITY OF BOYNTON BEACH
FOR
BANKING SERVICES
This Agreement is made as of this 20th day of April 2021, by and between BANK OF
AMERICA, N.A., a national bank association with a principal address 625 N Flagler Dr., West
Palm Beach, FL 33401 and THE CITY OF BOYNTON BEACH, a Florida municipal corporation,
with a mailing address of Post Office Box 310, Boynton Beach, FL 33425 (the "City").
RECITALS
WHEREAS, in order to maintain BANKING SERVICES, the City's Finance Department is
requesting the City enter into an Agreement with BANK OF AMERICA, N.A. to perform BANKING
SERVICES; and
WHEREAS, BANK OF AMERICA, N.A. has agreed to allow the City to piggy-back the
CITY OF BOCA RATON Agreement No./RFP No. 2013-030 to provide BANKING SERVICES.
This agreement will expire on September 30, 2022.
NOW THEREFORE, in consideration of the mutual covenants contained herein, and for
other valuable consideration received, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
AGREEMENT
Section 1. The foregoing recitals are true and correct and are hereby incorporated in this
Agreement.
Section 2. The City and BANK OF AMERICA, N.A. agree that BANK OF AMERICA, N.A.
shall provide BANKING SERVICES based on Exhibit "A", CITY OF BOCA RATON Agreement
No./RFP No. 2013-030, to provide BANKING SERVICES for a five (5) year term, with an option
to renew for two (2) two-year renewal periods whereby the term of this agreement will expire on
September 30, 2022, except as hereinafter provided:
A. All references to the CITY OF BOCA RATON Agreement No./RFP No. 2013-030
shall be deemed as references to the City of Boynton Beach.
B. In the event that the CITY OF BOCA RATON Agreement No./RFP No. 2013-030
is amended, or terminated, BANK OF AMERICA, N.A. shall notify the City within
ten (10) days. In the event the CITY OF BOCA RATON Agreement No./RFP No.
2013-030 is amended or terminated prior to its expiration, this Contract shall
remain in full force and effect, and not be deemed amended or terminated, until
specifically amended or terminated by the parties hereto.
C. BANK OF AMERICA, N.A. agrees that in the event it enters into a Contract for the
same (or substantially similar) scope of services with another local government in
Florida which contains a term or condition, including fees, charges or costs, which
Page 1
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
the City determines to be more favorable than the terms in this Contract,the parties
shall enter into an Addendum to provide those terms to the City.
D. The insurance required shall require that the Certificate of Insurance name the City
of Boynton Beach as an additional insured.
E. For clarification purposes with respect to the Bid Response pricing applicable to
client, which will be set forth in the pricing analysis, the FLOOR rate and FFE rate
are not a part of this agreement and are replaced with managed rate for both ECR
and PFIC. There will be no analysis loyalty credit applied. In all other aspects, the
terms and conditions of the CITY OF BOCA RATON Agreement No./RFP No.
2013-030 are hereby ratified and shall remain in full force and effect under this
Contract, as provided by their terms.
F. All Notices to the City shall be sent to:
City: Lori LaVerriere, City Manager
City of Boynton Beach
P.O. Box 310
Boynton Beach, Florida 33425
Telephone: (561) 742-6010 / Facsimile: (561) 742-6090
Copy : James A. Cherof, City Attorney
Goren, Cherof, Doody & Ezrol, PA.
3099 East Commercial Boulevard, Suite 200
Fort Lauderdale, FL 33308
Telephone: (954) 771-4500
Facsimile: (954) 771-4923
Notices to Vendor shall be sent to the following address:
Sean Silverbush
Bank of America, N.A. FL5-222-06-06
222 Lakeview Ave. STE 600
West palm Beach, Florida 33401
sean.silverbush@bofa.com
Phone: 561-345-2567
G. The following terms and conditions are hereby incorporated into the Agreement:
PUBLIC RECORDS. Sealed documents received by the City in response to an invitation
are exempt from public records disclosure until thirty (30) days after the opening of the Bid
unless the City announces intent to award sooner, in accordance with Florida Statutes 119.07.
The City is public agency subject to Chapter 119, Florida Statutes. The Contractor
shall comply with Florida's Public Records Law. Specifically, the Contractor shall:
Page 2
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
A. Keep and maintain public records required by the CITY to perform the service;
B. Upon request from the CITY's custodian of public records, provide the CITY with a copy
of the requested records or allow the records to be inspected or copied within a
reasonable time at a cost that does not exceed the cost provided in chapter 119, Fla.
Stat. or as otherwise provided by law;
C. Ensure that public records that are exempt or that are confidential and exempt from
public record disclosure requirements are not disclosed except as authorized by law for
the duration of the contract term and, following completion of the contract, Contractor
shall destroy all copies of such confidential and exempt records remaining in its
possession once the Contractor transfers the records in its possession to the CITY; and
D. Upon completion of the contract, Contractor shall transfer to the CITY, at no cost to the
CITY, all public records in Contractor's possession All records stored electronically by
Contractor must be provided to the CITY, upon request from the CITY's custodian of
public records, in a format that is compatible with the information technology systems of
the CITY.
E. IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF
CHAPTER 119, FLORIDA STATUES, TO THE CONTRACTOR'S DUTY TO PROVIDE
PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN
OF PUBLIC RECORDS:
CRYSTAL GIBSON, CITY CLERK
100 EAST OCEAN AVENUE BOYNTON
BEACH, FLORIDA, 33435
561-742-6061
GIBSONC@BBFL.US
SCRUTINIZED COMPANIES -- 287.135 AND 215.473
By execution of this Agreement, Contractor certifies that Contractor is not participating in
a boycott of Israel. Contractor further certifies that Contractor is not on the Scrutinized Companies
that Boycott Israel list, not on the Scrutinized Companies with Activities in Sudan List, and not on
the Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List, or has
Contractor been engaged in business operations in Syria. Subject to limited exceptions provided
in state law, the City will not contract for the provision of goods or services with any scrutinized
company referred to above. Submitting a false certification shall be deemed a material breach of
contract. The City shall provide notice, in writing, to Contractor of the City's determination
concerning the false certification. Contractor shall have five (5) days from receipt of notice to
refute the false certification allegation. If such false certification is discovered during the active
contract term, Contractor shall have ninety (90) days following receipt of the notice to respond in
writing and demonstrate that the determination of false certification was made in error. If
Contractor does not demonstrate that the City's determination of false certification was made in
error then the City shall have the right to terminate the contract and seek civil remedies pursuant
to Section 287.135, Florida Statutes, as amended from time to time.
Page 3
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
DISPUTES. Any disputes that arise between the parties with respect to the performance of this
Agreement, which cannot be resolved through negotiations, shall be submitted to a court of
competent jurisdiction in Palm Beach County, Florida. This Agreement shall be construed under
Florida Law.
EXECUTION OF THE AGREEMENT. This Agreement will take effect once signed by both parties.
This Agreement may be signed by the parties in counterparts which together shall constitute one
and the same agreement among the parties. A facsimile signature shall constitute an original
signature for all purposes.
DATED this Id day of \Ry , 20( .
CITY OF BOYNTON BEACH BANK OF AMERICA, N.A.
(Yp. Adts—ItUati1/4-4...)4—
Lori LaVerriere, City Manager Signature of Authorized Official
Printed Name of Authorized Official
Attest/Authenticated:
Title
KCL/ ` F.:'li ffriP44.--. (Corporate
u p Seal)
átGibi, City CI:.,(11k
�w�
iu
Approved as to Form: 00.0.0° Attest/Authenticated:
J VIA
J mes A. Ch f, ity ttrney Witness
Page 4
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
DISPUTES. Any disputes that arise between the parties with respect to the performance of this
Agreement, which cannot be resolved through negotiations, shall be submitted to a court of
competent jurisdiction in Palm Beach County, Florida. This Agreement shall be construed under
Florida Law.
EXECUTION OF THE AGREEMENT.This Agreement will take effect once signed by both parties.
This Agreement may be signed by the parties in counterparts which together shall constitute one
and the same agreement among the parties. A facsimile signature shall constitute an original
signature for all purposes.
DATED this Iii day of Tha 'CN \ Pry , 20;
CITY OF BOYNTON BEACH BANK OF AMERICA, N.A.
-4A.. -
t.. la.)di."-t-,4— ..,...-- --____2-1---
Lori LaVerriere, City Manager Signature of Authorized Official
C
Jct St (042-J JJ5
Printed Name of Authorized Official
Attest/Authenticated: V ice_ P``2_s`d.,,,,;
Title
.144/ � 1;1AL
,1 .411M171 (Corporate Seal)
C tal Gibson, City Cl-s �1 f
4,11
'�
Approved as to Form: tic'}Y'01(7 Attest/Authenticated:
J mes A. Cttif, ity ttrney Witness
Page 4
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
EXHIBIT A
AGREEMENT NO./RFP NO. 2013-030
BETWEEN
CITY OF BOCA RATON AND BANK OF AMERICA,
N.A.
FOR
BANKING SERVICES
Page 5
BOA PIGGYBACK AGREEMENT 007-2410-21/RW
PROPOSAL FORM B-BANKING SREVICES(UNBUNDLED)
CITY OF BOCA RATON RFP 2013-030
Proposal Instructions-Proposer is required to provide fees for Part I,II,III,IV,AND V
(Proposer is reauired to propose on ALL Bankina Services)
In the event that the Proposer is unclear about an item,all inquires are to be submitted as per Part I,item 1-7 Inquiries/Addenda per the
RFP.
Any items that are NO CHARGE are to be denoted by use of a"$0"(zero)or No Charge In the event of math errors,the City will utilize the
unit price unless alternate unit of measure Is included in the Alternative Name Column.
By checking and signing below, Proposer submitting PROPOSAL FORM A asserts that the pricing/fees
submitted in FORM A is same pricing/fees to be used for FORM B and Proposer is not required to restate each
price/fee identified on FORM A.This only applies if all pricing/fees(Part I-V)are the same.
X I confirm that Form A pricing/fees is same exact pricing/fees to be used for ALL Pricing/Fees(Part I-V)on FORM B.
Name: Bank of America,N.A. Signature:
PART I-BANKING(all line items in Part I are required to have a response for each
Item Service Description Estimated Unit of Unit Price Total Alternative Name utilized by
Annual Usage Measure Price Bank
Nolume
1 ACH OPTIONAL RPTS-ELECTRONIC 315.00 ea 0.50 157.50
2 ACH DELETE/REVERSAL 24.00 ea 5.00 120.00
3 ACH RETURN ITEM 162.00 ea 2.00 324.00
4 ACH MONTHLY MAINTENANCE(per type 60.00 ea 10.00 600.00 Per company ID
of transaction)
5 ACH INPUT-ECHANNEL 46.00 ea 5.00 230.00
6 ACH INPUT-FILE 317.00 ea 5.00 1,585.00
7 ACH BLOCKS AUTH INSTRUCTIONS 289.00 ea 0.00 0.00
8 ACH BLOCKS AUTH MAINTENANCE 36.00 ea 5.00 180.00
9 ACH BLOCKS AUTH ADD-CHANGE 2.00 ea 0.00 0.00
10 ACH ORIGINATED ADDENDA 1437.00 ea 0.02 28.74
11 DELETE/REVERSAL BATCH/FILE 1.00 ea 50.00 50.00
12 ACH NOTIF OF CHANGE(NOC) 380.00 ea 2.00 760.00
13 ACH STANDARD REPORTS-FAX 1.00 ea 3.00 3.00
14 ACH STANDARD RPTS-ELECTRONIC 229.00 ea 0.50 114.50
15 ACH CONSUMER ON US CREDITS 10901.00 ea 0.03 327.03
16 ACH CONSUMER OFF US CREDITS 32246.00 ea 0.03 967.38
17 ACH CONSUMER ON US DEBITS 4980.00 ea 0.03 149.40
18 ACH CONSUMER OFF US DEBITS 18298.00 ea 0.03 548.94
19 ACH CORPORATE ON US CREDITS 938.00 ea 0.03 28.14
20 ACH CORPORATE OFF US CREDITS 4517.00 ea 0.03 135.51
21 ACH CORPORATE ON US DEBITS 26.00 ea 0.03 0.78
22 ACH CREDIT RECEIVED ITEM 13016.00 ea 0.03 390.48
23 ACH DEBIT RECEIVED ITEM 1341.00 ea 0.03 40.23
24 CD ROM RE-CREATION 1.00 ea 100.00 100.00
25 CD ROM MAINTENANCE 24.00 ea 10.00 240.00
26 CD ROM PER IMAGE 12211.00 ea 0.02 244.22
27 CD ROM DISK 12.00 ea 10.00 120.00
Name of Proposer:Bank of America.N.A.
Page 1
Name of Proposer:
PROPOSAL FORM B-BANKING SREVICES(UNBUNDLED)
Item Service Description Estimated Unit of Unit Price Total Alternative Name utilized by
Annual Usage Measure Price Bank
Nolume
28 PP IMAGE REQUESTED-DIRECT 7 ea 0.000 0.00
29 ARP PARTIAL PPAY MAINT-PPR RPT 24 ea 30.000 720.00
30 ARP PARTIAL PPAY ITEM 12,209 ea 0.020 244.18
31 ARP RECON TRANS END OF CYCLE 24 ea 5.000 120.00
32 ARP OUTPUT PROCESSING PER ITEM 12,209 ea 0.000 0.00
33 POSITIVE PAY EXCEPTIONS 2 ea 1.000 2.00
34 ARP POSITIVE PAY RETURN-OTHER 1 ea 15.000 15.00
35 BANKING CENTER DEPOSIT 593 ea 0.500 296.50
36 QBD/NIGHT DROP DEPOSIT 375 ea 0.400 150.00
37 VAULT DEPOSIT 90 ea 0.250 22.50 Please note that a majority
of the volume from line
item 35&36 will fall into
this line item which is at a
lower cost once the City
begins using the
vault/armored courier for
deposits.
38 ITEM PROCESSING DEPOSIT 258 ea 0.250 64.50 Please note that this
volume will have a new
description.They will clear
as Image Deposit.This is
priced the same and the
new line item description is
listed in Part II.
39 DEPOSIT CORRECTION-NON-CASH 11 ea 2.000 22.00
40 CURR/COIN DEP/$100-QBD-ND 11,075 ea 0.065 719.88
41 CURR/COIN DEP/$100-BKG CTR 16,787 ea 0.065 1091.16
42 CURR/COIN DEP/$100-VLT 867 ea 0.055 47.69 Please note that a majority
of the volume from line
item 40&41 will fall into
this line item which is at a
lower cost once the City
begins using the
vault/armored courier for
deposits.
43 COIN DEPOSIT-NON STD BAG-VLT 101 ea 3.000 303.00
44 DEPOSIT CORRECTION-CASH 21 ea 3.000 63.00
45 COIN SUPP ROLL-BKG CTR 164 ea 0.060 9.84
46 CHANGE ORDER BKG CTR 149 ea 2.000 298.00
47 CURR SUPP/$100-BKG CTR 312 ea 0.060 18.72
48 SECURITY ACCESS 3 ea 20.000 60.00
49 Treasury MGMT Solution(monthly) 12 ea 0.000 0.00
50 CPO PREM IR MAINTENANCE 12 ea 25.000 300.00
51 CPO PREM PDR ACCOUNT 60 ea 10.000 600.00
52 CPO PREM PDR ITM STORED 2 MTH 38,912 ea 0.020 778.24
53 CPO PREM RESEARCH ITEM 63 ea 0.000 0.00
54 CPO PREM PER IMAGE ACCESS 133 ea 0.100 13.30
55 CPO WIRE PAYEE ADVISING 1 ea 0.250 0.25
56 CPO GPS RPT/CONFIRMS 6 ea 0.250 1.50
57 RETURNS-ERIN 99 ea 1.000 99.00
58 RETURNS-CHARGEBACK 200 ea 2.000 400.00
59 RETURNS-RECLEAR 228 ea 2.000 456.00
60 RETURNS-RECLEAR SERVICES 60 ea 0.000 0.00
61 CKS DEP PRE-ENCODED ITEMS 130,361 ea 0.040 5214.44 Please note that these
items will clear under the
new description Image
Deposited Item or IRD
Deposited Item in the
Future.Same cost of this
line item.New descriptions
but no addl volume in Part
II.
62 CKS DEP UN-ENCODED ITEMS 43,941 ea 0.040 1757.64
63 CKS DEPOSITED FOREIGN ITEMS 121 ea 3.000 363.00
64 CKS DEP REJECTS 865 ea 0.500 432.50
Name of Proposer:Bank of America.N.A.
Page 2
Name of Proposer:
PROPOSAL FORM B-BANKING SREVICES(UNBUNDLED)
Item Service Description Estimated Unit of Unit Price Total Alternative Name utilized by
Annual Usage Measure Price Bank
Nolume
65 CARRIER DOC 9 ea 10.000 90.00
66 ACCOUNT MAINTENANCE 48 ea 5.000 240.00
67 DEBITS POSTED-OTHER 5 ea 0.030 0.15
68 PAPER DEPOSIT STATEMENT MAILED 12 ea 0.000 0.00
69 TFR MASTER ACCT MAINT 12 ea 20.000 240.00
70 TFR SUBSIDIARY ACCT MAI NT 24 ea 5.000 120.00
71 CHECK COPY 22 ea 10.000 220.00
72 DEBITS POSTED-ELECTRONIC 1,277 ea 0.030 38.31
73 CREDITS POSTED-OTHER 1 ea 0.030 0.03
74 CREDITS POSTED-ELECTRONIC 13,081 ea 0.030 392.43
75 DEPOSIT ACCOUNT STATEMENTS 84 ea 0.000 0.00
76 GCS TRANSACTION HISTORY 1 ea 0.000 0.00
77 DEPOSITORY+SUB ACCT MAINT 48 ea 5.000 240.00
78 GENERAL CHECKS PAID TRUNCATED 6,007 ea 0.050 300.35
79 STOP PAY AUTOMATED<=12 MONTHS 107 ea 8.000 856.00
80 STOP PAY AUTOMATED>12 MONTHS 7 ea 8.000 56.00
81 GEN DISB CKS PD-IS FRT/BK IMG 6,204 ea 0.075 465.30
82 IMAGE ARCHIVE-90 DAYS 13,566 ea 0.000 0.00
83 IMAGE MAINTENANCE-DIRECT 96 ea 0.00 Please see Part II for
details as the charge will
be for the volume of 12
annually.Item clarified in
Part II.
84 NONRELATIONSHIP CUST CK CASHED 224 ea 0.000 0.00
85 DIRECT STOP PAY INQUIRY 8 ea 0.500 4.00
86 DIRECT ACCOUNT TRANSFER 5 ea 1.000 5.00
87 WLBX IMAGE WEB MAINTENANCE 24 ea 25.000 600.00
88 WLBX IMAGE LBX MAINT 24 ea 50.000 1200.00
89 WLBX DEPOSIT PREP PER DEPOSIT 658 ea 1.000 658.00
90 WLBX COURIER DELIVERY OF PKG 24 ea 71.570 1717.68 *Pass-through Postal
Charge,Estimate based
on the last 12 months cost-
volume for both WLBX's.
Subject to change.
91 WLBX CORRESPONDENCE 1,770 ea 0.100 177.00
92 WLBX FOREIGN ITEM 1 ea 10.000 10.00
Name of Proposer:Bank of America,N.A.
Page 3
Name of Proposer:
PROPOSAL FORM B-BANKING SREVICES(UNBUNDLED)
Item Service Description Estimated Unit of Unit Price Total Alternative Name utilized by
Annual Usage Measure Price Bank
Nolume
93 WLBX DATA CAPTURE 127,472 ea 0.000 0.00
94 WLBX DOCUMENT RETURN PKG PREP 12 ea 10.000 120.00
95 WLBX REJECT&CD ONLY PKG PREP 12 ea 0.000 0.00
96 WLBX IMAGE PROC PER ITEM 10,586 ea 0.100 1058.60
97 WLBX DOCUMENTS RETURNED 3,912 ea 0.000 0.00
98 WLBX UNIDENTIFIED MAIL PROC 1 ea 10.000 10.00
99 WLBX ONLINE RETENTION 2 MO 20,720 ea 0.020 414.40
100 WLBX HARDCOPY OR ADD'L REPORT 4 ea 10.000 40.00
101 WLBX WALK-IN COURIER MAIL PKG 47 ea 0.000 0.00
102 WLBX DUAL SIDED IMAGE MAINT 12 ea 25.000 300.00
103 WLBX IMAGE DOCUMENTS IMAGED 41,182 ea 0.020 823.64
104 WLBX IMAGE CD-ROM PER DISC 30 ea 5.000 150.00
105 WLBX IMAGE WEB PER IMAGE 41,182 ea 0.000 0.00
106 WLBX NON-DEPOSITABLE TRANS 262 ea 0.100 26.20
107 RTLBX MONTHLY MAINTENANCE 12 ea 175.000 2100.00 "Will read as"3RD
PARTY LOCKBOX
SERVICES"on the City's
account analysis
statement as one line
item.We will apply the
previous month of
Bill2Pay items through.
We will then send you
separate detailed break
down of retail lockbox
items each month.This
applies to line items 107-
121
108 RTLBX ITEMS-MATCHED 20001-50000 0 ea 0.350 0.00 (unit price to be
provided in the event
usage patterns
channel
109 RTLBX ITEMS-MATCHED 50001-250000 68,429 ea 0.220 15054.38
110 RTLBX ITEMS-MATCHED 250001+ 0 ea 0.120 0.00 (unit price to be
provided in the event
usage patterns change
111 RTLBX ITEMS-MATCHED 1-20000 0 ea 0.500 0.00 (unit price to be
provided in the event
usage patterns change
112 RTLBX ITEMS-UNMATCHED 3,963 ea 0.220 871.86
113 RTLBX ITEM-MULTIPLE 12,268 ea 0.220 2698.96
114 RTLBX ITEM CHECK ONLY 45,615 ea 0.220 10035.30
115 RTLBX REJECTS-CORRESPONDENCE 816 ea 0.220 179.52
116 RTLBX CASH HANDLING 3 ea 0.000 0.00
117 RLBX EXPEDITED DEPOSIT-EXPRESS 19 ea 0.000 0.00
118 RTLBX PO BOX RENTAL 1 ea 1140.000 1140.00 Pass through cost,
estimated at$95 per
month,$1140 annually.
Subject to change.
119 RTLBX CD ROM MONTHLY MAINT 24 ea 150.000 3600.00 Monthly/daily image file
and online access
120 RTLBX DATACOM-TRANS 12 ea 0.000 0.00
121 RTLBX IMAGE ARCHIVE<5 USERS 206,083 ea 0.000 0.00
122 CPO GP MTHLY MAINT BASIC 12 ea 0.000 0.00
Name of Proposer:Bank of America.N.A.
Page 4
Name of Proposer:
PROPOSAL FORM B-BANKING SREVICES(UNBUNDLED)
Item Service Description Estimated Unit of Unit Price Total Alternative Name utilized by
Annual Usage Measure Price Bank
Nolume
123 ELEC WIRE OUT-DOMESTIC 247 ea 5.000 1235.00
124 ELEC WIRE OUT-BOOK DB 13 ea 1.000 13.00
125 INCOMING DOMESTIC WIRE 50 ea 5.000 250.00
126 WIRE ADVICE-PHONE 1 ea 12.000 12.00
127 CPO GP CUST MNT TEMP STORAGE 221 ea 0.500 110.50
128 BOOK CREDIT 7 ea 1.000 7.00
DEPOSIT BAGS:
129 TWO SIDED MEDIUM 200 ea 24.000 4800.00 QBD 9"x 12",Per Box
100 bags per box. Clarify bags or
Passthrough from Harland-
Clark,subject to change. orders?
130 TWO SIDED LARGE 300 ea 49.000 14700.00 QBD 11"x 14",Per Box
100 bags per box.
Passthrough from Harland-
Clark,subject to change.
131 SINGLE POCKET COIN 200 ea 48.000 9600.00 CoinSafe 25 lb.w/Handle,
Per Box 100 bags per box.
Passthrough from Harland-
Clark,subject to change.
132 FDIC Insurance Per Thousand(Monthly 12 ea 0.000 0.00 'Waived up to.13%,
Rate) please see disclosures for
details.
133 Gift Card Service Fees 1-29 Cards 25 orders 0.000 0.00 Explain Unit of measure:
134 Gift Card Service Fees 30-50 Cards 25 orders 0.000 0.00 Explain Unit of measure:
135 Gift Cards Service/Shipping Fee 1-100 6 orders 0.000 0.00
cards
136 Training/Project Implementation Services for 1 job 0.000 0.00 *New services proposed
new account but not listed or suggested
at this time in this RFP
may be subjec tto an
implementation fee.Fee's
pertaining to suggested
additional products are
located in Part II.Also
please see disclosures for
details.
137 Deposit Receipt Books 12 ea 21.000 252.00 200 Triplicate,Bookbound
Deposit Slips per Order.
Passthrough from Harland-
Clark,subject to change.
PART I GRAND TOTAL 99,361.29
Name of Proposer:Bank of America,N.A.
Page 5
Name of Proposer:
PROPOSAL FORM B-BANKING SERVICES(UNBUNDLED)
PART II-OTHER CUSTOMARY ROUTINE BANK FEES CHARGED PER SCOPE OF WORK NOT
INCLUDED IN PART I
(INCLUDE ANY ALTERNATE SECONDARY METHODS IDENTIFIED AND THE ASSOCIATED FEE IF DIFFERENT
THAN PRICING IN PART I)
List all that apply-Additional list included as attachment Yes X No 0
If no additional fees per Scope of Work,check here ❑,
Unit of Estimated Annual Total
Item Service Description Measure Unit Price Usage Nolume Price
1 CPO ACCT ANALYSIS MODULE ea 0.000 12 0.00
2 IMAGE MAINTENANCE-DIRECT`Charged for the 1st account ea 10.000 12 120.00
3 IMAGE MAINTENANCE-DIRECT*0 for each additional account. ea 0.000 84 0.00
4 WLBX CASH TRANSACTION ea 15.000 1 15.00
4 WLBX MINIMUM CHARGE ea 0.000 12 0.00
5 WLBX WALK-IN COURIER PKG ITEM ea 1.000 72 72.00
6 WLBX CARD PAYMENT REJECT ea 1.000 144 144.00
7 IMAGE RETRIEVAL BA DIRECT/CPO PREM PER IMAGE ACCESS ea 0.100 72 7.20
8 TRANSMISSION MAINTENANCE*No charge for ICL associated with Bill2Pay only. ea 0.000 12 0.00
9 ICL SETUP&TESTING*No charge for ICL associated with Bill2Pay only. ea 0.000 1 0.00
10 ICL ADD'L SETUP-TESTING*No charge for ICL associated with Bill2Pay only. ea 0.000 1 0.00
PART II GRAND TOTAL 358.20
Incidental or Optional Items Part II(continued)
COLL OVERDRAFT INTEREST CHARG'Subject to change,please see disclosures for details. Prime+4 GCS MANUAL INFO REPORTING 0.000
3RD PARTY LOCKBOX SERVICES For Retail Lockbox Total..See Part I for details&cost. AGENT ASSIST LBX DEP INQUIRY 0.000
IMAGE DEPOSIT*Currently uses Image Transmission Deposit-Retail LXBX items 0.250 OSS-STOP PAYMENT 0.000
DEPOSIT CORRECTION-ICL 1.000 OSS-PHOTOCOPY 0.000
IRD DEPOSITED ITEMS-ICL*Currently uses CKS DEP PRE-ENCODED ITEMS-Retail LXBX 0.040 OSS-STATEMENT COPIES 0.000
IRD DEPOSITED ITEMS-ICL'Currently uses CKS DEP PRE-ENCODED ITEMS-Retail LXBX 0.040 OSS-ACCOUNT TRANSFER 0.000
ACH OPTIONAL REPORTS-FAX 2.000 VRU-STATEMENT COPIES 10.000
ACH TRANSMISSION SETUP/TEST 0.000 VRU-ACCOUNT TRANSFER 1.000
ACH SETUP 0.000 FACSIMILE TRANSMISSION 5.000
ACH LV ON US ITEMS 1.500 FASCIMILE TRANSMISSION-VRU 0.000
ACH LV OFF US ITEMS 2.500 DDA STATEMENT ON CD ROM 10.000
ACH LV-MONTHLY MAINTENANCE 10.000 DEPOSITORY+MASTER ACCT 20.000
ACH POSITIVE PAY ACCT MAINT 20.000 GENERAL CKS PAID-NOT 0.250
CD ROM HISTORY 0.060 CONTROLLED DISB 75.000
ARP FULL PPAY MAINT PAPER RPT 50.000 CONT DISB CKS PD-IS FRONT IMG 0.170
ARP FULL PPAY INPUT PER ITEM 0.030 CONT DISB CKS PD-IS FRT BK 0.180
ARP DUP/ADD'L REPORTS 5.000 GEN DISB CKS PD-IS FRONT IMG 0.170
ARP ADD'L/DUP REPORTS 5.000 CONT DISB CKS PAID- 0.100
ARP STALE DATE MAINT 50.000 CONT DISB CKS PD-NOT 0.250
ARP MAX DOLLAR MAINT 50.000 CONT DISB-FUNDING CREDITS 1.000
ARP MANUAL ISSUE INPUT ITEM 1.000 STOP PAY AUTOMATED<=12 8.000
ARP REPORT ON CD ROM 5.000 STOP PAY AUTOMATED>12 8.000
ARP PPAY MAINT-NO RECON 20.000 STOP PAY REISSUE<=12 MTHS 8.000
PAYEE POSITIVE PAY-ISSUE MATCH 0.020 STOP PAY REISSUE>12 MTHS 8.000
PAYEE POSITIVE PAY-SEAL MATCH 0.020 STOP PAY MANUAL<=12 MONTHS 20.000
PAYEE POSITIVE PAY-CK REJECTS 1.000 CASHIER CHECKS/OFFICIAL 7.500
PAYEE POSITIVE PAY MAINT 5.000 MONEY ORDERS 5.000
ARP PPAY NO RECON INPUT ITEM 0.020 DISBURSEMENT CHECK REJECTS 1.500
TELLER PPAY ISSUE NOT FOUND>1% 10.000 GCS-STOP PAYMENT 0.000
BANK BY MAIL DEPOSIT 5.000 GLOBAL ADVICE REC PER 1.000
DEPOSIT TRACKING/REPORTING 4.000 GLOBAL ADVICE RECEIVING 25.000
DEPOSIT TRACKING PER LOCATION 2.000 ICL SETUP&TESTING 100.000
ENVELOPE DEPOSIT-DETAIL 1.000 ICL ADD'L SETUP-TESTING 200.000
ENVELOPE DEPOSIT-NO DETAIL 1.000 TRANSMISSION MAINTENANCE 200.000
COIN SUPPLIED-STD BAG-VLT 2.000 WLBX USPS 1ST CLASS MAIL 0.450
CURRENCY SUPP/$100-NONSTD-VLT 0.080 ELEC WIRE OUT-USD INTL 28.000
NON STD BAG SURCHARGE 2.000 INCOMING USD INTL WIRE 14.000
COIN SUPP ROLL-BOX BKG-CTR 0.080 MANUAL WIRE OUT-USD INTL 45.000
DUP DEP CORRECTION NOTICE 3.000 ELEC WIRE OUT-USD INTL-CHG 30.000
COIN DEPOSIT-STD BAG-VLT 1.500 ELEC WIRE OUT-INTL FX-CHG 33.000
COIN SUPPLIED/ROLL-VLT 0.050 BANK ASSISTED WIRE-USD INTL 60.000
COIN SUPP/ROLL-BOX-VLT 0.050 BANK ASSISTED WIRE-FX INTL 60.000
DEP CORRECTION PHONE CALL 5.000 BANK ASSISTED DRAFT-FX INTL 60.000
CURRENCY SUPP/$100-STD-VLT 0.050 INCOMING FX INTL WIRE 12.000
DEP CONDITIONING-SURCHG-VAULT 5.000 INCOMING FX INTL WIRE-CHG 0.000
NON STD BAG SURCHARGE-BKG CTR 3.000 MAN WIRE OUT-USD INTL-CHG 45.000
SAFE CONNECT CURRENCY DEP-$100 0.010 PAYMODE CON MTHLY LICENSE 100.000
SAFE CONNECT DEPOSIT 0.000 PAYMODE CON TRANSACTION 0.060
SAFE CONNECT SERVICES 100.000 OD ITEMS PAID/RETURNED 45.000
FAX NOTIFICATION-RECEIPT-VLT 0.000 NSF ITEMS PAID/RETURNED 45.000
FAX NOTIFICATION-DCN-VLT 0.000 PAYMODE CON RETURN 1.500
CHANGE ORDER-AUTO-VLT 2.000 PAYMODE CON REVERSAL 1.750
MAIL NOTIFICATION-DCN-VLT 0.500 DEPOSIT CORRECTION-RDS 1.000
MAIL NOTIFICATION-RECEIPT-VLT 0.500 REMOTE DEP-ACCOUNT 10.000
CHANGE ORDER-STANDING-VLT 2.000 REMOTE DEP CK IMAGE 0.020
WIRE MODULE MAINTENANCE 0.000 IRD DEPOSITED ITEMS-RDSO 0.100
CPO EDI ACCESS 1.000 IMAGE DEPOSITED ITEMS-RDSO 0.050
CPO ACCELERATE MTHLY FEE 200.000 HIGH VOLUME SCANNER MAINT 25.000
CPO PREM PDR ITM STORED 12 MTH 0.020 MED VOLUME SCANNER MAINT 15.000
CPO PREM CDR ACCOUNT 10.000 ELEC WIRE OUT-DRAW REQ 5.000
Page 6
Name of Proposer:
CPO PREM CDR ITEM 0.050 ELEC DRAW REQ OUT-REPAIR 5.000
CPO ARP POSITWE PAY NOTIF 0.000 PHN WIRE REPEAT TEMPLATE 3.000
CPO INCOMING WIRE NOTIF-EMAIL 0.500 PHN WIRE REPT TEMPLATE 1.000
CPO ACH NOTIFICATIONS 0.250 IVR-WIRE OUT-USD-INTL 40.000
RETURNS-COURTESY CALL PER ITEM 2.000 IVR-WIRE OUT-DOMESTIC 10.000
RETURNS-DAILY CALL NOTIF 10.000 IVR-WIRE OUT-BOOK DB 2.000
RETURNS-SPECIAL HANDLING 1.000 IVR-WIRE OUT-DRAWDOWN 10.000
RETURNS-MAKER REQUIRED 0.300 ELEC WIRE OUT-DOMESTIC 5.000
RETURNS-ALTERNATE ACCT 0.600 STANDING ORDER TFR-BOOK 5.000
RETURNS-ALTERNATE ADDRESS 0.650 STANDING ORDER TFR-DOM 12.000
RETURNS-DUP ADVICE 0.650 BANK ASSISTED WIRE-BOOK DB 10.000
RETURNS-SINGLE ITEM ADV 0.650 MANUAL WIRE BOOK DEBIT 5.000
RETURNS-STORE PROCESSING 0.500 WIRE OUT-DRAWDOWN 15.000
LARGE ITEM RETURNED 5.000 MANUAL DRAW REQUEST-OUT 10.000
CKS DEP REJECT CASH LTR 1.000 WIRE ADVICE-MAIL 2.500
MANUAL ACCOUNT TRANSFER 5.000 WIRE ADVICE-FAX 6.000
DIRECT DDA STMT PER ACCT 0.000 DOMESTIC WIRE INVESTIGATION 20.000
ZBA MASTER ACCOUNT MAINT 20.000 ELEC WIRE BK MNT TEMP 0.500
ZSA SUBSIDIARY ACCOUNT MAINT 5.000 BANK ASSISTED DOMESTIC WIRE 60.000
TFR+MASTER ACCT MAINTENANCE 20.000 INCOMING USD INTL WIRE-CHG 14.000
ELECTRONIC CHECK DEPOSIT 0.150 GCS-BANK ASSISTED WIRE 0.000
ACCOUNT RESEARCH 20.000 MANUAL ACCOUNT TRANSFERS 10.000
PART III-PAYMENT OF BANKING FEE
(SEE RFP PART 2-2,ITEM E-FEES/MONTHLY BILLING FOR SERVICES
1.What is the percent credit for the average daily balance that is applied to bank fees for the month
We recommend the City utilize Earnings Credit to manage offsetting the City's fee's each
month.We are happy to offer an Earnings Credit Rate of.50%(Floor rate,(life of the
contract),or alternative ECR based on 95%of Fed Funds Effective(FFE). The City may
alternate from your Floor rate to your index rate at your discretion during the initial contract
term.As market conditions improve we will continue to monitor the available options and
recommend the City take advantage of the most advantageous options.
2.What is the calculation and the rate for the compensating balance that is applied to bank fees for the
month.
The Earnings Credit Rate(ECR)on your account is used to calculate your Earnings
Allowance,which is based on your average investable balance The ECR is applied to the
monthly average positive collected balances net of reserve requirement(investable balance).
As of March 1,2009,the reserve requirement is zero percent.This may be changed at any
time.Specifically,the formula for calculating earnings is:
Investable Balance x ECR x Days in Month
Number of Days in the Year
Name of Proposer:Bank of America.N.A.
Page 6
Name of Proposer:
PROPOSAL FORM B—BANKING SERVICES(UNBUNDLED)
PART IV-RATES
1 Assumed Effective Federal Funds Rate% ECR Contract Option:95%
PFIC(Interest Bearing)FFE:N/A
2 Fixed Adjustment Factor:
Plus number of basis points+ N/A
or
minus number of basis points- N/A
3 What rate will the bank use in applying interest credit to the City's deposits in the master operating account?
Due to the current rate environment we are recommend the City utilize the
higher rate in earnings credit of.50% (See Part III#1 for details)vs.
traditional interest for your Operating Funds.However we are happy to offer the
City the contract PFIC floor rate of.10%should the City choose to remain
with the interest bearing option.
Provide the following information for earnings on deposits.
4 What rate will the bank use in applying interest credit to the City's money market deposits?
0.10%
We're delighted to offer the City a PFIC rate for excess/Money Market balances
at a .10%floor(Life of the contract). The District can alternate your
investment rate option in your operating account at your discretion during the
Notes/clarification: initial contract term.As market conditions improve we will continue to monitor
the available investment options while leveraging the knowledge and expertise
of our Global Liquidity Investment partners and recommend the City take
advantage of the most advantageous options.
5 Overdraft Protection:
Daylight Overdraft Line (DOL)
Bank of America would consider a daylight overdraft line(DOL)based on the
relationship established by the City with the Bank. The amount of the line of
credit would be determined based on the Bank's standard underwriting and
approval process taking into consideration the financial condition of the City.
Notes/Clarification: There is no fee to have the line in place but once it is automatically drawn upon
..in the event the City goes into an uncollected balance position,the Overdraft
Interest Charge(Details listed below in Part IV,Section 6)and Overdraft fee's
will apply.
6 Insufficient Funds-Rate to be charged when collected funds are insufficient to cover cleared items.
Rate:(%) 7.25% or Prime+4'Subject to change,please see disclosures for details.
Other Index
Per Item Charge $45 *Please see"Incidental or Optional Items Part II(continued)"
Name of Proposer:Bank of America,N.A.
Page 9
Name of Proposer:
PROPOSAL FORM B-BANKING SERVICES(UNBUNDLED)
PART V-ANTICIPATED FUTURE SERVICES PRICE PROPOSAL(OPTIONAL SERVICES)
INSTRUCTIONS FOR FUTURE SERVICES FEE PROPOSAL
For each area listed,provide a summary/description of your services/operations along with the fee for such services.
The City has made efforts to keep up with cash management technological improvements and plans to continue to
expand functions in this area with the contracted bank.
The bank should provide details on available services including related applicable costs to the City.The City may elect to
utilize any,all,or none of these services during the contract period.The City's use of any optional services will be
contingent on cost end feasibility.Detail services that you offer,summery of the program and arty fees I costs associated
with the service.
Specific services that are anticipated for the future are and•proposal is requested are for:
a)Debit card tom,of payment for services.
Summary N/A
Pricing: N/A
b)ACM payments to vendors.
Summary The City is welcome to continue to grow and expand your current ACH payment program to vendors.
The folowing Ire ferns appy below.
Pricing'
peecriotiof ET 16th C.M.26BMIIMISSI IPe1 Ire.Cost
ACH MONTHLY MAINTENANCE(per type of 10.00 DELETE/REVERSAL BATCH/FILE 50.00
transaction-Company ID)
ACM INPUT-ECHAMIEL or ACM INPUT-FILE 5.00 ACH MOTIF OF CHANGE(NOC) 2.00
ACH CORPORATE ON US CREDITS 0.03 ACM STANDARD REPORTS-FAX 3.00
ACH CORPORATE OFF US CREDITS 0.03 ACH STANDARD RPTS-ELECTRONIC 0.50
IGH TRINSMSSION SETUP/TEST 0.00 ACH OPTIONAL REPORTS-FAX 2.00
ACH SETUP 0.00 ACH DELETE/REVERSAL 5.00
ACM RETURN REM 2.00
c)Cash receipts/check imaging
Bank of America recommends the City collect the,cash and check receivables faster by utibig a
combinations of the following solutions:Remote Deposit Onkne,Image Cash Letter,and Safe
Summary Connect service.We also have additional detain about these solutions it our RFP response.We
have consolidated the pricing for these services below.
Pricing:
jtemote Depoalt Ogling 11 . gnaws Cash Latter
IMAGE DEPOSIT 025 TRANSMSSION MNNTENANCE(Monthly) 20000
REMOTE DEP-ACCOUNT MAINTENANCE 10.00 IMAGE DEPOSIT 026
REMOTE DEP CK MAGE PROCESSNG 0.02 DEPOSIT CORRECTION-ICL 1.0
RD DEPOSITED ITEMS-RDSO 0.10 IRD DEPOSITED ITEMS-CL 0.04
MAGE DEPOSITED rTEMS-RDSO 0.06 RD DEPOSITED ITEMS-ICL 0.04
RIGH VOLUME SCANNER MAW 26.0 CKS DEP REJECT CASH LTR 1.00
MED VOLUME SCANNER MAINT 15.00 Cl SETUP&TESTING 100.00
DEPOSE CORRECTION-RDS 1.00 CL ADD.SETUP-TESTING 200.00
/4afe Connect Service
SAFE CONNECT CURRENCY DEP-5100 0.010
SAFE CONNECT DEPOSIT 0.000
SAFE CONNECT SERVICES 10.00
dl Direct pay for payroll as a substitute to direct deposit or issuing checks
Summary Bank of America is happy to offer the City our solution of Cash Pay for your employee's or feu of a payrol check.
We have included details about this service within our RFP response.
Pricing: I Please sae atta thed Pricing for our CashPey solution. I
e)Payment collection gateway
Summary Bank of America is happy to discuss the different collection gateway options available to the City.We have
discussed this solution within our RFP response.
Prating Pine.sit **Inn aa for our Payment Collection Gateway solution.This is*part of the State
g1 FlorId.Merchant Services Contract.
f)Remote Deposit Capture
Bank of America has proposed our Image Cash Letter and Remote Depose Solutions to the City.This cel speed
Summary up your colection of funds whie creating a savings by eliminating Inns to the bank as well as the cost of supplies
such as deposit tickets and deposit bags.Detain about these solutions are within our RFP response.The pricing
is fisted below.
Pricing:
Jteawipion Per Mom Cost
+Description IPer Item CC5/5Remote Dewing'Online Image Cash Loner
IMAGE DEPOSIT 025 TRONSMSSION MAINTENANCE(Monthly) 200.00
REMOTE DEP-ACCOUNT MAINTENANCE 10.0 IMAGE DEPOSIT 026
REMOTE DEP CK IMAGE PROCESSNG 0.02 DEPOSIT CORRECTION-ICL 1.00
IRD DEPOSITED ITEMS-RDSO 0.10 RD DEPOSITED ITEMS ICL 0.04
IMAGE DEPOSITED ITEMS-ROSO 0.05 IRD DEPOSITED ITEMS ICL 0.04
HIGH VOLUME SCANNER MAINT 25.00 CRS DEP REJECT CASH LTR 1.00
MED VOLUME SCANNER MAINT 15.00 ICL SETUPA TESTING 100.00
DEPOSIT CORRECTION-RDS 1.00 CL ADDS SETUP-TESTING 20.0
g)Line of Credit-Provide foes for a Line of Credit of 510 million for an emergency
Bank of America woukl consider a kne of credit based on the reletionshp established by the City with the Bank. The amount
of the Ne of credit would be determined based on the Bank's standard underwriting and approve/process taking into
Summary consideration the fnancial condition of the City and the proposed security pledge. The One of credit would be subject to an
annual fee determined by the Bank upon approval and underwriting of the proposed credit Iac&fy.A term sheet for a One of
credit would be issued upon(nal credit approval
Pricing: N/A
Name of Proposer;Bank of America.N.A.
Page 8
Name of Proposer
PROPOSAL FORM B—BANKING SERVICES (UNBUNDLED)
h) Other as provided by Proposer
Bank of America is happy to continue offering the City our
Summary: Safekeeping Solutions. We have attached our Safekeeping
Fee's.
Pricing:
i) Other as provided by Proposer
Summary:
Pricing:
j) Other as provided by Proposer
Summary:
Pricing:
k) Other as provided by Proposer
Summary:
Pricing:
Additional other applicable services may be submitted as an attachment.
Attachment submitted: Yes X No❑
Name of Proposer: Bank of America, N.A.
Page 9
Name of Proposer:
Bank of America Offer Summary
In addition to our banking services line items cost on the previous pages, detailed below is a
completed offering of our comprehensive and competitive offer. We recommend the City utilize
compensating balances and Earnings Credit Rate (ECR) approach to offset/eliminate banking service
fees for the City going forward.
Earnings Credit Rate (ECR), diversified investments, and maximized earnings-
With our competitive ECR of.50%floor rate (Life of the contract), or alternative ECR based on 95%
of the Fed Funds Effective rate (FFE), the City can offset all banking services fees with balances. The
City may alternate from your floor rate to your index rate at your discretion during the initial contract
term. As market conditions improve we will continue to monitor the available options and recommend
the City take advantage of the most advantageous options.
Public Funds Interest Checking (PFIC) -
We're delighted to offer the City an PFIC rate for money market balances at a .10%floor(Life of the
contract). As market conditions improve we will continue to monitor the available investment options
while leveraging the knowledge and expertise of our Global Liquidity Investment partners and
recommend the City take advantage of the most advantageous options.
Loyalty Credit -
As the City's current financial provider we'd be honored to have the opportunity to continue our
relationship. If selected we'd like to offer a "Loyalty Credit" of$25,000 in account analysis credit to be
utilized within the 1st year of said contract.
"Free" Remote Deposit Service Online (RDSO) Scanner-
We're pleased to offer the City "Free"TS-240 medium volume scanners ($785 value, for each
location that meets the minimum qualifications)with the initial implementation of our Remote Deposit
Service Online solution. We appreciate the City's interest in enhancing their ability to process with
image and take advantage of the extended deposit times offer with the RDSO solution.
Dedicated Service Advisor-
Sarah Snyder, will continue as the City's Dedicated Service Advisor. Sarah will continue to ensure that
the City receives superior service. Should Sarah not be available her dedicated government backup,
whom is equally familiar with the City's day-to-day service needs, will be available to assist you.
Cost of switching banks-
By maintaining your relationship with Bank of America, the City can continue your banking and cash
management services without disruption or testing—which will allow you to avoid time consuming and
costly conversion processes across all services. The cost to convert a complex account structure such
as yours could be thousands of dollars and should certainly be considered during the selection
process. With our continued partnership we can focus our efforts and energy on implementing
expanded services and treasury enhancements that will provide the City with efficiencies and
increased cash flow. Within our proposal, we are pleased to provide details regarding enhancements
that the City may consider as complementary services to the banking solutions you have in place
today.
Fee Disclosure:
Bank of America has endeavored to provide the City of Boca Raton with a comprehensive fee schedule
based on your current services. Given the number of services and product options available to our clients,
it is difficult to determine or anticipate all products and services that may be applicable to the City for future
enhancements. Therefore, banking services utilized but not specifically referenced in this proposal will be
charged for and appear on the City's monthly analysis statements.
Pricing for future enhanced services is often based on multiple factors and can often be more aggressively
priced if we understand the total scope of services desired and the associated volumes. Therefore, it is
most advantageous for the City to allow mutually negotiated pricing for enhanced solutions to be provided
upon mandate and prior to set-up.
FDIC assessment is a pass thru charge and subject to change at any time.We are currently waiving up to
.13%for the term of your contract.
The Reserve Rate, historically at 10%, is currently at zero, but subject to change without notice.
The Earnings Allowance Rate(EAR)on your account is used to calculate your Earnings Allowance,which
is based on your average investable balance.Your EAR may vary; and, at our discretion, we may change
this rate at any time.When determining the EAR rate, Bank of America considers a number of prevailing
market indicators.
The Collected Overdraft Interest Charge Rate on your account is used to calculate your Collected
Overdraft Interest Charge,which is based on your negative collected balance. The rate on your account
may vary; and is subject to change.When determining this rate, Bank of America considers a number of
factors and generally bases this rate on our Prime Rate plus a margin. The margin may change
periodically.
It is the responsibility of the City of Boca Raton to review their monthly analysis statement and notify Bank
of America of any discrepancies within 45 days of receipt of the analysis statements. Once the City
contacts Bank of America,the discrepancies and/or additional charges can be reviewed and a mutually
agreed upon price can be applied for these services.
Additional information regarding pricing or fees may be obtained from your Bank of America
representative.
Supplies:
Deposit supplies such as deposit slips, endorsement stamps and bags are provided at cost plus shipping
and handling, and are subject to change without notice.These supplies can be order through our Client
Services Center or a vendor of the City's choice.
o Deposit tickets/slips vary depending upon type.The cost begins at$26.
o Endorsement stamps (self-inking)start at$24.
o Deposit bags (plastic, disposable,tamper-evident)vary according to style and size and are shipped 100
per box,starting at$24.
o Coin and currency wrappers are shipped 1,000 per box, starting at$10.
o Envelopes are not provided by the bank or its vendor Harland Clarke.