Requests for Proposals

GWRC Banking Services

The George Washington Regional Commission sought proposals to establish a single contract through competitive negotiation with a qualified source to provide nonprofessional services, as described within the Request for Proposals (RFP) below, for organizational banking.

GWRC Banking Services RFP

Notice of Award: GWRC has selected Carter Bank and Trust for this contract.

Below are answers to questions that GWRC received about this RFP:

Q: Can you provide the number of wires and frequency at which you initiate the transfers? Monthly, weekly, etc.

A: We have transactions between our Money Market Account and our Operating Account with approximately 3 transfers per month. We also generate ACH payments to Stafford County Government twice per month. Incoming ACH – we average approximately 15 per month.

Q: Does GWRC originate ACH files or is it just checks that clear electronically and count as ACH items?

A: Yes, we originate 2 ACH per month to Stafford County Government

Q: Every financial institution has different descriptors for their products and services.  Can you please provide clarification for the following items listed under “Proposal Content”:

Description of Collection and Deposit Services – Does this pertain to return deposit items?

A: This would relate to fees for NSF along with deposit restriction regarding any percentages that may be held for a specific amount of time.

Bank policy on strapped/rolled and pricing basis – Do you regularly deposit currency?

A: We have in the past and would like the option to continue.

Credit advise processing – Please provide more details to this service.

A: GWRC would like information/advise on establishing a LOC and or other similar products that are available.

Q: Approximately how much in cash or coin currency deposits are made each month to the accounts? What I would like to determine is if there are any accounts that receive incoming deposits in excess of $10,000/month in cash or coin currency?

A: No GWRC does not accept cash.  All deposits are direct deposit/ ACH and or check.

Q: How many outgoing wire transfers does GWRC originate each month?

A: We have transactions between our Money Market Account and our Operating Account with approximately 3 transfers per month.

Q: How many incoming wire transfers are received into GWRC accounts each month?

A: Incoming ACH – we average approximately 15 per month.

Q: Does GWRC initiate ACH Payments for the purpose of directly debiting a customer’s account? 

A: No

Q: Does GWRC initiate ACH Payments by directly depositing to a vendor or an employee’s checking or savings account?

A: We generate ACH payments to Stafford County Government twice per month.

Q: How many Remote Deposit Capture scanners are needed in order to process check deposits to GWRC accounts?  Deposits can be made all from one workstation, but in some cases there may be multiple users and/or multiple locations that need to be able to make check deposits into the accounts.

A: GWRC would not need the Remote Deposit Capture scanner.  We deposit approximately 30 checks total per year.  All of our deposits are received via direct deposit/ach.