Board of Selectmen - 45 (07/05/2022)

Vendor/Entity
Chelsea Groton Bank
Rates Provided
Liberty Bank
Rates Provided
T.D. Bank 
Rates Provided
Citizens Bank
Rates Provided
Peoples United Bank
Rates Provided
J.P. Morgan Chase
Rates Provided
0
Tabulation Sheet Bid#22-110 Comprehensive Banking Services
Bid Opening  03/29/2022 11:00 a.m.
Notes

Town of Waterford - People's United Bank, N.A
Appendix B: Expected Volume Levels
Service Description
Annual 
Volume
Price           
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 Items 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
$35.00
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
Annual 
Volume
Price           
Per Unit
Online Banking
Info Reporting Premier (2 accounts)
12
$50.00
Info Reporting Addt'l accounts
60
$12.50
Info Rpt Details 0-500
6000
$0.06
Info Rpt Details 501+
5350
$0.08
Account Recon/Positive Pay
Payee Positive Pay
n/a
$20.00
Full Recon w/Positive Pay
12
$85.00
Full Reconciliation
12
$75.00
Full Recon Issued Items
7928
$0.08
Full Recon Issue Files
163
$7.50
ACH Positive Pay
24
$19.00
ACH Positive Pay Exception Items
14
$5.00
ZBA
ZBA Concentration
12
$40.00
ZBA Sub Account
12
$25.00
Wires
Wire Module
12
$35.00
Incoming Wire Activity Report
16
$1.50
Lockbox Services
Web Research
12
$5.00
Extract File
12
$5.00
Retail Monthly Maintenance
12
$13.00
Web Exceptions
12
$5.00
Lockbox Delivery Preparation Charge
12
$2.50
Monthly Transmission Maintenance
12
$4.00
Lockbox Deposit
3
$0.60
Retail Lockbox Per Item Processed
1058
$0.18
LBX Reject OCR-MICR Repair
9
$0.05
Archived Images
1925
$0.03
Unprocessable/Correspondence
$0.50
Retail Lockbox Item Reject
67
$0.25
Courier Service
3
$50.00
Lockbox Deposit On Us & Local
867
$0.15
UPS Package Return
1
At Cost
Earnings Credit Rate:  0.75%

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
 *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
*Based on current volumes, pricing and an average monthly balance of $4,000,000, the 
Town of Waterford is not currently assessed any fees for services.
*People’s United Bank agrees that these prices for banking service will be effective for  
the terms described in the RFP.

Town of Waterford— Comprehensive Banking Services RFP 
Page 1 
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 2 
   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 4th, 
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 
rdummett@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 3 
 
 
 
 
 
Town of Waterford REQUEST FOR PROPOSAL (“RFP”) 
FOR 
COMPREHENSIVE BANKING SERVICES 
 
 
 
Table of Contents 
I. 
Introduction ...................................................................................................................................... 3 
II. 
RFP Requirements and Schedule ...................................................................................................... 3 
III. 
Scope of Services .............................................................................................................................. 7 
IV. 
Information Requested ..................................................................................................................... 8 
V. 
Evaluation and Award Criteria ........................................................................................................ 17 
Appendix A: Intention to Submit a Proposal ............................................................................................... 18 
Appendix B: Expected Volume Levels ......................................................................................................... 19 
Appendix C: Current Account Structure ..................................................................................................... 20 
 

Town of Waterford— Comprehensive Banking Services RFP 
Page 4 
 
I. 
Introduction 
Town of Waterford seeks to create a strategic partnership with an Official Banking Services Provider, 
and desires 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 Section III. 
• 
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 2pm 
 
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 
• 
Electronic Funds Transfer—ACH, Wires 
• 
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 handle the Town’s emergency needs as they arise. 
 

Town of Waterford— Comprehensive Banking Services RFP 
Page 5 
 
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 6 
 
B. 
INTENTION TO SUBMIT PROPOSAL 
If your financial institution is 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. 
 
C. 
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. 
D. 
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. 
 
E. 
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 proposal will be accepted after the proposal submission 
deadline. 
 
F. 
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 7 
 
G. 
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. 
 
H. 
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. 
 
I. 
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. 
 
J. 
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. 
K. 
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. 
 
L. 
DISPOSITION OF PROPOSALS 
All proposals submitted become the property of the Town and will not be returned to the bidder. 
 
M. 
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. 
 
N. 
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 8 
 
O. 
CONTRACT STIPULATIONS 
The successful proposer shall 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 9 
 
III. 
Scope of Services 
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 deposits 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. 
D. 
ELECTRONIC FUNDSTRANSFER 
The Town processes approximately 50 ACH Credits and 50 ACH Debits each month. Required 
services include: 
• 
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 
per month 
 
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 10 
 
 
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. 
 
G. 
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 Town is 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. 
 
H. 
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. 
 
IV. 
Information Requested 
 
A. 
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 11 
 
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 
1. 
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 Town as 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. 
b. 
Is local customer service support available at the bank’s local branches? 
c. 
What are the hours of operation of each customer service unit involved in 
supporting the proposed services? 
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: Will 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 12 
 
C. 
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, does 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? 
Is 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? 
j. 
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 
identifying the payer’s name, depositing location, deposit date, and the type of 

Town of Waterford— Comprehensive Banking Services RFP 
Page 13 
 
item being returned? 
5. 
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? If 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? 
 
6. 
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 potential issue? 
g. 
How will the Town be notified of exception items? What time will the Town receive 
the information on exception items? What time does the Town have to notify 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? 
j. 
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/or recommends? 
 
7. 
Stop Payments 
a. 
How are stop payment orders placed? Can stop payments be placed on line? 
b. 
Are stop payment requests effective immediately? If not, how long does it take 
for a stop payment request to be effective? 
c. 
Will the system verify if a check has been paid before processing the stop 

Town of Waterford— Comprehensive Banking Services RFP 
Page 14 
 
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 available? 
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 not authorized by the Town. Does the financial institution 
notify the Town of the receipt of an unauthorized ACH debit? 
e. 
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. 
What is 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 
approval levels) for electronically initiated transfers? If so, describe. 

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

Town of Waterford— Comprehensive Banking Services RFP 
Page 16 
 
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? 
15. 
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. 
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). 
16. 
Account Analysis Statements 
a. 
Please provide a sample analysis statement. 
b. 
Are account analysis statements available online? Can the account analysis data 
be sent electronically? 
c. 
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? 
 
17. 
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? 
 
18. 
Specify whether the online capabilities are accessible 24/7. If not, list the hours of 
availability for each service. 
 
19. 
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? 
20. 
Describe the financial institutions security procedures for its information reporting system, 
both for access and information protection. 
 
21. 
Is system administration performed by the financial institution or the customer? What 
functions does the security administrator perform? 

Town of Waterford— Comprehensive Banking Services RFP 
Page 17 
 
 
22. 
Is an audit trail report available, showing all activity, by whom and when, for each system? 
 
23. 
Describe the types of insurance and bonding carried. 
24. 
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. 
 
25. 
If 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. 
 
26. 
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 AND IDEAS 
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 all other documents which will need to be signed/entered into 

Town of Waterford— Comprehensive Banking Services RFP 
Page 18 
 
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 proposal 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 all 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 19 
 
 
 
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 20 
 
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: 
 Yes, we plan to submit a proposal. Please 
continue to provide updates to the individual 
above, or 
 No, we do not plan to submit proposal. 

Town of Waterford— Comprehensive Banking Services RFP 
Page 21 
 
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