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RatingsBANK OF AMERICA APRIL 1, 2019 1. VAST MAJORITY OF STATE GOVERNMENTS PLUS TOP 50 CITIES AND COUNTIES BY POPULATION ; 93% OF 2017 U.S. FORTUNE 500; 70 % OF 2017 GLOBAL FORTUNE 500 2. 7 FINANCIAL CENTERS WITHIN 10 MILES OF LA QUINTA 3. LOCATION OF RELATIONSHIP MANAGERS= UNKNOWN 4 . SERVICE COVERAGE 7 A.M. TO 9 P.M. EASTERN 5. REFERENCES NOT PROVIDED 6. ZERO BALANCE ACCOUNT ABILITY 7. EARNINGS CREDIT RATE= .25% FOR LAST 8 MONTHS 8. NO CHARGE FOR LAIF TRANSFERS 9. DUAL PRODUCTION ENVIRONMENT LOCATED IN DIFFERENT CITIES; BOTH CAPABLE OF HANDLING 100% IN EVENT OF SYSTEM OR NATURAL DISASTER PROBLEM 10. CONVERSION ALLOWANCE NOT OFFERED 11. TARGET IMPLEMENTATION DATE = JULY 1, 2019 • p,~e.cT ~-~~.r (J:l.U<.o-Tccl). '-'l~ .~~ ~..,/.fw.,,~-hlc:!J . . M.-.&1 p~ ~ <;IZM/8"41 p* R.~t\_,...,µ City of La Quinta ·l -.. t"~ ~ . .M Banking Services RFP Questionnaire • .t,'fo fi.." rl""U April 2019 Bank Name: Bank of Amercica Rater: Interview Date/Time: Thursday, April 11th at 9:00am The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? o~!~~ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? -f.eciiw~-R..,..kt~ -R,J; 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? Wo 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. City of La Quinta Banking Services RFP Questionnaire April 2019 (/^i - Bank Name: Bank of Amercica ' Rater: f\AyV\/k. [aMDI %J}(l\M\ ''l£ri/tCjhI Interview Date/Time: Thursday. Aprii 11th at 9:00am The room being used for the interview is equipped with wi-fl access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. [iMV) )P^U/T^ ^ ■wVi'VlH'5M (J/W^-\e pi/ll ' givynj —? The City also requests that you bring five copies of the following. Please omit any reports Included in the RFP response. • Dally transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachfella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. emoil of stfua me. ■ U\\th^ 0/^fMW p ^ ceovii^-t^ 3. The City keeps an average daily bank balance of $1 miUidn. Explain your approach to Account Analysis and how the earning credit (ECR)yls calculated? How oftenwould our ECR change and how will we be notified if^ does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their mwJ-rzdc {-^^1 , OA-vah no ^ uhiefiu ■ tl,ioo'/"J 9^ •#as)7 U n ir^fJ\^m\j s-ewfpy f^i\ w^Mn C,jp(^ii/i C/i]iao •-Y!^\fm j^dk'b \A^ri -Wj, City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking Industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? to It - 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? to tol^CMlTiM^ h tv- W hvyrmfh'^^ 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? chi'Zfuhci advw jW nkt>. (0-^ ftT 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? OA tcjhv^ M,iU 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? , / ^ 9. Is there anything we haven't asked or that is not conveyed in your proposal that„e Should k^w? „ . 10. Do you have any questions for us? II mkiuMl'' w|m Wv^- VyiH VVl -efiwj(- - {/\/«W/dO^ w/ ^evT/i"Ut«t(^ noi- ctw^iiA^ cf ^ i/&y^ • ■sv/poft jzmi iVi I "tH BANK OF AMERICA APRIL 1,2019 1. VAST MAJORITY OF STATE GOVERNMENTS PLUS TOP 50 CITIES AND COUNTIES BY POPULATION; 93% OF 2017 U.S. FORTUNE 500; 70% OF 2017 GLOBAL FORTUNE 500 2. 7 FINANCIAL CENTERS WITHIN 10 MILES OF LA QUINTA 3. LOCATION OF RELATIONSHIP MANAGERS - UNKNOWN 4. SERVICE COVERAGE 7 A.M. TO 9 P.M. EASTEIW 5. REFERENCES NOT PROVIDED 6. ZERO BALANCE ACCOUNT ABILITY 7. EARNINGS CREDIT RATE = .25% FOR LAST 8 MONTHS 8. NO CHARGE FOR LAIF TRANSFERS 9. DUAL PRODUCTION ENVIRONMENT LOCATED IN DIFFERENT CITIES; BOTH CAPABLE OF HANDLING 100% IN EVENT OF SYSTEM OR NATURAL DISASTER PROBLEM ^ 10. CONVERSION ALLOWANCS^^^)FFERED 11. TARGET IMPLEMENTATION DATE = JULY 1,2019 Karia Cam£OS From: Sent: To: Subject: KarIa Campos Monday, April 15, 2019 2:05 PM Becker, Lori; Ramirez, Patty La Quinta Banking Services Good afternoon Lori and Patty, Thank you for participating in the City of La Quinta's Request for Proposals for Banking and Merchant Services and participating in the initial interview process. The City has elected not to extend a second interview to your banking institution. We greatly appreciate your commitment to providing government services. It was a difficult selection process. Please do extend our appreciation to your team for their dedication and efforts during the process. Should you have any additional questions please do not hesitate to contact KarIa Campos at kcampos@laQuintaca.Qov or by phone at 760-777-7073. J^QnintCu (AinOHSIA KarIa Campos | Finance Director/Treasurer City of La Quinta 78495 Calle Tampico | La Quinta, CA 92253 Ph. 760.777.7073 www.laQuintaca.Qov www.Dlavinlaaulnta.cQm City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Bank of Amercica Rater:L-kM -CP* Interview Date/Time: Thursday. April 11th at 9:00am The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? M - j!' ij'-y QJ pjintAo '■ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services.I I ^ \J ^1 I I fX I I I ^ I V I • 1 ■ '/•> 16 nu'i h 0">\ (_ 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long you carry earnings in excess of analysis fees (monthly, quarterly, annually)?- Lastly, how often do you meet with current government clients to discuss th( fees? No"- hnlL ^p\rc^<L cAjLAjC City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes In the past decade. In your opinion, what does the banking environment look like in 10 years? P\ dcdinmi^tM -=>- I f ,sfV/U JjLi>^ I 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking Institutions? Describe your bank's work culture and the company's future vision? ^ ^ Pti- j CUjduiS^ p^>dud t. ''V. , QyHiA^ bn\ck iCCdi ■/ 6. The city has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure Its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy Is In place? hY ^ cUd-A, u.ciLsJy." ' U 0 i 8. To your knowledge are there any internal control weaknesses reported In the company's last System and Organization Controls (SOC 1) report? idd: 'J,v ■ /Yk/ 'J 9. Is there anything we haven't asked or that Is not conveyed In your proposal that we should know? , 10. Do you have any questions for us? ' ^ City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Bank of Amercica r? Raten fin ^ ^ 'V-V' \V. r. o Interview Date/Time: Thursday. April 11th at 9:00am The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? ^ ^ iS pul? I'd VOUy UJtO ttrvurt t/yxonn-ts Ci/ ^f4cA~ o-i UAL Wcj3 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. Ltxi cwJJ rcW- 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings In excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? /IutV" diiiA/K-j fvivv— /)r\iST^ City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? - / r S^WNAUi Wc.fO-i2 vi ^ JL n r • lOO^ horAtA^ HiNcACAiiJ pJUjCe§]^jr\ ^ . Lmu\\ A<-j ^ 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts^^oiiodier external threats? Where is your banks information technology cent^^iocate^nd what redundancy is in place? fUwi sM^ ool- ^ \ \Jik 0,- Air ^ I 0/^ iLs'jkr 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? . . cpa'^ ^rdUl jj uaKJ u-i/ T?)TW oP' V/y^vdxJjp CLo-ri^ p-^ 9. Is there anything we haven't asked or that is not conveyed in your proposal that , we should know? c-u^ cor ^jOpc\Jror>-JTyy 'w {liii'kf (LrJ-cC 10.^ Do you have any questions for us? From: George Batavick georgebatavick@yahoo.com Subject: Seco n d Round Interviews for Banking Services Date: Apr 29, 2019 at 9 :22 :46 PM To: Rose Hallick rhallick@la-quinta.org, Karla Campos KCampos@la-quinta.org Cc: Dick Mills dmillshome@wrmcpas.com Dear Karla and Rose, Hope you had a well-deserved relaxing eve~ing with your families following today's marathon second round interviews. Interviews went well and your staff contributed nicely. As suggested during our wrap-up session, it would be helpful to recap today's interviews with Bank of the West and USBank by making comparisons utilizing the following criteria: 1). Preparedness and Execution of today's interviews ~..., ~ JS-t"~e. ~ ~t. 2). Capitalization and Credit Ratings Tit.. X: 4.f>-d;..rtrH .tb / · 3). Utility of Business Platforms N'o s~ t.J•i°u~-r J~~. B"~w flfJ:aJJ.~ 4). Pricing for services, potential price increases, conversion fees US~~l~J.+' 5). Earnings Credit Adjustment --percentage and guarantees, if any St.J~ 1,weir 1...te 6). Merchant Services tr b ol~~~ J !J(' v~ J.~O ()fr' ~/'Dct · 6. .>Bi Bo!'Q 14.~ .... .ftil 7). Purchasing Cards and related ~ebates .,.~,, ""J""tl ~I) CA .. ~~ lft 8). Potential contract issues and contract negotiattons n. 'bt/~ 9). Implementation Plans !>AJ~ 1-S JJe.st !4.P-t 10). Ongoing Customer Service -location and dedication of service staff, chemistry \ B~ ,-§ w~ SM\e.. ..J-une z HJ Q., 11). Potential City employee banking arrangements and other benefits • e,, -9~ 12). All other p,ls~ (AL,~ ·s..iie. '.:fJ ~Nf f' .... :hu ~ 'q.B ~~~ ~ ~ 11>) ~ J ,,,,.y ~~ · ~"'°"~ >J,'/.) f/.J>.~,,,, . Such a comparison will provide a good framework for your recommendation \~SuU of which bank will be providing our future banking services, and can be the basis for discussions with both the Financial Advisory Commission and City Council. If you wish , Dick and I can meet with you again to review the comparisons and discuss your final recommendation. George Sent from my iPad BANK OF THE WEST APRIL 1, 2019 1. RELATIONSHIP MANAGER IN LOS ANGELES; DAY TO DAY IN CITY OF INDUSTRY 2. WAIVER OF THREE MONTHS OF ACCOUNT ANALYSIS; EQUATES TO $4,400 IN VALUE 3 . EARNINGS CREDIT RA TE (ECR) 1.50% PREFFERED RA TE; STANDARD .20% PLUS ADDITIONAL 1.30% 4 . DISCOUNTED CONSUMER BANKING SERVICES AND PRODUCTS FOR CITY EMPLOYEES 5. 3,900 PUBLIC FUND ACCOUNTS; 1,500 IN CALIFORNIA 6. CRA RATING OF "SATISFACTORY" 7. REFERRALS = CLAREMONT, MONTEREY PARK AND SOUTH GATE 8. ZERO BALANCE ACCOUNTS ABILITY 9 . PAY FEES DIRECT OR USE COMPENSATING BALANCES 10. ONE DOLLAR IN SERVICES = $811 IN COMPENSATING BALANCES 11. IMPLEMENTION 30 -45 DAYS; TARGET JULY 1, 2019 Bank Name: Bank of the West Rater: G e oret=-~v\c_'(__ Inte~v _iew_ Date/Time: Wednesday, April 3 rd at l:OOpm City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. A.:r: p\~ ~ ~~ 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? l·'3' ~ ~ • • .. City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe vour bank's work culture. anbd the com~paJny's f~tu~::+.on? pt m~.e.~'4 , Fc.J£. Sf..(\/"~ ~ IU ~ I' r:JP." 5tf ) j/ s-r~ p~ -8>J p~ \ ~ et.2.A~~._. L~_J--.l-, "'UV-~~~ ~· ~' 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City wit~ transition · of services? How long do you anticipate the process will take? 'l<t d«pw•; cN 5'\"•L 1 , 7 ~~.;t h.~ y lcM -«-;!~ ~ '-'/ t~~1t1~) ~y ~G 7 ~ • D~w..JiJ. •11\P~~ ~"""· SI/ID~ 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? wo~r T~w 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? City of La Quinta Banking Services, 2"^ Round Interview April 2019 Bank Name: '^vf\LARater: Interview Date/Time: Monday. April 29^^ at 1 :OODm The City will be using the City Council Chambers for the second interview. This room Is also equipped with wi-fi access, has a large monitor and computer with internet access, conference call and Skype capability. The selection committee plus internal Finance staff and two members that oversee special events, business license, permits, and short-term vacation rentals have been asked to join us. We expect a total of approximately 10 attendees during this meeting. We have set aside up to 2 hours for this second interview. The goal of the second interview are to further explore what implementation would mean to staff. This will be an opportunity for staff to view the online platform, ask deadline questions for processes, understand mobile and online merchant services, and the Implementation process. After the group presentation the selection committee will meet with the bank to discuss pricing in more detail. We recommend setting aside at least 30 minutes for this. The following are items we would like further clarification on during this second interview. 1. Review your online banking platform and the services we would be able to view online. A similar demo as before is adequate. All the individuals in the room are very familiar with logging ip to current banking services platform. 2. Please explain your purchasing card services system. Including restriction limitations, user settings, fraud alerts, emergency preparedness capabilities such as changing user setting when needed, and r^ate programs that may be available. ir? ^ 3. The City proce^e^payroll every two weeks with an effective pay date of Thursdays. By when (date and time of day) would the data file need to be transmitted and how will we be notified that the information was received? City of La Quinta Banking Services, 2"^^ Round Interview Aprii 2019 '4. The City processes accounts payable checks weekly (on Thursdays or Fridays). Upon issuance of any checks a PosPay file is created and uploaded to the bank. How soon can manual checks be released for payment for the bank to cash the check? What steps does the bank take if a check Is presented at a branch office and a PosPay file has not been received? 5. In what formats are notifications sent for exceptions; such as text messaging or emails and are notifications customizable for each user? 6. Please explain your remote check deposit capabilities, Including deadlines for same day credit. 7. Does your bank have a preferred armoi^d carrier service, if so whom? No ,1^0/K. (}AJurrc^ 8. The City has the following proposed timeline: Selection of bank: By May 6, 2019 Financial Advisory Committee Approval: May 15, 2019 City Council Approval on: May 21, 2019 or June 4, 2019 Contract review and execution: month of June Start Implementation: July 8, 2019 Complete implementation: October 1, 2019 i nn'Af n Based on this timeline, please explain how you would advise the City to transition banking and merchant services. What servlce(s) would you recommend be transltioned first and what are some steps we can take now to ensure the process Is continuous? City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Bank of the West Rater: Interview Date/Time: Wednesday. April 3^"^ at 1:00pm The room being used for the Interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) ¥1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? ^ \r)ci4^A n rM. I r -/ ^km.SdAr- What steps does your bank take to ensure we remain educated on new services ' and on issues impacting our banking services. j ^ a n -k ^hcirmA cd rrrfTnv^ rn) 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? fttOitieoMA 4naf Ni'l he City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking Industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like In 10 years? e \ecJ(W\[o 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision7 /V:h, 6. The City has banked with W^ls Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy Is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 0.\-tiAAhU \rf^ if rWe^, 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? fVw MM«/b ^n] 10. Do you have any ^estions for us? City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Bank of the West Rater* ^ oSg /Tvo 111 Interview Date/Time: Wednesday. April 3''^ at liOOpm The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you ^rently meet with other government clients and if any are in the Coachella Valley?^' „ jl^ \ hi) . A/K 2. What steps does your bank taxe to ensure we remain educcfted on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? Irf^ dX'\J~toprY^^ uK, - l0-< cfr^ i/u 6. The City has banked with Wells Fargo since 1995. If the City were to change banfe as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? ^ \3C/us>V cu>o i n cjt/\ 0^ Lcnt^^ 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? "fKo^ pnMdoJ ^ 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? ^ \/W/l (A/Ui GuWJ' f City of La Quinta' Banking Services, 2"^ Round Interview Aprii 2019 Bank Name: rrP-fL lA}fUl}~ ficRater: 0 Interview Date/Time: Monday. April 29*^^ at :00pm The City will be using the City Council Chambers for the second Interview. This room is also equipped with wi-fi access, has a large monitor and computer with internet access, conference call and Skype capability. The selection committee plus internal Finance staff and two members that oversee special events, business license, permits, and short-term vacation rentals have been asked to join us. We expect a total of approximately 10 attendees during this meeting. We have set aside up to 2 hours for this second Interview. The goal of the second interview are to further explore what implementation would mean to staff. This will be an opportunity for staff to view the online platform, ask deadline questions for processes, understand mobile and online merchant services, and the Implementation process. After the group presentation the selection committee will meet with the bank to discuss pricing in more detail. We recommend setting aside at least 30 minutes for this. The following are Items we would like further clarification on during this second Interview. 1. Review your online banking platform and the services we would be able to view online. A similar demo as before is adequate. All the individuals in the room are very familiar with logging in to current banking services platform. 2. Please explain your purchasing card services system. Including restriction limitations, user settings, fraud alerts, emergency preparedness capabilities such as ^:p^^changlng user setting when needed, and rebate programs that may be available. ( ^ C6-J3 \Ar\xjKD 3. The City processes payroll every two weeks with an effective pay date of Thursdays. By when (date and time of day) would the data file need to be transmitted apd hp^w /^^/v Vlll we be notified that the information was received? . City of La Qulnta Banking Services, 2"^^ Round Interview April 2019 4. The City processes accounts payable checks weekly (on Thursdays or Fridays). Upon issuance of any checks a PosPay file is created and uploaded to the bank. How soon can manual checks be released for payment for the bank to cash the check? What steps does the bank take If a check Is presented at a branch office and a P^Pay file has not been received? rio ^ In what formats are notifications sent for exceptions; such as text messaging orem^ and are notifications customizable for each user? 6. Please explain your remote check deposit capabilities, including deadlines for same day credit. 7. Does your bank have a preferred armored carrier service, if so whom? U/jL iJKVC 8. The City has the following proposed timeline: Selection of bank: By May 5, 2019 Financial Advisory Committee Approval; May 15, 2019 City Council Approval on: May 21, 2019 or June 4, 2019 Contract review and execution: month of June Start impiementation: July 8, 2019 Complete implementation: October 1, 2019 Based on this timeline, please explain how you would advise the City to transition banking and merchant services. What service(s) would you recommend be transitioned first and what are some steps we can take now to ensure the process is continuous? iS>f\ _ - . City of La Quinta Banking Services, 2""^ Round Interview April 2019 Bank Name: US Bank Rater: Interview Date/Time: Monday. April 29^*^ at 3:Q0Dm The City will be using the same room as was used during the first interview. As a reminder the room is equipped with wi-fi access, has a large monitor and computer with internet access, conference call and Skype capability. The selection committee plus internal Finance staff and two members that oversee special events, business license, permits, and short-term vacation rentals have been asked to join us. We expect a total of approximately 10 attendees during this meeting. We have set aside up to 2 hours for this second interview. The goal of the second interview are to further explore what implementation would mean to staff. This will be an opportunity for staff to view the online platform, ask deadline questions for processes, understand mobile and online merchant services, and the implementation process. After the group presentation the selection committee will meet with the bank to discuss pricing in more detail. We recommend setting aside at least 30 minutes for this. The following are items we would like further clarification on during this second interview. 1. Review your online banking platform and the services we would be able to view online. A similar demo as before is adequate. All the individuals in the room are very familiar with logging in to current banking services platform. 2. Please explain your mo^^ant card services system. Including restriction limitations, user settings, fraud alerts, emergency preparedness capabilities such as changing user setting when needed, and rebate programs that may be available. f Cil CouJ - nboyV ^ 3. The City processes payroll every two weeks with an effective pay date of Thursdays. By when (date and time of day) would the data file need to be transmitted and how will we be notified that the information was received? City of La Quinta Banking Services, 2"^^ Round Interview April 2019 4. The City processes accounts payable checks weekly (on Thursdays or Fridays). Upon issuance of any checks a PosPay file is created and uploaded to the bank. How soon can manual checks be released for payment for the bank to cash the check? What steps does the bank take if a check Is presented at a branch ^office and a PosPay file has not been received? hamper . (t) (^vaJ -it cvcTLilJ Uwt -io cp. - i^-ka/vl" a>c<jL^ > 5. In what formats are notifications sent for exceptions; such as text messaging or emails and are notifications customizable for each user? 6. Please explain your remote check deposit capabilities, including deadlines for same day credit. 7. Does your bank have a preferred armored carrier service, if so whom? LAO ^ L'\53ilC vA'/ 8. The City has the following proposed timeline: ) Selection of bank: By May 6, 2019 Financial Advisory Committee Approval: May 15, 2019 City Council Approval on: May 21, 2019 or June 4, 2019 Contract review and execution: month of June Start implementation: July 8, 2019 Complete implementation: October 1, 2019 Based on this timeline, please explain how you would advise the City to transition banking and merchant services. What service(s) would you recommend be transitioned first and what are some steps we can take now to ensure the process is continuous? n r "=• ^ 5 <=7 ^ -5 r- BANK OF THE WEST APRIL 1,2019 1. RELATIONSHIP MANAGER IN LOS ANGELES; DAY TO DAY IN CITY OF INDUSTRY 2. WAIVER OF THREE MONTHS OF ACCOUNT ANALYSIS; EQUATES TO $4,400 IN VALUE 3. EARNINGS CREDIT RATE (ECR) 1.50% PREFFERED RATE; STANDARD .20% PLUS ADDITIONAL 1.30% 4. DISCOUNTED CONSUMER BANKING SERVICES AND PRODUCTS FOR CITY EMPLOYEES 5. 3,900 PUBLIC FUND ACCOUNTS; 1,500 IN CALIFORNIA 6. CRA RATING OF "SATISFACTORY" 7. REFERRALS = CLAREMONT, MONTEREY PARK AND SOUTH GATE 8. ZERO BALANCE ACCOUNTS ABILITY 9. PAY FEES DIRECT OR USE COMPENSATING BALANCES 10. ONE DOLLAR IN SERVICES = $811 IN COMPENSATING BALANCES 11. IMPLEMENTION 30 - 45 DAYS; TARGET JULY 1, 2019 EASTWEST BANK MARCH 28 , 2019 1. $10 ,000 CONVERSION ALLOWANCE 2. HEADQUARTERS = PASADENA 3. RELATIONSHIP PEOPLE IN PASADENA 4. CRA RATING = HIGH SATISFACTORY 5. THREE REFERENCES =CITY OF VERNON, CITY OF CARSON AND WALNUT VALLEY WA TR DISTRICT 6. ZERO BALANCE ACCOUNTS 7. EARNINGS CREDIT RATE (ECR)-40 BASIS POINTS OVER $1M AVERAGE. CITY OF LA QUINTA WILL RECEIVE PREFERRED RATE OF 125 BASIS POINTS. AMOUNT NEEDED TO OFFSET ONE DOLLAR OF BANK SERVICES= $1 ,163.69. 8. 5 YEAR FIXED PRICING ~ 9. NEAREST BRANCH = SAN DIEGO 10. DATA CENTERS= PASADENA AND PHOENIX 11. MERCANT SERVICES SUMMARY REFLECTS ANNUAL SAVINGS OF $4 ,042.33 12. START 4-16-19; GO LIVE 7-1-19 Bank Name: East West Bank Rater: Ge.on:o-e. ~\6'.\\-1C.'C. J.Zs'/'o Interview Date/Time: Wednesday, April 3rd at 2:30pm City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural ' diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the c_om5E?any'{fut re vision? _ .. _ ~ . .-1-J SMdt Jb.J~ 1:sJ,,.,.. t,,,_; • ~~~I• , ~~JAJI J~~ ~~ Sa1v1t..l 6. The City has banked with Wells Fargo since 1995. If the City were to change banks • as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? ~~~ 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? If~ ~.s -h,~e ct, 'j~. :z. ~~ e.wt~ ~ 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? ~ ~#1-Lt.':> ft; ~ Sl)C ~4-~ 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: East West Bank Rater: 0/X^j^C>\ T Interview Date/Time: Wednesday, April 3''^ at 2:30pm The room being used for the interview is equipped with wi-fl access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the service^we would be . able to view online, IfrzCJ- n/^iri^ cjun chLcte The cfity also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clien^ and if any are in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average dally bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? dhjis). -/V 7W>r? ^ CMlvev^on cUknAJ^dp 1^10,00b A ■^■'•'^ ^jJ; ^ (^M«r -i'"^ City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? , heuvr^Cn^ £.(£circf)my n 5, The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? . / a ^ myvthLu, n 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? ^ .. 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To youlr^^nov^^ge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? / j. ^ j 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? Karia Campos From: Sent: To: Subject: KarIa Campos Monday, April 15, 2019 2:03 PM Tito ibarrola La Quinta Banking Services Good afternoon Tito, Ouinta's Reauest for Proposals for Banking and appreciation to your team for their dedication and efforts during the process. Should you have any additional questions please do not hesitate to contact Karia Campos atkramposcaiaquintaca.QOV or by phone at 760-777-7073. J^Qimtcu KarIa Campos 1 Finance Director/Treasurer City of La Quinta 78495 Calle Tampico i La Quinta, CA 92253 Ph. 760.777.7073 www.laquintaca.QOV www.playinlaquinta.com City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: East West Bank Rater: Interview Date/Time: Wednesday, April 3^^ at 2:30pnn The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with Internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports Included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Val]^,? / . ^ C.a^T^TW' Wo ifp Y^(rWlA 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. rj ' O h 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their f d. Thp hanH4 City of La Quinta Banking Services RFP Questionnaire April 2019 . The banking industry has experienced significant changes In the past decade. In your opinion, what does the banking environment look like in 10 years? UuhmfitM Ol^ by^i/n^iL, dhhyfii p^jwM7- 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? .Ww4vj^- pn 7. How does the bank ensure its information technology is secure from ma tg^ breaches, hacks, fraudulent attempts, or other external threats? Where is your-^'f^^'^ ^yT/banks information technology center locatedand what redundancy is in place? A '// o o ^ ^ ^ ^ 8. To your knowledge are there any internal control weaKnesses reported in the company's last System and Organization Controls (SOC 1) report? , 1 \yk Ov Q, S;)^2 ^ 1^. 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: East West Bank Rater:'^OSerrvoru l-Ul lloL Interview Date/Time: Wednesday. April 3''^ at 2:30pm The room being used for the interview Is equipped with wi-fl access and also has a large monitor and computer with Internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports Included in the RFP response. • Dally transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as Insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? CAr>r) A&U AHa^CUJ i pPc, 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their \jp-K /Ot 1/1 66Arcrs') m (up-h l'?S u City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking Industry has experienced significant changes In the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides Itself on providing excellent Internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? cajIKa-c; 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure its information technology Is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where Is youT^^'''''^^^ banks Information technology center located and what redundancy Is In place? ArvAyfrcA . "— -Ihitcl ^ h hv^i 8. To your knowledge are there any Internal control weaknesses reported In the company's last System and Organization Controls (SOC 1) reports . . l3s ^ h^CU^rt <^/ /Aur 9. Is there anything we haven't asked or that Is not conveyed in your proposal that we should know? 10. Do you have any questions for us? j(Lp|y^ ^r^-rof. -pS \oe/pYl^ ,J,Q/j^c) -rx^yx^ pA^yvTnvxn - ^•K/fnnN K^ ^ s^Vtojj p-irvrx}^ pPOWJliS"'^>-*3^ ^UiUQApTfp »/ ' '-'v" V3 .^,s/J.:>!777~us W^ - l^souy \^r^, ^prrrf ^ r ..pvnAvo^v-^ iTT^^ ^ a|^ <npv)/n-zf^ ^}'=l - a^nf^no 0)-)p£yy} OPUS BANK JANUARY 4, 20 19 l. SU1vfMARY -SWEEP EXCESS PAYS 2.177% WHICH PROVIDES $31,000 INTEREST INCOME TO THE CITY 2. IS THERE A LOCAL OFFICE? 3. l 00 BASIS POINTS FOR ECR 4. FEES FIXED FOR 5 YEARS , .. 5. NO COSTS FOR CONVERSION 6. SECTION U PROVIDES BlD FORM COST SUMMARY Bank Name: Opus Bank Rater: Interview Date/Time: Thursday, April 11th at 2: OOpm City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? /) e. t'1 ~ t'ifk ~~~ ~ [r,."""") (M;tl e..v>J..t"~ NJ (';,.{f-~J't-'h' . /) ",,. v ' q,_IAMI~ ~ ~~ IOD G-1uf4 ~eW.J, f~· 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? A}1 J % £.~ J-L.Jt! o-S ~iv<:b , w~~~§~s' City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and we l lness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? ..1.. ~ ~ y~-~~t~ I ~rrel/~p Sf'1 ' • 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? ... , .1;. l I '3b~f.f:, o.-poS£ '"' ~ 1"y •• 3 {n~ fJN l/LvS~l1" 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System N~ ors;i:ion h:tol~ 1::;;; ~ 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know?"' -. 10. Do you have any questions for us? Bank Name: Opus Bank Rater: C Interview Date/Time: Thursday, April 11th at 2:00Dm City of La Quinta Banking Services RFP Questionnaire April 2019 A/rs- Pom ffefd/i' 1^- , The room being used for the Interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be , able to view online. H ^ Oi{^ I duod cwfvol uh \i-^b(km The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) . l-BDm 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, now otterTdo you currently meet with other government clients and if any are in the Coaqhella Valley? a , pjfPn- 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. ftiifA, uwmC-d- 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be nntifipdjf it Hope: rh^ngp? Hn^nng do you carry earnings in excess of analysis fees fmonthl^ quarterly, annuallyTin Lastly, how often do you meet with current government) clients to dlscu55"ttT0r fees? _./ lOV- X'v^OTycdO- pXfM^i, ^IP, MW -fl" C« « ftP^ Ml W 1 dUiMT 'iiopo^ i\mMfl^ ^ • >••• V'i'- -■'r»'.>t-* 4. I. ••.. • -t = K'* i,. 1i City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look tike in 10 years? IffMohAo lJ\f n n At (Mf 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vi^inn^ qi Com 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How iong do you anticipate the process will take? ^ L/^ li/\ \/w^cix 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where Is your banks information technoiogy center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls* lOV- ' l/!p 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? ■"wm ,i»i <•- > -, «•/ > I-. -,^ ^ >-••■ *1 -,. ^ OPUS BANK JANUARY 4,2019 1. SUMM.ARY - SWEEP EXCESS PAYS 2AJ2^o WHICH PROVIDES $31,000 INTEREST INCOME TO THE CITY IS THERE A LOCAL OFFICE? ^0- 100 BASIS POINTS FOR ECR FEES FIXED FOR 5 YEARS SECTION U PROVIDES BID FORM COST SUMMARY Karla Campos From: Sent: To: Subject: Karla Campos Monday, April 15, 2019 2:02 PM Debbie McLeod; Gene Kim La Quinta Banking Services Good afternoon, Thank you for participating In the City of La Quinta's Request for Proposals for Banking and Merchant Services and participating in the initial interview process. The City has elected not to extend a second interview to your banking institution. We greatly appreciate your commitment to providing government services. It was a difficult selection process. Please do extend our appreciation to your team for their dedication and efforts during the process. Should you have any additional questions please do not hesitate to contact Karla Campos at kcampos(Q)laQuintaca.QOv or by phone at 760-777-7073. C ,\l HORMA Karla Campos j Finance Director/Treasurer City of La Quinta 78495 Calle Tampico j La Quinta, CA 92253 Ph. 760.777.7073 www.laQulntaca.aov www.plavinlaGuinta.com City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Opus Bank Rater: Interview Date/Time: Thursday. April 11th at 2:00pm The room being used for the interview is equipped with wi-fl access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? i)cnC'MaO. Hct ^ 6>i becM _> Cm>-ci O-f -Ayu [ Vk u\\\ II cM.j Gih 2. What steps does your banlctake^o ens^ure we remain educated onTiew services and on Issues impacting our banking seryices. \C.(ClA . \( iC:X^ 'OcwdifM hc^dic^cxj J/A,u.w., -tt 'i--/ J /oo C'i^^rUt6 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings In excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? '75'X - C^Cjiteyn (ji City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? • /4 T, 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? , , ' //c'fcarV/^ (Mijw .'•2 -i'- t^AA\JLj . i /jrV--ty: V ? n d • ^ I 6. The City has banked with ^ells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? ^ {i d^. ~r,,y^uyu fddcUi. bMi-i - , / / I tf f CJ- kJ OL\hM/(l U{,. / 7. How does the bank ensure its Information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where Is your banks Information technology center located ancj what redundan^cy. Is in place? j.) TtAA _unp-£'Jdt<-4-- IpQCf.iA iyiid.A<tAo)a. 8. To your knowledge are there any internal control weaknesses reported In the company's last System and Organization Controls (SOC 1) report? fs/o 4 0l' /lud-cf t ^ 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? IbtU pan OM4o,\\diinv 10. Do you have any questions for us? OPUS BANK JANUARY4,2019 1. SUMMARY- SWEEP EXCESS PAYg^2.177%)WHICH PROVIDES $31,000 • INTEREST INCOME TO THE CITY 2. IS THERE A LOCAL OFFICE? 3. 100 BASIS POINTS FOR ECR 4; FEES FIXED FOR 5 YEARS , Aa J / 5. NO COSTS FOR CONVERSION - D'A 6. SECTION U PROVIDES BID FORM COST SUMMARY OPUS BANK JANUARY 4,2019 1. SUMMARY - SWEEP EXCESS PAY$ 2.177VwHICH PROVIDES $31,000 INTEREST INCOME TO THE CITY 2. IS THERE A LOCAL OFFICE? 3. 100 BASIS POINTS FOR ECR 4. FEES FIXED FOR 5 YEARS 5. NO COSTS FOR CONVERSION 6. SECTION U PROVIDES BID FORM COST SUMMARY City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Wells Fargo Rater: Interview Date/Time: Wednesday, April 3''^ at 4:30pm 1. Please explain your bank's approach to customer service. Who is on your team and how would we Interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachelia Valley? — ^ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. » i i / j u sU ^ "WYMi. AliQ iA /\nxAJ ^^orvia/} 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings In excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? rcxxj/Yv/N>^{:' locLuj c\}- ^ ^Jvt? (<ju f Our rzJrC \cx\3jid ^""T t>XC 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? \y^0V\ ft 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? 1/0'^ l^n £? C£o f^ow^ UkJlLy City of La Quinta Banking Services RFP Questionnaire April 2019 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process wiil take? 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? M vutA^ vt^ /w 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 9. Under government code 53635.2 to be eligible to receive local agency money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall ratine of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low- and moderate-income neighborhoods. Wells Fargo's last CRA rating was "need to improve". How is it that your financial institution is able to respond to this RFP? What are the broader implications of this rating for the evaluation period of 11-13- 2009 to 11-13-2012? When do you anticipate a new rating being issued? Do you anticipate the rating to change with a new valuation? c) 10. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. In your opinion, how would the winddown of services occur? Who from your team would assist the City during this process? a\Jf ^pJO^ ' of City of La Quinta Banking Services RFP Questionnaire April 2019 11. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 12.Do you have any questions for us? City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Opus Bank Rater: Interview Date/Time: Thursday. April 11th at 2:00Dm The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? ^2^ 0 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. ceA/Leu.6 Vw Js 1/^ 3. The City keeps an average daily bank balance of $1 million. Explain your approa^ to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annual(y)? Lastly, how often do you meet with current government clients to discuss their fees? .A . . ^ J -^5 / / iy j 60^ oAi- City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? ptu^/v—is 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking Institutions? Describe your bank's work culture and the company's future vision? ^ 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? fer io d^S V ' yy 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? ^ ^4 c\n lOC' lot 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? yyyv^ !?i itLi , CP S'^y ,, k /) Lj- oJ^<^ [U^ /laanio^^ ^ itio "■"J^i-'CJ e^/"^ ff f|>^^ 0!^-^ U.S . BANK JANUARY 8, 2019 1. FEES FIXED FOR 5 YEARS -OPTION FOR 2 ADDITIONAL ONE YEAR PERIODS 2 . TRANSITION EARNINGS CREDIT ADJUSTMENT $4 ,500 3. NEW SERVICE INCENTIVE $1,500 4. ECR .95% 5. BRA CH LOCATED ACROSS STREET FROM CITY HALL PLUS ONE ON HIGHWAY 11 1 6. TREASURY MANAGEMENT HANDLED OUT OF NEWPORT BEACH -OTHERS MOSTLY LOS ANGELES OR OHIO 7. LAST 8 MONTHS ECR-ROUGHLY .21 % TO .22% 8. COMPENSATING BALANCE OF $1,263 TO OFFSET $1.00 OF BANK FEES Interview Date/Time: Thursday, April 11th at 11: 30am City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how olten do you currently meet with other government clients and if any are in the Coachella Valley? M atJ.\IW\""'W\ ~ A 1 ~ {p S"1-,j'VIJ Yl'\-tA~ ,,.._, -t~ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? f;ye-~~td/ ~ od .c.>o?o &-{J .b~W> ~ Vfl ~/)GOO ·,~ ~~.7 Wk·~~ iv~~t ~ve, s~ • City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environme,nt look like in 10 years? " . ' . ' . ' 5. The City prides itself ort providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? L < v ~ t(Jt, 1 • w-~t ~\.,,c.J ~f~ ~~~,.NM Iv ~ sw;w...e- 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition ' of services? How long do you a~ticipate the process will take? ll p.. A. ~-) wt\} ba.. ~ p1>;f.,,e. ~ , Na.J <l. ~ ~Hr\~ c..~ 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? ' ~,.~ /!_y~~ ~HA{") ~~ 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? 11)0\>~~~"~~ ~l'ttc.-t w) b Y~ . ~ StMlt ft IL6 City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: U. S. Bank Rater: Interview Date/Time: Thursday. April 11th at 11:30am The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? 2. What steps does your baiik take to ^ensure we remain educated on new services and on issues impacting our banking services. i I !.ii I .'j'r-'l .-UiV-il/ ' ! Cf'' ^ ir.j / a (V-lAa /)', p; 3. The City keeps an average daily bank bala'nce of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their I'ees? . , \ p looUn^ nnddiiya Odd 1a#r k •Adpf i-hj'' 1 0 City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking Industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like In 10 years? tkAnei[ (\it^ dannumtitj 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? -/ . tHuca-l b^trUc u] i:^ n VoA-htr u)i \l ^ OM. "^OiA 6. The City has banked with Wells Fargo si^e 1995. If the City were to change^anks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? UvHujh! 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? -yvrmj Uf - City of La Quinta Banking Services, 2"^ Round Interview April 2019 Bank Name: US Bank Rater: Interview Date/Time: Monday. April 29^^ at 3:00pm iName: u::? oanK ■: hiunddi The City will be using the same room as was used during the first interview. As a reminder the room is equipped with wi-fl access, has a large monitor and computer with internet access, conference call and Skype capability. The selection committee plus internal Finance staff and two members that oversee special events, business license, permits, and short-term vacation rentals have been asked to join us. We expect a total of approximately 10 attendees during this meeting. We have set aside up to 2 hours for this second interview. The goal of the second interview are to further explore what implementation would mean to staff. This will be an opportunity for staff to view the online platform, ask deadline questions for processes, understand mobile and online merchant services, and the implementation process. After the group presentation the selection committee will meet with the bank to discuss pricing in more detail. We recommend setting aside at least 30 minutes for this. The following are items we would like further clarification on during this second interview. 1. Review your online banking platform and the services we would be able to view online. A similar demo as before is adequate. All the individuals in the room are very familiar with logging in to current banking services platform. 2. Please explain your merchant card services system. Including restriction limitations, user settings, fraud alerts, emergency preparedness capabilities such as changing user setting when needed, and rebate programs that may be available. 3. The City processes payroll every two weeks with an effective pay date of Thursdays. By when (date and time of day) would the data file need to be transmitted and how will we be notified that the Information was received?do^ City of La Quinta Banking Services, 2'^^ Round Interview April 2019 4. The City processes accounts payable checks weekly (on Thursdays or Fridays). Upon issuance of any checks a PosPay file Is created and uploaded to the bank. How soon can manual checks be released for payment for the bank to cash the check? What steps does the bank take if a check Is presented at a branch office and a PosPay file has not been received? 5. In what formats are notifications sent for exceptions; such as text messaging or emails and are notifications customizable for each user? 6. Please explain your remote check deposit capabilities, including deadlines for same day credit. 7. Does your bank have a preferred armored carrier service, if so whom? 8. The City has the following proposed timeline: Selection of bank: By May 6, 2019 Financial Advisory Committee Approval: May 15, 2019 City Council Approval on: May 21, 2019 or June 4, 2019 Contract review and execution: month of June Start implementation: July 8, 2019 Complete implementation: October 1, 2019 Based on this timeline, please explain how you would advise the City to transition banking and merchant services. What service(s) would you recommend be transitioned first and what are some steps we can take now to ensure the process is continuous? 1 ^ U.S. BANK JANUAKY 8,2019 1. FEES FIXED FOR 5 YEARS - OPTION FOR 2 ADDITIONAL ONE YEAR PERIODS 2. TRANSITION EARNINGS CREDIT ADJUSTMENT $4,500 3. NEW SERVICE INCENTIVE $1,500 4. ECR.95% 5. BRANCH LOCATED ACROSS STREET FROM CITY HALL PLUS ONE ON HIGHWAY 111 6.. TREASURY MANAGEMENT HANDLED OUT OF NEWPORT BEACH - OTHERS. , MOSTLY LOS ANGELES OR OHIO 7. LAST 8 MONTHS ECR - ROUGHLY .21 % TO: .22% 8. COMPENSATING BALANCE OF $1,263 TO OFFSET $1.00 OF BANK FEES 8 City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: U. S. Bank Rater: ilAorw Interview Date/Time: Thursday. April 11th at 11:30am The room being used for the interview Is equipped with wi-fi access and also has a large monitor and computer with internet access. The City wouid like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? OajU? QJi/^ KAjU?-r ^ y '^ r . CxyiCwm 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. cv vco 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? tee CorvW jUD'f AiH, /kJ-s cffcT a o,Tii(r> [C^hAsi/J, JV- locL>-i^9- City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes In the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? tVs/v^-e^7iav^ 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? uj L( P\r^^ doA^ hT^A'id)^ J f.lu^ G.-. w ail ^ How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? .■/no'> 4tvW U^.-<T^uioy, a^> US - 8. To your knowledge are there any internal control weaknesses reported in the ^company's last System and Organization Controls (SOC 1) report? qoo^jlo^I^ 0-. 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 10. Do you have any questions for us? 1. LOCAL WELLS FARGO JANUARY 8 2019 2. GRAl\TDFATHERD VARJABLE EARNfNGS CRED IT RATE (ECR) 3. AVERAGE ECR FOR LAST 8 MONTHS .35% TO .45% 4. $597.67 COMPENSATING BALANCE TO OFFSET ONE DOLLAR OF BANK FEES 5. FEES LOCKED IN FOR 5 YEARS 6. $1,500 RETENTION CREDIT 7. SAVINGS DETALIED IN PRICING OVERVIEW -NEEDS FURTHER REVIEW 8. NOT SURE OF ALL THE SERVICES THE CITY NEEDS OR WANTS Bank Name: Wells Fargo Rater: Interview Date/Time: Wednesday, April 3rd at 4:30pm City of La Quinta Banking Services RFP Questionnaire April 2019 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? .7S ~ E.c.R ~~. 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? Mill-M~ b~~ 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's ;;::ul~co:;~tu~is~ City of La Quinta Banking Services RFP Questionnaire April 2019 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How lbng do you anticipate the process will take? SIM~ f"'U-SS· r~~~· 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? f/-cwJ~ 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization .. C(ontrols (SOC 1) report? WI ~~t>'W .v~+'tl 9. Under government code 53635.2 to be eligible to receive local agency money, a bank, savings association, federal ass©ciation, or federally insured industrial loan compa ny shall have received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the c r edit needs of California's communities, including low- and moderate-income neighborhoods. Wel ls Fargo's last CRA rating was "need to improve". How is it that your financial institution is able to respond to this RFP? What are the broader implications of this rating for the evaluation period of 11-13- 2009 to 11-13-2012? When do you anticipate a new rating being issued? Do you anticipate the rating to chanQe with a new valuation? _ £-.... 0 .+ / "' ,. 2 po'J-1.0'w~ 11N+~4 b4 ~.eui~ ;~~ ~-~(~ ,JcHQ-~4 N ~~rv.vt-~· ..:t ,,,., ~ ~1 .. ~ ~ C!NSOI+, "''·~Jo~ 10. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. In your opinion, how would the winddown of services occur? Who from your team would assist the City during this process? City of La Quinta Banking Services RFP Questionnaire April 2019 11. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? 12. Do you have any questions for us? ^ . If City of La Quinta Banking Services RFP Questionnaire Bank Name: Wells Farao j^yrxfc April 2019 Rater: ^fC^ihJo^ Ca^f:?0%r- Interview Date/Time: Wednesday, April 3''^ at 4:30pm 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on Issues Impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current qovernment clients to discuss their fees? ^1 Rmmfnai 'f' OA/OA ^}f5D0 tie^h-f^CAA 4. The banking Industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10,years? . , (AvieU4 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? . , ShcH 0wfdwl fyi - nAJcl! n <^nal- C&nna^ iyvyrv(XLt 'Siry^(^-OMOyr- cefyln^A)>^^ City of La Quinta Banking Services RFP Questionnaire April 2019 ity has banked with Wells Fargo since 1995. If the City were to change banks result of this process. How would your bank assist the City with the transition of/^^ices? How long do you anticipate the process will take? 7. How does the bank ensure its information technology Is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where Is your banks information technology center located and what redundancy is in place? fyyoliryU^ OJU Us/)> n 8. To your knowledge are there any Internal control weaknesses reported In the company's last System and Organization Controls (SOC 1) report? 9. Under government code 53635.2 to be eligible to receive local agency money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low- and moderate-income neighborhoods. Wells Fargo's last CRA rating was "need to improve". How Is it that your financial institution is able to respond to this RFP? What are the broader implications of this rating for the evaluation period of 11-13- 2009 to 11-13-2012? When do you anticipate a new rating being issued? Do you anticipate the rating to change with a new valuation? 10. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. In your opinion, how would the winddown of services occur? Who from your team would assist the City during this process? '=:j^c4A.rc k^nc^ j2^jae^'efncj>o pYD+e^Y^ pYtra-Q^ ^ ^ cU'bdO'iiUAfi^ n • < « City of La Quinta Banking Services RFP Questionnaire April 2019 11. Is there anything we haven't asked or that is not conveyed In your proposal that we should know? 12. Do you have any questions for us? (AjfTidol oLo ^ )/(n^ — FtmcL fpre^re^^ci^ pn^ojon n peuj ' irDleJ. — ,eyyvx/7 ^ CcrphAntfi^ — m , -- iTN^^ S^/rv>W n ^HO'l ^rii /rw/^ t « t Karia Campos From: KarIa Campos Sent: Monday, April 15, 2019 2;09 PM To: Jamie.R.Varnergyi/i^|lS^gac(»(j^'.f Subject: La Quinta Banking Services Good afternoon Jaime, Thank you for participating in the City of La Quinta's Request for Proposals for Banking and Merchant Services and participating in the initial interview process. The City has elected not to extend a second interview to Wells Fargo. We greatly appreciate your commitment to providing government banking services and the 23 years of service to La Quinta. It was a difficult selection process and we will continue to work through the transition process together. Please do extend our appreciation to your team for their dedication and efforts during the process. Should you have any additional questions please do not hesitate to contact KarIa Campos at kcampos@laQuintaca.Gov or by phone at 760-777-7073. ( \MK>KMA KarIa Campos | Finance Director/Treasurer City of La Quinta 78495 Calie Tampico | La Quinta, CA 92253 Ph. 760.777.7073 www.laquintaca.Qov www.Dlavinlaqulnta.com City of La Quinta Banking Services RFP Questionnaire April 2019 Bank Name: Wells Farao Rater:VjmMI Interview Date/Tinne: Wednesday. April 3''^ at 4:30Dm 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with oth^r government clients and if any aje in the Coachella Valley? 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culti^ and the company's future vision? o{ Vlow Cbifi^ YfirdOfWrn, ^'L n^io City of La Quinta Banking Services RFP Questionnaire April 2019 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure Its Information technology Is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where Is your banks information technolpgy center located and what redundancy Is In place? 8. To your knowledge are there any Internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 0 9. Under government code 53635.2 to be eligible to receive local agency money, a bank, savings association, federal association, or federally Insured industrial loan company shall have received an overall rating of not less than "satisfactory" In Its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low- and moderate-Income neighborhoods. Wells Fargo's last CRA rating was "need to Improve". How is It that your financial Institution is able to respond to this RFP? What are the broader implications of this rating for the evaluation period of 11-13- 2009 to 11-13-2012? When do you anticipate a new rating being Issued? Do you anticipate the rating to change with a new valuation? 10. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. In your opinion, how would the winddown of services occur? Who from your team would assist the City during this process? ofW ^ (MAm fi^ V\ A /U <L City of La Quinta Banking Services RFP Questionnaire April 2019 V 11. 1st r that we s Is t s here anything we haven't asked or that is not conveyed in your proposal hould know? 12.Do you have any questions for us? BANK OF THE WEST APRIL 1, 2019 1. RELATIONSHIP MANAGER IN LOS ANGELES; DAY TODAY IN CITY OF INDUSTRY 2. WAIVER OF THREE MONTHS OF ACCOUNT ANALYSIS ; EQUATES TO $4,400 IN VALUE R.vu "'-~~ f f\ 1\f\ v...u.... 3. EARNINGS CREDIT RATE (ECR) 1.50% PREFFERED RATE; STANDARD .20% PLUS ADDITIONAL 1.30% 4. DISCOUNTED CONSUMER BANKING SERVICES AND PRODUCTS FOR CITY EMPLOYEES 5. 3,900 PUBLIC FUND ACCOUNTS; 1,500 IN CALIFORNIA ' 6 . CRA RATING OF "SATISFACTORY" 7. REFERRALS = CLAREMONT, MONTEREY PARK AND SOUTH GATE 8. ZERO BALANCE ACCOUNTS ABILITY 9. PAY FEES DIRECT OR USE COMPENSATING BALANCES 10. ONE DOLLAR IN SERVICES = $811 IN COMPENSATING BALANCES 11. IMPLEMENTION 30-45 DAYS ; TARGET JULY 1, 2019 Bank Name: Bank of the West Rater: Interview Date/Time: Wednesday, April 3 rd at 1:OOpm City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and ~~'"''lli\-how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? C\lw.\'!T'~ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach ~ to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In \JJWI'-your opinion, what does the banking environment look like in 10 years? t~c.c 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? \~ "l~1JL.--~ Q..Vld'-\_'1 \N (\\..tc.. ~ "':."' !'"'~ 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7 . How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8 . To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? -~ 10. Do you have any questions for us? U. S.BANK JANUARY 8, 2019 1. FEES FIXED FOR 5 YEARS -OPTION FOR 2 ADDITIONAL ONE YEAR PERIODS 2. TRANSITION EARNINGS CREDIT ADJUSTMENT $4 ,500 3. NEW SERVICE INCENTIVE $1 ,500 4. ECR .95% \ .15 7~ 5. BRANCH LOCATED ACROSS STREET FROM CITY HALL PLUS ONE ON HIGHWAY 111 6. TREASURY MANAGEMENT HANDLED OUT OF NEWPORT BEACH -OTHERS MOSTLY LOS ANGELES OR OHIO 7. LAST 8 MONTHS ECR-ROUGHLY .21% TO .22% 8. COMPENSATING BALANCE OF $1 ,263 TO OFFSET $1.00 OF BANK FEES R'<.-~~"~ ~ \)€~ \tv ~ 1"\')e JJ c.'l ~ ~ <)(>R,IIVC ~ \)~ ~ \W '5'\'l'l-1 "'-"1" <::._{)~ J:tJ~L O Bank Name: U. S. Bank Rater: Interview Date/Time: Thursday, April 11th at 11: 30am City of La Quinta Banking Services RFP Questionnaire April 2019 The room being used for the interview is equipped with wi-fi access and also has a large monitor and computer with internet access. The City would like to set aside up to 15 minutes to review your online banking platform and the services we would be able to view online. The City also requests that you bring five copies of the following. Please omit any reports included in the RFP response. • Daily transactions and bank balance report • Monthly bank statement • Monthly and/or Quarterly analysis statement • Notice of banking correction for deposits (such as insufficient funds check or deposit error) 1. Please explain your bank's approach to customer service. Who is on your team and how would we interact with them? Including, how often do you currently meet with other government clients and if any are in the Coachella Valley? ~\ '-.(}\'I' 0 NC.. "'-A ~ ~ 2. What steps does your bank take to ensure we remain educated on new services and on issues impacting our banking services. 3. The City keeps an average daily bank balance of $1 million. Explain your approach to Account Analysis and how the earning credit (ECR) is calculated? How often would our ECR change and how will we be notified if it does change? How long do you carry earnings in excess of analysis fees (monthly, quarterly, annually)? Lastly, how often do you meet with current government clients to discuss their fees? City of La Quinta Banking Services RFP Questionnaire April 2019 4. The banking industry has experienced significant changes in the past decade. In your opinion, what does the banking environment look like in 10 years? 5. The City prides itself on providing excellent internal and external customer service, health and wellness, having a vibrant and safe community, and embracing cultural diversity. What sets you apart from other banking institutions? Describe your bank's work culture and the company's future vision? \<, \-\ovN ~') ~\'Y\fu>~>!.e.. 6. The City has banked with Wells Fargo since 1995. If the City were to change banks as a result of this process. How would your bank assist the City with the transition of services? How long do you anticipate the process will take? 7. How does the bank ensure its information technology is secure from data breaches, hacks, fraudulent attempts, or other external threats? Where is your banks information technology center located and what redundancy is in place? 8. To your knowledge are there any internal control weaknesses reported in the company's last System and Organization Controls (SOC 1) report? 9. Is there anything we haven't asked or that is not conveyed in your proposal that we should know? . ., f'~. cf\/\.1\ \ S 1• (f-'2. \lf'>I\C... 01..., 'V"'IL I"""" 10. Do you have any questions for us?