RFP - NKADD Banking Services

The Northern Kentucky Area Development District (NKADD) is requesting sealed proposals for banking services. Seven (7) copies of your sealed proposal marked "NKADD Banking Service Proposal" must be delivered to the office of the NKADD, 22 Spiral Drive, Florence, Kentucky 41042 on or before 2:00 p.m. on Thursday, June 6, 2019, at which time the proposals will be publicly opened. Late proposals will not be accepted.

All proposals will be evaluated on the extent of services offered as required by the Request for Proposal, the cost for each service, the amount of interest paid on all accounts, and additional services offered over and above these minimum requirements.

Request for clarification of these specifications shall be reduced to writing and emailed to NKADD at This email address is being protected from spambots. You need JavaScript enabled to view it.. All prospective financial institutions shall receive a written response to any clarifications. Other details are as follows:

NKADD Banking Services RFP (pdf version - 179KB)
NKADD Banking Services RFP (microsoft word version - 26KB)

Questions/Comments with Answers

  1. Please provide a monthly estimate of the volume of activity on your accounts.
    - On average, in-flows and out-flows of $1.5 million each.

  2. Please provide the number of checks, deposits, deposited items, online services, etc.
    -  NKADD Accounts – Per month
    • Approximately 300 AP checks, additionally payroll checks are direct deposited and total about 180 different line items per month
    • 8-10 deposits per month via Remote Check Deposit Scanner
    • 30-35 deposited ACH items
    • 4-5 online transfers between accounts
    • Wire transfers (no more than 2 per year)

    - CDO Account – Per month

    • Approximately 850 payroll checks

  3. Number of accounts?
    5

  4. Average monthly balance?
    $720,000

  5. Number of checks written monthly?
    1100

  6. Number of ACH received monthly?
    30 - 35

  7. Number of deposits monthly?
    8-10 via Remote Check Deposit Scanner

  8. Number of checks deposited monthly?
    110-115

  9. Dollar amount of cash deposited monthly?
    $0-$50 – It is our policy not to accept cash from vendors but sometimes we collect cash for employee events.

  10. Number of night drop monthly?
    0

  11. Number of ACH originated items monthly?
    5

  12. ACH origination frequency?
    3 times per month

  13. Direct Deposit: number of employees?
    90

  14. Payroll frequency?
    Bi-monthly

  15. Number of wires received: Domestic, International, Int FX?
    0

  16. Number of wires originated: Domestic, International, Int FX?
    1

  17. ACH Addenda needs?
    None

  18. Number of Remote Deposit Scanners?
    1

  19. Do you own scanners? If so, make and model.
    No

  20. What type of Bank Recon?
    Checks Paid, Full Recon, File transmission? We do our own bank Reconciliation with monthly Statements

  21. Number of accounts on ZBA?
    Parent and Subs 0

  22. Can you provide a current AA statement of services and activity?
    We are not currently in an Account Analysis product

  23. Credit Cards:

    1. Preferred overall limit $30,000
    2. Approximate number of cards and individual amounts 6, $5,000
  24. Are you using online banking?
    Yes

  25. Do you originate ACH credits or debits online?
    Yes

  26. Do you produce the payroll inhouse or have a payroll service?
    In-house payroll

  27. How many checks do you deposit on a monthly basis?
    100 - 115

  28. Do you have fraud protection on your accounts Check Positive Pay and/or ACH debit block?
    No, but interested in prices for both.

  29. Number of credit cards issued.
    6

  30. Annual spend on the credit cards.
    ~$100,000

  31. Are you paying vendors with a credit card? If so, what is the annual spend.
    ~$40,000
  32. Can you send a statement for each account?
    We are not currently enrolled in an account analysis product so we do not have statements to provide.

  33. On credit card services, are you asking to accept credit cards or use credit cards?
    We are looking to use credit cards, we do not accept them.

Contact Information

Northern Kentucky Area Development District

22 Spiral Drive
Florence, KY 41042
P: 859.283.1885
F: 859.283.8178
TDD: 711
For general questions, please email info@nkadd.org

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