Primary Bank Depository

What they need

• Local presenceMain office or operating branch within Waco city limits
• Service periodBegins May 1, 2027, with an initial two-year term and two optional two-year renewals
• BalancesSweep balances average approximately $4.7 million and can exceed $25 million
• Banking servicesOnline reporting with BAI2 and Excel exports, ACH with effective-date settlement, wire transfers, remote deposit capture using existing scanners, and account reconciliation
• Fraud protectionCheck positive pay with payee validation, ACH debit filters, and check debit blocks
• Deposit securityDaily collateral monitoring; pledged securities covering 102% of uninsured deposits and accrued interest, held by an independent custodian, or an acceptable insured deposit or letter-of-credit arrangement
• Investment servicesSweep options and securities safekeeping with delivery-versus-payment settlement
• PricingItemized service fees, earnings credit and interest rate terms, collateral and safekeeping costs, and transition charges. Fees must remain fixed through renewals