Board of Selectman Regular Meeting Materials (linked)

tale
Cindy Dupointe
From: Kimberly Allen
Sent: Wednesday, July 13, 2022 9:23 AM
To: Cindy Dupointe
Ce: Robert Brule
Subject: BOS Agenda
Attachments: Xerox Scan_07 132022085727. PDF
Cindy,
The banking services bid may need to stay tabled as | still waiting for the community donations/activities from both
Peoples and Chelsea Groton. Once | receive the information from both, | will forward to you for distribution. | have
attached the actual quarterly costs between both banks that the treasurer has compiled based on our actual
numbers. The rates savings for the year is projected at $22,528.08.
Thank you.
Kimberly Allen
Director of Finance
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
kallen@waterfordct.or
860.444.5840
860.440.0579 (fax)
“rs of
Waterford
CONNECTICUT
PRIVILEGED AND CONFIDENTIAL: This communication, including attachments, is for the exclusive use of addressee and
may contain proprietary, confidential or privileged information. If you are not the intended recipient, any use, copying,
disclosure, dissemination or distribution is strictly prohibited. If you're not the intended recipient, please notify the
sender immediately by return email and delete this communication and destroy all copies.


Chelsea Groton bank
People’s United Bank
Average balance June $2,084,390,C0 $2,084,390.00
Earning Credit 0.20% $347.40 0.75% $1,122.50
Fees $1,948.28 $1,836.32
Average balance July $4,199,467.00 $4,199,467,00
Earning cok 0.20% $699.91 0.75% $1,956.09
Fees $2,948.40 $3,857.96
Average balance Aug $2,583,242.00 $2,583,242.00
Earning Sie 0.20% $430.54 0.75% $1,050.11
Fees $2,452.98 $2,274.21
Savings
Total Credits $1,477.85 $4,128.70} $2,650.85
Total fees $7,349.66 $7,968.49
Transportation $3,600.00 included
Total fees with Transportation $10,949.66 $7,968.49] $2,981.17
June July Aug Savings $5,632.02


FINANCE DEPARTMENT
Memo
May 17, 2022
Mr. Rob Brule
First Selectman
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
Re: Bid Award — BID#22-110 Comprehensive Banking Services
Dear Mr, Brule,
On March 29, 2022, Maryellen McConnell, Joe Mancini and | opened bids for the above-
mentioned Request for Proposals, with the attached results.
The Purchasing Agent in conjunction with the Finance Director recommends the contract for
these services be-awa ded to the most qualified bidder Peoples United Bank, In accordance
: fe fy
row owner
Purchasing Agent,
Town of Waterford

PHONE: 860-442-0553
www.waterfordct.org
FIFTEEN ROPE FERRY ROAD
‘WATERFORD, CT 06385-2886
TO: Rawle Dummet, Purchasing Agent
FROM: Kim Allen, Director of Finance
copy: Abbas Danesh, Treasurer
Ginny Bielucki, Accountant II
Joseph Mancini, BOE
Karen Kopec, BOE
RE: Contract Award Notification (Bid#22-110 COMPREHENSIVE BANKING SERVICES)
DATE: May 13, 2022
Abbas Danesh, Ginny Bielucki, Karen Kapec and myself reviewed all proposals for banking services that
were received in response to Bid #22-110 Comprehensive Banking Services, After reviewing all the
proposals, fees for current services, and earning credit percentages it is our recommendation to award
the contract for the Town of Waterford banking services to People’s United Bank.
People’s rates earning credit is proposed at .75% and they have agreed to hold their rates for S years.
None of the other proposals match Peoples in)fees/rates or earning credits. People’s also will be
providing equipment at no charge that will allow the town to begin using remote check capture
technology to allow bank deposits remotely.
Respectfully,
Kimberly Allen

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Appendix B: Expected Volume Levels
: Service Description Annual - _ Price
es : : Volume Per Unit
Maintenance Fee N/A $20.00
Checks Written 7350 $0.17
Stop Payments 18 $30.00
Electronic Debits (Withdraws) 600 $0.14
Electronic Credits (Deposits) 640 $0.14
Deposits Ticket 870 $0.40
On Us Items N/A $0.12
Transit [tems Local N/A $0.12
Charge Back Items N/A $8.00
Incoming Wire 18° $12.00
Outgoing Wires 24 $12.00
ACH Origination Maint. N/A 535.00
ACH Origination Batches N/A $5.00
ACH Origination Items 16000 $0.14
ACH Notification of Change 7 $3.50
ACH Returns N/A $5.00
Remote Deposit Maint (Monthly) N/A $40.00
Remote Deposits N/A $0.40
Remote Deposit Items N/A $0.12
Positive Pay 24 $35.00
Positive Pay Exceptions 23 $2.00
Positive Pay Stops 29 $0.08
Average monthy balance N/A $4,000,000.00

ADDITIONAL SERVICES
Online Banking
Account Recon/Positive Pay
ZBA
Wires
Lockbox Services
Earnings Credit Rate: 0.75%
Info Reporting Premier (2 accounts)
Info Reporting Addt'l accounts
Info Rpt Details 0-500
info Rpt Details 501+
Payee Positive Pay
Full Recon w/Positive Pay
Full Reconciliation
Full Recon Issued items
Full Recon Issue Files
ACH Positive Pay
ACH Positive Pay Exception Items
ZBA Concentration
ZBA Sub Account
Wire Module
Incoming Wire Activity Report
Web Research
Extract File
Retail Monthly Maintenance
Web Exceptions
Lockbox Delivery Preparation Charge
Monthly Transmission Maintenance
Lockbox Deposit
Retail Lockbox Per Item Processed
(BX Reject OCR-MICR Repair
Archived Images
Unprocessable/Correspondence
Retail Lockbox Item Reject
Courier Service
Lockbox Deposit On Us & Local
UPS Package Return
Annua
Volume
12
60
6000
5350
n/a
12
12
7928
163
24
14
12
12
12
16
12
12
12
12
12
12
1058
1925
67
867
Price
Per Unit
$50.00
$12.50
$0.06
$0.08
$20.00
$85.00
$75.00
$0.08
$7.50
$19.00
$5.00
$40.00
$25.00
$35.00
$1.50
$5.00
$5.00
$13.00
$5.00
$2.50
$4,00
$0.60
$0.18
$0.05
$0.03
$0.50
$0.25
$50.00
$0.15
At Cost;

Digital Payment Solutions : :
*Due to the scalable nature and various connection options within DPS, pricing would
be provided after a review of the product offering to understand your needs of a payment
website and the requirements of your business. A definitive pricing schedule would be
defined after the product options are chosen to provide a clear understanding of the fee
schedule.
Integrated Payables : a -
*The fees are a direct function of how many payments are made, the form of payment being
utilized and the complexity of your AP process/needs.
Purchasing Card :
*Transaction and monthly software/services fees apply
Merchant Services.
: : : Transaction iG/Biscovar/Amex/PIN-Debit
New. merchant account setup fees $0.00 $0.00 $0.00 0,0000%,
Authorization - Visa $0.00 $0.00 $0,00.] 0.000086)
Authorization - Mastercard $0.00 $0.00 $0.00 0,0000%8:
Authorization - American Express $0.00 $0.00 $0.00 0.00007)
Authorization:- PIN-Debst $0.06 $0.00 $0.00 0,0000%.
Pee Transaction - Visa $0.00 $0.00 $0.08: B.NO1O Pass-Thre
Per Transaction - Mastercard ‘$0.00 $0.00 $O.03 B.0010% “Pace Thrts
Per Transaction - American Express ‘$0.00 $0.00 $0.53 O.0020% Pose-Thrse
Per Trapsactionn - PIN-Debit $0.00 $0.00 30,03 BOO, Pass-Thew
Address Verification {AVS} fee $0.00 ‘$0.00 $0.00 ‘0,0000%
Retrieval request fee $0.00 $0.00 $0.00 0.0000%,
Chargeback fee $0.00 $0.00 $25.00 0.0000%6
Monthly minimum fees, e.g. MID with no transaction $0.00 $0.00. $0.00 0.0000% |
Onliné portal access per Merchant 30 ‘$0.00 [$15.85 0 0.0000%:
Statement fea (paper statement} $0.00 $0.00 $0.00 0,0000%:
Terminal reprogramming fee (for customer owned terminal) $0.00. “$0.00 $0.00 ‘6.0000%
PCI conipllance support fees $0,050 $0.00 $0.00. '9.0000%
PCE noncompllance fee $0.00 $15.95 $0.00 0.00005,
“Worldpay has a vast salution sat to accommodate every potential
payments need, Some of these spaclalized solutions. may have
product specific fees associated with them, If it Is deemed that the
City would benefix from any solution that requires product-specific
feés not listed above, the City will be provided with an addendum to.
sign detailing any and ail product specific fees.
*Based on current volumes, pricing and an average monthly balance of $4,000, 000, the
Town of Waterford i is not t currently assessed any fees for services. oe
*People’s Ss United Bank agrees that these prices for banking se service will be effective for
the terms described in the RFP.

Town of Waterford
Bid#22-110
Request for Proposal
Comprehensive Banking Services
Proposal Due Date
2/4/2022
By: 11:00 am EST
Town of Waterford— Comprehensive Banking Services RFP Page 1

Town of Waterford
Board of Selectmen
Request for Proposals
Bid #22-110 Comprehensive Banking Services
The Purchasing Agent will accept sealed bids for Comprehensive Banking Services until Friday, February 4°,
2022 at 11:00 am in the Louise Appleby Room located at 15 Rope Ferry Rd Waterford, Connecticut,06385.
Information and Bid Packets are available on the Town web site at www.waterfordct.org Any questions regarding
specifications, policies and procedures are to be directed to the Purchasing Agent in writing at
tdummett@waterfordct.org. Potential Bidders are responsible for checking the Town of Waterford website for
any addenda and updates regarding this Bid. The Board of Selectmen reserves the right to reject any or all bids,
in whole or in part, and to waive any informality in any bid when such action is deemed to be in the best interest
of the Town; their decision is final.
Rawle Dummett
Purchasing Agent
Town of Waterford
Town of Waterford— Comprehensive Banking Services RFP Page 2

Town of Waterford REQUEST FOR PROPOSAL (“RFP”)
FOR
COMPREHENSIVE BANKING SERVICES
Table of Contents
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Town of Waterford—- Comprehensive Banking Services RFP Page 3

I. Introduction
Town of Waterford seeks to create a strategic partnership with an Official Banking Services Provider,
anddesires to partner with a first-class organization that shares our values of extraordinary customer
service, good stewardship of public resources, and giving back to the community. Town of Waterford
is looking for a strategic partner who understands the value of the association with our Town locally,
regionally and nationally.
II. RFP Requirements and Schedule
This Request for Proposal (RFP) is issued to solicit proposals from qualified, experienced, financially sound
and responsible firms to provide comprehensive banking services for Town of Waterford. The services
needed are outlined below. The scope of services is further defined in Sectionll.
e Depository services
1. Service Locations
Finance Department
15 Rope Ferry Road
Waterford, CT 06385
Waterford Utility Commission
1000 Hartford Turnpike
Waterford, CT 06385
Hours of Operation
8am —4pm
2. Any Special Provisions
Pickups from 9am till 29m
Finance Department
Twice a week (Tuesdays and Fridays)
July and January (daily)
Waterford Utility Commission
Fridays
July, Oct, January and April (Wednesdays and Fridays}
First Wednesday of Aug, Nov, Feb and May
« Positive pay services
© Remote Deposit Capture
e Electronic Funds Transfer—ACH, Wires
e Cash management and investment services
« = Electronic banking
« Merchant Services
in selecting a financial institution, the Town’s primary goals are to partner with a financial institution that
demonstrates quality and responsiveness in its customer service and can demonstrate the local decision-
making authority available to handie the Town's emergency needs as they arise.
Town of Waterford— Comprehensive Banking Services RFP Page 4

A detailed description and graphical representation of the current account structure is in Appendix C.
Proposals may include alternate account structures that offer improved efficiency and economy.
A. SCHEDULE OF PROPOSAL
Issue RFP 1/07/2022
Written Clarifications Due 1/21/2022
Responses to Questions 1/28/2022
Proposals Due 2/4/2022
Bid Reviews /Evaluations 2/11/2022
Award bid-Selection (Board of Selectmen Meeting) TBD
Implementation/Go-live TBD
Town of Waterford— Comprehensive Banking Services RFP Page 5

INTENTION TO SUBMIT PROPOSAL
if your financial institution fs interested in receiving updates to this Request for Proposal, including
responses to submitted questions from all participating financial institutions, please complete
Appendix A: Intention to Submit Proposal. if we have not received the requested information in
Appendix A from you by 1/21/2021, we will assume you are not submitting a proposal.
SUBMISSION OF WRITTEN QUESTIONS
All questions about the RFP shall be submitted by email by 1/21/2022 end of business to
rdummett@waterfordct.org.
The Town will provide electronic responses to questions to all prospective proposers by
1/28/2022.
PREPARATION OF PROPOSAL
Careful attention must be paid to all requested items contained in this RFP. Please read the entire
package before bidding.
Each proposal shall be prepared simply and economically, avoiding the use of elaborate
promotional materials beyond what is sufficient to provide a complete, accurate, and reliable
presentation. For ease of review, the proposals must follow the outline in Section IV of this RFP.
Each response should be clearly numbered and the full question listed. Each page of the proposal
must be sequentially numbered.
SUBMISSION OF PROPOSALS
In order to be considered for selection, financial institutions must submit response to this
solicitation no later than 11:00 a.m. on 2/4/2022.
No other distribution of the proposal shall be made by the financial institution. It is the
responsibility of the financial institution to assure that the offer is delivered to the place designated
to receive offers prior to the deadline, Offers received after the deadline may not be considered.
No unsolicited corrected or resubmitted proposa! will be accepted after the proposal submission
deadline.
TIME AND LOCATION OF PROPOSER’SPRESENTATION
If deemed necessary, the Town may invite selected financial institutions to meet with the
evaluation team.
Town of Waterford—- Comprehensive Banking Services RFP Page 6

EFFECTIVE PERIOD OF PROPOSALS
Proposals must state the period for which the proposal shall remain in effect (i.e. how much time
does the Town have to accept or reject the proposal under the terms proposed). Such period shall
not be less than 180 days from the proposal date.
BID RESERVATIONS
Notwithstanding any other provisions of this RFP, the Town reserves the right to award this
contract to the financial institution that best meets the requirements of the RFP and not
necessarily to the lowest cost proposer. Further, the Town reserves the right to reject any or all
bids, to award in whole or in part, and to waive minor immaterial defects in bids. The Town may
consider, at its sole discretion, any alternative bid.
CONTRACT NEGOTIATIONS :
Negotiations may include all aspects of services and fees. After a review of the proposals, and
potentially in-person presentations, the Town intends to enter into contract negotiations with the
selected financial institution. If a contract with the selected financial institution is not finalized
within 90 days, the Town reserves the right to open negotiations with another financial institution.
AWARD OF CONTRACT
The selected financial institution shall be required to enter into a written contract with the Town in
a form approved by legal counsel for the Town. This RFP and the proposal, or any part thereof,may
be incorporated into and made a part of the final contract. The Town reserves the right to
negotiate the terms and conditions of the contract with the selected proposer.
CONTRACT TERM
It is the intent to award the contract for an initial 5-year period with the option to renew it for an
additional 5-year period. The decision to renew the contract will be at the sole discretion of the
Town.
Proposers must agree to fix contract fees for the first three (3) years. If the proposer intends to
revise its fee schedule after the initial period, it must give written notice to the Town 90 days in
advance of any fee change. Fees may be changed only on the contract anniversary date. These
fees are subject to negotiation and approval by the Town and may not exceed the annual consumer
price index-urban (CPI-U) for the most recently available 12-month trailing period.
DISPOSITION OF PROPOSALS
All proposals submitted become the property of the Town and will not be returned to the bidder.
COST INCURRED IN RESPONDING
This solicitation does not commit the Town to pay any costs incurred in the preparation and
submission of proposals or in making necessary studies for the preparation thereof, nor to procure
or contract for services.
ASSIGNMENT
The successful proposer shall not assign, transfer, convey or otherwise dispose of the contract, or
right, title of interest, or power to execute such a contract to any person, firm, or corporation
without the previous consent in writing by the Town.
Town of Waterford— Comprehensive Banking Services RFP Page 7

0. CONTRACT STIPULATIONS
The successful proposer shail indemnify and hold harmless the Town, its agents, employees,
contractors, faculty members, students, and trustees from and against any and all claims, losses,
actions, damages, expenses and all other liabilities, including, but not limited to attorney’s fees,
directly or indirectly arising out of or resulting from the successful proposer’s and/or its
employees’ and agents’ operations hereunder.
The laws of New London County shall govern the interpretation and performance of the resulting
agreement. Any action brought to enforce any provision of the agreement shall be brought in the
appropriate courts of New London County.
The contents of the proposal and any clarification thereto submitted by the successful proposer
shall become part of the contractual obligation incorporated by reference into the ensuing
agreement, unless modified by mutual agreement in writing.
The successful proposer represents that the terms, conditions and prices established under the
subsequent contract resulting from this RFP are equal to or better than those offered to other
institutions, comparable Towns and Municipalities. If during the term of the contract the successful
proposer offers more favorable terms, conditions or prices to another institution, comparable
Town or Municipalities, the successful proposer agrees to notify the Town. The contract resulting
from this RFP shall be amended to reflect more favorable terms, conditions, or prices.
P. CAUSES FOR TERMINATION
Causes for termination of the agreement may include an of the following: Failure to promptly and
faithfully provide the services required at the prices indicated in the proposal; violation of any law
governing services provided to the Town; failure to cooperate upon receiving any reasonable
request for information or service; or improper actions of the officers or employees which, in the
opinion of the Town, would adversely affect its interest, or endanger the structure of the banking
institution such as a spin off or merger which materially affects the terms of this agreement. The
Town may terminate the agreement without penalty on 90-day notice.
Town of Waterford— Comprehensive Banking Services RFP Page 8

Ill. Scope ofServices
A. GENERAL REQUIREMENTS
The Town prefers that the financial institution have a local branch network in order to meet the
organization’s cash management needs and to serve its employees,
B. DEPOSIT SERVICES
The Town depasits approximately ---- checks per month using Remote Deposit Capture and
deposits an average of $--------in currency and coin per month. Currency and coin deposits are
delivered to the financial institution by a Town employee and Public Safety Officer.
Required services include:
+ Process deposits of approximately ------checks per month using RDC,
+ Process foreign and domestic wires received and sent by the Town,
* Image deposited items,
* Provide online access for deposit reconciliation including images of deposited items.
C DISBURSEMENT SERVICES
The Town currently disburses approximately 600 checks per month. Positive pay services are
currently used on disbursement accounts.
Required services include:
+ Provide payee positive pay services with online transmission of check details,
+ Provide positive pay exception item review and correction online,
* Provide online stop payment services,
+ Provide electronic archival of cleared checks (images of front and back), and
+ Provide online access to cashed check images.
Dd. ELECTRONIC FUNDSTRANSFER
The Town processes approximately 50 ACH Credits and 50 ACH Debits each month.Required
services include:
e =Accept and send ACH transactions,
+ Provide ACH debit blocking services,
+ Provide a secure electronic method to initiate intra-bank transfers, and
+ Provide a secure electronic method for authorization for wiring funds.
E. COIN/CURRENCY ORDERING SERVICES
The Town places approximately 800 coin/currency change orders totaling on average $210,000.00
permonth
Required services include:
¢ Process approximately $. in change orders per month for branch pick up.
F. REPORTING
The Town requires access to daily reports of balances and transaction information. Prior day
reporting must include ledger balance, available balance, and summary and details of
credits/debits posted. Current day reporting requirements include wire transfer activity and ACH
__ receipts, _
Town of Waterford-—- Comprehensive Banking Services RFP Page 9

Iv.
A
Required services include:
¢ Provide online balance reporting services,
* Allow Town employees with different levels of authorization to access the bank’s
online reporting system,
* Provide monthly activity statements and reports electronically,
* Provide a detailed monthly account analysis statement for each individual account and a
consolidated statement showing charges for all account services.
BANK BALANCES
During the past 12 months, the Town maintained an average collected balance of $4,300,000.00.
Balances fluctuate throughout the year from $1,400,000.00 to $11,400,000.00 million.
Compensating balances are currently used to generate earnings credits, which offset service fees.
The Townis also interested in investing funds in a sweep or interest-bearing account.
Required services include:
¢ Provide an overnight investment service (sweep) and/or interest-bearing account for
excess cash balances in the demand deposit accounts.
ADDITIONAL SERVICES
You may include any additional services you desire to offer, along with the cost involved. All such
proposals may be accepted individually or collectively, or rejected at the Town’s discretion. Each
additional service will be evaluated on the basis of its net benefit to the Town.
Information Requested
QUALIFICATIONS AND EXPERIENCE
1. Provide a general overview and brief history of your organization, including parent and/or
subsidiary companies and the number of employees.
2. Provide the address of the office location(s} that will service the account.
3. Describe the experience of the financial institution in providing similar services for other
Towns and Municipalities.
4. Complete the following table with current credit ratings by Standard & Poor’s Rating
Services and Moody’s Investor Services. if the proposer is not rated by these rating
organizations, provide other evidence of the institution’s financial strength.
Town of Waterford— Comprehensive Banking Services RFP Page 10

Financial Institution
Standard & Poor’s Rating | Moody’s Investor Services
Short-term Unsecured
Senior Debt
Long-term Unsecured
Senior Debt
Financial Institution Holding Company
Standard & Poor's Rating { Moody's Investor Services
Short-term Unsecured
Senior Debt
Long-term Unsecured
Senior Debt
5. Discuss the firm’s current capital structure, adequacy, and coverage. If applicable, provide
the firm’s risk-based capital classification (Well Capitalized, Adequately Capitalized, Under
Capitalized, Significantly Undercapitalized).
6. Include and electronic copy of the most recent audited financial statement and the latest
10-k report with the proposal.
7. Provide the bank’s Community Reinvestment Act (CRA) rating.
B. PERSONNEL
4 Provide the name, title, address, phone number, fax number and email address of the
primary contact person(s) assigned to this account.
2. Describe your firm’s policy on changing the primary contact person on an account.
3. Name the individuals who will work with the Town on a day-to-day basis. Information
should include:
a Experience working with other Towns and Municipalities
b. Proposed role with regard to the Town’s account
c Number of years of experience in this field
d. Number of years with your firm
e. Describe the level of local decision-making authority these individuals have to
handle emergency needs of the Townas they arise.
4, Will a specific customer service representative or a customer service department be
assigned to handle day-to-day transactions for the Town?
a. Describe the responsibilities of the customer service personnel, including the
chain of command for problem resolutions.
. is local customer service support available at the bank’s local branches?
con What are the hours of operation of each customer service unit involved in
supporting the proposedservices?
d. if an error is discovered by the Town, how would you propose to resolve it
(i.e. who should the Town contact first, etc.)?
5. IT Resources: Wil] the bank provide dedicated IT liaison(s) to work on set-up, file transfer,
testing and troubleshooting/issue resolution? During what hours is technical support
available?
Town of Waterford— Comprehensive Banking Services RFP Page 14

Cc GENERAL BANKING SERVICES
1. Deposit Processing
a. Please provide a listing of bank branches, noting the address and distance of the
branch closest to the Town.
b. For deposits collected and transported by the Town, which branch location do
you propose the Town use to deposit funds?
c Does the financial institution accept loose and/or rolled coin for deposit at this
branch?
d. What is the ledger cutoff time for deposits?
e How are deposits credited? Are all items immediately verified? If provisional credit
is given, when does verification take place? If the financial institution corrects a
deposit, how with the Town be informed of this change?
2. Remote Deposit Capture
a. Describe the financial institution’s ability to process checks by RDC.
b. Is there a limit on the number of checks that can be contained in a single
deposit?
c Does your service allow for multiple deposits in a single day?
d. How will we be notified of deposit corrections and/or adjustments?
e. Describe the process used for balancing and correcting deposits transmitted to
your institution.
f. Does your service offer the ability to adjust data using recognition technology that
was not captured correctly by the scanner? If yes, please describe. If not, daes the
service allow the addition, deletion, and rescanning of checks during both the
correction and balancing functions?
g. What equipment does the financial institution recommend for RDC and what is
the price for this equipment?
h. Can checks be automatically endorsed with the financial institution’s RDC service?
ls the automatic endorsement an electronic image or printed on the check?
i. Are checks cleared as ACHs or image replacement documents? How does the
financial institution’s software determine the clearing mechanism?
he Is there a difference in legal standing for items clearing by ACH or image
replacement documents (IRDs)? If so, please describe.
3. Coin/Currency Ordering Services
a. Does the financial institution have an automated coin/currency ordering service?
Describe the deposit and change order procedures, cutoff times, security and
other features of this system.
b. Describe change order procedures and restrictions for branch pick up.
4. Returned Item Processing
a. Can returned items be automatically re-deposited? If so, how many times?
b. Does the financial institution offer any options that may increase the collection of
NSF checks?
c Can the financial institution provide online access to electronic images (back and
front) of returned items? How soon after an item is returned can these images be
accessed?
d. Can the financial institution provide a summary report of returned items
awddentifying the payer's name,_d
positing location, deposit date, and the type of
Town of Waterford— Comprehensive Barking Services RFP Page 12

item being returned?
Availability of Deposits
a. How does the financial institution determine and calculate availability of deposited
items?
b. Does the financial institution give immediately availability for on-us items?
c. Does the financial institution calculate availability by item or formula?
d. is the availability assignment made continuously as checks are released for
collection, or is assignment made at specific times during the day?
e Provide a copy of the availability schedules the financial institution proposes to
use. Is this the best schedule offered to any customer? {f not, quantify the
difference and explain how the Town may obtain the financial institution’s best
availability schedule. Describe the extra charge, if any, for obtaining the financial
institution's best availability schedule. :
f. List your cutoff times for giving same-day value on EFTs (e.g. wire, ACH/bulk)
received. How soon after the bank receives incoming funds (e.g. wire, ACH/bulk),
or notification of incoming funds, does the Town receive good value in its account?
g. What is the float period assigned to foreign items?
Positive Pay
a. Does the financial institution offer Positive Pay and Payee Positive Pay?
b. How would the Town transmit check issuance information to the financial
institution?
c What is the deadline for the transmission of check issuance files to the financial
institution?
d. How frequently can transmission files be uploaded to the financial institution for
the issuance of additional checks, and/or recently voided items? Is there a limit
to the number of files per day?
e. Does the financial institution offer the ability to manually enter one-time check
disbursements issued during the day? Please describe.
f. What controls are in place to protect against lost files and duplications of
transmissions? If duplicates are sent, is there a penalty or potentialissue?
g. | Howwillthe Town be notified of exception items? What time will the Town receive
the information on exception items? What time does the Town have tonotify if an
exception should be accepted or rejected? Does the financial institution offer a
“do not pay” default for exception items?
h. Will stale dated checks be reported as exception items?
i. Is Positive Pay required for all demand deposit accounts, even on accounts with
no check writing functionality? Can accounts be designated as “post no checks” to
prevent potential fraud? Is there a cost to make this account designation?
je Is Teller Positive Pay available? How frequently is check issuance information
updated and available to tellers?
k. Are there any other fraud protection services that the financial institution
provides and/orrecommends?
Stop Payments
a. How are stop payment orders placed? Can stap payments be placed online?
b. Are stop payment requests effective immediately? If not, how long does it take
for a stop payment request to be effective?
il-the-system-verify-ifa-cheel-has-been-paid-before:processing-th
Town of Waterford— Comprehensive Banking Services RFP Page 13

payment request?
d. What term options are available for stop payments?
e. Can stop payments be automatically renewed? If so, for how long? What is the
associated fee for each renewal?
8. ACH Processing
a. What ACH file transmission options are availabie?
b. What are the transmission deadlines for ACH files? When does the financial
institution need the file from the Town and when are the funds debited from the
Town's accounts?
c How are returned and rejected ACH transactions handled? What information does
the financial institution provide to assist in identifying returned and rejected ACH
transmissions? When is this information available?
d. Describe the financial institution’s procedures for handling debits to the Town’s
accounts that were nat authorized by the Town. Does the financial institution
notify the Town of the receipt of an unauthorized ACH debit?
a. If the financial institution provides ACH debit blocking, what level of filtering can
be applied?
f, Does the financial institution offer ACH Positive Pay (ability to make pay/no pay
decisions on unidentified ACH transactions)?
g. Does the financial institution offer Universal Payment Identification Codes
{ability to mask visible account numbers to reduce the risk of unauthorized direct
debits)?
9. Wire Processing
a Describe the process of initiating wire transfers including USD domestic wires,
repetitive wires, USD international wires, and foreign currency international wires.
b. During what hours is the wire transfer system available?
c If wire transfers can be initiated online, describe the system’s security features. ©
Can varying degrees of authorization be set (i.e. multiple authorizers, maximum
dollar amounts, etc.)?
d. Does the financial institution offer dual control release options (secondary
approval levels) for electronically initiated transfers? If so, describe.
e Whatis the cutoff time for same-day wire transfers?
f. What is the financial institution’s maximum retention period for future dated
transactions? For future dated transactions, at what time are warehoused wire
transfers automatically released on the transaction date? What types of wire
transfers can be warehoused? Are there warehousing charges?
g. Describe the financial institution’s procedure for providing payment confirmation
information (e.g., reference numbers) upon acceptance and execution of the wire
transfer request, including the availability and method of delivery of internal
confirmation/sequence number and clearing system reference number.
h. Describe the financial institution’s policy for handling a failed wire transfer.
How and when would the Town be notified?
10. Intra-financial Institution Account Transfers
a. Describe the process of initiating an intra-bank account transfer.
b. Does the financial institution offer dual control release options (secondary
Town of Waterford— Comprehensive Banking Services RFP Page 14

11.
12.
13.
14,
Cc.
Whatis the cutoff time for same-day intra-bank account transfers?
Statements and Documents
a.
How soon after the cutoff date are the following items ready?
Online
Bank statements
Full reconciliation information
Account analysis statements
Are electronic images stored on the financial institution’s online reporting system?
How long are electronic images for deposited and disbursement items stored on
the reporting system and available for customer access?
How does your image system capture and report images for damaged checks?
{f online access only, how long after the termination of a contract will the financial
institution allow the Town to access historical images on the reporting site? Can
historical data be downloaded?
Online Reporting
a.
@
— oq ob
Jj.
Describe the different reporting solutions and methods by which the institution
makes deposit and balance information available.
How wil] the Town access the reporting system?
What levels of authorization (e.g. accounts viewed, transaction capabilities, etc.)
can be permitted or turned off for individual users? {s there a limit on the number
of users that can access the online services?
What current day reporting is available through the reporting system (e.g.
beginning and ending ledger balances, collected balances, available balances, and
float assignment)?
Are there differences in information available for current day and previous day
reporting? If yes, please describe.
What time is previous day information available?
In what file formats can data be downloaded?
Can electronic reports be customized? {s there an additional charge?
How many business days of balance history are stored on the reporting system for
previous day reporting? If there are differences in information available for
current day and previous day reporting, how many business days of balance
history are stored on the reporting system for current day reporting?
List all other transaction types that can be initiated using the online system.
Reconciliation Services
a.
c
Does the bank offer Account Reconciliation Program (ARP) services? Please discuss
options, provide sample reports and file specifications for reconciliation services.
Are the systems integrated for check, ACH and wire transfers? If so, describe. If
not, describe any plans to do so.
Describe how reconciliation data is transmitted to the Town.
File Transfer
How are file transfers initiated? In what formats is the information available for
retrieval?
a.
Town of Waterford— Comprehensive Banking Services RFP Page 15

15.
transaction type?
C Does your system provide for electronic confirmation of receipt for file
transmissions? .
d. How is connectivity initiated? What protocols are used to facilitate the interface?
e. Describe the process the financial institution uses to verify all records have been
received and processed.
f. What controls are in place to protect against lost files and duplicate transmissions?
How will the Town be notified of a duplicate file?
Credit/Debit Card Processing Services
Notes: The Town utilizes PayPal and invoice Cloud for our credit card transactions. The bank
will only see ACH deposits for these transactions. The Town does not require credit/debit
card processing services.
16.
17.
18.
19.
20,
21.
a. Outline the security measures in place for the protection of data transmitted for
processing.
b. Describe the security measures used to prevent unauthorized user access to
either the system or the data.
c Provide names and phone numbers of three references, preferably similar to our
organization or with comparable volumes and communication capabilities, who
are currently using your card processing services. Select a mix of long-standing
and recently acquired customers.
d. Provide any additional information that is relevant to this RFP and your
capabilities to provide the services requested (e.g., product brochures, articles in
trade journals).
Account Analysis Statements
a Piease provide a sample analysis statement.
b. Are account analysis statements available online? Can the account analysis data
be sent electronically?
Cc Will the bank assess FDIC or FICO charges to the Town? If so, what is the current
charge for an entire year on a $1 million balance? How is this charge computed?
Overdrafts
a. What are the fees and interest charges associated with overdrafts? How are these
charges calculated?
b. Is there a fee per check or per occurrence when there is an overdraft?
c Is there a daily cap on fees?
Specify whether the online capabilities are accessible 24/7. If not, list the hours of
availability for each service.
Describe the electronic and/or manual system used to provide the proposed services along
with backup and recovery capabilities. Who would the Town contact to initiate day-to- day
banking transactions if online capabilities and functionality are temporarily
unavailable?
Describe the financial institutions security procedures for its information reporting system,
both for access and information protection.
Is system administration performed by the financial institution or the customer? What
functions does thesecurityadministraterperform?
Town of Waterford— Comprehensive Banking Services RFP Page 16

22.
23.
24.
25.
26.
Is an audit trail report available, showing all activity, by whom and when, for each system?
Describe the types of insurance and bonding carried.
Include a copy of the financial institution’s most recent reports issued in accordance with
the Statement on Standards for Attestation Engagements (SSAE 16) for any processes or
systems relevant to the services under this RFP.
{f not already covered in the SSAE 16 report, describe the disaster recovery plans for each
proposed service for short- and long-term disaster and power failure recovery.
Describe any additional security measures available to the Town to minimize the risk of
unauthorized transactions in its accounts,
D. IMPLEMENTATION/CONVERSION
1 Provide a conversion plan for transitioning each of the proposed services to your financial
institution.
2. Who will be responsible for coordinating the transition for each of the proposed services?
If a conversion team is used, how with the Town’s account be transitioned to the ongoing
client service team?
3. Indicate the financial institution’s plans for initial and ongoing educating and training
Town employees in the use of your systems.
4, Will the Town be allotted a fixed number of hours of training?
E. NEW SERVICES ANDIDEAS
1. Describe any new services or ideas that will enhance the Town’s utilization of financial
institution services described.
2. Please provide any additional information that your financial institution believes to be
pertinent, but not specifically requested elsewhere in the RFP.
F. REFERENCES
1 Provide at least three references, if possible, including client name, contact person,
address, phone number, services provided, and the length of time your financial institution
has worked for the entity.
2. How many clients has the proposed relationship manager gained and lost in the last five
years?
G. SAMPLE CONTRACT
1.
Provide a sample of the proposed contract for your financial institution’s services. Please
also provide samples of ali other documents which will need to be signed/entered into
Town of Waterford— Comprehensive Banking Services RFP Page 17

related to the provision of the services requested in this RFP, including any documents
referenced or incorporated into the contracts/agreements.
2. It is the intention to incorporate the RFP and your financial institution’s proposal
response as part of the overall contract. Is this acceptable? If not, why?
H. PRICING AND ACCOUNT ANALYSIS
1. For how long is the financial institution willing to guarantee the proposed fees?
2. Can fees be debited directly from the Town’s accounts rather than billed to the
Town?
3. Provide a complete fee schedule for all of the services described in your financial
institution’s proposal using Association of Finance Professionals (AFP} Service Codes, if
possible. A list of services currently used with volume levels is provided in Appendix B.
Fees related to all services described in the proposa! must be listed, even if the service is
not shown on the schedule. Also, include any one-time or set-up charges, research fees,
minimum fees and ail other fees that will be charged. Include any incentives or price breaks
offered based on volume, timeliness of payment, rebates or other measures.
4. Are you willing to offer any transition or retention incentives?
5. Are there any additional price breaks or incentives?
Town of Waterford— Comprehensive Banking Services RFP Page 18

V. Evaluation and Award Criteria
This RFP seeks financial institutions to provide comprehensive banking services to the Town. A preliminary
evaluation will be conducted identifying the financial institutions deemed fully qualified and best suited
among those submitting proposals on the basis of the evaluation factors listed below (not in priority order):
Criteria
Operational Requirements
+ Understanding the needs and operation requirements of the Town
* Financial institution and branch locations
* Scope of services offered, including degree of automation
Experience
* Experience, resources, and qualifications of the financial institution and individuals assigned
to this account
+ Relevant experience managing similar account relationships with Towns and Municipalities
* Quality and responsiveness of customer service
* Local decision-making authority to handle emergency needs
Financial Strength
« Financial strength of proposing institution
* Adequacy of financial controls and protection against loss
Transition
* Quality and scope of implementation/conversion plan
* Value of any new product or service suggestions or other new ideas and enhancements
Compliance with the requirements of this RFP and quality of proposal
Fees
* Proposed fees, compensation and other quantitative measures (although fees and
compensation will be an important factor in the evaluation of proposals, the Town is
not required to choose the lowest cost proposer)
Town of Waterford— Comprehensive Banking Services RFP Page 19

Appendix A: Intention to Submit a Proposal
In order to provide timely updates to this Request for Proposal, including the responses to questions
submitted, we ask that potential financial institutions submit the information below via email no later
than 4:00 p.m. on 11/30/21.
To: Rawle Dummett Purchasing Agent at; rdummett@waterfordct.org
INTENTION TO SUBMIT A PROPOSAL
Financial institution name:
Contact name and title:
Email, phone and fax numbers:
Physical address:
Mailing address, if different:
Intention to Submit Proposal:
1 Yes, we plan to submit a proposal. Please
continue to provide updates to the individual
above, or
0 No, we do not plan to submit proposal.
Town of Waterford— Comprehensive Banking Services RFP
Page 20

Appendix B: Expected Volume Levels
Service Description Annual Volume
Maint. Fee
Checks Written
Stop Payments
Electronic Debits
(Withdraws)
Electronic Credits (Deposits)
Deposits
On Us items
Transit Items
Charge Back Items
Incoming Wires
Outgoing Wires
ACH Origination Maint.
ACH Origination Batches
ACH Origination Items
ACH Notification of Change
ACH Returns
Remote Deposit Maint
Remote Deposits
Remote Deposit Items
Positive Pay
Positive Pay Exceptions
Positive Pay Stops
Average Monthly Balance
Town of Waterford—- Comprehensive Banking Services RFP
Page 21




FIFTEEN ROPE BERRY ROAD PHONE: 860-442-0553
‘WATERFORD, CT 06385-2886 wwwwaterfordct.org
TO: Rawle Dummet, Purchasing Agent
FROM; Kim Allen, Director of Finance
COPY: Abbas Danesh, Treasurer
Ginny Bielucki, Accountarit I}
Joseph Mancini, BOE
Karen Kopec, BOE ° .
RE: Contract Award Notification (Bid#22-110 COMPREHENSIVE BANKING SERVICES)
DATE: May 13, 2022
* Abbas Danesh, Ginny Bielucki, Karen Kopec and myself reviewed all proposals for banking services that
were received in response to Bid #22-110 Comprehensive Banking Services. After reviewing all the
proposals, fees for current services, and earning credit percentages it Is our recommendation to award
the contract for the Town of Waterford banking services to People’s United Bank.
People’s rates earning credit is proposed at .75% and they have agreed to hold their rates for 5 years.
None of the other proposals match Peoples in fees/rates or earning credits. People’s also will be
providing equipment at no charge that will allow the town to begin using remote check capture
technology to allow bank deposits remotely,
Respectfully,
Kimberly Alew

PeopleS United
‘ =" "A diision of M&T Bank-
850 Main Street, RC 579
Bridgeport, CT 06604
Phone: (203) 338-3191
Fax: (844) 227-8979
david. weber@peoples.com
May 26, 2022
Kimberly Alién
Director of Finance
Town of Waterford
15 Rope Ferry Roid
Waterford, CT 06385 ~
RE: Town of Waterford Bid #22-110 Request for Proposal Comprehetisive Banking Services
Dear'Ms, Allen:
By. signitig this correspondence, the parties hereto confirm that the Town of Waterford (the “Town”) has
awarded Bid #22-110, Request for Proposal Comprehensive Banking Services (the “REP”) to People’s
United, a Division of M&T Bank (the“Bank”), upon the terms and conditions of the following agreements
(attached hereto); . ; . oS
Treasury Manageritent Sérvice Master Agreement
Remote Deposit Capture Setvice Appendix
. Appendix B: Expected Volurie Levels
As provided in the Bank’s.cover letter submitted with its response-to the REP, the Barik further agrees to
* provide the following to fhe Town: : .
Uptto.two (2).free RDC check scanmers
Payment of the Town’s courier strvice
A Money Market rate of 0.12% to be reviewed on a quarterly basis
A $2,500 dollar retention credit to offtet costs of depository supplies
The Bank also’ agrees to fix its fees provided in Appendix B: Expected Volume Levels for the initial five
(5) year term of its engagement with the Town. If the Bank intends to revise its fee schedulé after the initial
five (5) year term of its engagement, the Bank will provide writtén notice to thé Town at least 90 days in
advance, ‘The Bank’s fees are subject to negotiation and approval by the Town, and ‘will not exceed the
annual consumer price index-urban (CPI-U) for the most recently availablé 12-month trailing period.

“The ihitial-term of ihe Bank’s contract with the Town is five (5) years, and the Town has the option to
* renew the'térm for’ati additional 5-year period, .
Ifyou have any questions, please feel free ta contact me.
CONFIRMED AND AGREED TO;
PEOPLE’S UNITED,.A DISION OF M&T BANK
, By: David F. Weber :
Vice President & Relationship Manager
THE TOWN OF WATERFORD
By: Kimberly Allen
Director of Finahce

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