Banking Services Contracts Finance and Property Services January - PowerPoint PPT Presentation

CITY OF MINNEAPOLIS Banking Services Contracts Finance and Property Services January 14, 2020 1

Banking Services  Bank accounts to deposit revenues and pay vendors and employees  Bank lockboxes to process utility billing and annual billing checks  Merchant accounts so City Departments can accept credit card payments  Custodial services to administer investment activities  Prepaid cards to provide an option to pay employees 2

Proposals • Depository Services – three large banks proposals • Lockbox Services – two large banks proposals • Merchant Services – five bank\card processor proposals • Custodial Services – three proposals from custodians • Prepaid Card Services – three proposals from bank\card processors with two being very close. 3

Evaluation • Evaluation committee consisted of participants from Mayors Office, Two Council Offices, Coordinator's Office and Finance Management. • Evaluation Sub-committees were formed for each banking service with a combined participation from over 35 individuals representing 20 Departments and Divisions • Evaluation Criteria included Responsible Banking, Scope of Services, Cost of Services and Financial Capacity 4

Selection • Depository\Lockbox Services – Wells Fargo Bank • Merchant Services – US Bank\Elavon • Custodial Services – Wells Fargo Institutional & Retirement Trust\The Principal Group • Prepaid Card Service – Associated Bank\NetSpend 5

Wells Fargo Additional Services • Assist the City with technical expertise and materials, with the goal of expanding the number of small businesses doing work with the City and other public entities. • Assist the City with efforts to finance mixed income housing developments and small business finance. • Provide feedback on City and non-profit loan programs • In addition to responses to the City’s Responsible Banking Ordinance, provide data and meet with City on corporate donations, diverse hire, and CRA. 6