City Council of Monterey Park
The City Council Acting on Behalf of the Successor Agency of the Former Redevelopment Agency, the Housing Authority, the Monterey Park Financing Authority and the Monterey Park Geologic Hazard Abatement District Agenda
Regular Meeting
Monterey Park City Hall Council Chambers
320 West Newmark Avenue, Monterey Park, CA 91754
Wednesday, March 18, 2026
6:30 PM
Mission Statement
The mission of the City of Monterey Park is to provide excellent service, foster growth and opportunity, and create a joyous and collaborative environment.
Land Acknowledgment
We would like to acknowledge that the land we inhabit today was once known as Tovangaar, the home of the Gabrieleño-Tongva people. We show our respect to the Gabrieleño-Tongva people, as well as all Indigenous people, past, present, and future, and honor their labor as original caretakers of this land. We commit to uplifting the Gabrieleño-Tongva people, invite you to acknowledge the history, and join us in caring for this land.
General Information
Documents related to an Agenda item are available to the public in the City Clerk’s Office located at 320 West Newmark Avenue, Monterey Park, CA 91754, during normal business hours and at www.montereypark.ca.gov/agendas.
The public may watch the meeting live on the city’s cable channel MPKTV (AT&T U-verse, channel 99 or Charter Communications, channel 182) or by visiting the city’s website at http://www.montereypark.ca.gov/133/City-Council-Meeting-Videos. Per the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please email City Hall at [email protected] or call (626) 307-1359 for reasonable accommodation at least 48 hours before a meeting. Council Chambers are wheelchair accessible.
Public Comment for Matters Not on the Agenda
Pursuant to Rule 5 of Resolution No. 12226 (adopted February 17, 2021), speakers are limited to a total of five minutes for Public Comment and a total of five minutes on all other items on the Agenda.
Exception - See Public Hearing Procedures under Rule 7, Resolution No. 12226. If desirable, the Mayor and City Council may change the amount of time allowed for speakers.
While all comments are welcome, the Brown Act does not allow the City Council to take action on any item not on the agenda. The Council may briefly respond to comments after Public Communications is closed. Persons may speak to any matter that is not on the Agenda but within the City Council's subject-matter jurisdiction at this time. Comments regarding an Agenda item, including the Consent
Calendar, will be heard when that matter is called. Written Communication is accepted up to 24 hours before the meeting by completing an online form at www.montereypark.ca.gov/writtencomm. Written communications are provided to the City Council.
Live Translation:
Meetings will be translated (transcribed or audio) to the language you select. Instructions are provided below.
即時翻譯：
會議將被翻譯（筆譯或音譯）至您選擇的語言。操作說明如下
Traducción en vivo:
Las reuniones se traducirán (por escrito o por audio) al idioma que seleccione. Las instrucciones se encuentran a continuación.
1. Call to Order
Mayor
2. Flag Salute
The Monterey Park Police Explorers
3. Roll Call
Henry Lo, Vinh Ngo, Jose Sanchez, Thomas Wong, Elizabeth Yang
4. Telecommunications Announcement, if requested
5. Agenda Revisions and Additions
6. Public Communications
7. Staff Communications
7.A. Library
7.B. Recreation & Community Services
7.C. Public Works
7.D. Fire Department
8. Presentation
9. Old Business
10. Consent Calendar
All items under the Consent Calendar are considered by the City Council to be routine and will be enacted by one motion. Specific items may be removed from the Consent Calendar at the request of any member of the City Council for separate consideration.
10.A. J.P. Morgan Chase Commercial Banking and Procurement Card Services
It is recommended that the City Council consider:
1. Authorizing the City Manager to execute an agreement, in a form approved by the City Attorney, with J.P. Morgan Chase for the City’s Commercial Banking and Procurement Card services. It is the City’s intent to establish an initial five (5) year contract with J.P. Morgan Chase with an option to renew every (5) years thereafter; and
2. Taking such additional, related, action that may be desirable.
10.B. Authorize transfer of Unclaimed Monies to the General fund pursuant to Government Code §§ 50050-50056
It is recommended that the City Council consider:
1. Adopting a Resolution authorizing the transfer of $4,020.83 in declared unclaimed monies into the City's General Fund pursuant to Government Code §§ 50050-50057 and Administrative Policy and Procedure No. 20-26; and
2. Taking such additional, related, action that may be desirable.
10.C. Amendment No. 1 The Pun Group
It is recommended that the City Council consider:
1. Authorizing the City Manager to execute a first amendment to the professional auditing Agreement No. 2369-AE with the Pun Group, LLP to extend the term through June 30, 2031 and increase the not-to-exceed compensation from $238,000 to $668,792; and
2. Taking such additional, related, action that may be desirable.
10.D. Approve the artwork submitted by Artist Giorgiko for a mural celebrating the United States Semiquincentennial at Barnes Park
It is recommended that the City Council consider:
1. Approving the artwork submitted by Artist Giorgiko for a mural celebrating the United States Semiquincentennial at Barnes Park;
2. Providing direction regarding the phase to be included within the mural; and
3. Taking such additional, related, action that may be desirable.
CEQA (California Environmental Quality Act):
The City reviewed the environmental impacts of the proposed action pursuant to the California Environmental Quality Act (Public Resources Code §§ 21000, et seq. “CEQA”) and the regulations promulgated thereunder (14 Cal. Code of Regs. §§ 15000, et seq., the “CEQA Guidelines”). CEQA Guidelines §§ 15060(c)(2), 15061(b)(3), and 15378 exempt activities that will not result in a direct or reasonably foreseeable indirect physical change in the environment, activities where there is possibility that it may have a significant effect on the environment, and activities that do not constitute a “project” as defined, respectively.
This activity contemplates administrative actions, including entering into an agreement and appropriating budget funds. Accordingly, this activity is exempt from further review.
10.E. Landscaping and Tree Maintenance Agreement Amendments
It is recommended that the City Council consider:
1. Authorizing the City Manager to execute a Seventh Amendment to Agreement 2136- A with Mariposa Landscape, Inc., a Fourth Amendment to Agreement 2368-AA with Priority Landscape Services, LLC, and a Sixth Amendment to Agreement 1284-A with West Coast Arborists, Inc., in forms approved by the City Attorney, for continued commercial landscaping services through June 30, 2026; and
2. Taking such additional, related, action that may be desirable.
10.F. Notices of Completion for Various Capital Improvement Projects
It is recommended that the City Council consider:
1. Receiving and filing the Notice of Completion recorded by the Public Works Director on August 25, 2025 accepting the 2024-25 Street Rehabilitation Project completed by Onyx Paving Company, Inc.;
2. Receiving and filing the Notice of Completion recorded by the Public Works Director on September 10, 2025 accepting the Emerson Parallel Sewer Line Project completed by GRBCON, Inc.;
3. Receiving and filing the Notice of Completion recorded by the Public Works Director on September 11, 2025 accepting the Russell Street Reservoir Project completed by Crosno Construction Inc.;
4. Receiving and filing the Notice of Completion recorded by the Public Works Director on October 3, 2025 accepting the PWC Elder Pool Improvements Project completed by Sebastian Waterworks, Inc. dba Mr. Rooter Plumbing;
5. Receiving and filing the Notice of Completion recorded by the Public Works Director on October 21, 2025 accepting the George Elder Pool Epoxy Project completed by CT&T Concrete Paving, Inc.;
6. Receiving and filing the Notice of Completion recorded by the Public Works Director
on October 25, 2025 accepting the Cascades Park Epoxy Work Project completed by CT&T Concrete Paving, Inc.;
7. Receiving and filing the Notice of Completion recorded by the Public Works Director on November 9, 2025 accepting the Langley Center, Garvey Ranch Museum, George Elder Gym Roof Replacement Project completed by BEST Contracting Services, Inc.;
8. Receiving and filing the Notice of Completion recorded by the Public Works Department on December 8, 2025 accepting the Barnes Gym Exterior Painting Project, completed by U.S. National Corp. dba Jimenez Painting;
9. Receiving and filing the Notice of Completion recorded by the Public Works Department on December 11, 2025 accepting the Langley Center & George Elder Flooring Project completed by JJJ Flooring;
10. Receiving and filing the Notice of Completion recorded by the Public Works Department on February 2, 2026 accepting the Bruggemeyer Library Exterior Painting Project completed by U.S. National Corp. dba Jimenez Painting;
11. Receiving and filing the Notice of Completion recorded by the Public Works Department on February 5, 2026 accepting the Concrete Improvements Project completed by Onyx Paving Co.;
12. Receiving and filing the Notice of Completion recorded by the Public Works Department on February 9, 2026 accepting the Library Generator Project completed by Pacific Power Engineering Technology, Inc.; and
13. Taking such additional, related, action that may be desirable.
11. Public Hearing
11.A. Public Hearing Pursuant to Government Code Section 3502.3 Concerning Vacancies and Recruitment and Retention Efforts
It is recommended that the City Council consider:
1. Conducting a public hearing to present the status of vacancies and recruitment and retention efforts in accordance with Government Code section 3502.3; and
2. Taking such additional, related, action that may be desirable.
CEQA (California Environmental Quality Act):
The California Environmental Quality Act (“CEQA”) and the regulations promulgated thereunder (Cal. Code Regs., tit. 14, § 15000 et seq., the “CEQA Guidelines”) require environmental review of discretionary projects that may result in a significant effect on the environment. The proposed action is not a “project” subject to CEQA because it constitutes an organizational and administrative activity that will not result in a direct or reasonably foreseeable indirect physical change in the environment. (CEQA Guidelines, §§ 15060(c)(2), 15378(b)(5).) The City Council is receiving information and conducting a public hearing pursuant to Government Code § 3502.3 and is not approving or committing the City to any activity that may result in a physical change to the environment.
11.B. Annual Weed Abatement Protest Hearing
It is recommended that the City Council consider:
1. Opening the continued public hearing, receiving public comment, closing the public hearing;
2. Adopting a Resolution declaring that weeds, brush, rubbish and refuse upon or in
front of specified property in the City are a seasonal and recurrent public nuisance, and declaring its intention to provide for abatement; and
3. Taking such additional, related, action that may be desirable.
CEQA (California Environmental Quality Act):
Adopting of this Resolution is exempt from the California Environmental Quality Act (“CEQA”) under CEQA Guidelines § 15061 (b)(3) because it can be seen with certainty that there is no possibility that the Resolution may have a significant effect on the environment.
12. New Business
12.A. Barnes Park Pool Design Selection
It is recommended that the City Council consider:
1. Selecting a preferred design option for the Barnes Park Aquatic Center Project;
2. Directing staff to use the selected option in all future grant applications, funding pursuits, and project planning; and
3. Taking such additional, related, action that may be desirable.
12.B. Consideration of the First Reading and Introduction of Ordinance Expanding the Lifeline Utility Rate Program and Clarifying Utility Billing and Collection Procedures, a Resolution Establishing a Wastewater Lifeline Discount, and a Resolution Increasing Water Service Deposits
It is recommended that the City Council consider:
1. Waiving first reading and introducing and ordinance to expand the lifeline utility rate program and clarify billing, collection, and owner responsibility for water, wastewater, and other City billed utility charges;
2. Adopting a Resolution authorizing a 100% discount of the wastewater charge for customers residing in a single-family dwelling and participating in the Lifeline program;
3. Adopting a Resolution authorizing a deposit increase of $50 per meter size; and
4. Taking such additional, related, action that may be desirable.
13. City Communications (City Council) / Future Agenda Items
14. Closed Session (if Required; City Attorney to Announce)
15. Adjournment
City Council Staff Report
Date: March 18, 2026
Agenda Item Number: 10.A.
To: The Honorable Mayor and City Council
From: Martha Garcia, Director of Finance
Subject: J.P. Morgan Chase Commercial Banking and Procurement Card Services
Recommendation:
It is recommended that the City Council consider:
1. Authorizing the City Manager to execute an agreement, in a form approved by the City Attorney, with J.P. Morgan Chase for the City’s Commercial Banking and Procurement Card services. It is the City’s intent to establish an initial five (5) year contract with J.P.
Morgan Chase with an option to renew every (5) years thereafter; and
2. Taking such additional, related, action that may be desirable.
Executive Summary:
On September 3, 2025, the City posted a Request for Proposal (RFP) on the City’s webpage for banking and procurement card services. Five banking institutions responded. Following the evaluation and rating of each proposal received, City staff completed in-person interviews with Bank of Montreal (BMO) and J.P. Morgan Chase. J.P. Morgan was found to be fully qualified and offered better incentives, fees, and interest rates when compared to the City’s current bank, BMO.
It is recommended that Council authorizes the City Manager to execute an agreement, in a form approved by the City Attorney, with J.P. Morgan Chase for the City’s commercial banking and procurement card services for an initial five (5) year term.
Background:
In July of 2012, Council approved the City to bank with the Bank of the West. Bank of the West was acquired by BMO in February of 2023. BMO currently provides banking and procurement card services to the City.
Given the ongoing changes occurring within the banking industry and evolving technologies,
the City determined that a review of the services offered by all qualifying institutions was appropriate and necessary. The City’s goal in publishing the RFP was to create efficiencies, make improvements where possible, and take advantage of new, applicable banking technologies.
The City published a Request for Proposal on September 6, 2025, for commercial banking and/or procurement card services. The RFP’s banking institutions’ qualifications for consideration included:
• Status as a current qualified public depository as defined by California General Statutes and compliance with all applicable federal and state law as and regulations, statues and policies.
• Membership in the Federal Reserve System. The bank must be a federally or State of California chartered financial institution and in good standing among other comparable banks.
• Adequately capitalized to accommodate the City’s cash and investment management needs.
The City received a total of five proposals. Four proposals for banking and procurement card services from: J.P. Morgan Chase, BMO, East West Bank and Wells Fargo. The City also received one proposal for procurement card services only from Cyret Technologies Inc.
After reviewing and rating all proposals, the City completed two in-person interviews with J.P.
Morgan Chase and the City’s current bank, BMO.
J.P. Morgan Chase provided both a more comprehensive proposal and a detailed in-person presentation that included critical details as well as an introduction of the J.P. Morgan staff who will be assigned to service the City. J.P. Morgan provided details of the available products and the services they recommend and can provide for the City. J.P. Morgan’s proposal and in- person presentation demonstrated their experience, their sufficient size, financial strength and stability, depth of management, the resources and staff they can provide, and the experience with government entities to meet the City’s financial needs and goals as well as operational requirements to ensure quality service throughout the term of the contract. J.P. Morgan was found to be fully qualified and offered better incentives, fees and interest rates when compared to BMO. Additionally, J.P. Morgan’s customer relations policies meet a very important criterion for the City staff.
It will take approximately seven to nine months to fully transition to the new bank services. In the meantime, the City will continue to work with BMO during this transition.
It is recommended that Council authorizes the City Manager to execute an agreement, in a form approved by the City Attorney, with J.P. Morgan Chase for the City’s commercial banking and procurement card services for an initial five (5) year term.
Strategic Plan Goal:
This item meets the Strategic Plan goal of enhancing revenue and cost recovery strategies by evaluating and refining banking services to optimize city resources.
Fiscal Impact:
The banking services outlined in this RFP are projected to cost approximately $5,191, totaling around $25,955 over five years. Additionally, the proposal includes transition and implementation credits of $75,000, helping to offset any one-time costs.
The City currently pays between $17,000 to $23,000 annually for general banking services with BMO. By using J.P. Morgan for these services, the City will be saving approximately $11,809 to $17,809 annually. Funding is available in the Fiscal Year 2025/26 for general banking services, and funds will be budgeted in future budgets for the remaining years of the agreement.
Attachments:
1. RFP #840 Commercial Banking and Procurement Card Services
2. J.P. Morgan Banking Services Proposal
Staff Report
March 18, 2026
ATTACHMENT 1
RFP #840 Commercial Banking and/or
Procurement Card Services
REQUEST FOR PROPOSALS
Sealed proposals must be received no later than 3:00 PM on October 6, 2025, by the City Clerk’s office for the City of Monterey Park , for Commercial Banking and/or Procurement Card Services, RFP # 840
Packets may be obtained from the Finance Services Department by emailing Maria Espinosa-Chavez at: [email protected].
Please refer to specifications for complete details and bid requirements.
The specifications in this notice are a part of any contract awarded in accordance with this RFP.
1 CITY OF MONTEREY PARK
Commercial Banking and/or Procurement Services
PROPOSAL # 840
PROPOSALS ARE DUE: NO LATER THAN 3:00pm, on October 6, 2025.
The City of Monterey Park is seeking proposals from qualified banking institutions for the provision of Commercial Banking and/or Procurement Card Services. To qualify for consideration, banks must be a Federal or State of California chartered bank, a member of the Federal Reserve System and in good standing among other comparable banks.
1. Submit Proposal to:
City of Monterey Park
Att: City Clerk
Commercial Banking and/or Procurement Card Services
RFP # 840
320 W. Newmark Avenue
Monterey Park, CA. 91754
2. Proposer must honor proposal prices for sixty (60) days.
3. Proposals must include this Proposal form and be signed by the vendor's authorized representative.
4. Award of a contract will be made by the City Council based upon the criteria set forth in this RFP and will be made based upon the best qualified proposer rather than lowest price.
PROPOSER TO READ
I have, read, understood, and agree to the terms and conditions on all pages of this proposal. The undersigned agrees to furnish the commodity or service stipulated on this proposal as stated above.
Company Address
Name (Print) Signature
Company Phone No. Title of Person Signing Bid
2 PROPOSAL INSTRUCTIONS
1. Submitting Proposals. (a) Proposals must include this form, in its entirety, in a sealed envelope with the wording “Proposal,” proposal number and closing date marked on the outside; (b) Proposals/corrections received after the closing time will not be opened. The City is not responsible for proposals not properly marked and delivered. Upon award, all submis sions become a matter of public record.
2. Alternatives. Any changes or alternatives must be set forth in a letter attached to this proposal.
The City has the option of accepting or rejecting any alternative proposal.
3. Currency. All references to do llar amount in this solicitation and in vendor's response refer to United States currency.
4. Preparation. All proposals must be typed or written in black ink. Errors may be crossed out and corrected in ink, then initialed in ink by the person signing the proposal.
5. Rejection. The City may reject any or all proposals and waive irregularity in any proposal.
6. Default. In case of default by the vendor of any of the conditions of this proposal or contract resulting from this proposal, the vendor agrees that the City may procure the services from other sources and may deduct from the unpaid balance due the vendor, or collect against the bond or surety, or may invoice the vendor for excess costs so paid, and prices paid by the City will be considered the prevailing market price at the time such purchase is made.
7. Assignment. No assignment by the vendor of contract or any part hereof, or of funds to be received hereunder, is binding upon the City unless the City gave written consent before such assignment.
8. Sub-contractors. The Bidder must list any subcontractors that will be used, the work to be performed by them, and total number of hours or percentage of time they will spend on the project.
9. Indemnification. The extent of a successful contractor’s obligation to indemnify and defend the City is set forth in the sample contract attached to this RFP.
10. Bonds. When deemed necessary by the City, bid bonds must be furnished by all proposers in the amount of at least 10% of the bid to guar antee that proposers will enter into contract to furnish goods at prices stated. Likewise, a Performance Bond must be required of the successful proposer when stated in the specification (cash deposit, certified or cashier's check or money order may be substituted in lieu of either bond).
11. Insurance. This is a contract involving services and the City requires insurance. Insurance must be primary insurance and must name the City of Monterey Park as an additional insured. Proof of insurance in the fol lowing amounts must be provided prior to contract signing; liability in the amount of $1,000,000, automotive in the amount of $1,000,000, worker’s compensation in
3 accordance with California law and Pollution Liability or Errors & Omissions of $1,000,000 each occurrence/$2,000,000 policy aggregate. Specific insurance requirements are set forth in the sample contract. BIDDERS MUST SIGN AND RETURN EXHIBIT “A”, INSURANCE REQUIREMENTS, WITH THEIR PROPOSAL.
12. Proposal Rejection: The City may reject the prop osal of any proposer who previously failed to perform properly, or complete on time, contracts of a similar nature, or to reject the proposal of a proposer who is not in a position to perform such a contract satisfactorily. The City may reject the proposal of any proposer who is in default of the payment of taxes, licenses or other monies due to the City of Monterey Park.
13. Contract Pricing: Except as otherwise provided, price proposals must remain consistent through the term of this contract.
14. Proposal Questions: Questions should be forwarded by email to:
Maria Espinosa-Chavez
[email protected]. (For prompt response, in email Subject enter “RFP # 840 question”).
The last day for questions will be 5:00 pm. on September 11, 2025. Questions received after this date will not receive a response.
4 CONTRACT SAMPLE
The successful bidder will be required to enter into the sample contract that is attached as Exhibit “B”
STATEMENT OF WORK AND FORMAT
The City of Monterey Park (City) requests proposals for the following purpose according to the terms and conditions attached. In the preparation of this Request for Proposal the words "Bidder," "Contractor," and "Consultant" are used interchangeably.
1. Purpose: The purpose and intent of this RFP is to establish a Contract (Agreement) with a qualified Financial Institution(s), also hereinafter referred to as the Contractor or Vendor, who is qualified to provide the City of Monterey Park with commercial banking and/or Procurement Card Services in the most efficient, effective and secure manner while maintaining sufficient liquidity and protection of all the funds entrusted to the City.
2. Proposal Schedule: Following is a tentative schedule of events:
Proposal Requirements: An original and one (1) electronic copy of the proposal must be received no later than 3:00 pm on October 6, 2025.
Emailed proposals must be submitted to: [email protected] Reference: Commercial Banking Services RFP # 840 in subject line.
The electronic proposal must be received no later than3:00 pm on October 6, 2025.
Emailed proposals will be monitored for timely receipt.
The hard copy proposal must be received no later than 3:00 pm on October 6, 2025 at the following address:
City of Monterey Park
Attn: City Clerk
320 W. Newmark Avenue
Monterey Park, CA. 91754
Evaluation of Proposals
The proposals will be reviewed by City staff during the week of October 13, 2025.
1. All proposals will be evaluated to identify the financial institutions deemed fully qualified and best suited, per factors listed below (not in priority order):
▪ Understanding the needs and operational requirements of the City ▪ Bank and branch locations
▪ Scope of services offered, including degree of automation ▪ Relevant experience managing similar services with governmental agencies ▪ Professional experience and qualifications of the individuals assigned to the account ▪ Responsiveness to proposal format and inclusion of all required exhibits/reports ▪ Local decision-making authority to handle emergency needs
5 ▪ Financial strength and capitalization of the banking institution ▪ Adequacy of financial controls and security protection against loss ▪ Value of any new product or service suggestions or other new ideas and enhancements ▪ Quality and scope of the conversion plan
▪ Ability to provide services as outlined in the Scope of Services and quality of the proposal ▪ Quality of references
▪ Best rate of interest paid historically on accounts (including evaluation of indexed rates) ▪ Best earnings credit rate (ECR)
▪ Proposed cost
▪ Contractor’s understanding of scope of work.
▪ Contractor’s approach to providing the services and performing the tasks defined in the Scope of Work.
▪ Capability of firm and key project personnel to handle the project in terms of workload experience, and efficient staff utilization.
Recommendation to City Council for Contract Award:
Interviews of the top three (3) firms may be required. The successful contractor will be selected by the City Council based upon the criteria set forth above and the City’s sole discretion. The Council is under no obligation to contract with any applicant.
3. Introduction/Background:
The City of Monterey Park is located at the western gateway to the San Gabriel Valley, in Los Angeles County, just a few miles east of downtown Los Angeles. The City encompasses an area of 7.73 square miles with a population of 61,000.
Monterey Park was incorporated in 1916 as a general law city and operates under the council - manager from of government. The City council, which consists of five members, is elected by district and each serves a term of four years. The City Clerk and the City Treasurer are also elected by the citizens. The City of Monterey Park is a full -service municipal government, offering its residents police protection, fire and emergency medical services, water, sewer and refuse collections, public infrastructure improvements and culture and leisure programming. The City’s fiscal year begins on July 1 and ends on June 30. The City of Monterey Park’s annual budget in FY 2024-2025 is $173 million for all funds combined.
The City currently maintains a primary commer cial banking relationship with one depository institution. Given the ongoing changes occurring within the banking industry and evolving technologies, the City has determined that a review of the services offered by all qualifying institutions is appropriat e at this time. The City wishes to create efficiencies, make improvements where possible, and take advantage of new, applicable technologies. It is the City’s intent to maintain commercial banking services with one financial institution that may or may not include Procurement Card Services. City will consider stand -alone Procurement Card Services proposals from a qualified financial institution. As such, banking services proposals may include both banking and procurement card services or banking only or Procurement Card Services only services. This RFP does not cover any other services, such as custody services, certificates of deposit, investment, or bond trustee services.
6 4. Objective(s)/Work Products: Refer to the terms of the Agreement included as Exhibit “B.”
5. Work Statement: Refer to the terms of the Agreement included as Exhibit “B.”
6. Required Qualifications - COMMERCIAL BANKING SERVICES
A. Qualified Depository & Term of Agreement
Any bank submitting a proposal must be a qualified public depository, as defined by California General Statutes, and must perform its obligation under this proposal in compliance with all applicable federal and state laws and regulations, statues and policies.
The City plans to establish an initial five (5) year contract commencing in March 2026 with an option to renew for an additional five (5) years thereafter. The City desires fixed pricing for the 2026-2031 term contract period.
B. Federal Reserve Member
The bank must be a member of the Federal Reserve System. The bank must be a federally or State of California chartered financial institution and in good standing among other comparable banks.
C. Capitalization
Respondents must be adequately ca pitalized to accommodate the City’s cash and investment management needs.
7. Scope of Work: (Refer to Scope of Work, Exhibit “C”).
8. Time Schedule:
RFP Issue Date September 3, 2025
Cutoff date for questions September 11, 2025, 5:00 PM
Proposal Due Date October 6, 2025 (No later than 3:00 PM) Award of Contract December 3, 2025
9. Response Submittal Requirements:
(a) CONTENTS OF PROPOSAL
Submitted proposals must follow the format outlined below and all requested information must be supplied. Failure to submit proposals in the required format will result in elimination from proposal evaluation. (Refer to Scope of Work, Exhibit “C.”)
7 FORMAT:
Each proposal must be submitted in two parts:
Part I must relate to the Technical Proposal and Part II must relate to the Cost Proposal
PART I - TECHNICAL PROPOSAL (Refer to Scope of Work, Exhibit “C.”)
Cover Letter - Must include the name, address, and telephone number of the company, and be signed by the person or persons authorized to represent the firm.
Table of Contents - Clearly identify material contained in the proposal by section and page number.
Introduction (Section 1) Contents to be determined by contractor.
Project Analysis (Section 2) - Provide an explanation and interpretation of the challenges identified in this RFP.
Objective, Scope, Nature of Proposed Program (Section 3) - Describe the overall approach to the challenges, including the objective and scope of work to be performed by the contractor
Work Program (Section 4) - Describe the work or tasks to be performed.
Methodology (Section 5) - Describe the methodology and techniques to be employed.
Project Management (Section 6) - Describe the proposed management structure, organization of contracting group, and facilities available.
Assigned Personnel (Section 7) - Identify the principals having primary responsibility for implementing the proposal. Discuss their professional and academic backgrounds. Provide a summary of similar work they have previously performed. List the amount of time, on a continuous basis, that each principal will spend on this project. Describe the responsibilities and capacity of the technical personnel involved. Substituti on of project manager and/or lead personnel will not be permitted without prior written approval of the City.
Schedule (Section 8) - List the proposed schedule of activities including labor hours.
Program Monitoring (Section 9) - Describe the quality control procedures to be utilized during the project to ensure conformance with the scope of work.
City Resources (Section 10) - Describe the City services and staff resources needed to supplement contractor activities to achieve identified objective(s).
Subcontractors (Section 11) - If subcontractors are to be used, identify each of them in the proposal.
Describe the work to be performed by them and the number of hours or the percentage of time they will devote to the project. Provide a list of their assigned staff, their qualifications, relationship to project management, schedule, costs, and hourly rates.
8 Contractor Capability and References (Section 12) - Provide a summary of the firm's relevant background experience. Discuss the applicability of su ch experience to this RFP. Include examples of projects completed for other similar agencies that are of a similar nature and a contact person for each of those clients.
Alternative Proposals (Section 13) - Provide statements of alternative proposals, if any, labeled "Alternative Proposal Number One, Alternative Proposal Number Two," etc. The format of each alternative proposal submitted may be abbreviated to address just the following:
a. Work Program
b. Methodology
c. Assigned Personnel
Conflict of Interest ( Section 14) - Address possible conflicts of interest with other clients affected by actions performed by the firm on behalf of the City. Although the bidder will not be automatically disqualified by reason of work performed for other parties, the City res erves the right to consider the nature and extent of such work in evaluating the proposal.
PART II - COST PROPOSAL (Refer to Scope of Work, Exhibit “C”)
Name and Address
The Cost Proposal must list the name and complete address of the bidder in the upper, left-hand corner.
Cost Proposal
The Cost/Price format for the proposal must be as outlined in the Agreement for services. Exhibit A
Total cost must be clearly indicated at the end of the Cost Proposal and entered on the first page of the proposal.
Costs must be itemized per the agreement for services.
Charges for supplies, equipment, travel, and subcontractors will be paid at cost. It is expected that general, overhead, and administrative costs are included in the hourly rate for labor. Bids submitted will be held to the total cost given in the response quote. It will be assumed that all contingencies and/or anticipated escalations are included. No additional funds will be paid above and beyond the original quote given by the selected bidder.
(b) PROPOSAL SUBMISSION
All proposals must be submitted according to specifications set forth in Section 8 (a) - Contents of Proposal and this section. Failure to adhere to these specifications may be cause for rejection of proposal.
I. Signature. An authorized representative of the bidder MUST sign all proposals.
II. Due Date. An original and one (1) electronic copy of the proposal must be received no later than 3:00 pm on October 6, 2025.
9 Emailed proposals must be submitted to: [email protected] Reference: Commercial Banking Services RFP # 840 in subject line.
The electronic proposal must be received no later than 3:00 pm on October 6,2025.
Emailed proposals will be monitored for timely receipt.
The hard copy proposal must be received no later than 3:00 pm at the following address:
City of Monterey Park
Attn: City Clerk
Commercial Banking and/or Procurement Services, RFP # 840 320 W. Newmark Avenue
Monterey Park, CA. 91754
Late bids/proposals will not be accepted. Any correction or resubmission done by the proposer will not extend the submittal due date.
III. Addenda. City may modify the proposal and/or issue supplementary information or guidelines relating to the RFP during the proposal preparation period of 09/03//2025 to 09/18/2025.
IV. Rejection. A proposal may be deemed nonresponsive and may be immediately rejected if:
- It is received at any time after the exact date and time set for receipt of proposals and/or; - It is not prepared in the format prescribed and/or;
- It is signed by an individual not authorized to represent the firm.
V. Disposition of Proposals. The City reserves the right to reject any or all proposals. All responses become the property of the City. One copy of the proposal must be retained for City files.
Additional copies and materials will be returned only if requested and at the bidder's expense.
VI. Proposal Changes. Once submitted, proposals, including the composition of the contracting team, cannot be altered without the prior written consent of the City. All proposals constitute an offer to the City and may not be withdra wn for a period of sixty (60) days after the last day to accept proposals.
Proposals will be evaluated on the following criteria:
1. Contractor’s understanding of scope of work.
2. Contractor’s approach to performing the tasks defined in the Scope of Work.
3. Capability of firm and key project personnel to handle the project in terms of workload, experience, and efficient staff utilization
During the selection process, the evaluation panel may wish to interview bidders with scores above a natural break, for clarification purposes only. No new material will be permitted at this time.
10 Exhibit “A”
INSURANCE REQUIREMENTS
[MUST BE SUBMITTED WITH PROJECT PROPOSAL]
To be awarded this contract, the successful bidder must procure and maintain the following types of insurance with coverage limits complying, at a minimum, with the limits set forth below:
Type of Insurance Limits
Commercial general liability: $2,000,000.00
Professional liability $1,000,000.00
Business automobile liability $1,000,000.00
Workers compensation Statutory requirement.
Commercial general liability insurance must meet or exceed the requirements of the most recent ISO-CGL Form Number. The amount of insurance set forth above must be a combined singl e limit per occurrence for bodily injury, personal injury, and property damage for the policy coverage. Liability policies must be endorsed to name the City, its officials, and employees as “additional insureds” under said insurance coverage and to state that such insurance will be deemed “primary” such that any other insurance that may be carried by the City will be excess thereto. Such insurance must be on an “occurrence,” not a “claims made,” basis and will not be cancelable or subject to reduction except upon thirty (30) days prior written notice to the City.
Professional liability coverage must be on an “occurrence basis” if such coverage is available, or on a “claims made” basis if not available. When coverage is provided on a “claims made basis,” the Consultant must continue to maintain the insurance in effect for a period of three (3) years after this Agreement expires or is terminated (“extended insurance”). Such extended insurance must have the same coverage and limits as the policy that was in effect during the term of this Agreement, and cover the Consultant for all claims made by the City arising out of any errors or omissions of the Consultant, or its officers, employees or agents during the time this Agreement was in effect.
Automobile coverage must be written on ISO Business Auto Coverage Form CA 00 01 06 92, including symbol 1 (Any Auto).
The Consultant must furnish to the City duly authenticated Certificates of Insurance evidencing maintenance of the insurance required under this Agre ement, endorsements as required herein, and such other evidence of insurance or copies of policies as may be reasonably required by the City from time to time. Insurance must be placed with admitted insurers with a current A.M. Best Company Rating equivalent to at least a Rating of “A:VII.” Certificate(s) must reflect that the insurer will provide thirty (30) day notice of any cancellation of coverage. The Consultant will require its insurer to modify such certificates to delete any exculpatory wording stating that failure of the insurer to mail written notice of cancellation imposes no obligation, and to delete the word “endeavor” with regard to any notice provisions.
By signing this form, the bidder certifies that it has read, understands, and will com ply with these insurance requirements if it is selected as the City’s consultant. Failure to provide this form may render the bidder’s proposal “nonresponsive.”
_________________ ____________________________
Date Bidder
EXHIBIT “B”
AGREEMENT NO. Click here to enter text.
PROFESSIONAL SERVICES AGREEMENT
BETWEEN
THE CITY OF MONTEREY PARK AND
Consultant name
FOR Click here to enter text.
THIS AGREEMENT is entered into this Click here to enter text. day of Click here to enter text. 20Click here to enter text., by and between the CITY OF MONTEREY PARK, a municipal corporation and general law city (“CITY”) and Consultant name, a type of organization, e.g., corporation, and state of incorporation (“CONSULTANT”).
1. CONSIDERATION.
A. As partial consideration, CONSULTANT agrees to perform the work listed in the SCOPE OF SERVICES, below;
B. As additional consideration, CONSULTANT and CITY agree to abide by the terms and conditions contained in this Agreement;
C. As additional consideration, CITY agrees to pay CONSULTANT a sum not to exceed Click here to enter text. for CONSULTANT’s services. CITY may modify this amount as set forth below. Unless otherwise specified by written amendment to this Agreement, CITY will pay this sum as specified in the attached Exhibit “ Click here to enter text. ,” which is incorporated by reference.
2. SCOPE OF SERVICES.
A. CONSULTANT will perform services listed in the attached Exhibit “ Click here to enter text.,” which is incorporated by reference.
B. CONSULTANT will, in a professional manner, furnish all of the labor, technical, administrative, professional and other personnel, all supplies and materials, equipment, printing, v ehicles, transportation, office space and facilities, and all tests, testing and analyses, calculation, and all other means whatsoever, except as herein otherwise expressly specified to be furnished by CITY, necessary or proper to perform and complete the work and provide the professional services required of CONSULTANT by this Agreement.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
3. PERFORMANCE STANDARDS. While performing this Agreement, CONSULTANT will use the appropriate generally accepted professional standards of practice existing at the time of performance utilized by persons engaged in providing similar services. CITY will continuously monitor CONSULTANT’s services. CITY will notify CONSULTANT of any deficiencies and CONSULTANT will have fifteen (15) days after such notification to cure any s hortcomings to CITY’s satisfaction. Costs associated with curing the deficiencies will be borne by CONSULTANT.
4. PAYMENTS. For CITY to pay CONSULTANT as specified by this Agreement, CONSULTANT must submit a detailed invoice to CITY which lists the hours w orked and hourly rates for each personnel category and reimbursable costs (all as set forth in Exhibit “Click here to enter text. ”) the tasks performed, the percentage of the task completed during the billing period, the cumulative percentage completed f or each task, the total cost of that work during the preceding billing month and a cumulative cash flow curve showing projected and actual expenditures versus time to date.
5. NON-APPROPRIATION OF FUNDS. Payments due and payable to CONSULTANT for current se rvices are within the current budget and within an available, unexhausted and unencumbered appropriation of the CITY. In the event the CITY has not appropriated sufficient funds for payment of CONSULTANT services beyond the cur rent fiscal year, this Agreement will cover only those costs incurred up to the conclusion of the current fiscal year.
6. ADDITIONAL WORK.
A. CITY’s city manager (“Manager”) may determine, at the Manager’s sole discretion, that CONSULTANT must perform additional work (“Additional Work”) to complete the Scope of Work. If Additional Work is needed, the Manager will give written authorization to CONSULTANT to perform such Additional Work.
B. If CONSULTANT believes Additional Work is needed to complete the Scope of Work, CONSULTANT will provide the Manager with written notification that contains a specific description of the proposed Additional Work, reasons for such Additional Work, and a detailed proposal regarding cost.
C. Payments over $ Click here to enter text. for Additional Work must be approved by CITY’s city council. All Additional Work will be subject to all other terms and provisions of this Agreement.
7. FAMILIARITY WITH WORK.
A. By executing this Agreement, CONSULTANT agrees that it has:
City of Monterey Park
Agreement No. enter no.
Name of contracted party
i. Carefully investigated and considered the scope of services to be performed;
ii. Carefully considered how the services should be performed; and
iii. Understands the facilities, difficulties, and restricti ons attending performance of the services under this Agreement.
B. If services involve work upon any site, CONSULTANT agrees that CONSULTANT has or will investigate the site and is or will be fully acquainted with the conditions there existing, before commen cing the services hereunder. Should CONSULTANT discover any latent or unknown conditions that may materially affect the performance of the services, CONSULTANT will immediately inform CITY of such fact and will not proceed except at CONSULTANT’s own risk until written instructions are received from CITY.
8. TERM. The term of this Agreement will be from Click here to enter a date. to Click here to enter a date. . Unless otherwise determined by written amendment between the parties, this Agreement will terminate in the following instances:
A. Completion of the work specified in Exhibit “Click here to enter text.”;
B. Termination as stated in Section 16.
9. TIME FOR PERFORMANCE.
A. CONSULTANT will not perform any work under this Agreement until:
i. CONSULTANT furnishes proof of insurance as required under Section 23 of this Agreement; and
ii. CITY gives CONSULTANT a written notice to proceed.
B. Should CONSULTANT begin work on any phase in advance of receiving written authorization to proceed, any such professional services are at CONSULTANT’s own risk.
10. TIME EXTENSIONS . Should CONSULTANT be delayed by causes beyond CONSULTANT’s control, CITY may grant a time extension for the completion of the contracted services. If delay occurs, CONSULTANT must notify the Manager within forty- eight hours (48 hours), in writing, of the cause and the extent of the delay and how such delay interferes with the Agreement’s schedule. The Manager will extend the completion time, when appropriate, for the completion of the contracted services.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
11. CONSISTENCY. In interpreting this Agreement and resolving any ambiguities, the main body of this Agreement takes precedence over the attached Exhibits; this Agreement supersedes any conflicting provisions. Any inconsistency between the Exhibits will be resolved in the order in which the Exhibits appear below:
List exhibits with scope of work first; budget second; and proposal last (all if applicable)
12. CHANGES. CITY may order changes in the services within the general scope of this Agreement, consisting of additions, deletions, or other revisions, and the contract sum and the contract time will be adjusted accordingly. All such changes must be authorized in writing, executed by CONSULTANT and CITY. The cost or credit to CITY resulting from changes in the services will be determined in accordance with written agreement between the parties.
13. TAXPAYER IDENTIFICATION NUMBER. CONSULTANT will provide CITY with a Taxpayer Identification Number.
14. PERMITS AND LICENSES . CONSULTANT, at its sole expense, will obtain and maintain during the term of this Agreement, all necessary permits, licenses, and certificates that may be required in connection with the performance of services under this Agreement.
15. WAIVER. CITY’s review or acceptance of, or payment for, work product prepared by CONSULTANT under this Agreement will not be construed to operate as a waiver of any rights CITY may have u nder this Agreement or of any cause of action arising from CONSULTANT’s performance. A waiver by CITY of any breach of any term, covenant, or condition contained in this Agreement will not be deemed to be a waiver of any subsequent breach of the same or a ny other term, covenant, or condition contained in this Agreement, whether of the same or different character.
16. TERMINATION.
A. Except as otherwise provided, CITY may terminate this Agreement at any time with or without cause.
B. CONSULTANT may terminate this Agreement at any time with CITY’s mutual consent. Notice will be in writing at least thirty (30) days before the effective termination date.
C. Upon receiving a termination notice, CONSULTANT will immediately cease performance under this Agreement unle ss otherwise provided in the termination notice. Except as otherwise provided in the termination notice, any additional work performed by CONSULTANT after receiving a termination notice will be performed at CONSULTANT'’ own cost; CITY will
City of Monterey Park
Agreement No. enter no.
Name of contracted party
not be obligated to compensate CONSULTANT for such work.
D. Should termination occur, all finished or unfinished documents, data, studies, surveys, drawings, maps, reports and other materials prepared by CONSULTANT will, at CITY’s option, become CITY’s property, and CONSULTANT will receive just and equitable compensation for any work satisfactorily completed up to the effective date of notice of termination, not to exceed the total costs under Section 1(C).
E. Should the Agreement be terminated pursuant to this Section, CITY may procure on its own terms services similar to those terminated.
F. By executing this document, CONSULTANT waives any and all claims for damages that might otherwise arise from CITY’s termination under this Section.
17. OWNERSHIP OF DOCUMENTS; EXCEPTIONS; WARRANTY. Except as otherwise provided below, all documents, data, studies, drawings, maps, models, photographs and reports prepared by CONSULTANT (collectively, “Documents”) under this Agreement are CITY’s property. CONSULTANT may retain copies of such Documents as desired but will deliver all original materials to CITY upon CITY’s written notice. CITY agrees that use of CONSULTANT’s completed work product, for purposes other than identified in this Agreement, or use of incomplete work product, is at CITY’ s own risk. CONSULTANT warrants that all Documents it drafts and completes pursuant to this Agreement constitutes original work. Specifically, CONSULTANT understands and agrees that use of artificial intelligence (AI) tools including, without limitation, C hatGPT, Microsoft’s Bing Chat, Google’s Bard, and Meta’s LLaMA (Large Language Model Meta AI), in the performance of this Agreement does not constitute an original work, i.e., submitting Documents generated by such AI tools to CITY and representing it as C ONSULTANT’s original work constitutes a material breach of this Agreement, constitutes a false claim, and may also violate applicable intellectual property right laws including, without limitation, United States Copyright Law. Accordingly, and notwithstand ing any other provision of this Agreement as to ownership, CITY specifically rejects ownership of such Documents. CONSULTANT is required to indemnify and defend CITY to the fullest extent allowed by applicable law should it violate this Section.
18. PUBLICATION OF DOCUMENTS. Except as necessary for performance of service under this Agreement, no copies, sketches, or graphs of materials, including graphic art work, prepared pursuant to this Agreement, will be released by CONSULTANT to any other person or publ ic CITY without CITY’s prior written approval. All press releases, including graphic display information to be published in newspapers or magazines, will be approved and distributed solely by CITY, unless otherwise provided by written agreement between the parties.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
19. INDEMNIFICATION.
A. CONSULTANT agrees to the following:
i. Indemnification for Professional Services. CONSULTANT will save harmless and indemnify and at CITY’s request reimburse defense costs for CITY and all its officers, volunteers, employees and representatives from and against any and all suits, actions, or claims, of any character whatever, brought for, or on account of, any injuries or damages sustained by any person or property resulting or arising from any negligent or wrongful act, error or omission by CONSULTANT or any of CONSULTANT’s officers, agents,
employees, or representatives, in the perfor mance of this Agreement, except for such loss or damage arising from CITY’s sole negligence or willful misconduct.
ii. Indemnification for other Damages. CONSULTANT indemnifies and holds CITY harmless from and against any claim, action, damages, costs (includ ing, without limitation, attorney’s fees), injuries, or liability, arising out of this Agreement, or its performance , except for such loss or damage arising from CITY’s sole negligence or willful misconduct. Should CITY be named in any suit, or should any claim be brought against it by suit or otherwise, whether the same be groundless or not, arising out of this Agreement, or its performance, CONSULTANT will defend CITY (at CITY’s request and with counsel satisfactory to CITY) and will indemnify CITY for a ny judgment rendered against it or any sums paid out in settlement or otherwise.
B. For purposes of this section “CITY” includes CITY’s officers, officials, employees, agents, representatives, and certified volunteers.
C. It is expressly understood and agreed that the foregoing provisions will survive termination of this Agreement.
D. The requirements as to the types and limits of insurance coverage to be maintained by CONSULTANT as required by Section 23, and any approval of said insurance by CITY, are not intended to and will not in any manner limit or qualify the liabilities and obligations otherwise assumed by CONSULTANT pursuant to this Agreement, including, without limitation, to the provisions concerning indemnification.
20. ASSIGNABILITY. This Agreement is for CONSULTANT’s professional services.
CONSULTANT’s attempts to assign the benefits or burdens of this Agreement without CITY’s written approval are prohibited and will be null and void.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
21. INDEPENDENT CONTRACTOR . CITY and CONSULTANT agree that CONSULTANT will act as an independent contractor and will have control of all work and the manner in which is it performed. CONSULTANT will be free to contract for similar service to be performed for other employers while under contract with CITY.
CONSULTANT is not an agent or employee of CITY and is not entitled to participate in any pension plan, insurance, bonus or similar benefits CITY provides for its employees.
Any provision in this Agreement that may appear to give CITY the right to direct CONSULTANT as to the details of doing the work or to exercise a measure of control over the work means that CONSULTANT will follow the direction of the CITY as to end results of the work only.
22. AUDIT OF RECORDS. CONSULTANT will maintain full and accurate records with respect to all services and matters covered under this Agreement. CITY will have free access at all reasonable times to such records, and the right to examine and audit the same and to make transcript therefrom, and to inspect all program data, documents, proceedings and activities. CONSULTANT will retain such financial and program service records for at least three (3) years after termination or final payment under this Agreement.
23. INSURANCE.
A. Before commencing performance under this Agreement, and at all other times this Agreement is effective, CONSULTANT will procure and maintain the following types of insurance with coverage limits complying, at a minimum, with the limits set forth below:
Type of Insurance Limits
Commercial general liability: $2,000,000
Professional Liability $1,000,000
Business automobile liability $1,000,000
Workers compensation Statutory requirement
B. Commercial general liability insurance will meet or exceed the requirements of the most recent ISO-CGL Form. The amount of insurance set forth above will be a combined single limit per occurrence for bodily injury, personal injury, and property damage for the policy coverage. Liability policies will be endorsed to name CITY , its officials, and employees as “additional insureds” under said insurance coverage and to state that such insurance will be deemed “primary” such that any other insurance that may be carried
City of Monterey Park
Agreement No. enter no.
Name of contracted party
by CITY will be excess thereto. Such endorsement must be refle cted on ISO Form No. CG 20 10 11 85 or 88, or equivalent. Such insurance will be on an “occurrence,” not a “claims made,” basis and will not be cancelable or subject to reduction except upon thirty (30) days prior written notice to CITY.
C. Professional liab ility coverage will be on an “occurrence basis” if such coverage is available, or on a “claims made” basis if not available. When coverage is provided on a “claims made basis,” CONSULTANT will continue to renew the insurance for a period of three (3) year s after this Agreement expires or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect during the term of this Agreement, and will cover CONSULTANT for all claims made by CITY arising out of any errors or omissions of CONSULTANT, or its officers, employees or agents during the time this Agreement was in effect.
D. Automobile coverage will be written on ISO Business Auto Coverage Form CA 00 01 06 92, including symbol 1 (Any Auto).
E. CONSULTANT will furnish to CI TY duly authenticated Certificates of Insurance evidencing maintenance of the insurance required under this Agreement and such other evidence of insurance or copies of policies as may be reasonably required by CITY from time to time. Insurance must be placed with insurers with a current A.M. Best Company Rating equivalent to at least a Rating of “A:VII.”
F. Should CONSULTANT, for any reason, fail to obtain and maintain the insurance required by this Agreement, CITY may obtain such coverage at CONSULTANT’s ex pense and deduct the cost of such insurance from payments due to CONSULTANT under this Agreement or terminate pursuant to Section 16.
G. Self-Insured Retention/Deductibles. All policies required by this Agreement must allow CITY, as additional insured, to satisfy the self -insured retention (“SIR”) and deductible of the policy in lieu of CONSULTANT (as the named insured) should CONSULTANT fail to pay the SIR or deductible requirements. The amount of the SIR or deductible is subject to the approval of the Assistant City Attorney and the Finance Director. CONSULTANT understands and agrees that satisfaction of this requirement is an express condition precede nt to the effectiveness of this Agreement. Failure by CONSULTANT as primary insured to pay its SIR or deductible constitutes a material breach of this Agreement. Should CITY pay the SIR or deductible on CITY’s behalf upon the CONSULTANT’S failure or refusa l to do so in order to secure defense and indemnification as an additional insured under
City of Monterey Park
Agreement No. enter no.
Name of contracted party
the policy, CITY may include such amounts as damages in any action against CONSULTANT for breach of this Agreement in addition to any other damages incurred by CITY due to the breach.
24. USE OF SUBCONTRACTORS . CONSULTANT must obtain CITY’s prior written approval to use any consultants while performing any portion of this Agreement. Such approval must approve of the proposed consultant and the terms of compensation.
25. INCIDENTAL TASKS. CONSULTANT will meet with CITY monthly to provide the status on the project, which will include a schedule update and a short narrative description of progress during the past month for each major task, a description of the work remaining and a description of the work to be done before the next schedule update.
26. NOTICES. All communications to either party by the other party will be deemed made when received by such party at its respective name and address as follows:
If to CONSULTANT:
If to CITY:
Attention: Click here to enter text. Attention: Click here to enter text.
Click here to enter text. City of Monterey Park
Click here to enter text. Click here to enter text.
Click here to enter text. Click here to enter text.
phone phone
email email
Any such written communications by mail will be conclusively deemed to have been received by the addressee upon deposit thereof in the United States Mail, postage prepaid and properly addressed as noted a bove. In all other instances, notices will be deemed given at the time of actual delivery. Changes may be made in the names or addresses of persons to whom notices are to be given by giving notice in the manner prescribed in this paragraph.
27. CONFLICT OF INTEREST. CONSULTANT will comply with all conflict of interest laws and regulations including, without limitation, CITY’s conflict of interest regulations.
28. SOLICITATION. CONSULTANT maintains and warrants that it has not employed nor retained any company or person, other than CONSULTANT’s bona fide employee, to solicit or secure this Agreement. Further, CONSULTANT warrants that it has not paid nor has it agreed to pay any company or person, other than CONSULTANT’s bona fide employee, any fee, commissio n, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. Should CONSULTANT breach or violate this warranty, CITY may rescind this Agreement without liability.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
29. THIRD PARTY BENEFICIARIES. This Agreement and every provision herein is generally for the exclusive benefit of CONSULTANT and CITY and not for the benefit of any other party. There will be no incidental or other beneficiaries of any of CONSULTANT’s or CITY’s obligations under this Agreement.
30. INTERPRETATION. This Agreement was drafted in, and will be construed in accordance with the laws of the State of California, and exclusive venue for any action involving this agreement will be in Los Angeles County.
31. COMPLIANCE WITH LAW. CONSULTANT agrees to comply with all federal, state, and local laws applicable to this Agreement.
32. ENTIRE AGREEMENT. This Agreement, and its Attachments, sets forth the entire understanding of the parties. There are no other understandin gs, terms or other agreements expressed or implied, oral or written. There are Click here to enter text.
Attachments to this Agreement. This Agreement will bind and inure to the benefit of the parties to this Agreement and any subsequent successors and assigns.
33. RULES OF CONSTRUCTION. Each Party had the opportunity to independently review this Agreement with legal counsel. Accordingly, this Agreement will be construed simply, as a whole, and in accordance with its fair meaning; it will not be interpreted strictly for or against either Party.
34. SEVERABILITY. If any portion of this Agreement is declared by a court of competent jurisdiction to be invalid or unenforceable, then such portion will be deemed modified to the extent necessary in the opinion of the court to render such portion enforceable and, as so modified, such portion and the balance of this Agreement will continue in full force and effect.
35. AUTHORITY/MODIFICATION. The Parties represent and warrant that all necessary action has been taken by the Parties to authorize the undersigned to execute this Agreement and to engage in the actions described herein. This Agreement may be modified by written amendment. CITY’s Manager, or designee, may execute any such amendment on behalf of CITY.
36. ELECTRONIC SIGNATURES. This Agreement may be executed by the Parties on any number of separate counterparts, and all such counterparts so executed constitute one Agreement binding on al l the Parties notwithstanding that all the Parties are not signatories to the same counterpart. In accordance with Government Code §16.5, the Parties agree that this Agreement, Agreements ancillary to this Agreement, and related documents to be entered into in connection with this Agreement will be considered signed when the signature of a party is delivered by electronic transmission. Such electronic signature will be treated in all respects as having the same effect as an original signature.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
37. CAPTIONS. The captions of the paragraphs of this Agreement are for convenience of reference only and will not affect the interpretation of this Agreement.
38. TIME IS OF ESSENCE. Time is of the essence for each and every provision of this Agreement.
39. FORCE MAJEURE. Should performance of this Agreement be prevented due to fire, flood, explosion, acts of terrorism, war, embargo, government action, civil or military authority, the natural elements, or other similar causes beyond the Parties’ reasonable control, then the Agreement will immediately terminate without obligation of either party to the other.
40. STATEMENT OF EXPERIENCE . By executing this Agreement, CONSULTANT represents that it has demonstrated trustworthiness and possesses the quality, fitness and capacity to perform the Agreement in a manner satisfactory to CITY. CONSULTANT represents that its financial resources, surety and insurance experience, service experience, completion ability, personnel, current workload, experience in dealing with private consult ants, and experience in dealing with public agencies all suggest that CONSULTANT is capable of performing the proposed contract and has a demonstrated capacity to deal fairly and effectively with and to satisfy a public CITY.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first hereinabove written.
CITY OF MONTEREY PARK Consultant name
_________________________________ ____________________________ Enter Name, City Manager Click here to enter text.
ATTEST:
_____________________________
Enter Name, City Clerk
APPROVED AS TO FORM:
_________________________________
Karl H. Berger, City Attorney
Taxpayer ID No. enter no.
City of Monterey Park
Agreement No. enter no.
Name of contracted party
Doc enter no.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
1 The purpose and intent of this Request for Proposal is to establish an Agreement or Agreements for the provisions of Commercial Banking Services and/or Procurement Card Services with qualified Financial Institute(s). Section 26 in this Scope of Services refers to Procurement Card Services. Bidders interested in providing stand-alone Procurement Card Services should respond to all requested information in this document unless it is spec ifically for banking only services. In those instances, Bidders should enter “N/A” as the response.
The City of Monterey Park currently has eleven (11) accounts and is seeking to reduce to six (6) accounts.
Current Accounts
1. General Checking Account
2. Payroll Account
3. Bail Bond Account
4. Revolving Fund Account
5. HCDA (CDBG) Account
6. Workers’ Compensation Account
7. General Liability Account
8. City of Monterey Park Acting as the Successor Agency
9. City of Monterey Park Acting as the Successor Agency (RORF)
10. Non-PERS Retiree
11. Emergency Account
The services needed are outlined below – no specific order of importance
• Provide an overnight investment service (sweep) and/or interest-bearing account for excess cash balances in the demand deposit accounts.
• Disburse funds via repetitive or non-repetitive wire transfers and/or ACH upon request of an authorized person.
• Accept and send ACH transactions and provide online notification of ACH deposits within 24hours.
• Process direct deposit of employee biweekly payroll and payroll taxes. • Provide credit card merchant services.
• Provide positive pay services.
• Provide purchase card services.
• Provide deposit slips, deposit bags, coin bags, and wrappers free of charge to the City.
• Process Local Agency Investment Fund (LAIF) transfers and receive electronic funds payments for the deposit of other State and County apportionments. • Provide automated account reconcilement reporting services for City accounts. Available information should include, but not be limited to: closing ledgers, closing collected, opening
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
2 ledgers, opening collected, float, previous day debit, and credit details (including bankcard deposits, sweep transfers, and ACH credit and debit detail). • Provide online access to account information, including daily activity reports, monthly statements,
cleared checks, and automated stop payment.
• Provide monthly activity and account analysis statements, and reports for all accounts. The statement cutoff should be the last day of the month. Statements must be sent no later than the 10th of the following month.
• Provide a quarterly review of the City’s cash management. • Custodian Services for the investment accounts.
• Lock Box Services.
• Additional and other services customarily provided to corporations and governmental entities.
In selecting a vendor(s), the City’s primary goals are to partner with a financial institution(s) that demonstrates quality and responsiveness in its customer service and also can demonstrate the local decision-making authority available to handle the City’s emergency needs as they arise.
The vendor selected to perform banking and/or procurement services shall maintain a capital structure equal to or greater than the average of all funds the City has with the bank during the term of the agreement under California Government Code section 53638. The bank will collateralize all collected balances in the name of the City, above balances insured by the FDIC, at 110%, pu rsuant to California Government Code section 53652(a). The bank will also immediately notify the City should the bank fail to meet the collateral requirements or fail to meet any other qualifying requirements during the term of the contract.
Proposals must respond to each item in this section by listing the item number and providing a complete response to each question.
PART I - TECHNICAL PROPOSAL
A. QUALIFICATIONS AND EXPERIENCE
1. Provide a general overview including governmental client service philosophy and a brief history of your organization, including parent and/or subsidiary companies and the number of employees.
2. Provide the address of the branch location(s) within the boundaries of the City of Monterey Park, CA. that will service the accounts.
3. Disclose if it has a government service division and the number of years this division has been in operation.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
3 4. Bank must be authorized to do business in the State of California and have a geographic proximity to the City of Monterey Park.
5. Provide t he bank’s direct experience in servicing public sector clients, including the number of public agency clients, the dollar amount of public funds on deposit, and the bank’s knowledge of and adherence to the California Government Code and other applicable laws. Also, a description of the bank's approach to providing customer service and the bank's ability in complying with transaction confirmations and responding to other data requests as needed by the City’s auditors.
6. Identify the size and scope of your public banking unit, bank officers responsible for the City’s accounts, what each person’s role and responsibilities will be, and the relevant credentials and experience of each person on the relationship management team. Please specify the name and title of who will be designated as the bank’s relationship manager for the City. Please describe what distinguishes the government banking unit from others within the bank and the toll-free customer service number.
7. Bank must be both a sending and receiving bank of the National Automated Clearing House Association (NACHA).
8. Provide the bank’s current credit ratings by Standard & Poor’s Rating Services and Moody’s Investor Services.
If the proposer is not rated by these rating organizations, provide other evidence of the institution’s financial strength.
9. Discuss the firm’s current capital structure, adequacy, and coverage. Provide the following statistics for the last reporting period:
a. Total Risk Based Capital Ratio: _______
b. Tier 1 Risk Based Capital Ratio: _______
c. Tier 1 Leverage Capital Ratio: _______
10. Include a website link or an electronic copy of the last two audited annual financial statements.
11. Include a website link or an electronic copy of the last four quarters of FDIC call reports.
12. Provide a website link or the bank’s Community Reinvestment Act (CRA) rating, including information on bank’s CRA activity within the City’s jurisdiction.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
4 B. KEY PERSONNEL
1. Provide the name, title, address, phone number, and email address of the primary contact person(s) assigned to this account.
2. Describe your firm’s policy on changing the primary contact person on an account.
3. Name the individuals who will work with the City on a day‐to‐day basis. Information should include:
a. Biographical information
b. Experience working with other governmental entities
c. Proposed role concerning the City’s account
d. Number of years of experience in this field
e. Number of years with your bank
f. Describe the level of local decision-making authority these individuals have to handle emergency needs of the City as they arise.
4. Will a specific customer service representative/ Government Services Division be assigned to handle day‐to‐day transactions for the City?
a. Describe the responsibilities of the customer service personnel, including the chain of command for problem resolutions.
b. Is local customer service support available at the bank’s local branches? c. What are the hours of operation of each customer service unit involved in supporting the proposed services?
d. If the City discovers any error, how would you propose to resolve it (i.e. who should the City contact)?
5. After the initial transition, how often will the primary relationship manager attend on -site meetings with City staff? Describe a typical meeting agenda for this on-site meeting.
C. GENERAL BANKING SERVICES
1. Deposit Services
a. Please provide a listing of bank branches within the City limits. b. If you do not have branches located in Monterey Park, p lease describe your institution’s procedures for handling cash deposits.
c. What is the ledger cutoff time for deposits?
d. How are deposits credited? Are all items immediately verified? If provisional credit is
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
5 given, when does verification take place? If the bank corrects a deposit, how will the City be informed of this change?
2. On-line banking Services
The City currently accesses daily balance and detail reporting information (prior day detail) via a web-based on-line banking service. Additionally, the City is interested in other on-line or Internet based systems that may be available. The City may request a demonstration of your on-line system.
a. Describe the banks execution of on-line transactions, include:
• Transfers between accounts
• Initiation of wire transfers
• Stop payment orders
• Positive pay actions including time requirements
• Initiation of ACH transactions, recurring/repetitive/future ACH debit • Stale dating of checks
• Other services not listed
b. Please describe the bank’s on-line information reporting system including:
• Daily balancing summary
• Daily balancing detailed
• Daily ACH and wire
• Current day reporting
c. Can reports be custom-tailored for the end-user?
d. Provide information on how the banks data can be interfaced or integrated with the City’s financial management system. Additionally, what support will be available under the contract?
e. Will training be provided to system administrator for managing access? f. Can the City obtain current day (intra -day) information? If so, please describe the service.
g. What is the computer hardware and software specifications to access the bank’s on- line system?
h. Please provide a sample of prior day and intra-day reports that would be the best example of the system’s capabilities. Include the reports in this section. i. Can the bank provide credit or deposit information by location or identifier number as part of these reports?
j. What is the bank's contingency plan for providing this information in the event of unexpected bank systems problems or natural disasters?
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
6 3. Remote Deposit Capture (RDC)
a. Describe the bank’s ability to process checks by RDC. Is it by Portal entry or stand - alone service?
b. Is there a limit on the number of checks that can be contained in a single deposit? c. Does your service allow for multiple deposits in a single day? d. How will the City be notified of deposit corrections and adjustments? e. Describe the process used for balancing and correcting deposits transmitted to your institution.
f. Does your service offer the ability to adjust data using recognition technology that was not captured correctly by the scanner? If yes, please describe. If not, does the service allow the addition, deletion, and rescanning of checks during both the correction and balancing functions?
g. What equipment does the bank recommend for RDC, and what is the price for this equipment (including lease option)?
h. Can checks be automatically endorsed with the bank’s RDC service? Is the automatic endorsement of an electronic image or printed on the check? i. Are checks cleared as ACHs or image replacement documents ? How does the bank’s software determine the clearing mechanism?
j. Is there a difference in legal standing for items clearing by ACH or image replacement documents (IRDs)? If so, please describe.
k. Describe your retention policy for checks converted to ACH or processed via remote deposit capture.
l. What are the deadlines for same-day credit of deposits? m. What is the liability for fraudulent deposit items?
4. Coin/Currency Ordering Services
a. Does the bank have an automated coin/currency ordering service? Describe the deposit and change order procedures, cutoff times, security, and other features of this system.
b. Describe change order procedures and restrictions for branch pick up. c. For cash vault and branch change orders, discuss whether or not there are minimum purchase (e.g., standard straps of currency and full boxes of coins)? Is a discount offered for purchasing standard amounts or using standard change orders? What settlement options are available for change orders (e.g., cash, check, debit to account, wire, etc.)?
5. Cash Transportation
The City currently utilizes an armored car service at City Hall for daily cash pickup. Please describe your service (if available), including:
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
7 a. Describe bank’s collection service and include:
• Pick-up schedule options
• Cutoff times
• Requirements by location (vault, teller, bank center branch) • Type of deposit bag used
• Credit advice processing
• Discrepancy and write off policies
• Change order processing
• Standard return and re-clear processing.
• Deposit locations
• Deposit reconciliation services
b. Options for missed pick-ups or special pick-ups
c. Insurance in delivery
d. Time expectation of deposit transaction
6. Returned Item Processing
a. Can returned items for insufficient or uncollectible funds be automatically re - deposited? If so, how many times?
b. Does the bank offer any options that may increase the collection of NSF checks? c. Can the bank provide online access to electronic images (back and front) of returned items? How soon can these images be accessed after an item is returned? d. Can the bank provide a summary report of returned items identifying the payer(s) name, depositing location, deposit date, and the type of item being returned?
7. Availability of Deposits
a. Provide a copy of the bank’s availability schedule, and/or policy, including branch deposits.
b. Is the schedule offered to the City the best one provided to any customer? If not, quantify the difference and explain how the City may obtain the bank’s best availability schedule.
c. How does the bank determine and calculate availability of deposited items? d. Do the availability policies differ from Federal Reserve Bank availability schedule? e. Does the bank give immediate availability for on-us items? f. Does the bank calculate the availability by item or formula? g. Is the availability assignment made as soon as checks are released fo r collection, or is the assignment made at specific times during the day?
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
8 h. List your cutoff times for giving same -day value on EFTs (e.g., w ire, ACH/bulk) received. How soon after the bank gets incoming funds (e.g., wire, ACH/bulk), or notification of incoming funds, does the City receive credits in its account?
8. Collateralization of Deposits
The City requires the financial institution to collateralize the City’s deposits in the name of the City. Collateral should be in the form of a preferred security interest in pledged securities meeting the City’s investment policy requirements and consistent with the State and Federal laws and regulations.
a. Does the bank fully collateralize all City deposits exceeding the FDIC insurance limit? b. Provide the name of the collateral custodian (i.e., Federal Reserve) to be used . The proposer shall produce eviden ce of collateralization annually as of June 30 and at the request of the City.
c. Provide information on any pooled services being utilized. d. Confirm agreement to the City’s conditions? (Can’t reduce amounts held in collateral without City’s approval).
9. Positive Pay
a. Does the bank offer Positive Pay and Payee Positive Pay? b. Please provide sample reports or a website link.
c. Please provide date transmission method and time windows. d. Describe the process and deadline of transmitting AP and payroll check issuance information from the City to the bank?
e. How frequently can transmission files be uploaded to the bank for the issuance of additional checks, and/or recently voided items? Is there a limit to the number of files per day?
f. Does the bank offer the ability to enter one‐time check disbursements issued during the day manually? Please describe.
g. What contr ols are in place to protect against lost files and duplications of transmissions? If duplicates are sent, is there a penalty or potential issue? h. How and when will the City be notified of exception items? What is the cutoff time for the City to inform the bank whether an exception should be accepted or rejected? Does the bank offer a “do not pay” default for exception items? i. Will stale-dated checks be reported as exception items? j. Is Positive Pay required for all demand deposit accounts, even on accounts with no check writing functionality? Can account(s) be designated as “post no checks” to prevent potential fraud? Is there a cost to make this account designation? k. Is Teller Positive Pay available? How frequently is check issuance information updated and available to tellers?
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
9 l. Are there any other fraud protection services that the bank provides and/or recommends?
10. Stop Payments
a. Describe the stop payment service and features. Can stop payments be placed online? How long is a stop payment effective?
b. Will the system automatically verify if a check has been paid before processing the stop payment request?
c. What term options are available for stop payments?
d. Is there a report that lists stop payments that are set to expire? e. Can stop payments be automatically renewed? If so, for how long?
11. Automated Clearing House (ACH) Processing
The City utilizes both ACH debits and credits as part of its electronic service. It includes direct deposit for payroll disbursements, vendor payments and collections for utility billing accounts.
a. Is the bank both a sending and receiving bank of the National Automated Clearing House Association (NACHA)?
b. Describe the method by which the City submit ACH files or initiate ACH via bank software?
c. What are the transmission cut-off times for one-day and two-day ACH files? d. Describe the bank’s pre-notification policy and cost. e. Describe the procedures used to confirm accurate and secure receipt of the transmission.
f. What would happen to an ACH file if the City exceeds its daily exposure limit? g. How are returned and rejected ACH transactions handled? What information does the bank provide to assist in identifying returned and rejected ACH transmissions? When is this information available?
h. Is your bank planning to opt‐in and participate in processing same‐day ACH debits? i. Describe the bank’s procedures for handling debits to the City’s accounts that were not authorized by the City. How soon does the bank notify the City of the receipt of an unauthorized ACH debit?
j. If the bank provides ACH debit blocking, what level of filtering can be applied? k. Does the bank offer ACH Positive Pay (ability to make pay/no pay decisions on unidentified ACH transactions)?
l. Describe the process of electronic funds payments for deposit of various State and County apportionments, including Local Agency Investment Fund (LAIF).
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
10 12. Wire Transfer
a. Describe the process of initiating wire transfers including incoming, outgoing and other wire transfers.
b. During what operating hours will the wire transfer system be available? c. If wire transfers can be initiated online, describe the system’s security features. Can varying degrees of authorization be set (i.e., multiple authorizers, maximum dollar amounts, etc.)?
d. Does the bank offer dual control release options (secondary approval levels) for electronically initiated transfers? If so, describe.
e. What is the cutoff time for same‐day wire transfers? f. Describe the ability to create and store recurring and future –dated wire instructions/templates, including the maximum retention period for future -dated transactions, timeline, and related charges?
g. Describe the bank’s procedure for providing payment confirmation information (e.g., reference numbers) upon acceptance and execution of the wire transfer request. h. Describe the bank’s po licy for handling a failed wire transfer. How and when would the City be notified?
13. Lockbox (Wholesale and Retail)
The City currently utilizes a utility lockbox to receive water and sewer payments. The Lockbox average weekly amount is approximately $81,000 and the volume is approximately 361 per week. Payments are 100% physical checks or money orders.
Please describe:
a. The deadline and format of data transmissions.
b. Lockbox address and location requirement.
c. Breakdown of wholesale versus retail processing.
d. Locations of processing centers.
e. Handling of items not able to be processed or return items. f. Remittance document layout requirements.
g. Transmission requirements.
h. Treatment of exception items.
i. Imaging capabilities.
j. Conversion of consumer checks to ACH payments.
k. Disposition of documents (including imaging capabilities and truncation). l. Is there a “low volume” surcharge? Please explain.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
11 14. Intra‐bank Account Transfers
a. Describe the process of initiating an intra‐bank account transfer. b. Does the bank offer dual control release options (secondary approval levels) for electronically-initiated transfers? If so, describe. c. What is the cutoff time for same‐day intra‐bank account transfers?
15. Statements and Documents
a. How soon after the cutoff date are the following items ready online?
▪ Bank statements
▪ Partial reconciliation information
▪ Full reconciliation information
▪ Account analysis statements
b. Provide a sample Bank Monthly Statement.
c. Are electronic images stored in the bank’s online reporting system? If so, does the bank charge for these services? If yes, provide details on how the charges are figured.
d. How long are electronic images for deposit ed and disbursement items available for customer access?
e. How does your image system capture and report images for damaged checks? f. What technology would you recommend the City use to store historical data? g. Can historical data be downloaded?
16. Reconciliation Services
a. Does your bank offer Account Reconciliation Program (ARP) services? Please discuss options (full, partial, deposit and serial sort) for reconciliation services, including:
▪ File transmission deadlines
▪ File layout requirements
▪ Imaging capabilities (e.g., paper, electronic)
▪ Reporting capabilities
▪ System requirements for interface
b. Provide sample reports for all options.
c. Are the systems integrated for checks, ACH, and wire transfers? If so, please describe. If not, please provide information about any plans to do so.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
12 d. Describe how reconciliation data is transmitted to the City.
17. File Transfer
a. How are file transfers initiated? In what formats is the information available for retrieval?
b. Do the means to connect to the bank’s systems vary by transaction type? c. Does your system provide for electronic confirmation of receipt for file transmissions? d. Is there an existing interface with the City’s financial system, Tyler Enterprise (formerly Munis), or would a custom interface need to be developed? Will there be a charge for the interface?
e. How is connectivity initiated? What protocols are used to facilitate the interface? f. Describe the process the bank uses to verify that all records have been received and processed.
g. What controls are in place to protect against lost files and duplicate transmissions? How will the City be notified of a duplicate file?
18. Overnight Investment/Investment Sweep
The City requires an automated service that allows for the daily accommodation as low as zero balances in the accounts and a sweep or other vehicle for investment of excess funds.
a. Describe your policy and processes.
b. What short term investment vehicle(s) does the bank propose to use for the overnight investment or sweep of the City’s demand deposit accounts? c. Does a reserve requirement apply to these proposed options? d. Will the bank assess FDIC or FICO or other charges to the City? If so, what is the fee for an entire year on a $1 million balance? How is this charge computed? Is i t assessed on a ledger or collected balances?
e. Provide investment return history for the previous three years for each option proposed. Show the yield for each.
f. Describe your policy for crediting interest earned to demand accounts. g. What time of day is the sweep deadline? Is it end of day or next day?
19. Earnings Credit Rates (ECR)
a. What are the options of compensating your bank, i.e., direct fees, or compensating balances, or a combination of both? Is the price the same for either option? If not, what is the difference? If on a fee basis, can excess balances be used to offset activity charges partially? Will earnings credit on collected balances in excess of those required to pay expenses incurred in any month be carried forward to offset
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
13 future bank charges? Provide the bank’s ECR for compensating balance method of payment.
b. How is your bank’s earnings credit determined, adjusted, and applied? Please include in the explanation the impact of the bank’s reserve requirement, and the formula for converting services charges to balance requirements. c. Provide monthly rate history for the last two years. d. What is the bank’s current earnings credit rate? Are you willing to lock in a “floor” earnings credit rate? If so, for how long?
e. Are you willing to link the earnings credit rate to a market index? If so, which index would you suggest and what spread?
f. What time frame does your bank use when reviewing balances for deficiency or excess (e.g., rolling 12-month average, calendar quarter, calendar year, etc.)?
20. Account Analysis
a. Describe your Account Analysis service, including frequency of online availability, daily, weekly, monthly?
b. Provide a sample analysis statement and include the Association for Financial Professionals (AFP) Service Codes on the analysis statement.
21. End‐of‐Day Overdrafts
a. What are the fees and interest charges associated with overdrafts? How are these charges calculated?
b. Is there a fee per check or occurrence when there is an overdraft? c. Is there a daily cap on fees?
22. Daylight Overdrafts
a. Describe the bank’s policies concerning daylight balance overdrafts. Indicate whether this is applied to each account or across all accounts of a client relationship. b. Are outgoing wire transfers held if the intra-day limit is reached? c. How does the bank process wire transfer instructions that are rejected for credit or daylight overdraft issues? How and when is the City notified? Who will be the bank contact person?
d. Does the bank establish an intra-day limit per account or customer? How flexible can the bank be in setting an appropriate limit for the City? e. If the bank incurs a daylight overdraft charge from the Fed, will it pass this charge on to its customers? If so, how (e.g. intra‐day loan, daylight overdraft facility fees)? How is the cost allocated among customers?
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
14 23. Procurement (Purchasing Cards) or P -card. The banking services can include Procurement Card Services but is not a requirement. Additionally, vendors may submit a proposal for Procurement services only without banking services.
Please respond to each item listed below:
a. Describe your online card management processes: new card issuance, deletion, replacement, modification, etc.
b. Describe the bank’s system requirements.
c. Describe the bank’s technical capabilities internet. d. Describe the bank’s information reporting capabilities. e. What is the settlement deadline and billing cycle options? f. What daily and monthly reconciliation reports are available? g. Describe the payment options.
h. Describe card control and usage restriction options. i. Describe the security features – including account number encryption policy. j. Describe the interface options with internal financial systems. k. What is your fraud policy?
l. Do you have rebates for purchases?
m. Describe your rate and fee structure.
n. What are your virtual card options - including one-time use payments. o. Include three (3) references.
24. Disaster Recovery
a. Describe the bank’s formal and tested disaster recovery plan. b. How quickly will back-up facilities be activated?
c. Describe the bank’s operating capabilities to assist the City in the event of a disaster or declared emergency.
25. Dispute Resolution Process
a. Describe your process for:
▪ Positive Pay
▪ Paper checks
▪ Payments and Deposits
▪ Lockbox
▪ Others
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
15 b. Are there any established turn -around times for research and adjustment items? If yes, please specify.
26. Vault Services
a. Describe your vault services (i.e., location, deadlines, preparation, technologies). b. Describe supporting technologies
c. List the fees structure.
D. CONTROL
1. Specify whether the online capabilities are accessible 24/7. If not, list the hours of availability for each service.
2. Regarding Data Security and Anti -Fraud Procedures, describe your institution’s overall security system to safeguard the City’s funds, preventing fraudulent transactions, and identify and alert the City of irregular/abnormal transactions and transaction pat terns.
The institution shall serve as a partner in the City’s internal control framework on the banking/cash-handling-related functions. Please identify technologies you have in place that will assist the City in improving its internal control effectiveness.
3. Describe the electronic and/or manual system used to provide the proposed services along with backup and recovery capabilities.
4. Who would the City contact to initiate day-to- day banking transactions if online capabilities and functionality are temporarily unavailable?
5. Include a copy of the Service Organization Control (SOC) reports conducted under the Statements on Standards for Attestation Engagements No. 18 (SSAE 18) regarding controls.
6. Describe the bank’s security procedures for its information reporting system, both for access and information protection.
7. Is system administration performed by the bank or the customer? What functions does the security administrator perform?
8. Is an audit trail report available, showing all activity, by whom and when, for each system?
9. Describe the types of insurance and bonding carried.
10. Include a copy of the bank’s most recent reports issued per the Statement on Standards for Attestation Enga gements (SSAE 16) for any processes or systems relevant to the services under this RFP.
11. If not already covered in the SSAE 16 report, describe the disaster recovery plans for each proposed service for short‐ and long‐term disaster and power failure recovery.
12. Describe any additional security measures available to the City to minimize the risk of unauthorized transactions in its accounts.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
16 E. IMPLEMENTATION/CONVERSION
1. Please provide a detailed implementation and conversion plan which identify all tasks, estimated timeframes for the tasks, milestones, roles and responsibilities for the City and Bank’s personnel. A list of the minimum anticipated deliverables such as, but not limited to:
▪ Configure bank account structure
▪ Implement electronic banking and reporting
▪ Configure and test file transmissions and electronic communication channels ▪ Establish security and encryption protocol
▪ Implement ACH debit blocks, where appropriate
▪ Implement other banking services as determined
▪ All necessary processes required of the City’s current Bank to ensure a seamless transition.
a. If a conversion team is used, how will the City’s account be transi tioned to the ongoing client service team?
b. Indicate your plan for initial and ongoing education and training for City employees in the use of your systems.
F. NEW SERVICES AND IDEAS
1. Provide information on how the bank plans to keep its product line competitive. Describe what approach the bank is taking in the development of new services, what new services and/or features the bank plans to offer, and what the estimated time frame is for providing any new services and/or features.
2. Describe any services, technological enhancements or otherwise, that the City should consider for improving operational or cash management processes.
3. Please provide any additional information that your bank believes to be pertinent, but not explicitly requested elsewhere in the RFP.
G. REFERENCES
Provide at least three (3) local governmental references that are of similar size (i.e. scope of service utilization) as the City. Please include the following i nformation for each reference:
▪ Contact name and title
▪ Name and address of the government
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
17 ▪ Phone number and email address
▪ Services provided
▪ Number of years as customer and services provided
H. CONTRACT/REPORTS TO BE INCLUDED IN THE PROPOSAL
1. A sample of the proposed contract for your bank’s services and all other documents that will need to be signed/entered into related to the provision of the services requested in this RFP, including any documents referenced or incorporated into the contracts/agreements.
2. Proposed custodial agreement for the collateral pledged to secure the City’s account under the Financial Institutions Reform, Recovery and Enforcement Act, ( FIRREA) requirement.
3. A sample report or a website link of the monthly bank statemen t, credit card processing statement, standard on-line reports, real time query screens, and any other reports that we could expect to receive.
4. Is your bank willing and able to develop customized reports? If so, please provide specific pricing information.
I. LEGAL AND FIRM ISSUES
Please disclose and explain any significant negative events in the bank’s recent history, including criminal charges, civil litigation, or administrative actions involving allegations of securities or banking law violations by the bank or its employees during the past five years.
Please comment on the resolution and/or status of the actions.
J. PART II
COST PROPOSAL
The Cost Proposal must list the name and complete address of the bidder in the upper, left- hand corner.
The Cost/Price format for the proposal must be as outlined in the Agreement for services, Exhibit “A.”
Total cost must be clearly indicated at the end of the Cost Proposal and entered on the first page of the proposal.
Costs must be itemized per the agreement for services.
CITY OF MONTEREY PARK COMMERCIAL BANKING AND/OR PROCUREMENT
CARD SERVICES RFP SCOPE OF SERVICES
EXHIBIT “C”
18 Charges for supplies, equipment, travel, and subcontractors will be paid at cost. It is expected that general, overhead, and administrative costs are included in the hourly rate for labor. Bids sub mitted will be held to the total cost given in the response quote. It will be assumed that all contingencies and/or anticipated escalations are included. No additional funds will be paid above and beyond the original quote given by the selected bidder.
ADDENDUM No.1 to REQUEST FOR PROPOSAL #840
for Commercial Banking and/or Procurement Card Services
ADDENDUM: No. 1 September 24, 2025 The RFP is revised as follows:
1. In the Cover Page and pages 1, 4, 6, 8 and 9 the closing date has been changed from No later than 3:00 pm, October 6, 2025 to No later than 3:00 pm October 13, 2025.
2. Page 4. Evaluation of Proposals.
The date for the evaluation of proposals is changed from “the week of October 13, 2025” to “the week of October 20, 2025.”
3. Page 6, section 8 (Time Schedule) has been changed as follows:
RFP Issue Date September 3, 2025
Cutoff date for questions September 11, 2025, 5:00 PM
Proposal Due Date October 13, 2025 (No later than 3:00 PM) Award of Contract December 3, 2025
PROPOSER TO READ, SIGN AND RETURN WITH AGENCY’S PROPOSAL.
I have read, understood, and agree to the terms and conditions on all pages of this proposal.
The undersigned agrees to furnish the commodity or service stipulated on this proposal as stated above.
____________________________ ________________________ __________ Company Address
____________________________ ________________________________ Name (Print) Signature
____________________________ ________________________________ Company Phone No. Title of Person Signing Bid
Staff Report
March 18, 2026
ATTACHMENT 2
J.P. Morgan Banking Services Proposal
Cover Page | i |
● Jeremy
RFP # 840 | October 14, 2025
Commercial Banking and Procurement Card Services PART I – TECHNICAL PROPOSAL Proposal for City of Monterey Park
Cover Page | ii |
DELETE SECTION BREAK BELOW IF REMOVING DIMON QUOTE
“The strength of our company has allowed us to always be there for clients, governments and communities—in good times and in bad times—and this strength has enabled us to continually invest in building our businesses for the future.” JAMIE DIMON Chairman and Chief Executive Officer JPMorgan Chase & Co.
Cover Letter | iv |
Cover Letter
October 14, 2025
City of Monterey Park
Attn: City Clerk
320 W Newmark Avenue
Monterey Park, CA 91754
Dear Members of the Selection Committee:
As one of the most diverse and community-oriented cities in California, Monterey Park (the City) stands as a pillar in the San Gabriel Valley. The City’s commitment to service, growth, and collaboration resonates deeply with JPMorgan Chase Bank, N.A.’s (J.P. Morgan) values and how we do business. We are dedicated to exceeding the City’s expectations, delivering secure, innovative and community-focused financial solutions that align with your mission to provide excellent service, foster growth and opportunity, and create a joyous and collaborative environment in Monterey Park.
Building a foundation for future growth will require a banking provider with a track record of success who is leading the industry in banking and payment innovation. With a national government banking practice supporting public entities in each state, J.P. Morgan is uniquely positioned to help the City streamline processes, realize efficiencies, and enhance operational flexibility. To accomplish this, we will deliver:
● Tangible local impact: J.P. Morgan’s dedicated presence in the region is reflected in our more than 40 branches in the San Gabriel Valley and our ongoing investments in local businesses, government, and community organizations. Our commitment to financial health and wealth creation is demonstrated through thousands of free financial health events, workforce development programs, and partnerships with local organizations, including the Monterey Park Chamber of Commerce to advance economic opportunity for all.
● Industry expertise: Highlighted by our team of government banking specialists, J.P. Morgan specializes in treasury services for public sector clients. Our team of experts will work with you to rationalize your current structures and deliver recommendations that balance best practices from other cities with the specific needs and resources of Monterey Park.
● Investment in innovation: J.P. Morgan’s continued focus on technology ensures that the City will have the tools to empower your staff and constituents today and in the future. With this banking transition, Monterey Park will experience a differentiated approach to optimizing your payments and processes which sets the foundation for future growth as we continue to build a future ready operation.
Message to
City of Monterey Park
Cover Letter | v |
● Dedicated service: The City will benefit from a relationship team that is fully dedicated to proactively looking for ways to further drive efficiencies throughout the course of our relationship. As part of this team, the City will have a local relationship manager and treasury management officer, as well as a dedicated service professional, Analicet Burciaga, who will be here to guide you through your day-to-day needs.
J.P. Morgan is the right banking services provider for Monterey Park during this transformational time. While innovation and industry expertise are essential for success, we recognize that for any transition to be effective, people must come first. As such, we will work with you to develop a thoughtful transition strategy that seeks to minimize disruption to the City’s team while delivering value at each step on the path to your future state.
We appreciate the opportunity to build a relationship and recognize that effective collaborations are those that extend beyond just banking. The City has supported its community in the San Gabriel Valley for over 100 years, and for many on our team, this work is deeply personal. It’s this connection to where we live, work, and grow that excites us to bring you first class banking services each day and to help you position for growth over the next 100 years. We look forward to the possibility of serving your community and working together to achieve your vision for a thriving, inclusive and resilient Monterey Park.
Sincerely,
Sydney Aylward
Relationship Executive
3 Park Plaza, Floor 9
Irvine, CA 92614-8505
(213) 621-8145
[email protected]
Table of Contents | vi |
Table of Contents
COVER PAGE .......................................................................................................................................................... III COVER LETTER ...................................................................................................................................................... IV TABLE OF CONTENTS ........................................................................................................................................... VI REQUIRED QUALIFICATIONS - COMMERCIAL BANKING SERVICES ................................................................ 1 EXHIBIT A – INSURANCE REQUIREMENTS .......................................................................................................... 3 EXHIBIT C – SCOPE OF SERVICES ....................................................................................................................... 4 PART I - TECHNICAL PROPOSAL ...................................................................................................................... 14 A. QUALIFICATIONS AND EXPERIENCE ........................................................................................................... 14 B. KEY PERSONNEL ........................................................................................................................................... 24 C. GENERAL BANKING SERVICES .................................................................................................................... 34
1. Deposit Services ............................................................................................................................................... 34
2. On-line banking Services .................................................................................................................................. 36
3. Remote Deposit Capture (RDC) ....................................................................................................................... 46
4. Coin/Currency Ordering Services ..................................................................................................................... 50
5. Cash Transportation .......................................................................................................................................... 53
6. Returned Item Processing ................................................................................................................................. 61
7. Availability of Deposits ...................................................................................................................................... 64
8. Collateralization of Deposits.............................................................................................................................. 66
9. Positive Pay ...................................................................................................................................................... 67
10. Stop Payments ................................................................................................................................................ 72
11. Automated Clearing House (ACH) Processing ............................................................................................... 73
12. Wire Transfer .................................................................................................................................................. 79
13. Lockbox (Wholesale and Retail) ..................................................................................................................... 84
14. Intra‐bank Account Transfers .......................................................................................................................... 91
15. Statements and Documents ............................................................................................................................ 92
16. Reconciliation Services ................................................................................................................................... 97
17. File Transfer .................................................................................................................................................. 102
Table of Contents | vii |
18. Overnight Investment/Investment Sweep ..................................................................................................... 105
19. Earnings Credit Rates (ECR) ........................................................................................................................ 109
20. Account Analysis ........................................................................................................................................... 113
21. End‐of‐Day Overdrafts .................................................................................................................................. 116
22. Daylight Overdrafts ....................................................................................................................................... 116
23. Procurement (Purchasing Cards) or P-card .................................................................................................. 118
24. Disaster Recovery ......................................................................................................................................... 131
25. Dispute Resolution Process .......................................................................................................................... 133
26. Vault Services ............................................................................................................................................... 136 D. CONTROL ...................................................................................................................................................... 138 E. IMPLEMENTATION/CONVERSION ............................................................................................................... 150 F. NEW SERVICES AND IDEAS ........................................................................................................................ 151 G. REFERENCES ............................................................................................................................................... 169 H. CONTRACT/REPORTS TO BE INCLUDED IN THE PROPOSAL ................................................................ 171 I. LEGAL AND FIRM ISSUES ............................................................................................................................. 175 J. PART II COST PROPOSAL ............................................................................................................................ 176 INTRODUCTION (SECTION 1) ............................................................................................................................. 177 PROJECT ANALYSIS (SECTION 2) .................................................................................................................... 184 OBJECTIVE, SCOPE, NATURE OF PROPOSED PROGRAM (SECTION 3) ..................................................... 185 WORK PROGRAM (SECTION 4) ......................................................................................................................... 189 METHODOLOGY (SECTION 5) ............................................................................................................................ 190 PROJECT MANAGEMENT (SECTION 6) ............................................................................................................ 193 ASSIGNED PERSONNEL (SECTION 7) .............................................................................................................. 196 SCHEDULE (SECTION 8) ..................................................................................................................................... 199 PROGRAM MONITORING (SECTION 9) ............................................................................................................. 204 CITY RESOURCES (SECTION 10) ....................................................................................................................... 205 SUBCONTRACTORS (SECTION 11) ................................................................................................................... 210 CONTRACTOR CAPABILITY AND REFERENCES (SECTION 12) .................................................................... 211
Table of Contents | viii |
ALTERNATIVE PROPOSALS (SECTION 13) ...................................................................................................... 212 CONFLICT OF INTEREST (SECTION 14) ............................................................................................................ 213 SIGNED ADDENDA .............................................................................................................................................. 214 DOCUMENTATION ............................................................................................................................................... 216
Appendices
Appendix 1: J.P. Morgan Access Technology Checklist
Appendix 2: J.P. Morgan Access sample reports
Appendix 3: Business Resiliency client letter
Appendix 4: Remote Capture Scanner comparison guide
Appendix 5: Cash Vault Services Product Guide
Appendix 6: Availability schedules
Appendix 7: Check Fraud Prevention Playbook
Appendix 8: Lockbox BAI Data Transmission Guidelines and Formats Description Appendix 9: ARP Issue File Layout sample
Appendix 10: Sample ARP reports
Appendix 11: Cybersecurity and Technology Client Letter Appendix 12: SOC 1 reports
Appendix 13: Certificates of insurance
Appendix 14: Sample account opening documents and service terms and agreements Appendix 15: Sample Commercial Card Master Agreement
Required Qualifications - Commercial Banking Services | 1 | Required Qualifications - Commercial
Banking Services
A. Qualified Depository & Term of Agreement
Any bank submitting a proposal must be a qualified public depository, as defined by California General Statutes, and must perform its obligation under this proposal in compliance with all applicable federal and state laws and regulations, statues and policies.
JPMorgan Chase Bank, N.A., is a qualified depository for public funds in California.
J.P. Morgan is subject to regulation under various state and federal laws in the United States, as well as the applicable laws of each of the various jurisdictions outside the U.S. where it does business. We have a comprehensive set of internal policies and procedures to address compliance with legal and regulatory requirements binding upon J.P. Morgan as a provider of the proposed services.
The City plans to establish an initial five (5) year contract commencing in March 2026 with an option to renew for an additional five (5) years thereafter. The City desires fixed pricing for the 2026-2031 term contract period.
If J.P. Morgan is awarded the contract, all pricing and fees included in this proposal will remain fixed for a five (5)- year period from the start of the contract. Any extension period will be subject to negotiation of mutually agreeable terms, pricing and fees.
B. Federal Reserve Member
The bank must be a member of the Federal Reserve System. The bank must be a federally or State of California chartered financial institution and in good standing among other comparable banks.
JPMorgan Chase Bank, N.A. is a national bank, and as a national bank, is a member of the Federal Reserve System.
JPMorgan Chase is a leading global financial services firm with assets of more than $4.55 trillion. The firm is a leader in investment banking, financial services for consumers, small businesses, and commercial banking, financial transaction processing and asset management. The firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands.
Required Qualifications - Commercial Banking Services | 2 | C. Capitalization
Respondents must be adequately capitalized to accommodate the City’s cash and investment management needs.
The health of your banking institution directly impacts the health of your business. J.P. Morgan’s approach to financial management allows us to achieve our objective of maintaining liquidity, preserving capital and providing current income throughout historical cycles and past market events. Importantly, we are well capitalized under regulatory definitions. Our deposit base represents a stable source of funding for the bank.
The table below presents capital ratios for JPMorgan Chase Bank, N.A., as of June 30, 2025, and December 31, 2024. The Basel III capital rules became fully phased-in effective January 1, 2019. Prior to this date, the required capital measures were subject to the transitional rules which, as of December 31, 2018, were the same on a fully phased-in and transitional basis.
Required information June 30, 2025 December 31, 2024
Common Equity Tier 1 Capital Ratio 15.6% 16.0%
Tier 1 Capital Ratio 15.6% 16.0%
Total Capital Ratio 16.8% 17.2%
Tier 1 Leverage Ratio 7.7% 7.9%
Exhibit C – Scope of Services | 4 |
Exhibit C – Scope of Services
The purpose and intent of this Request for Proposal is to establish an Agreement or Agreements for the provisions of Commercial Banking Services and/or Procurement Card Services with qualified Financial Institute(s). Section 26 in this Scope of Services refers to Procurement Card Services. Bidders interested in providing stand-alone Procurement Card Services should respond to all requested information in this document unless it is specifically for banking only services. In those instances, Bidders should enter “N/A” as the response.
Exhibit C – Scope of Services | 5 |
The City of Monterey Park currently has eleven (11) accounts and is seeking to reduce to six (6) accounts.
Current Accounts
1. General Checking Account
2. Payroll Account
3. Bail Bond Account
4. Revolving Fund Account
5. HCDA (CDBG) Account
6. Workers’ Compensation Account
7. General Liability Account
8. City of Monterey Park Acting as the Successor Agency
9. City of Monterey Park Acting as the Successor Agency (RORF)
10. Non-PERS Retiree
11. Emergency Account
J.P. Morgan offers an automated sweep application specifically designed to concentrate funds efficiently. By physically consolidating cash from multiple accounts into a central account, the City can optimize liquidity and maintain greater control over its financial resources. This consolidation approach enhances visibility of available capital, improves cash flow forecasting, and helps maximize the potential for investment.
To further support the City’s objective of reducing the number of accounts, we recommend utilizing our Unique Location Identifier (ULID) reporting. This advanced cash concentration report streamlines reconciliation by providing detailed, customized transaction reporting. All prior-day transactions within the concentration structure are presented in a single statement at the master account level, with transactions sub-totalled and organized according to ULID information. This solution simplifies account management, improves transparency, and supports efficient decision-making.
Exhibit C – Scope of Services | 6 |
The services needed are outlined below – no specific order of importance ● Provide an overnight investment service (sweep) and/or interest-bearing account for excess cash balances in the demand deposit accounts.
While J.P. Morgan provides a range of integrated off-balance sheet investment solutions and sweeps, we recommend that the City consider our Hybrid Demand Deposit Account (DDA) solution for managing excess operating balances. The J.P. Morgan Hybrid DDA allows you to earn both a competitive ECR and interest from a single account. This solution opens the door to a simplified account structure, allows for balances to offset service fees and minimizes time spent managing investments. This approach allows the City to maximize the value of its operating balances while maintaining flexibility.
Additionally, the Hybrid DDA solution enables the City to collateralize its deposits, providing an added layer of security and peace of mind. By leveraging this solution, the City can efficiently manage liquidity, confirm compliance with collateralization requirements, and maintain confidence in the safety of its funds.
● Disburse funds via repetitive or non-repetitive wire transfers and/or ACH upon request of an authorized person.
With just a few clicks, an authorized person can initiate key transactions (wire transfers, ACH) from a single page in our banking portal, J.P. Morgan Access. This payment initiation function is fully customizable which means you can create your own filters or templates with locked fields for added security. ● Accept and send ACH transactions and provide online notification of ACH deposits within 24hours.
We provide updates throughout the business day for established accounts. You can receive current-day information throughout the day, generally within minutes of receipt or completion.
Current-day information, which is the reporting of memo-posted transactions, is available throughout the day as the transactions complete on processing applications such as lockbox, wire, ACH, returns and demand depository accounts.
We offer a comprehensive lineup of ACH services, as well as ACH reporting to help streamline your business.
We offer an interactive, highly secure, online inquiry system that allows you to:
● Review ACH transactions processed during the past 15 months
Exhibit C – Scope of Services | 7 |
● Determine if a bank is an ACH member
● Request a deletion, reversal or reclamation of a previously originated ACH transaction ● Create inquires for investigation by us
● Review eLockbox transactions received during the past 180 days and electronically return any transactions that cannot be applied
● Submit a notification of change (NOC) to correct future transactions ● Process direct deposit of employee biweekly payroll and payroll taxes.
We offer ACH direct deposit services for an efficient, reliable alternative to traditional paper checks for payroll, T&E, taxes, annuities, pensions and dividend payouts. ● Provide credit card merchant services.
Merchant Services is a trusted industry leader in payments processing and a critical line of business under our J.P. Morgan Payments group, helping clients optimize, grow, simplify and protect their payments. More than 4,000 Merchant Services’ employees help organizations like the City implement and advance more secure and efficient payments programs that matter most to your constituents, while establishing an optimal processing environment to help you streamline operations and optimize the cost of doing business.
Our global merchant processing volume for 2024 was more than $2.61 trillion and comprised of clients across a broad range of industries, segments and locations. Our proprietary platforms enable us to offer the City integrated solutions for all major payment types—from credit and debit processing to digital, alternative and mobile payment options. We support a variety of point-of-sale and card-not-present environments while providing security and reliability and a full spectrum of payments services we can tailor to meet your objectives.
● Provide positive pay services.
Yes, we provide positive pay services to help protect the City’s accounts. You simply send us your check issue files via transmission or the internet. Our J.P. Morgan Access internet delivery channel provides a foundation for secure and traceable communications between you and the bank.
We match checks presented on your account to those you have issued. If they don’t match, we provide images of exceptions to you via J.P. Morgan Access. You instruct us to pay or return by the deadline. ● Provide purchase card services.
The business-to-business (B2B) payables landscape is rapidly shifting from paper to electronic. Speed is a significant driver in supplier adoption of digital payment methods.
Streamline and simplify your payables process with Purchasing Card, which can help you manage your B2B procurement spending more strategically while delivering real, bottom–line value to your organization.
Exhibit C – Scope of Services | 8 |
Better value with Purchasing Card solutions
Identifying opportunities to improve your efficiency
Increase rebate revenue with spend
Manage cash flow via accelerated payments that increase float Gain greater insight into supplier consolidation opportunities due to enhanced spend visibility and increased leverage with vendors in price negotiations
Achieve efficiencies
Save time with reduced manual processes for low-dollar, high-frequency spend Integrate Purchasing Card with your enterprise resource planning (ERP) system to consolidate visibility into payment data
Implement transaction and/or velocity spend controls to reduce time spent on monitoring adherence
Improve the employee experience
Connect cardholders with easy access to user-friendly online and mobile solutions Provide cardholders with tools like receipt imaging and automated allocation to improve reconciliation Render clear insight to cardholders by providing transparent guidelines, control and usage at their fingertips
Offer the convenience of global acceptance
Offer onshore global cardholder customer service support 24/7
Enhance supplier relationships
Reduce disputes over late and/or delayed payments
Lower carrying costs
● Provide deposit slips, deposit bags, coin bags, and wrappers free of charge to the City.
The City can use the transition credit toward the purchase of supplies. Please refer to the Cost Proposal.
The City orders deposit tickets and other supplies through J.P. Morgan. We will debit your account for deposit slips, endorsement stamps and depository bag fees. Other depository supplies may be charged through account analysis.
● Process Local Agency Investment Fund (LAIF) transfers and receive electronic funds payments for the deposit of other State and County apportionments.
The City can initiate Investment transfers to the State via J.P. Morgan Access and posted to the State via wire transfer. You’ll initiate investment transfers from the State via LAIF by phone or online and posted directly through J.P. Morgan into your designated account.
We work with government clients in the State of California to promote compliance with State procedures for LAIF investment transactions. Note that the following are general procedures, and that you are encouraged to confirm with LAIF to be sure they are in receipt of contracted instructions specific to the City:
● For same day transactions, LAIF must be contacted by 10:00 a.m. PT. ● 15 total transactions per month are allowed, which include both deposits and withdrawals.
Exhibit C – Scope of Services | 9 |
● Transaction amounts should be in thousand dollar increments with a minimum of $5,000. ● Withdrawals of $10 million or more require at least a one-day advance notice to LAIF. ● Future-dated transactions can be requested up to 10 calendar days in advance. ● Verbal acknowledgment must be initiated by your authorized personnel prior to funds transfer. ● Provide automated account reconcilement reporting services for City accounts. Available information should include, but not be limited to: closing ledgers, closing collected, opening ledgers, opening collected, float, previous day debit, and credit details (including bankcard deposits, sweep transfers, and ACH credit and debit detail).
J.P. Morgan offers a variety of file-based reporting options through standard communication connections to facilitate reconciliation within your Tyler Enterprise Resource Planning (ERP) System. Various file types are used for different reporting needs based on required data content. All requested information is available in our standard reports.
File Transmission Reporting
File Transmission Reporting provides automated delivery via transmission of current and prior-day reports in a variety of industry-standard formats, such as BAI2, Swift MT formatted files and ISO 20022 camt reporting.
Balance and transaction reporting reflects all incoming and outgoing activity on accounts during the reporting period.
J.P. Morgan can also report MT940 and MT942 messages that show all wire transfers, ACH/bulk payments, drafts and checks that have cleared a company’s accounts through Swift FIN. Detailed reporting on ACH receivables and FED WIRE CTP transactions are limited by the Swift FIN network to 390 characters per transaction.
J.P. Morgan Access
Our online portal exports information on daily or specified date range of activity, including wire transfers, ACH payments, checks and statements. The online portal provides balance and transaction information in the following formats for interface to ERP or treasury workstation environments:
● BAI2
● CSV
● SWIFT MT942/MT940
● ISO 20022 XML
● ISO camt.052, camt.053, camt.054
● Open Financial Exchange (OFX)
● PDF
Exhibit C – Scope of Services | 10 |
You can also export data from the online portal to Excel and other software packages.
Your users can schedule reports to run automatically at recurring intervals such as, daily, weekly or monthly with the scheduling feature. Scheduled reports will be available in the user’s Reports Inbox for 14 days.
Scheduled reports can also be shared with other J.P. Morgan Access users within your organization. ● Provide online access to account information, including daily activity reports, monthly statements, cleared checks, and automated stop payment.
The City will have online access to account information through J.P. Morgan Access that includes daily activity reports, monthly statements, cleared checks and automated stop payment.
Please refer to the list of services available on J.P. Morgan Access as described below:
J.P. Morgan Access
Module Services Available
Home
Save time because everything is in
one window
Configurable Notifications
Search
Activity Log
User Preferences
Help Center
Key Status
File Transmissions status
Checks
Efficiently manage paid check
activity, monitor fraud and streamline
account reconciliation processes
Online Check Details and Images
Check Print
Stop Payments
Positive pay
Reverse positive pay
ACH Transaction Blocking with
Positive Pay
Transactions
Save time by aligning to your
workflow and the way you work
Domestic and Cross-Border
Wires (USD & FX)
ACH
Account Transfer
Book Transfer
Print and Export
Multiple Approval Levels
Nacha File Import
Service Requests (USD Wire and
Book Transfer)
Reports
Ability to customize, organize,
schedule and retrieve reports in the
format you prefer
Balances and Transactions
Balance and Transactions –
location view report
Daily Cash Position
Returns and Exceptions
Payment & Template Reports
Checks Paid report
Wire Detail report
Statements
Bank Statements
Billing Statements
Liquidity Statements
Liquidity Solutions
Online liquidity management tool with
near real-time visibility of cash
balances and investments
Reporting
View structures
Invest and Redeem
Exhibit C – Scope of Services | 11 |
J.P. Morgan Access
Module Services Available
Manager
Create and manage users simply and
quickly
Company Overview
User Setup/Administration
Administration Reports
User Authentication Credentials
Entitlements Support for Products
Clone Entitlements
User Groups
Account Groups
Transaction Approval Workflow
Rules
More Services
Single point of access to a wide
range of additional treasury
management services
ACH File Warehouse
ACH Services U.S.
Digital Payments
Electronic Specialty Account Portal
Host-to-Host Online
Receivables Online and Remote Deposit Capture
● Provide monthly activity and account analysis statements, and reports for all accounts. The statement cutoff should be the last day of the month. Statements must be sent no later than the 10th of the following month.
The City can view your bank and analysis statements online, or export them in Excel, PDF, and CSV format.
In addition, EDI 822 format is available through direct transmission or secure email. We also offer CAMT.086 ISO formatted billing files, the newest industry standard electronic statement.
View account analysis statements starting on the sixth business day after the close of the billing period.
Account analysis statements are available online for up to 13 months.
View bank statements online within two business days after the statement cutoff date. Bank statements are available for 7 years.
● Provide a quarterly review of the City’s cash management.
We will provide quarterly reviews focused specifically on the City’s cash management. These sessions will help ensure ongoing alignment between the City and J.P. Morgan, allowing us to assess performance, address any challenges, and identify opportunities for improvement. For each review, we will bring the appropriate specialists from our product, operations, technology, and client service teams to discuss relevant topics and provide expert guidance. We are also available to meet more frequently to address urgent matters or evolving priorities.
We look forward to discussing these typical agenda items with you Innovative solutions
Goals and objectives for the next year and over the lifetime of the contract Special projects the City may be embarking upon
Best practice recommendations
Considering and implementing new products
Review of industry trends (e.g., risk mitigation, data security and fraud management, etc.)
Exhibit C – Scope of Services | 12 |
● Custodian Services for the investment accounts.
The Bank currently employs The Bank of New York Mellon as third-party custodian to hold collateral for the LASP; and the Federal Reserve Bank, which account is controlled by the State Treasurer for the State Agency accounts.
● Lock Box Services.
J.P. Morgan Wholesale Lockbox, a solution powered by
Receivables Online (RO), allows you to direct payments to one of our local processing centers where payments are
automatically collected, processed and deposited into your J.P. Morgan bank accounts.
We can help the City post receivables quickly, reduce
exceptions, and strengthen your cash position.
Benefit from our investments in equipment refreshes with artificial intelligence and machine learning technology to minimize exception processing.
A nationwide network of processing sites
We own and operate our full-service, nationwide lockbox network of processing sites with fully automated wholesale and scannable services. J.P. Morgan offers a full range of wholesale lockbox services, using a common nationwide network platform, in:
● Binghamton, New York
● Chicago, Illinois
● Dallas, Texas
● Detroit, Michigan
● Los Angeles, California
● New York, New York
● Phoenix, Arizona
We recommend our Los Angeles, California site for your processing needs. ● Additional and other services customarily provided to corporations and governmental entities.
Being one of the world’s largest and most trusted full-service providers, we stand ready to help the City optimize efficiency, resolve cash flow challenges and streamline processes of your critical treasury management functions. As part of our commitment to a tailored offering, we are prepared to conduct a business process review with the City, to identify opportunities for improvement and for deploying innovative solutions and technologies. With your mission and goals as a backdrop, we would collaborate with you to OUR EXPANSIVE NETWORK 9,000+ clients served across North America 25,000+ active lockboxes $550+ billion funds processed annually
Exhibit C – Scope of Services | 13 |
conduct in-depth interviews among various departments to gain a deep understanding of your current operations. These reviews seek to uncover incremental financial benefits through process improvements and greater automation.
Adding value with our treasury services solutions
Figure 1
Please refer to section F. New Services And Ideas for information about the value-added services we recommend for governmental entities.
In selecting a vendor(s), the City’s primary goals are to partner with a financial institution(s) that demonstrates quality and responsiveness in its customer service and also can demonstrate the local decision-making authority available to handle the City’s emergency needs as they arise. The vendor selected to perform banking and/or procurement services shall maintain a capital structure equal to or greater than the average of all funds the City has with the bank during the term of the agreement under California Government Code section 53638. The bank will collateralize all collected balances in the name of the City, above balances insured by the FDIC, at 110%, pursuant to California Government Code section 53652(a). The bank will also immediately notify the City should the bank fail to meet the collateral requirements or fail to meet any other qualifying requirements during the term of the contract.
With J.P. Morgan, the City will benefit from our coordinated approach to distinctive, industry-leading client support.
Your client service associate (CSA), treasury management officer, (TMO) and relationship manager are in regular communication to provide coordinated service to you.
Your CSA, Analicet Burciaga, has the authority to engage all levels of management and across departments to answer questions and escalate items. Your CSA is your day-to-day service contact. When Analicet is not available, your designated back-up CSA assists you.
The bank will collateralize all end-of-day ledger balances in the name of the City, above balances insured by the FDIC, at 110%, pursuant to California Government Code section 53652(a). The bank will also promptly notify the City should the bank fail to meet the collateral requirements or fail to meet any other qualifying requirements during the term of the contract.
Exhibit C – Scope of Services | 14 |
Proposals must respond to each item in this section by listing the item number and providing a complete response to each question.
PART I - TECHNICAL PROPOSAL
A. QUALIFICATIONS AND EXPERIENCE
1. Provide a general overview including governmental client service philosophy and a brief history of your organization, including parent and/or subsidiary companies and the number of employees.
JPMorgan Chase & Co. (JPMorganChase) is a
financial holding company. Its principal banking
subsidiary is JPMorgan Chase Bank, N.A.
(J.P. Morgan), a national banking association with
branches in 48 states.
The firm serves millions of consumers in the U.S. and
many of the world's most prominent corporate,
institutional and government clients under the
J.P. Morgan and Chase brands. Additional information
about the firm is available at www.jpmorganchase.com.
As of June 30, 2025, JPMorganChase has:
Headcount of 315,433 employees worldwide.
Market capitalization of $797.2 billion.
Deposits of $2.6 trillion.
Loans of $1.41 trillion.
Total stockholder equity of $357 billion.
Tier 1 and total risk-based capital ratios 16.1% and 17.8%, respectively. The ratios presented are calculated under the Basel III Fully Phased-In Approach.
Lines of business
Both JPMorganChase and J.P. Morgan are managed on a line-of-business basis. The business segments are based on the products and services provided or the type of client served. The services required to meet your requirements will be provided through our Commercial Banking sub-line of business.
WE’RE STRONG IN NUMBERS JPMorganChase has a global reach We have 141 locations across the U.S. and 34 major international cities. Commercial Banking provides comprehensive financial solutions, including: Lending Treasury services Investment banking Asset management
Exhibit C – Scope of Services | 15 |
JPMorgan Chase & Co. current organization by lines of business
Figure 2
History of our firm
The story of JPMorganChase and our legacy institutions reaches back more than 200 years. Since then, we’ve amassed more than 1,200 financial institutions and become one of the largest banks in the U.S. and one of the premier financial institutions in the world.
Highlights of our history
Figure 3
These predecessors, and many more, delivered innovations in finance to help grow the U.S. and global economies.
We serve millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under our J.P. Morgan and Chase brands.
Exhibit C – Scope of Services | 16 |
We are a full-service provider
Our Payments business is a full-service provider of
innovative cash management, liquidity, merchant and
commercial card services—specifically developed to meet the challenges treasury professionals face today.
We have a global presence
We have more than 135,000 corporations, financial
institutions, governments and municipalities in 160+
countries and territories entrust their business to us. More information can be found at www.jpmorgan.com/ts.
We take pride in serving the public sector
Within Commercial Banking, the public sector is a key industry segment in which we continue to invest and enjoy ongoing growth. Our Government Specialized Industry segment provides financial solutions to more than 2,100 clients at the state and local government levels. There are more than 230 professionals supporting this industry and as the only bank that can accept government deposits in all 50 states and Washington, D.C., we’re honored to count over 1,000 cities among our clients.
2. Provide the address of the branch location(s) within the boundaries of the City of Monterey Park, CA. that will service the accounts.
For your convenience, our closest Monterey Park branch is located at 459 S Atlantic Blvd, less than 1 mile from City Hall. Today, we have two commercially enabled branches in Monterey Park:
Commercially enabled
branch name Address
Hours of operation
(Local time at branch)
Monterey Park
459 S Atlantic Blvd
Monterey Park, CA 91754
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 2:00 p.m.
Paramount Blvd and 60 Fwy
2600 Market Place Dr
Monterey Park, CA 91755
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 5:00 p.m.
Please note, as a business practice, we regularly review branch and ATM activity which may result in branch openings and closings, ATM placement or removal, or in the change of branch bank or ATM functions.
Therefore, branch bank and ATM locations and functions may change from time to time.
Helping you meet today’s challenges Let J.P. Morgan help you: Make treasury operations, payments and collections processes more efficient Manage financial information Benefit your constituents by reducing costs in non-core processes Manage operational and settlement risks.
Exhibit C – Scope of Services | 17 |
3. Disclose if it has a government service division and the number of years this division has been in operation.
J.P. Morgan has more than 200 years of experience serving clients in the government sector within Commercial Banking. The public sector is a key industry segment in which we continue to invest and enjoy ongoing growth. This division services to more than 2,100 clients at the state and local government levels and is invested in helping these clients deliver services, manage public resources and strengthen their communities.
4. Bank must be authorized to do business in the State of California and have a geographic proximity to the City of Monterey Park.
JPMorgan Chase Bank, N.A., (J.P. Morgan) is a national banking association authorized to do business in the State of California.
We are listed on the California Secretary of State website as Active under file number 4244333.
We offer 14 branches within 5 miles of your City Hall and 2 commercially enabled branches within the City of Monterey Park.
5. Provide the bank’s direct experience in servicing public sector clients, including the number of public agency clients, the dollar amount of public funds on deposit, and the bank’s knowledge of and adherence to the California Government Code and other applicable laws. Also, a description of the bank's approach to providing customer service and the bank's ability in complying with transaction confirmations and responding to other data requests as needed by the City’s auditors.
The Government Specialized Industry segment provides financial solutions to more than 2,100 clients at the state and local government levels.
JPMorgan Chase Bank, N.A. is a Qualified Public Depository (QPD) in all 50 states, confirming compliance with applicable laws and regulations.
We currently hold several billion dollars in public deposits and we pledge collateral to secure such public deposits through our National Collateral Management Group (NCMG) to numerous government clients in the State of California (including several cities in California) and throughout the country.
The bank has a dedicated program to comply with qualified public depository and public fund deposit issues, using its NCMG to monitor public fund deposit balances and pledge collateral to secure such deposits. We currently hold $2.6 trillion in deposits.
JPMorgan Chase Bank, N.A. (the “Bank”), through its NCMG, employs a Bank-developed Corporate Collateral Management System (CCM), which provides daily monitoring of deposit balances and security value for collateralization purposes.
CCM is reviewed each Federal Reserve banking day by dedicated Collateral Managers for compliance with collateral requirements. Collateral requirements are based upon the end-of-day ledger balances in deposit accounts (demand and time deposits) (plus accrued interest if any), less applicable FDIC coverage if coverage for insured balances is appropriately waived, plus applicable margin (10%). The end-of-day deposit balances are uploaded into CCM the following Federal Reserve banking day morning from the Bank's deposit system. NCMG monitors the market value of collateral pledged to our customers and compares the market
Exhibit C – Scope of Services | 18 |
value to the collateral requirements. In the event a market value reduction or increase in deposit level creates an under-collateralized position, additional collateral will be pledged promptly.
The Bank follows the collateralization process (California Pool) established by California law and procedures of the Local Agency Security Program (LASP) Administrator. In addition, the Bank follows the collateralization process established by California law for State Agency customers. The State’s own deposits are directly collateralized.
Additionally, JPMorgan Chase Bank, N.A. adheres to rigorous federal regulatory scrutiny and audit requirements and has developed internal policies and procedures to help confirm compliance with laws applicable to it as a financial service provider.
The bank's legal and compliance teams focus on laws and regulations governing interactions with government entities and officials, including lobbyist registration, pay-to-play rules, anti-corruption, and gift and entertainment rules.
Our approach to customer service
The bank is dedicated to providing excellent customer service and has systems in place to comply with transaction confirmations and respond to data requests as needed by auditors.
The City benefits from our coordinated approach to distinctive, industry-leading client support and will be provided:
● A dedicated CSA, managing the service requirements of your business ● Our Payments Solution Center Access Support team, for routine transactional and technical support ● Our online, self-service inquiry tool, Access Transaction Services, for streamlined routine inquiries ● Our artificial intelligence powered Virtual Assistant, for answers to routine client inquiries in real-time
The cornerstone of our commitment to service
Providing the City with access to a designated CSA remains the cornerstone of our commitment to personal and thorough client service.
CSAs are your primary contacts for day-to-day treasury questions and banking support, as well as service delivery coordination.
Exhibit C – Scope of Services | 19 |
Our commitment to service excellence is one of the many reasons clients select J.P. Morgan for their Commercial Banking needs.
Client service expertise is evident in the investment we make in our people and the significant improvements we make in our infrastructure and technology. We are focused on delivering an outstanding service experience.
As shown below, we emphasize four key areas that embody superior client service:
Client service key areas
Figure 4
The City of Monterey Park benefits from our commitment to service excellence
6. Identify the size and scope of your public banking unit, bank officers responsible for the City’s accounts, what each person’s role and responsibilities will be, and the relevant credentials and experience of each person on the relationship management team. Please specify the name and title of who will be designated as the bank’s relationship manager for the City. Please describe what distinguishes the government banking unit from others within the bank and the toll-free customer service number.
Within Commercial Banking, the public sector is a key industry segment in which JPMorgan Chase continues to invest and enjoy ongoing growth. The Government Specialized Industry segment provides financial
Exhibit C – Scope of Services | 20 |
solutions to more than 2,100 clients at the state and local government levels. Our specialized industry segment is wholly dedicated to supporting public sector clients and understands the challenges state, city, and local governments face today. Whether it is budget constraints and deficits, aging infrastructure, legacy technology, heightened cybersecurity demands or the pressure on your treasury department to achieve more with fewer resources, the more than 230 professionals supporting this industry are providing secure financial solutions for the communities we serve.
The relationship management team for the City’s accounts will include a relationship manager, treasury management officer, client service associate and sales associate. Each member of the team has specific roles and responsibilities, including managing the overall relationship, leading the treasury services team, handling day-to-day banking service needs, and supporting the treasury management officer. ● Relationship Executive: Sydney Aylward will serve as the lead relationship contact at J.P. Morgan. Sydney Aylward is a highly experienced client advocate and maintains responsibility for the overall relationship with the City.
● Treasury Management Officer: James Calucin will lead the treasury services team and consult with the City on an ongoing basis to maintain exceptional treasury management arrangements specifically tailored to meet the City’s needs.
● Client Service Associate: Analicet Burciaga is dedicated to managing the service requirements of your business.
● Sales Associate: Briana Morales is responsible for supporting James Calucin, the treasury management officer.
● Onboarding Specialist: Annette Ramirez is responsible for supporting the City through the implementation and onboarding of services.
Brief biographies for your relationship team are provided in Section B: Key Personnel.
The toll-free customer service number is available through the Commercial Banking Service Center, staffed with CSAs who help with routine requests from 5:00 a.m. to 5:00 p.m. PT, Monday through Friday.
7. Bank must be both a sending and receiving bank of the National Automated Clearing House Association (NACHA).
According to the National Automated Clearing House Association (Nacha), J.P. Morgan is consistently a top ACH originator and ranks as one of the top receivers of ACH transactions. 2024 ACH volumes
Figure 5
Exhibit C – Scope of Services | 21 |
8. Provide the bank’s current credit ratings by Standard & Poor’s Rating Services and Moody’s Investor Services.
We are routinely rated by industry experts Moody’s, Standard & Poor’s and Fitch. Ratings are shown below.
JPMorgan Chase Bank, N.A. credit ratings as of July 15, 2025 Moody's Standard & Poor’s Fitch
Outlook Stable Stable Stable
Long-term issuer rating Aa2 AA- AA
Short-term issuer rating P-1 A-1+ F1+
Senior Unsecured Aa2 AA- AA
Long-term domestic deposits Aa2 N/A AA+
Subordinated debt Aa3 A- A+
These credit ratings are provided for information purposes only. Credit ratings are solely the opinions of the rating agencies. J.P. Morgan does not endorse, and accepts no responsibility for, the credit ratings issued by the rating agencies. Credit ratings may be changed, superseded or withdrawn by the rating agencies at any time.
If the proposer is not rated by these rating organizations, provide other evidence of the institution’s financial strength.
9. Discuss the firm’s current capital structure, adequacy, and coverage. Provide the following statistics for the last reporting period:
J.P. Morgan has the financial stability and capital coverage to be the trusted banking services provider for the City. The ratings below presents capital ratios for JPMorgan Chase Bank, N.A.
A. Total Risk- Based Capital Ratio: 16.8% (1)
B. Tier 1 Risk-Based Capital Ratio: 15.6% (2)
C. Tier 1 Leverage Capital Ratio: 7.7%
(1) We have provided our Total Capital Ratio
(2) We have provided our Tier 1 Capital Ratio
10. Include a website link or an electronic copy of the last two audited annual financial statements.
For the City’s convenience, J.P. Morgan makes our financial statements and other publicly filed documents available through our website: https://www.jpmorganchase.com/corporate/investor-relations/annual- report-proxy.htm. This link provides past and current JPMorgan Chase & Co. Annual Reports, which include audited financial statements.
Exhibit C – Scope of Services | 22 |
11. Include a website link or an electronic copy of the last four quarters of FDIC call reports.
The call reports for JPMorgan Chase Bank, N.A. can be found and downloaded at the following site:
https://cdr.ffiec.gov/public/ManageFacsimiles.aspx
At this site, follow the instructions below:
● In the Report field, select Call Report. The Report Date will default to a Single Date of the most current quarter end; however, if the most recent report is not available yet. ● In the Report Date drop-down list select Date Range and select a date range that includes a prior quarter end to present.
● In the Unique Identifier drop-down menu, select FDIC Certificate Number. Then enter 628 in the corresponding text box.
● Click Generate.
You may need to allow a pop-up. Once you allow the pop-up, the report will open in a new window.
You may now save or print. You do not need to download any versions shown at the top of the new window.
12. Provide a website link or the bank’s Community Reinvestment Act (CRA) rating, including information on bank’s CRA activity within the City’s jurisdiction.
Please visit https://occ.gov/static/cra/craeval/Aug22/8.pdf for our most recent CRA Performance Evaluation.
J.P. Morgan has a proven history of commitment to the goals of the Community Reinvestment Act (CRA)—to make sure that credit is available to all communities, including those that are low- and moderate-income (LMI). Additionally, the bank has long supported economic development, affordable housing, support services, education, and other community development initiatives by partnering with nonprofit organizations and financial intermediaries devoted to these areas.
Most recent CRA performance evaluation
The most recent CRA examination, completed by the Office of the Comptroller of the Currency, covered CRA activities from January 1, 2014 – December 31, 2019, with an overall Satisfactory rating. In addition to the overall bank rating, each state receives a separate rating. In the state of California, Chase received an Outstanding rating.
Below is a summary of CRA activity that the bank has provided in Los Angeles County, CA for 2022 through 2023.
Please note that Community Development (CD) data provided is inclusive of activities that have been qualified for Community Reinvestment Act reporting and is not necessarily representative of the full scope of CD activities in this geography.
Exhibit C – Scope of Services | 23 |
Home lending
Chase has a long tradition of market leadership in the area of home lending, making innovative mortgage products available to meet the needs of all homebuyers. Over 26,8901 single-family mortgage loans totaling $32.0 billion1 were funded, of which approximately 22.2% were made to LMI customers or for homes located in LMI communities.
Small business lending
The bank is also a market leader in the area of small business lending, making available a full range of competitively priced products designed to meet the needs of small businesses and their owners. More than 187,820 small business loans for more than $2.9 billion were originated during the period, of which approximately 18.7% were made to businesses located in LMI communities.
Community development efforts
As an active and national leader in community development finance, Chase’s Community Development Banking Team promotes affordable housing, economic development and the revitalization of LMI communities across the country. Comprehensive financing products are available for projects of any size and complexity, including construction financing, bridge loans, acquisition loans, letters of credit to support bond transactions and long-term permanent financing for Low Income Housing Tax Credit developments and bond purchases. Chase also makes substantial investments in New Market Tax Credit Investments which help provide community services and revitalization/stabilization efforts to LMI communities.
In Los Angeles County, CA, the bank has supported these efforts by providing more than $1.7 billion in CD lending and $539.6 million in CD investments. Financing provided by Chase supported the development of more than 15,510 units of affordable housing for those that have low- and moderate- incomes.
Nonprofit partnerships
Chase has long supported economic development, affordable housing, support services, education, and other community development initiatives by providing grants to nonprofit organizations and financial intermediaries devoted to these areas. In addition, the bank has been a leader in designing and fostering innovative programs to meet the changing needs of its communities. During this period Chase provided over $8.9 million in grants to nonprofit organizations located throughout Los Angeles County for community development purposes.
The bank provided over 4,780 community development services in partnership with local nonprofit partners that are responsive to community needs. Services provided include homebuyer counseling, financial education, technical assistance trainings, and serving on the board of directors of nonprofit organizations with a community development purpose that benefits the area.
Exhibit C – Scope of Services | 24 |
B. KEY PERSONNEL
1. Provide the name, title, address, phone number, and email address of the primary contact person(s) assigned to this account
The City’s primary contact will be your relationship manager, Sydney Aylward, and your client service associate (CSA) will be Analicet Burciaga and their contact information, along with other key relationship team members, is below:
The City’s primary contact
Name, title Sydney Aylward, Relationship Executive
Phone (213) 621-8145
Email [email protected]
Address 3 Park Plaza, Floor 09
Irvine, CA 92614
The City’s treasury services specialist
Name, title James Calucin, Treasury Management Officer
Phone (213) 621-8437
Email [email protected]
Address 300 S Grand Ave, Floor 03
Los Angeles, CA 90071
The City’s treasury service associate
Name, title Bri Morales, Treasury Services Associate
Phone (213) 621-8396
Email [email protected]
Address 300 S Grand Ave, Floor 03
Los Angeles, CA 90071
The City’s client service associate
Name, title Analicet Burciaga, Client Service Associate Phone (602) 627-9391
Exhibit C – Scope of Services | 25 |
The City’s client service associate
Email [email protected]
Address 2118 E Elliot Rd, Floor 02
Tempe, AZ 85284
2. Describe your firm’s policy on changing the primary contact person on an account.
While we do not anticipate a change in the City’s relationship team at J.P. Morgan, we will notify the City promptly if such a change were to occur. If a change occurs, we will make it a high priority to help smooth the transition and schedule introductions to the City’s team.
3. Name the individuals who will work with the City on a day‐to‐day basis. Information should include:
a. Biographical information
b. Experience working with other governmental entities
c. Proposed role concerning the City’s account
d. Number of years of experience in this field
e. Number of years with your bank
f. Describe the level of local decision-making authority these individuals have to handle emergency needs of the City as they arise.
The City can be confident in the J.P. Morgan team. Part of our commitment to the City is having the appropriate, industry-aligned individuals assigned to your relationship team and providing outstanding client service. We take a consultative team approach to building relationships with our clients.
We assign a skilled relationship team, which is made up of professionals with a variety of expertise, who will listen carefully and proactively and will provide targeted ideas to energize your business. ● Relationship Executive: Sydney Aylward will serve as the lead relationship contact at J.P. Morgan. Sydney Aylward is a highly experienced client advocate and maintains responsibility for the overall relationship with the City.
Exhibit C – Scope of Services | 26 |
● Treasury Management Officer: James Calucin will lead the treasury services team and consult with the City on an ongoing basis to maintain exceptional treasury management arrangements specifically tailored to meet the City’s needs.
● Client Service Associate: Analicet Burciaga is dedicated to managing the service requirements of your business.
● Sales Associate: Briana Morales is responsible for supporting James Calucin, the treasury management officer.
● Onboarding Specialist: Annette Ramirez is responsible for supporting the City through the implementation and onboarding of services.
Brief biographies and contact information for your relationship team are provided on the following pages.
Escalations and emergencies
Your client service associate (CSA), treasury management officer, (TMO) and relationship manager are in regular communication to provide coordinated service to you.
Analicet Burciaga has the authority to engage all levels of management and across departments to answer questions and escalate items. Your CSA is your day-to-day service contact. When Analicet is not available, your designated back-up CSA assists you.
Exhibit C – Scope of Services | 27 |
Relationship Executive
Sydney Aylward
Role Relationship Executive
Address 3 Park Plaza, Floor 09
Irvine, CA 92614-8505
Phone (213) 621-8145
Email [email protected]
Responsibilities
Sydney will lead the City banking team with a focus on the quality and delivery of our services.
She will:
Serve as your primary point of contact for the City with knowledge of the bank's full capabilities Recommend strategies that meet the City’s needs and goals Support the ongoing relationship, including participating in quarterly client reviews with your J.P. Morgan team Address your overall satisfaction with your J.P. Morgan banking relationship Biography
Sydney Aylward is a Relationship Executive in J.P. Morgan’s Pacific Government Banking Group, focusing on the local municipal market including counties, cities, schools, and special districts. She brings a wealth of experience with more than a decade in J.P. Morgan’s commercial banking group. Sydney has dedicated her professional career to serving public sector and nonprofit clients. She is passionate about cultivating meaningful partnerships between corporations, nonprofits, and individuals to create sustainable impact in local communities.
Sydney graduated from Baylor University in Waco, Texas with degrees in Finance and Public Health. She also sits on the board of Orange County Business Council.
Exhibit C – Scope of Services | 28 |
Treasury Management Officer
James Calucin
Role Treasury Management Officer
Address 300 S Grand Ave, Floor 03
Los Angeles, CA 90071-3109
Phone (213) 621-8437
Email [email protected]
Responsibilities
James will assist the City government banking team in Southern California with a focus on the quality and delivery of our services.
He will:
Serve as an additional point of contact for the City with knowledge of the bank's full capabilities Support the ongoing relationship, including participating in client reviews with your J.P. Morgan team Help to ensure your overall satisfaction with your J.P. Morgan banking relationship Monitor the City’s implementation for successful service delivery Biography
James Calucin is a seasoned professional with nearly 20 years of experience in the banking industry and has been with J.P. Morgan for 4 years. He began his career in customer service call center, quickly advancing to various leadership roles. His journey led him to join the Government, Healthcare, Higher Education and Not-for-Profit banking team as a dedicated Client Service Officer, supporting the Pacific region. James then transitioned to the Government Team as an Associate Relationship Manager, where he has been serving government clients for the past decade.
Currently, James holds the position of Treasury Management Officer, supporting the Southern California Government Banking team. His expertise lies in sharing best practices to help clients achieve both short and long-term goals, seeking solutions to improve operational efficiencies, responding to inquiries and facilitating strategic growth as the industry evolves. James is dedicated to understanding each organization he works with and assisting cities with technological enhancements, making sure they are well-equipped to navigate the changing landscape of the banking sector.
Exhibit C – Scope of Services | 29 |
Client Service Associate
Analicet Burciaga
Role Client Service Associate
Address 150 W University Dr, Floor 03
Tempe, AZ 85281-3640
Phone (602) 627-9391
Email [email protected]
Responsibilities
Ana will serve as the primary point of contact and as a proactive resource for the City’s banking service needs. She will facilitate the timely resolution of all service issues with her understanding of all aspects of our Treasury Services’ product functionality and technology.
For day-to-day matters, she will:
Resolve the City’s inquires including credit/debit confirmations, cancellations of payments, amendments of payment instructions, funds transfer inquires and other treasury service matters Identify and resolve operational inquiries in a timely manner Share her specialized knowledge of fraud prevention tools and provide advice on asset and data protection strategies
Facilitate the opening of additional accounts
Ana works with a team of client service associates who will provide consistent, reliable, and timely service support.
Biography
As your dedicated service professional, Ana is your central point of contact for your account servicing needs. Ana will make sure that all your business services are tailored to your industry and handled promptly and thoroughly to your satisfaction.
Ana is dedicated to providing personalized service and effective problem-solving skills. In addition, her knowledge of fraud prevention products will provide you with exceptional support on how to safeguard your accounts.
Ana is supported by a team of client service associates averaging 20 years of experience. Together, they will help provide consistent, reliable service support that you expect.
Exhibit C – Scope of Services | 30 |
Sales Associate
Briana Morales
Role Treasury Services Sales Associate
Address 300 S Grand Ave, Floor 03
Los Angeles, CA 90071-3109
Phone (310) 213-1082
Email [email protected]
Responsibilities
Briana will work with James Calucin, your treasury management officer, to identify and understand the City’s cash management objectives and formulate recommendations and solutions.
Briana will:
Initiate and monitor the implementation of all your contracted services Review the first set of analysis statements for accurate billing Analyse your existing account structure to uncover cost savings opportunities and potential product enhancements Support a successful client relationship, including conducting annual client reviews with your treasury management officer
Biography
Briana is a dedicated Banking Associate with growing expertise in treasury management. She’s dedicated to optimizing financial resources and delivering customized solutions that meet client needs. She is known for her strategic insight and dedication to fostering strong client relationships. Briana excels at developing innovative financial strategies that proactively drive success and enhance relationships. Her academic background, including an MBA, further supports her qualifications and ability to deliver exceptional service and strategic guidance.
Exhibit C – Scope of Services | 31 |
Onboarding Specialist
Annette Ramirez
Role Onboarding Specialist
Address 10 S Dearborn St, Floor 34
Chicago, IL 60603
Phone (312) 732-5449
Email [email protected]
Responsibilities
Annette will be responsible for the Council’s Treasury Services product and services onboarding.
She will:
Implement products and services to meet your objectives Manage the installation of comprehensive and complex cash management solutions Provide the Council with onboarding support and serve as the point of contact for questions and issues Coordinate service delivery to occur within specified timeframes so that your onboarding is a positive experience Biography
Annette Ramirez joined J.P. Morgan in November 2021 with over 6 years of experience in commercial and retail banking. Previous roles included Treasury Implementation Advisor at Bank of America and Branch Supervisor at TCF Bank. As an Onboarding Specialist, Annette will be the main point of contact throughout the life of the project, coordinating with the internal J.P. Morgan partners and client team to work to make certain all onboarding milestones are met to the satisfaction of the client.
Exhibit C – Scope of Services | 32 |
4. Will a specific customer service representative/ Government Services Division be assigned to handle day‐to‐day transactions for the City?
Yes, in addition to your relationship manager and treasury management officer, the City receives a primary, dedicated CSA and a designated back up from within our Government Specialized Industry division. With this relationship, both develop a deep understanding of your business, the products you use and your overall business needs.
Analicet Burciaga will answer your day-to-day questions about our banking services and interact with our operations areas on your behalf to solve your inquiries or requests. When Analicet Burciaga is not available, your designated back up CSA assists you. Additionally, our Commercial Banking Service Center is staffed with CSA’s who help with routine requests from 5:00 a.m. to 6:00 p.m. PT, Monday through Friday.
Analicet has the authority to engage all levels of management and escalate within the Client Service organization, across bank departments, and even up to the chief executive officer. For each service provided to you, Client Service has a detailed matrix of contacts and escalation procedures to expedite resolution.
These procedures include internal service standards to make sure that other J.P. Morgan groups are providing timely responses. Also, Client Service regularly communicates with your treasury management officer to make sure all parties supporting you are informed of your relationship activity. a. Describe the responsibilities of the customer service personnel, including the chain of command for problem resolutions.
As described previously, the City’s CSAs have the primary responsibility for all day-to-day aspects of your treasury management relationship such as inquiries, research and maintenance related to accounts and services. They have authority to engage all levels of Commercial Banking management and escalate when needed. Client Service has a detailed matrix of contacts and escalation procedures to expedite resolution for each service provided to you. These procedures also include internal service standards to make sure other J.P. Morgan groups are providing timely responses. Finally, Client Service works closely with your full relationship team to be sure that everyone supporting you is informed of your relationship activity. b. Is local customer service support available at the bank’s local branches? Your designated CSA, Analicet Burciaga, will provide support for your depositing locations, regardless of the locations.
c. What are the hours of operation of each customer service unit involved in supporting the proposed services?
The hours of operation for each customer service unit involved in supporting the proposed services are as follows:
Our CSAs are available during standard business hours within each time zone. In addition, our Commercial Banking Service Center offers extended hours of operation from 5:00 a.m. to 6:00 p.m. PT, Monday through Friday.
The Access Support team, which can assist with online banking portal inquiries, hours of operation are 5:00 a.m. to 5:00 p.m. PT on Monday through Friday.
Exhibit C – Scope of Services | 33 |
Our Transmissions team provides support for initiating file transfer or receiving reporting via Direct Transmissions. Specialized staff is available to assist with your product and technical support for Host to Host, ACH Data Transmission issues related to file delivery, file processing, file confirmation and partner key management.
Transmission support Hours of operations
ACH Monday through Friday, 5:00 a.m. PT to 8:00 p.m. PT ARP Monday through Friday, 5:00 a.m. PT to 5:00 p.m. PT File Transmission Reporting Monday through Friday, 5:00 a.m. PT to 3:00 p.m. PT File Transmission (Host to Host)
- Connectivity
Monday through Friday, 5:00 a.m. PT to 6:00 p.m. PT (On-call Support Available during off hours)
Lockbox Monday through Friday, 5:00 a.m. PT to 5:00 p.m. PT d. If the City discovers any error, how would you propose to resolve it (i.e. who should the City contact)?
If the City discovers any error, they should contact their designated CSA, Analicet Burciaga. Analicet is the primary point of contact for all inquiries and requests, including error resolution. The CSA has the authority to escalate issues within the Client Service organization and across departments to make certain there is a timely and accurate resolution. Additionally, Analicet can engage all levels of management and escalate up to the chief executive officer if necessary.
5. After the initial transition, how often will the primary relationship manager attend on-site meetings with City staff? Describe a typical meeting agenda for this on-site meeting.
After the initial transition, your primary relationship manager and treasury management officer will meet with you on-site quarterly, or more frequently as needed, so that both the City and J.P. Morgan are consistently aligned in our focus. Depending upon the agenda, we will bring the appropriate key representatives from our product, operations, technology and client service teams to cover specific topics.
We look forward to discussing these typical agenda items with you Review of industry trends (e.g., risk mitigation, data security and fraud management, etc.) Innovative solutions
Goals and objectives for the next year and over the lifetime of the contract Special projects the City may be embarking upon
Opportunities for process improvements
Best practice recommendations
Exhibit C – Scope of Services | 34 |
C. GENERAL BANKING SERVICES
1. Deposit Services
a. Please provide a listing of bank branches within the City limits.
Branch locations, address and hours of operation for those branches located in the City limits of Monterey Park are provided in the table below. Please note, there may be branches closer to your location in neighboring cities that we would recommend for branch depository services. The deposit cutoff time is the branch closing time Monday through Friday, 5:00 p.m. local time for branches in your area.
Commercially enabled
branch name Address
Hours of operation
(Local time at branch)
Monterey Park
459 S Atlantic Blvd
Monterey Park, CA 91754
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 2:00 p.m.
Paramount Blvd and 60 Fwy
2600 Market Place Dr
Monterey Park, CA 91755
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 5:00 p.m.
* Branch hours are subject to change and are posted at each branch location.
As a business practice, we regularly review branch and ATM activity, which may result in branch openings and closings, ATM placement or removal, or in the change of branch bank or ATM functions. Therefore, branch and ATM locations and functions may change from time to time.
b. If you do not have branches located in Monterey Park, please describe your institution’s procedures for handling cash deposits.
While we do have branch locations in Monterey Park, the City may also use our cash vault services for deposits if your average deposits exceed Chase branch thresholds. Chase branch thresholds (per day, per branch) are defined as:
● Less than $10,000 in cash
● A maximum of 10 deposits
● A maximum of 100 checks per deposit
Offering convenient cash vault services
Your armored courier, Loomis, can drop off deposits at one of our more than 100 vault locations. We recommend you use our Los Angeles vault location in Montebello.
Exhibit C – Scope of Services | 35 |
c. What is the ledger cutoff time for deposits?
The City receives same-day funds availability for cash deposits, incoming wire, ACH transactions and checks drawn on J.P. Morgan. The cutoff time for each transaction is detailed below.
Deposit cutoff times
Cash deposits
Branch deposits Times vary by location but are typically between 5:00 p.m. and 6:00 p.m. branch time.
Branch night drop
deposits
7:30 a.m. branch time.
Select branches offer a second opening in the early afternoon. Deposit cutoff times are clearly indicated on the face of each depository, as required by law.
ATM deposits 8:00 p.m. PT.
Deposit cutoff times are clearly posted at each ATM.
Vault
Our Los Angeles vault has the following cutoff times:
Cash-only deposit: 8:00 p.m. local time of the vault
Mixed (cash and check) and check-only deposit 5:00 p.m. local time of the vault Check-only deposits
Remote deposits Remote Deposit Capture (including mobile): 7:00 p.m. PT, with same-day ledger and availability based on account schedule.
Electronic deposits
Wire transfers Wire transfers are credited and available in near real time throughout the day. The cutoff time for incoming credits is the close of Fedwire, which is 3:45 p.m. PT.
ACH For ACH credits, you receive availability (memo post) for ACH collection on opening of the business day on the settlement date. A hard post of the funds happens at the end of the business day.
For ACH debits, any same-day originations are settled at the end of the business day. (1) We regularly review vault activity, which may result in openings, closings and changes to cutoff times. (2) Coin deposits greater than $10.00 may be credited to your account on a delayed basis.
Exhibit C – Scope of Services | 36 |
d. How are deposits credited? Are all items immediately verified? If provisional credit is given, when does verification take place? If the bank corrects a deposit, how will the City be informed of this change?
Deposits are credited based on the type of deposit and method used.
Our verification process follows a systematic approach:
● Provisional credit is provided at the time of deposit. ● Branch personnel verify the deposit within two business days from receipt. ● Deposits may be forwarded to the vault within one business day of receipt. ● Vault personnel have two business days to complete verification.
If an adjustment is needed once the deposit is verified, the adjustment amount is then posted to your account. The City will be notified of any deposit corrections or adjustments through various methods, including U.S. mail, online portal and on the bank statement.
Additionally, email notifications and online viewing options are available for vault deposit adjustments. Vault deposit adjustment advices also include the original deposit amount original deposit date, processing vault ID and adjustment reason.
2. On-line banking Services
The City currently accesses daily balance and detail reporting information (prior day detail) via a web- based on-line banking service. Additionally, the City is interested in other on-line or Internet based systems that may be available. The City may request a demonstration of your on-line system. a. Describe the banks execution of on-line transactions, include:
Our online portal, J.P. Morgan Access, is an integrated global cash management platform that transforms the way treasurers manage and monitor cash balances, daily transactions and information. We offer a secure single sign-on for transactions, reporting and liquidity management—all in one place. Our multi-level security is designed to help protect your privacy, preserve data authenticity and maintain strong operational controls.
Our online portal is proof of our commitment to investing in leading edge technology, product innovation and improving the client experience.
● Transfers between accounts
J.P. Morgan Access provides authorized users the ability to enter transfers to and from the City’s own U.S.
J.P. Morgan accounts in a secure online environment 24/7. Transactions received after 8:00 p.m. PT are applied the following business day.
Exhibit C – Scope of Services | 37 |
● Initiation of wire transfers
Our online portal offers a complete range of funds transfer services supporting U.S. dollar and multicurrency payments, using both predefined (repetitive) templates and free-form formats:
● You establish user entitlements. Your security administrators can authorize users to add, modify, delete, approve and/or release wire transactions, as well as add, modify, delete, approve and activate predefined templates
● A J.P. Morgan client confirmation number is provided immediately upon release to the funds transfer processing platform
● Confirmation numbers are accessible using cash reporting features ● Wires (Fedwire and CHIPS), book transfers, drafts, account transfers, U.S. drawdown transaction initiations are supported
● Multibank payments wherein you can initiate wire from non-J.P. Morgan accounts ● Stop payment orders
Stop payments can be placed through our online portal by an authorized user, either directly from the “Stops” function, or more efficiently, by using the “Inquiry” function, where the check numbers are validated against the issued items. Additionally, stops can be sent via a file transmission.
When placing stops, the system searches 90 days of transaction history to identify if the check has been paid (extended retention periods are available). If our records show the check has been paid, the system will report the date the item was paid. Once the stop payment is submitted, the City will receive online confirmation of the successful stop request. This can be printed or downloaded as needed. Furthermore, stop payment activity reports are available through the banking portal. ● Positive pay actions including time requirements
The positive pay process to help protect your accounts is outlined below. We generate pay and decision files daily.
Positive pay process
You provide the bank with a positive pay issue file containing check amounts and serial numbers. Submit the issue file via file transmission, upload using the online portal or manually key data into the online portal. ● Submit via file upload manual entry by 7:30 p.m. PT.
● Transmit check issuance files via direct transmission by 7:45 p.m. PT.
Options to decision items
You use the online portal to decision items. Then review digital images of all exception items and instruct us to pay or return each item from a single page.
Exhibit C – Scope of Services | 38 |
If a decision is not received by the 4:00 p.m. local time, we decision the item based on the default you set up at the time of your client onboarding.
We generate an exception report the next business day that identifies any mismatched or no-issue information on file items.
● Initiation of ACH transactions, recurring/repetitive/future ACH debit The City can create one-time, recurring, and future dated ACH transactions in J.P. Morgan Access. For recurring/repetitive transactions we would recommend leveraging ACH transaction templates.
Transactions based on templates or entered in free-form mode are created by the City, then batched, approved and released for processing. ACH files generated through our online portal are retrieved and processed several times each business day for next-day processing. For non-repetitive payment, you can create free-form ACH payments without the need to use a template.
Templates can support a complete menu of ACH transactions, with all template information stored securely with us:
Templates for all ACH transactions
Consumer payments
Consumer collections
Payroll payments
Corporate/vendor payments
Corporate/vendor collections
Cash concentration
Cash disbursement
Federal, state and municipal payments
Child support payments
Funding other J.P. Morgan accounts on a same-day basis ● Stale dating of checks
We offer the City our stale-date feature to return checks that are presented for payment past your pre- determined number of days from the issue date. Your account must be subscribed to positive pay, and we must receive the issue record in advance of the check being presented for payment.
For positive pay accounts, these checks show as “Stale Date Item Issue” exceptions on the daily positive pay exception report that allows you to decide whether each item should be paid or returned. You may also elect to have the system automatically return all items prior to having them reported for your review.
Stale-dated checks are not removed as issues. To remove the item as an issue, the City sends a positive pay file and identifies applicable stale-dated checks as cancels. ● Other services not listed
Please see the below figure for our full list of services available in our online portal.
Exhibit C – Scope of Services | 39 |
Our comprehensive cash management system at a glance
Figure 6
The table below illustrates additional services available in our portal.
Additional services via our online portal
Notifications Event notifications, including Payment Needs Repair, Transaction Completed, Balance Threshold, User Pending Approval and many more (over 50) to help manage your accounts.
Integrated Solution for
Excel
A fully-integrated cash management tool using Excel.
Allows online portal users to auto-populate their own spreadsheets with balances and transactions, as well as initiate payments from their spreadsheets.
Transaction Services Provides 7 years of wire details for both incoming and outgoing USD wires.
Transaction Services Offers 15 months of historical ACH transaction information on all ACH originated and received payments.
Mobile Provides authorized users with mobile access to account activity, ability to deposit checks and approve wires, account transfers and book transfers payments.
Exhibit C – Scope of Services | 40 |
Additional services via our online portal
Help Center The City is invited to join training webinars found online in the Access Help Center. Our webinars are live facilitator-led web conferences that include question and answer sessions that allow full participation between the audience and the presenter.
You can register for training webinars via Access Help Center.
Online bank statements Provides retention for 7 years of bank statements.
Host-to-Host Online file
management
View transmitted files, add workflow (approvals), generate reports and upload files through our online portal. Email notifications provide status on receipt, delivery, availability, or failure of a file transmission
Key management Provides insight into the file transmission security key life cycle, reducing the risk of service interruptions due to expiration. The City can renew expiring keys with just a few clicks, for on-demand availability.
J.P. Morgan Payments Insights app
We also offer our Payments Insights app, which provides timely and relevant payments news and thought leadership.
Our Payments Insights app makes it easy for treasury, payments, marketing and technology professionals to discover the latest digital and connected commerce insights from our experts.
Current and future app features
Client Stories Solution Insights Event Insights
News Videos Podcasts
Download today
Search for J.P. Morgan Payments Insights in the Apple and Android app stores and download today.
APPLE
Scan with your phone or ctrl + click the QR code
to download from the Apple Store
ANDROID
Scan with your phone or ctrl + click the QR code
to download from Google Play
Exhibit C – Scope of Services | 41 |
b. Please describe the bank’s on-line information reporting system including:
● Daily balancing summary
● Daily balancing detailed
● Daily ACH and wire
● Current day reporting
Receive both prior-day and current-day information on J.P. Morgan Access.
Information sharing is critical in today’s fast-paced business environment. Our online portal provides a powerful tool that delivers timely, accurate data through reports that are easy to create and read— helping you analyze and manage cash flow.
The Account Balances snapshot view displays current or prior-day balances on the Home Page, and presents opening ledger, current ledger and current balances totals in an account or base currency. Cash reporting tools let the City create, customize and run up-to-the-minute reports on its accounts, all from a single location.
Your users select the information needed in the way they want it presented and schedule reports from a single page. Reports are customizable to fit your needs.
Receive prior-day information reporting by 7:00 a.m. PT. Receive current-day information of transactions posted (memo-posted transactions)—such as lockbox, wire, ACH, returns and demand depository accounts—throughout the day, within minutes of receipt or completion.
The City can also use our banking portal to consolidate information reporting for all accounts either at J.P. Morgan or at any other bank. The online portal receives current-day and prior-day information from U.S. domestic banks through a third-party provider. Manage all your bank account information through one application in one format at one time with this multibank service. c. Can reports be custom-tailored for the end-user?
Yes. Our online portal offers the City a comprehensive list of predefined reports, as well as advanced filtering and criteria capabilities, and a powerful set of interactive features, allowing you to customize reports for different views or download them into different layouts to meet your varied reporting needs.
For example, for balance and transaction reporting, the City can customize reports online with the following selection options:
● Select balances by account or groups of accounts
● Access prior business day, current business day or as of business day financial data; or select a date range of up to two years
● Evaluate account averages for this month, the prior month and year-to-date We fit the way you work Save time with flexibility and ease of use—our banking portal fits the way you work: Customize your home page to provide information you need on one page View, print, export, save and share, without having to use paper unnecessarily Sort, filter, search with the ability to view checks and deposit images
Exhibit C – Scope of Services | 42 |
● View balances, credits and debits
● Select from a variety of industry standard formats: Excel, CSV, PDF, MT940, ISO camt.054 and BAI2
In addition, the City can enhance the presentation of your information using the following Interactive Reporting functionalities:
● Move, show or hide fields or columns within the report ● Sort on single or multiple columns
● Use our web search tool to filter data
● Use graphs or charts to quickly visualize trends
● See your report change dynamically as you perform customization of your report ● Save and re-use the report template, print or export the report with the customized settings To enhance productivity, reports can be scheduled to run automatically via our Automated Scheduler at recurring intervals, e.g., daily, weekly or monthly. Additionally, customized reports can be shared by the creator with other City users.
Once the scheduled reports are available in your users’ Reports Inbox, the users can download these reports at any time even outside of regular business hours, provided that this is not within our electronic banking system’s regular maintenance hours.
d. Provide information on how the banks data can be interfaced or integrated with the City’s financial management system. Additionally, what support will be available under the contract? We offer robust integration capabilities to connect the City’s financial management system with our banking services. Specifically, our File Transmission (host-to-host, or H2H) solution enables seamless interfacing between Tyler Enterprise and J.P. Morgan. This electronic file transmission method supports secure, automated and centralized delivery of both payment instructions and reporting data.
Key features:
● Centralized payments: The City can transmit a single, mixed payment file that accommodates a variety of payment types—including urgent and non-urgent, electronic and paper, credit transfers and direct debits. This streamlines payment processing by consolidating multiple payment methods into one efficient workflow.
● Streamlined reporting: The integration provides comprehensive balance and transaction reporting, both intraday and prior-day, across U.S. and multibank accounts. This ensures the City has timely and accurate financial information for effective cash management.
The City can securely export reports and data from our online portal through the reports function to update your accounting, Enterprise Resource Planning (ERP) System and/or Treasury Workstation System (TWS). The following formats are available:
● BAI2
Exhibit C – Scope of Services | 43 |
● MT940/MT942
● CSV
● ISO camt.052, camt.053, camt.054
● OFX
The City can also download data and save in Excel or PDF formats.
In addition, our online portal offers a scheduling facility feature that can automatically create the file(s) ready for onward integration with your ERP.
To facilitate an automated interface to your Tyler ERP, our file transmission services provide direct transmission of current and/or prior-day balance and transaction information in BAI2, MT940/MT942, ISO 20022 XML camt.052 and camt.053, camt.054, and CSV formats. This service, separate from our online banking product, is typically requested for large-volume accounts.
Furthermore, we support JSON format via API.
Supporting your integration efforts
We will work with the City during the implementation phase to establish the pre-agreed file format interface between your ERP system and our electronic banking channels.
We have developed a number of key services to facilitate the required integration with your ERP system:
● We provide documentation on the required specification details for both import and export file formats and can provide sample files on request.
● Your designated file transmission client technical onboarding manager together with your designated client onboarding manager, will work with you to make sure the process of integrating our system with yours is as simple as possible.
● During the implementation stage, we will help validate and provide feedback on files.
Additionally, for implementing direct host-to-host connectivity, we have a designated testing environment managed by our Client Testing Center, making sure all required file transmission testing is executed efficiently and effectively. The technical integration follows the following testing process:
● Tests are designed to validate connectivity between the City and J.P. Morgan. The City must pre-test file contents and formats prior to testing linkage to J.P. Morgan. ● Test transmissions should simulate production files, containing positive dollar value transactions. All test files are received into a test environment and do not post to activate accounts. Testing will include all requested acknowledgment services.
● Testing results, as well as any necessary modifications, will be communicated and documented.
Testing will continue until acceptable results are achieved. J.P. Morgan requires three successive successful tests prior to moving to the production environment. ● J.P. Morgan proactively monitors all initial production (live) files.
Exhibit C – Scope of Services | 44 |
To establish a smooth migration to our platforms, our Technical Service Group will also provide training and assistance to the City’s staff to confirm that users are familiar with the functionality of the system. e. Will training be provided to system administrator for managing access? Yes, training will be provided to system administrators for managing access. Additional information such as new user guides and updated training materials will also be available online. Our Client Service and Solutions Center Access Support teams will be available to assist and answer any questions on the enhancements and system changes.
f. Can the City obtain current day (intra-day) information? If so, please describe the service.
We provide updates throughout the business day for established accounts. You can receive current-day information throughout the day, generally within minutes of receipt or completion.
Current-day information, which is the reporting of memo-posted transactions, is available throughout the day as the transactions complete on processing applications such as lockbox, wire, ACH, returns and demand depository accounts.
Current-day information reporting goal
Report Goal
ACH: U.S. 9:00 p.m. PT, 1:00 a.m. PT, 3:00 a.m. PT, 5:00 a.m. PT Same Day ACH: U.S. 7:00 p.m.PT
Wires: U.S. Domestic (GFP)—Fed 6:00 a.m. to 3:00 p.m. PT Wires: U.S. Domestic (GFP)—CHIPS 6:00 a.m. to 2:00 p.m. PT Wires: U.S. Domestic (GFP)—book 6:00 a.m. to 3:00 p.m. PT Lockbox: U.S. Deposit information 3:00 a.m. PT., 5:00 a.m.PT, 7:00 a.m.PT, 9:00 a.m. PT, 11:00 a.m.
PT, 12:00 p.m. PT., 1:00 p.m. PT, 2:00 p.m. PT, 3:00 p.m. PT, 5:30 p.m. to 6:00 p.m. PT
g. What is the computer hardware and software specifications to access the bank’s on- line system? Our online portal is a browser-based application that uses HTTPS communications protocol over a TCP/IP network. The interface is HTML based and utilizes an industry-standard TLS 1.2 encryption to make sure that the website is secure and legitimate. A supported browser and a high-speed internet connection are needed to use our online portal. There is no need for any proprietary software or a thin client application to log on.
We support multiple internet browsers, a list of which can be found in the J.P. Morgan Access Technology Checklist in Appendix 1. Users can utilize a single browser and access all the different functions within the portal.
Users will also be able to determine their current operating system and browser by using the System Checker available at https://jpmorgan.com/visit/systemchecker or from the Tools section of the Online home page.
Exhibit C – Scope of Services | 45 |
Depending on the user’s profile, some industry-standard plug-ins may be required. The website’s Download Plug-ins page provides everything you need, including Adobe Document Cloud (DC), or Adobe Acrobat Reader for Cash Reporting.
h. Please provide a sample of prior day and intra-day reports that would be the best example of the system’s capabilities. Include the reports in this section.
Several main reports are available via the online portal, including balance and transactions, wire detail, checks paid, EDI, account reconciliation, and payment and template reporting. Interactive reporting is also available, which allows your authorized users to create, customize and run up-to-the-minute reports on your accounts tailored to your specific needs. For samples of these reports, please refer to Appendix 2. i. Can the bank provide credit or deposit information by location or identifier number as part of these reports?
We offer unique location identifier (ULID) a numerical identifier you can customize to different deposits/orders based on your specific criteria, such as location, individual business unit, deposit type, vendor, etc. This identifier helps the City to manage and track deposits/orders when leveraging the following products:
● Cash Vault Services
● Image Cash Letter
● Business Deposit Express
● Remote Cash Capture
● Remote Deposit Capture
Our online portal offers the ability to view deposit details and totals by each location number using the Balance and Transaction report. You can customize the filters and view of the Balance and Transaction report, as a Location Report, to capture deposit information from each of your locations.
You can view this information by filtering by location number. You can also search for deposited checks by the location number from the deposit ticket.
j. What is the bank's contingency plan for providing this information in the event of unexpected bank systems problems or natural disasters?
The Firm has a dedicated Technology Resiliency Program that establishes critical services, capabilities, controls, and procedures designed to promote continuity and recovery of operations in case of a disruption.
The program focuses on rigorous recovery scenarios and testing based on criticality and takes an “all hazards” approach to resiliency to include events that have a cyber nature.
For additional information please see the enclosed overview of our Enterprise Resiliency Program in Appendix 3.
A key objective of our business recovery strategy is keeping you informed about our recovery activities. Our plan includes procedures and resources, and staff whose primary job is to make certain we keep
Exhibit C – Scope of Services | 46 |
communication lines open with our clients to communicate expected service downtime, recovery strategies and other matters of importance. Our plan goes beyond the infrastructure requirements and includes a holistic view of how we’ll provide reporting, customer service and other essential services. The intent of these contingency plans is to make certain the continued operation of critical systems in case of a disaster, emergency or other unforeseen events threatening interruption of these systems.
3. Remote Deposit Capture (RDC)
a. Describe the bank’s ability to process checks by RDC. Is it by Portal entry or stand- alone service? Remote Deposit Capture, our check deposit solution, allows clients to scan checks and full-page documents from their desktop or mobile device and electronically send the images to the bank for deposit through Receivables Online via our online portal J.P. Morgan Access. ● Desktop: Clients can scan checks and remittance documents using an approved high-speed check or check + document scanner (list of approved scanners). ● Mobile: Clients can take pictures of checks and remittance documents with a supported iOS or Android smartphone device.
Remote Deposit Capture can help you move from paper-intense operations toward electronic solutions.
The solution allows the City to deposit business, government and consumer checks, Postal Money Orders, Western Union Money Orders, demand drafts and government warrants.
To use our remote capture services in the U.S., checks must be:
● Scanned from a U.S. location
● Drawn on a U.S. financial institution and in U.S. dollars ● Deposited into a J.P. Morgan U.S.-domiciled DDA
You need only a high-speed internet connection, a desktop check scanner and a Windows-based PC.
Remote capture service does not require a stand-alone PC. The online service may co-exist on a PC that is used for other applications. For better usability, we recommend that other applications be closed while using the remote capture service. Mobile requires the use of a compatible smartphone or tablet device and can co- exist with other apps.
Exhibit C – Scope of Services | 47 |
Remote Deposit Capture process flow
Figure 7
(1) U.S. accounts only
b. Is there a limit on the number of checks that can be contained in a single deposit? While our remote capture service allows deposits of up to 999 checks, we strongly recommend limiting a deposit batch to 30–50 checks to help make reconciliation a manageable process for the City’s users.
Multiple batches can be scanned prior to submitting for deposit. You can make as many deposits as needed in a single day. Mobile users may submit a single check at a time for deposit; however, checks can be batched by scanning multiple checks within a five-minute period for submission. c. Does your service allow for multiple deposits in a single day? We place no limits on number of deposits per day. Checks are scanned in batches and the City may create multiple batches throughout the day.
At the deposit deadline, the bank aggregates batches into a single deposit for each account (i.e., one credit will be posted on bank reports and client statements).
The City may choose a “Deposits Credited by Batch” option for credits to post on bank reports and client statements for each batch deposited.
The City may choose a “Deposits Credited by Group” option to have credits post on bank reports and client statements for each group/location deposited.
d. How will the City be notified of deposit corrections and adjustments? Notifications of change for deposit correction and adjustments are available via online portal alert and email.
Return and adjustment reports are also available in our online portal.
Exhibit C – Scope of Services | 48 |
e. Describe the process used for balancing and correcting deposits transmitted to your institution.
All balancing for remote deposits is performed by the user before submitting for deposit. If the batch does not balance, the user can correct the item or remove it from the batch prior to submitting for deposit.
Balancing and correcting deposits
Figure 8
f. Does your service offer the ability to adjust data using recognition technology that was not captured correctly by the scanner? If yes, please describe. If not, does the service allow the addition, deletion, and rescanning of checks during both the correction and balancing functions? We use scanning technologies, such as magnetic ink character recognition (MICR) and optical character recognition (OCR), to capture and validate check data. We also use courtesy amount recognition (CAR) and legal amount recognition (LAR) to capture and validate the amounts on the check. If the software cannot read the values, it prompts the user to manually enter the data.
Yes, the ability to rescan a check exists within Receivables Online. Checks can also be added or deleted from a batch.
g. What equipment does the bank recommend for RDC, and what is the price for this equipment (including lease option)?
We recommend either the Panini EverneXT or the Epson DS-790WN product line depending on the items being captured.
The Panini EverneXT is generally used for check only scanning, and the Epson DS-790WN is used for checks and documents.
Please see Appendix 4 for the Remote Capture Scanner comparison guide and pricing.
We can also support several scanners in the Vision X product line, including the Vision X 50 / 50 and Vision X 75 / 100, and we will work with you to understand if your current scanners are compatible.
Exhibit C – Scope of Services | 49 |
h. Can checks be automatically endorsed with the bank’s RDC service? Is the automatic endorsement of an electronic image or printed on the check?
It is recommended that the City physically endorse all checks before scanning. The vendor offers an endorsement stamp that is compatible with the scanner and allows for customization. Our remote capture service electronically endorses each item.
i. Are checks cleared as ACHs or image replacement documents? How does the bank’s software determine the clearing mechanism?
The City will be able to enable accounts for check or ACH settlement. We base actual settlement of checks within our ACH rules and client ACH limits.
j. Is there a difference in legal standing for items clearing by ACH or image replacement documents (IRDs)? If so, please describe.
Rules of evidence vary by court and the type of matter being litigated. For instance, in certain matters a court may accept evidence, such as a copy of the check image that is retained during the normal course of business, based upon a subpoena of bank records. Also, if a Substitute Check (sometimes referred to as an Image Replacement Document or IRD) is created from the image, then the IRD is the legal equivalent of the original check for all purposes. As the answer to this question is a legal matter, the City should seek your counsel’s advice.
k. Describe your retention policy for checks converted to ACH or processed via remote deposit capture.
We recommend that you securely retain the original checks and documents for a minimum of 14 days in case that the deposit needs to be rescanned.
l. What are the deadlines for same-day credit of deposits? The Remote Deposit Capture deadline for same-day deposits is 7:00 p.m. PT. Deposits scanned after the cutoff will be processed next day.
m. What is the liability for fraudulent deposit items?
Generally, we accept liability (subject to express limitations) only to the extent caused by our breach of contract, negligence or willful misconduct. J.P. Morgan’s account and service terms documentation specifically addresses this question and will control in case of fraudulent deposit items.
Exhibit C – Scope of Services | 50 |
4. Coin/Currency Ordering Services
a. Does the bank have an automated coin/currency ordering service? Describe the deposit and change order procedures, cutoff times, security, and other features of this system.
Yes. We offer automated coin and currency ordering services (change order services) for pickup through our vaults and branches.
Request change orders as needed, establish a standing vault order or use a combination of orders. Place coin and currency orders via telephone using an interactive voice response (IVR) or through our Web Currency Services ordering platform.
● As-needed change orders can be set up 24/7 and up to 6 months in advance of the requested delivery date. Orders placed prior to 1:00 p.m. PT are available for armored courier pickup by the end of the business day in the vaults or ready for pickup the following morning at the specified branch.
● Standing vault orders are established, repetitive orders and can be prepared for a predetermined amount and delivered on predetermined delivery days (e.g., every Monday and Thursday). Orders can be delivered daily Sunday through Saturday, subject to your armored courier service restrictions.
Amounts may vary by delivery day.
Change order process flow
Figure 9
Detailed additional information
Orders placed for branch pickup may be restricted to a maximum of $5,000. Orders that are not placed using our automated phone system or Web Currency Services ordering platform require a valid government issued ID at time of pickup.
Exhibit C – Scope of Services | 51 |
We only release change orders to an approved armored courier if they are picked up at one of the bank’s vaults. The City must contract with an armored courier to act as an agent to transport change orders and notify us of the specific armored courier for each location. Change order delivery is based on armored courier commitments, but typically scheduled for the following day or within two or three days from when the change order was picked up at the vault.
Security begins when we issue you two confidential system access numbers for each location. Keep access numbers in a secure place and reveal them only to authorized associates within your organization. You can change existing access numbers by contacting your CSA. We also establish daily order limits both at relationship and location levels based on your credit risk rating and cash needs.
All orders are filled in a controlled environment. The change order teller “buys” the specific denominations needed to fill your order and a second teller strap verifies and inspects the contents. Orders placed by 1:00 p.m. PT are prepared same day and available for pickup the next day by your armored courier.
We bill all fees related to the change order through the account analysis system. b. Describe change order procedures and restrictions for branch pick up.
Change order procedures and restrictions for branch pickup include:
● All change order requests must use automated branch cash ordering; the total order amount can’t exceed $5,000 per day, per branch.
● Place orders through the automated coin and currency ordering system (interactive voice response [IVR] or online through Web Currency Services) by 1:00 p.m. PT for next-day pickup. ● Settlement for automated change orders occurs through a direct debit to the account. ● When picking up the order, a City representative must present the system confirmation number for the branch to release the currency and coin.
● We restrict payment for ad hoc, on demand change orders, including initial change orders for new client locations, to a cash-for-cash exchange, or an on-us check made payable to petty cash.
Personal ID of the person receiving the order is required per Bank Secrecy Act regulation. ● Orders not placed via our automated coin and currency ordering system require valid personal ID to receive the order.
c. For cash vault and branch change orders, discuss whether or not there are minimum purchase (e.g., standard straps of currency and full boxes of coins)? Is a discount offered for purchasing standard amounts or using standard change orders? What settlement options are available for change orders (e.g., cash, check, debit to account, wire, etc.)?
There are no minimum purchase requirements for change orders. ● There is a pricing incentive when ordering full straps and full coin-box increments. ● Individual coin rolls—in even-dollar increments—are available at regular price. Individual notes are available for an additional cost.
Exhibit C – Scope of Services | 52 |
● Orders placed through the vault should be in increments equal to either a full box for rolled coin or a full bag for loose coin.
● Currency orders need to be in full-strap increments.
● Orders for branch pickup don’t require full straps but coin should be by roll.
Denomination Amount
Ones $100
Twos $200
Fives $500
Tens $1,000
Twenties $2,000
Fifties $5,000
Hundreds $10,000
Denomination Wrapped coin rolls (1) Full wrapped coin box Standard loose coin bag Pennies $1 $25 $50
Nickels $2 $100 $200
Dimes $5 $250 $1,000
Quarters $10 $500 $1,000
Halves $10 $500 $1,000
Dollars $25 $1,000 $2,000
(1) Rolls must be ordered in even dollar increments.
Vault orders
● For timely delivery of vault orders, you should have sufficient funds available in the designated order account.
● Orders placed for next-day delivery should have the account funded at the time the order is placed. ● Orders placed for future-dated delivery should have the order account funded beginning at 3:30 a.m.
PT on the order processing date.
● Orders are processed the business day prior to delivery.
Exhibit C – Scope of Services | 53 |
Branch orders
● Orders for next-day pickup should be placed using the automated phone system or Web Currency Services:
The cutoff to place an order is 1:00 p.m. PT on the prior business day. Your account is debited on the day you pick up the order at the branch. When picking up the change order, your representative must provide the system confirmation number for the branch to release the currency and coin. ● We restrict payment for change orders requested in the branches (including initial change orders for new client locations), including:
Initial change orders for new client locations
A cash-for-cash exchange
An on-us check made payable to petty cash
● Orders not placed using our automated coin and currency ordering system require valid personal ID to receive the order.
5. Cash Transportation
The City currently utilizes an armored car service at City Hall for daily cash pickup. Please describe your service (if available), including:
a. Describe bank’s collection service and include:
● Pick-up schedule options
We offer automated coin and currency ordering services for pick-up through all vaults and branches. You may request change orders as needed, establish a standing vault order or using a combination of orders.
Coin and currency orders are placed via telephone using an interactive voice response (IVR) or through our Web Currency Services ordering platform.
● Your as-needed change orders can be requested 24/7 and up to 6 months in advance of the requested delivery date. Orders placed prior to 1:00 p.m. PT will be available for armored courier pick up by the end of the business day in the vaults or ready for pick up the following morning at the specified branch.
● A standing vault order is an established, repetitive order prepared for a predetermined amount and delivered on predetermined delivery days, e.g., every Monday and Thursday. Amounts may vary by delivery day. Orders can be delivered daily Sunday through Saturday, subject to armored courier service restrictions.
Exhibit C – Scope of Services | 54 |
● Cutoff times
Your selected armored courier, Loomis, will pick up your deposit bags and deliver them to our Los Angeles cash vault site in Montebello.
If we receive your deposit prior to the cutoff time (8:00 p.m. for cash-only and 5:00 p.m. PT for mixed deposit at the Los Angeles vault, we provide provisional, same-day ledger credit and may convert your cash deposits into usable funds on the same day.
● Requirements by location (vault, teller, bank center branch) Deposits are to be placed in a tamper-evident, two-pouch, “cash and check” plastic security bag. One pouch is resealable, and the other is tamper-evident. One side of the bag must be clear to verify the contents, and the bag number must be bar-coded on the outside of the bag. Use disposable plastic coin bags and a separate deposit ticket for coin deposits greater than $10. Coin deposits greater than $10 may be verified on a delayed basis. Coin deposits greater than $10 should be directed to a vault for processing.
Our advanced deposit processing equipment provides the City with timely and accurate posting of your deposits. Once received, our Vault Management System tracks all deposits individually from the point of delivery through verification and posting of the deposit.
Check preparation
First, endorse your checks. The endorsement stamp is a seven-line endorsement legend that conforms to the specifications set forth in Federal Regulation CC. Place the stamp within the first 1.5 inches of the trailing edge of the back of the check.
Next, prepare your check deposits:
● Stack all checks face-up in the same direction.
● Attach a list, such as a calculator tape, computer list or handwritten list showing the sum of the checks in the deposit.
● List checks in the same order as they are in the stack. ● Include a maximum of 100 checks per deposit
Standard currency and coin preparation
For deposits with currency and small amounts of coin, sort currency by denomination. Enclose only one deposit per deposit bag.
Preparing Fed-Ready deposits
To prepare a Fed-Ready deposit, place the appropriate strap per 100 notes of the same denomination as follows:
Exhibit C – Scope of Services | 55 |
Strap Color Strap amount
Hundreds Gold $10,000
Fifties Brown $5,000
Twenties Purple $2,000
Tens Yellow $1,000
Fives Red $500
Twos Green $200
Ones Blue $100
If you do not have enough notes for a standard strap, combine the denominations under one reversed strap, sorted from the smallest to the largest denomination. Place the strap around the currency with the strap reversed (the color/printed side down). Write the total dollar amount on the strap.
The person preparing the straps (all straps, including Fed-Standard and partial) writes legibly or stamps on each strap:
● Company name
● Location number (if applicable)
● Current date
● Preparer's initials
Unfit currency (i.e., badly soiled, dirty, defaced, disintegrated or torn) should be sent in full straps for credit.
Mutilated currency that has been damaged by fire, flooding, chemicals, explosions, animals or insects should be sent to the Bureau of Engraving and Printing. For further information please visit the following web site:
https://www.bep.gov/services/mutilated-currency-redemption.
Preparing coin deposits
Small amounts of coin
Place small amounts of coin under $10.00 in an envelope. Write or stamp the depositor’s name, current date, preparer’s initials and the total amount on the envelope. Place all of the loose coin inside the envelope and seal the envelope. Place the envelope in the deposit bag with the currency.
Large amounts of coin
For large amounts of coin, place the loose coin inside a disposable plastic coin bag. All bagged coin deposits must have a declared value. If you have multiple bags for a single deposit, number the bags (e.g., #1 of 3, #2
Exhibit C – Scope of Services | 56 |
of 3, #3 of 3). Do not wrap coin. Each bag must be individually labeled with amount, client name, location number, deposit date and preparer’s initials.
Bulk coin deposit tickets must be sent separately to the vault in an envelope or tamper-evident bag. Do not enclose the deposit ticket in the bag of coin. List the bag numbers on the deposit ticket. We do not accept bulk coin deposits at the branch.
Full bags
Single denomination, loose coin should be counted, bagged and sealed in disposable plastic bags in the increments as follows:
Denomination Full bag amount
Dollars $2,000
Half dollars $1,000
Quarters $1,000
Dimes $1,000
Nickels $200
Pennies $50
In the area indicated on the bag, write:
● Company name
● Current date
● Preparer's initials
● Amounts contained in bag
Mixed bags
Multi-denomination, loose coin should be bagged and sealed in disposable plastic coin bags weighing no more than 50 pounds. In the area indicated on the bag, write:
● Company name
● Current date
● Preparer's initials
● Amounts contained in bag
● "Mixed Coin"
Exhibit C – Scope of Services | 57 |
Completing the deposit ticket
Deposit tickets should be preprinted with your company name, address, location/store number and account number, and should include the following:
● Current date
● Preparer's initials
● Bag serial number
● Dollar amount
● Type of deposit bag used
Our deposit bag requirements are as follows:
● Must be a clear, tamper-evident, dual-pouch, “cash and check” plastic security bag ● The pouch designated for deposit tickets, checks and money orders should have a resealable closure
● The pouch designated for cash should have a tamper-evident closure ● The two pouches must be clearly separate from each other, so that there’s no access from one pouch to the other
● One side of the bag must be clear to verify the contents ● The bag number must be barcoded on the outside of the bag Please see the Cash Vault Services Product Guide in Appendix 5 for additional deposit bag requirements/specifications.
Type of bag required for coin deposits greater than $10 We require disposable, heavy-duty, plastic coin bags for coin deposits greater than $10. Depository bags not purchased through us must meet the specifications outlined below.
The bag should be self-sealing and be tamper-evident. The durability of the bag is important:
● The bag should incorporate a reinforced handle able to withstand a hang test with greater than a 100-pound load
● Thickness of material should be a minimum of 6.5 mm
● A full bag of coin should be able to withstand 8–10 drops from a height of six feet The size and features should follow these guidelines:
● Fillable space of the bag should not exceed 13"x19"
● Bag handle should not exceed three inches, with total bag dimensions not to exceed 13"x22"
Exhibit C – Scope of Services | 58 |
● Exterior coefficient of friction (COF) of the bag should be sufficient to prevent slipping while stacked with other plastic and/or canvas bags; a COF of .95 or higher should meet this standard ● Bags may be either clear or tinted:
If bag materials are colored, the color should not be opaque Contents must be clearly distinguishable through the packaging material ● Credit advice processing
When presenting a deposit at the teller line, the City receives a receipt and provisional credit if post verified.
Also:
● You must wait for a validated receipt when making deposits at the teller line. ● Coin deposits of $10 or less may be verified on a delayed basis. ● Validated receipts for deposits placed in the night drop are available at the branch the following business day.
Receipts are retained at the branch for 30 days. Figure 10 is a receipt sample with definitions.
Sample branch receipt
Figure 10
Our verification process follows a systematic approach:
● Provisional credit is provided at the time of deposit.
Exhibit C – Scope of Services | 59 |
● Branch personnel verify the deposit within two business days from receipt. ● Deposits may be forwarded to the vault within one business day of receipt. ● Vault personnel have two business days to complete verification. ● Discrepancy and write off policies
We identify all discrepancies. We internally manage adjustments in the vault and branch below a predetermined sundry amount without posting the corrected entries and related fees to the City’s account.
Both vault and branch transactions are subject to the $2.00 sundry amount. ● Change order processing
Change orders can be requested as needed, established as a standing vault order, or a combination of both.
Orders can be placed via telephone using an interactive voice response (IVR) system or through our Web Currency Services ordering platform. As-needed change orders can be set up 24/7 and up to 6 months in advance. Orders placed prior to 1:00 p.m. PT are available for armored courier pickup by the end of the business day or ready for pickup the following morning at the specified branch. Standing vault orders are repetitive orders prepared for a predetermined amount and delivered on predetermined days. Orders can be delivered daily, subject to armored courier service restrictions. Security measures include issuing two confidential system access numbers for each location, which must be kept secure and revealed only to authorized associates. All orders are filled in a controlled environment, verified by a second teller, and billed through the account analysis system.
● Standard return and re-clear processing.
Your return item handling instructions are maintained within a comprehensive database at the bank. During the check clearing process, the paying bank may return deposited checks for a number of reasons, including non-sufficient funds (NSF), uncollected funds, stop payment, account closed. We route most returned items through the Federal Reserve System to regional return processing areas.
After processing the City’s return items per your handling instructions, the return system generates a debit to the designated demand deposit account (DDA). If requested, the debit can be made to an alternate account from the original deposit account. We match the actual return items to a return item advice and mail them to the DDA statement address via First Class U.S. mail. The return advice lists the dollar amount and the reason for return for each item.
Automatic redeposits
The City’s eligible checks returned for the first time can be automatically redeposited. We can redeposit all eligible returned checks, only checks under a certain dollar amount or only checks greater than or equal to a certain dollar amount. Collection float for the redeposited items posts to the City’s account.
Automatic redeposit and options
Redeposit posting and notification
We provide three options for redeposit posting and notification:
Exhibit C – Scope of Services | 60 |
Automatic redeposit and options
Option 1: The redeposit does not appear on either advice or post to the account Option 2: The redeposit appears on advice and posts as debit and credit to the account Option 3: The redeposit appears on return item advice but does not post to the account Additional information
Multicurrency deposited items are not eligible for redeposit Returned foreign currency checks are converted to U.S. dollars on the date the bank receives notice of return
Re-presented Check Entry (RCK) redeposits
Re-presented Check Entry (RCK) is a special redeposit process that converts eligible paper check returns into an ACH-formatted debit record to be re-presented via ACH. Compared with paper redeposit, RCK rules allow an extra presentment when the City chooses one paper redeposit followed by a final ACH presentment or two ACH presentments.
RCK accelerates the process of returned check collection, and may reduce its costs. Only checks that meet the following criteria are eligible for RCK:
● Returned for NSF or uncollected funds
● Written for an amount less than $2,500
● Drawn on a consumer bank account
● Not drawn on a Federal Reserve Bank or Federal Home Bank ● Contain a preprinted serial number
● Dated fewer than 180 days prior to ACH debit transaction ● Deposit locations
We recommend that the City utilizes our Los Angeles vault location in Montebello and the following branch locations:
Commercially enabled
branch name Address
Hours of operation
(Local time at branch)
Monterey Park
459 S Atlantic Blvd
Monterey Park, CA 91754
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 2:00 p.m.
Atlantic and Valley
1000 W Valley Blvd
Alhambra, CA 91803
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 5:00 p.m.
Alhambra Valley Blvd
401 E Valley Blvd
Alhambra, CA 91801
Monday – Friday: 9:00 a.m. to 5:00 p.m.
Saturday: 9:00 a.m. to 2:00 p.m.
Exhibit C – Scope of Services | 61 |
* Branch hours are subject to change and are posted at each branch location.
As a business practice, we regularly review branch and ATM activity, which may result in branch openings and closings, ATM placement or removal, or in the change of branch bank or ATM functions. Therefore, branch and ATM locations and functions may change from time to time.
● Deposit reconciliation services
We recommend you use deposit slips preprinted with a Unique Location Identifier (ULID) for each of your locations. With these deposit slips, your deposit history information is sorted by account and ULID. b. Options for missed pick-ups or special pick-ups
Our commercially enabled Chase branches are typically able to fulfill emergency cash orders up to $5,000.
Although efforts are made to accommodate the City’s requests, cash orders exceeding $5,000 require at least 24-hour notice.
c. Insurance in delivery
We only release change orders to an approved armored courier if they are picked up at one of the bank’s vaults. The City must contract with an armored courier to act as an agent to transport change orders and notify us of the specific armored courier for each location. Change order delivery is based on armored courier commitments, but typically scheduled for the following day or within two or three days from when the change order was picked up at the vault.
d. Time expectation of deposit transaction
Your selected armored courier will pick up your deposit bags and deliver them to our Los Angeles cash vault site located in Montebello, where they will be processed and credited to your account by cash vault processing specialists using our technologically advanced equipment.
If we receive your deposit prior to your established local cutoff time (8:00 p.m. for cash-only and 5:00 p.m. PT for mixed deposit) at the Los Angeles vault, we will provide provisional same-day ledger credit, allowing for cash deposits to be converted into usable funds on the same day. Coin deposits greater than $10 may credit your account on a delayed basis.
Your cash-only deposit transactions will post to your designated demand deposit account (DDA) with the deposit bag number and deposit ticket date, making accounting for your cash activity easier than ever.
Verification of the cash will occur within 48 hours.
6. Returned Item Processing
a. Can returned items for insufficient or uncollectible funds be automatically re- deposited? If so, how many times?
Yes, we automatically redeposit return items if they’ve been returned for a reason that’s eligible for redeposit, such as non-sufficient funds (NSF). Return items are redeposited one time.
Exhibit C – Scope of Services | 62 |
Re-presented Check Entry (RCK) allows up to two redeposits if an item is eligible. The redeposits occur one time by paper and another by ACH, or through two ACH presentments with no paper redeposit. b. Does the bank offer any options that may increase the collection of NSF checks? Re-presented Check Entry (RCK) is a special redeposit process that converts eligible paper check returns into an ACH-formatted debit record to be re-presented through ACH. Compared with paper redeposit, RCK rules allow an extra presentment where you may choose one paper redeposit followed by a final ACH presentment or two ACH presentments. RCK accelerates the process, and may reduce the costs, of returned check collection.
How it works
● We process deposited checks through normal banking channels. ● Eligible checks returned by the paying bank are converted to a Nacha-formatted ACH debit record for representment as an ACH.
● You choose the date of the first ACH debit (e.g., on the next business day), a specific number of days in the future (up to 30 days), a specific day of the month (such as the 1st or 15th) or the end of the month.
● The ACH processing unit picks up the ACH file and sends out ACH debits on your behalf. ● If there are any items that are not paid through ACH presentments, ACH debits your account and notifies you of those items.
The following overview of the process indicates industry average percentages. Actual clearing percentages may vary:
Exhibit C – Scope of Services | 63 |
RCK process overview
Figure 11
(1) Percentages are industry averages; actual clearing percentages may differ.
You must disclose to check writers that the check may be converted to an electronic debit. Only checks that meet the following criteria are eligible for RCK:
● Returned for NSF or uncollected funds
● Written for an amount less than $2,500
● Drawn on a consumer bank account
● Not drawn on a Federal Reserve Bank or Federal Home Bank ● Contain a preprinted serial number
● Dated fewer than 180 days prior to ACH debit transaction c. Can the bank provide online access to electronic images (back and front) of returned items? How soon can these images be accessed after an item is returned? Yes. We provide a copy/image of a redeposited item through the following methods:
● Online: Images of returned and redeposited items, viewable the following day via our online portal
Exhibit C – Scope of Services | 64 |
● Mail: Redeposited copies provided with a return item advice and mailed via first class U.S. mail to the DDA statement address or other locations, as you specify ● Fax or email notification: Copies of returned and/or redeposited items faxed or emailed same day, provided either throughout the day as the items are processed or at end of day d. Can the bank provide a summary report of returned items identifying the payer(s) name, depositing location, deposit date, and the type of item being returned? Yes. You can receive a detailed return item transmission from us. We create transmissions each evening and transmit them early the following morning. The return item transmission includes the following information:
● Account number
● Depositing location/lockbox number (if applicable)
● Check processing date and check deposit date (if available) ● Check R/T number (if readable)
● Check account number (if readable)
● Check serial number (if readable)
● Check amount
● Return reason code
● Maker name (if keyed) and disposition code (chargeback, redeposit, RCK conversion)
7. Availability of Deposits
a. Provide a copy of the bank’s availability schedule, and/or policy, including branch deposits.
Please reference the availability schedules in Appendix 6. b. Is the schedule offered to the City the best one provided to any customer? If not, quantify the difference and explain how the City may obtain the bank’s best availability schedule.
Yes. We are pleased to provide an availability schedule that is reserved for premium clients. The best availability is provided in Remote Deposit Capture schedules, reflecting the efficiency of image check clearing. We analyze your specific needs to offer a product and availability schedule that best meets your needs.
c. How does the bank determine and calculate availability of deposited items? We determine and calculate availability based on:
Exhibit C – Scope of Services | 65 |
● The drawee bank routing/transit number
● The time the deposit is processed
● Fractional float assignment
● In some instances, the dollar amount of the item
d. Do the availability policies differ from Federal Reserve Bank availability schedule? We are pleased to provide an availability that is reserved for our premium clients and which may in certain instances differ from the Federal Reserve Bank schedule. e. Does the bank give immediate availability for on-us items? Availability for on-us items vary by availability schedule. For specific details, please refer to the availability schedules in Appendix 6.
f. Does the bank calculate the availability by item or formula? Yes, we calculate availability by item.
g. Is the availability assignment made as soon as checks are released for collection, or is the assignment made at specific times during the day?
The availability assignment is made as soon as checks are released for collection. h. List your cutoff times for giving same-day value on EFTs (e.g., wire, ACH/bulk) received. How soon after the bank gets incoming funds (e.g., wire, ACH/bulk), or notification of incoming funds, does the City receive credits in its account?
The City receives same-day funds availability for cash deposits, incoming wire, ACH transactions and checks drawn on J.P. Morgan. The cutoff time for each transaction is detailed below.
Deposit cutoff times
Cash deposits
Branch deposits Times vary by location, but are typically between 5:00 p.m. and 6:00 p.m. PT.
Branch night drop
deposits
7:30 a.m. PT.
Select branches offer a second opening in the early afternoon. Deposit cutoff times are clearly indicated on the face of each depository, as required by law.
ATM deposits 8:00 p.m. PT.
Deposit cutoff times are clearly posted at each ATM.
Exhibit C – Scope of Services | 66 |
Deposit cutoff times
Vault
Our Los Angeles vault has the following cutoff times:
Cash-only deposit: 8:00 p.m. PT
Mixed (cash and check) and check-only deposit 8:00 p.m. PT Check-only deposits
Remote deposits Remote Deposit Capture: 7:00 p.m. PT, with same-day ledger and availability based on account schedule.
With ACH: 7:00 p.m. PT for same-day ledger availability. All transactions cleared as ACH debits are fully available the next business day.
Electronic deposits
Wire transfers Wire transfers are credited and available in near real time throughout the day. The cutoff time for incoming credits is the close of Fedwire, which is 3:45 p.m. PT.
ACH For ACH credits, you receive availability (memo post) for ACH collection on opening of the business day on the settlement date. A hard post of the funds happens at the end of the business day.
For ACH debits, any same-day originations are settled at the end of the business day. (1) We regularly review vault activity, which may result in openings, closings and changes to cutoff times. (2) Coin deposits greater than $10.00 may be credited to your account on a delayed basis.
8. Collateralization of Deposits
The City requires the financial institution to collateralize the City’s deposits in the name of the City.
Collateral should be in the form of a preferred security interest in pledged securities meeting the City’s investment policy requirements and consistent with the State and Federal laws and regulations. a. Does the bank fully collateralize all City deposits exceeding the FDIC insurance limit? Yes, the Bank follows the collateralization process (California Pool) established by California law and procedures of the Local Agency Security Program (LASP) Administrator. b. Provide the name of the collateral custodian (i.e., Federal Reserve) to be used. The proposer shall produce evidence of collateralization annually as of June 30 and at the request of the City.
The Bank currently employs The Bank of New York Mellon as third-party custodian to hold collateral for the LASP; and the Federal Reserve Bank, which account is controlled by the State Treasurer for the State Agency accounts.
The Bank is required to provide reporting to the LASP Administrator in such frequency and in such format as described in California law and LASP rules. The Bank is unable to provide collateral reporting for LASP pool program customers because the collateral pledged covers all California Pool participants and is not
Exhibit C – Scope of Services | 67 |
segregated to a specific customer. Request of proof of collateralization for LASP pool program customers can be submitted to:
Proof of collateralization contact information
Address California Department of Financial Protection & Innovation One Sansome Street, Ste. 600
San Francisco, CA 94104-4428
Phone (415) 542-6305
Fax (415) 263-8508
Email Joe Lam - [email protected]
c. Provide information on any pooled services being utilized.
JPMorgan Chase Bank, N.A. (the “Bank”), through its NCMG, employs a Bank developed CCM, which provides daily monitoring of deposit balances and security value for collateralization purposes.
CCM is reviewed each Federal Reserve banking day by dedicated Collateral Managers for compliance with collateral requirements. Collateral requirements are based upon the end-of-day ledger balances in deposit accounts (demand and time deposits) (plus accrued interest if any), less applicable FDIC coverage if coverage for insured balances is appropriately waived, plus applicable margin (10%). The end-of-day deposit balances are uploaded into CCM the following Federal Reserve banking day morning from the Bank's deposit system. NCMG monitors the market value of collateral pledged to our customers and compares the market value to the collateral requirements. In the event a market value reduction or increase in deposit level creates an under-collateralized position, additional collateral will be pledged promptly. d. Confirm agreement to the City’s conditions? (Can’t reduce amounts held in collateral without City’s approval).
Except as noted herein, the Bank can accept the collateral conditions.
9. Positive Pay
a. Does the bank offer Positive Pay and Payee Positive Pay? Yes, we provide positive pay services to help protect the City’s accounts. You simply send us your check issue files via transmission or the internet. Our internet delivery channel provides a foundation for secure and traceable communications between you and the bank.
Exhibit C – Scope of Services | 68 |
We match checks presented on your account to those you
have issued. If they don’t match, we provide images of
exceptions to you via our online portal. You instruct us to pay or return by the deadline.
We also offer the following:
● Payee verification: Digitally interrogates the payee
name and also looks for alterations or additions
above, below or to the right of the payee name that
would change the payee identification.
● Teller line positive pay: The strongest defense
available to prevent check fraud. We update our
teller line system within one hour of receipt of the
issue file to validate checks at Chase teller windows
and ATMs, denying payment for unmatched entries.
● Post No Checks block: This service blocks all checks from your depository account or account used for electronic debits only. It can be added or removed from an account in one business day.
There is no notification of checks attempting to clear the blocked account. There is no additional fee for this service.
Let us help prevent payment of duplicate or altered checks and minimize losses. b. Please provide sample reports or a website link.
Our online portal enables the City to use the internet to review digital images of all exception items, and instruct us to pay or return each item from a single page. Payee name exceptions are conveniently delivered along with all other types of exceptions, so the City can easily employ the most up-to-date fraud protection services. Email notification offers a convenient way to know when exceptions are available for review.
Exhibit C – Scope of Services | 69 |
You can view images of exception items before authorizing payment
Figure 12
c. Please provide date transmission method and time windows.
Manage file delivery per your preference:
● Upload option: Upload files containing positive pay issues, voids/cancels and stop payment requests into the banking portal in fixed text, CSV or XML formats ● Transmission option: Transmit the positive pay, check issue files directly to the bank For validation, receive an automated acknowledgement of your check issuance file transmission within one hour of file receipt, via the internet or transmission.
The deadline for you to submit manual entry or file uploads is 7:30 p.m. PT and the deadline for transmitting check issuance files via direct transmission to the bank is 7:45 p.m. PT. d. Describe the process and deadline of transmitting AP and payroll check issuance information from the City to the bank?
The City will provide the bank with a positive pay issue file containing check amounts and serial numbers.
Submit the issue file via file transmission, upload using the online portal or manually key data into the online portal.
● Submit via file upload manual entry by 7:30 p.m. ET.
Exhibit C – Scope of Services | 70 |
● Transmit check issuance files via direct transmission by 7:45 p.m. ET.
The City can transmit multiple issue files to the bank. There is no limit to the number of files being sent to the bank on a daily basis. This flexibility allows for efficient and timely updates to the bank regarding additional checks issued and recently voided items for accurate and up-to-date account reconciliation. e. How frequently can transmission files be uploaded to the bank for the issuance of additional checks, and/or recently voided items? Is there a limit to the number of files per day? Our cutoff time for receiving transmitted files for issued checks, adds and deletes is 11:00 p.m. PT for that day’s effective date.
Input file uploads are accepted via our online portal up to 7:30 p.m. PT for that night's processing. Any file received and accepted after that will be included in the next day’s account reconciliation batches.
Our cutoff time for receiving manual issues through our online portal is 7:30 p.m. PT.
There is no limit to the volume of issue files that can be sent to the bank for processing on a daily basis. f. Does the bank offer the ability to enter one‐time check disbursements issued during the day manually? Please describe.
Yes, we offer the City the ability to enter one-time check disbursements during the day manually. You can communicate manual issues or deletions online using our banking portal. g. What controls are in place to protect against lost files and duplications of transmissions? If duplicates are sent, is there a penalty or potential issue? For validation, the City may choose to receive an automated acknowledgement of your check issuance file transmission within one hour of file receipt via the internet or transmission. Depending on the initiation method used to submit an issue file to the bank, the City will have access to information in the following manner.
● J.P. Morgan Access: For files submitted through our banking portal, an online confirmation report is available indicating that the submission was successful, which can be saved electronically or printed for future reference.
● Transmission: For files submitted via transmission, an electronic acknowledgement file is sent once a transmission is received by the bank. The file indicates the records that have been received and are scheduled to be processed in the nightly batch. Because each client’s check payment cycle varies, we do not offer an option to receive an email alert for non-receipt of issuance data. Instead, the City should pro-actively monitor the bank’s receipt of all positive pay files.
As a back up, the City also has the option to call our Connectivity help desk for confirmation.
Exhibit C – Scope of Services | 71 |
File rejection
If there are file format errors, or if the complete file is a duplicate, the file will be rejected and the City will receive a file rejection notification.
File rejection notification processes and fees vary by avenue:
● J.P. Morgan Access: The messaging is upon upload. Corrections must be made before the file can be re-uploaded. If you have individual records that cannot be processed, the remainder of the file can still be processed.
● Transmission: There is an option for a J.P. Morgan Access acknowledgement for the transmission or the acknowledgement can be sent by transmission (additional fee applies). h. How and when will the City be notified of exception items? What is the cutoff time for the City to inform the bank whether an exception should be accepted or rejected? Does the bank offer a “do not pay” default for exception items?
Using “PUSH” technology, our online portal provides a daily positive pay email notification that indicates accounts with exception items (or discrepancies) or a notice stating “no items today.” Notification is sent by 11:00 a.m. PT and includes a link to the online portal logon page.
If there are exception items to view, your authorized user logs on to the online portal to review the list. Once logged on, authorized users click the check number of each item to view images of the front and back of the check, select the pay or return button for each item (or select the pay all or return all button), and submit the decision to the bank. You have until 4:00 p.m. PT to notify the bank of your pay/no pay decisions.
Optionally, receive a reminder email notification. If outstanding exceptions still require a decision at 3:00 p.m.
PT, the bank sends out a reminder email notification indicating that the bank is awaiting a final payment decision. A default decision is applied to any positive pay exception item that is still awaiting a payment disposition by 4:00 p.m. PT. While the typical default is setup as return, you determine specific default parameters during the client onboarding process.
i. Will stale-dated checks be reported as exception items? Yes. Use our stale-date feature to return checks that are presented for payment past a City-determined number of days from the issue date. Your account must be subscribed to positive pay and we must receive the issue record in advance of the check being presented for payment.
For positive pay accounts, these checks appear as exceptions on the daily positive pay exception report, which allows you to decide whether each item should be paid or returned. You also may have the system automatically return all items prior to having them reported for your review.
Stale-dated checks are not removed as issues. To remove the item as an issue, the City sends a positive pay file and identifies applicable stale-dated checks as cancels.
Exhibit C – Scope of Services | 72 |
j. Is Positive Pay required for all demand deposit accounts, even on accounts with no check writing functionality? Can account(s) be designated as “post no checks” to prevent potential fraud? Is there a cost to make this account designation?
Positive pay is not required for all accounts. Our Post No Checks block also provides safeguards. This service blocks all checks from your depository account or account used for electronic debits only.
Post No Checks can be added or removed from an account in one business day. There is no notification of checks attempting to clear the blocked account. There is no additional fee for this service. k. Is Teller Positive Pay available? How frequently is check issuance information updated and available to tellers?
Yes. Teller line positive pay is the strongest defense available to prevent check fraud. We update our teller line system within one hour of receipt of the issue file to validate checks at Chase teller windows and ATMs, denying payment for unmatched entries.
l. Are there any other fraud protection services that the bank provides and/or recommends? In addition to all the positive pay options described above, we offer check cashing controls. With check cashing controls, the City can prevent non-J.P. Morgan account holders from cashing checks at Chase branches or set a dollar limit for the maximum amount that can be cashed by non-account holders.
For additional resources to help protect you organization against check fraud, review our Check Fraud Prevention Playbook in Appendix 7.
10. Stop Payments
a. Describe the stop payment service and features. Can stop payments be placed online? How long is a stop payment effective?
To streamline the City’s stop payment process, we offer the following options:
● Internet: Place stop payments online via the banking portal, either directly from within the “Stops” function or more efficiently by using the “Inquiry” function where the check numbers are validated against the issued items
● File Transmission: Send a stop (or revoke) payment transaction within the positive pay issue files, allowing stops to be processed in batch
● Manual: For back up, contact your designated CSA to assist in placing a stop payment Stop payment requests remain in effect for one year and can renew for an additional six years.
Exhibit C – Scope of Services | 73 |
b. Will the system automatically verify if a check has been paid before processing the stop payment request?
Yes. The system automatically checks 90 days of activity if the item has posted before accepting a stop submitted via the Stop Payment Request or Check Inquiry page (extended retention periods are available). If the item has paid, the user will be notified, but can choose to continue to place the stop. We encourage you to use the Inquiry function to research the full seven-year online paid check history, then use the stop payment link to place the stop payment.
c. What term options are available for stop payments?
Stop payments are effective for one year and can renew each year for six additional years. d. Is there a report that lists stop payments that are set to expire? Our online portal provides the following stop payment audit reports:
● Stop Payment Request Activity: Allows the City to search accounts or a single account, search by date or date range, check number or check number range, and by all users or one user. This report provides details for stops placed online via the banking portal. ● Stop on File History: Allows the City to search by account number. This report provides stops on file, regardless of the application used to place the stop request as well as an option to view all stops expiring within the next 30 days. This is regardless of the application used to place the stop request. ● Stop Payment Revoke History: Allows the City to search by accounts or a single account, search by a date or date range, check number or check number range, and by users or one user. This report provides details for revokes placed online via the banking portal. e. Can stop payments be automatically renewed? If so, for how long? Yes. Stop payments are effective for one year and can renew each year for six additional years.
11. Automated Clearing House (ACH) Processing
The City utilizes both ACH debits and credits as part of its electronic service. It includes direct deposit for payroll disbursements, vendor payments and collections for utility billing accounts. a. Is the bank both a sending and receiving bank of the National Automated Clearing House Association (NACHA)?
Yes, the bank is both a sending and receiving bank of the National Automated Clearing House Association (Nacha).
Exhibit C – Scope of Services | 74 |
b. Describe the method by which the City submit ACH files or initiate ACH via bank software? Your employees can receive automatic electronic payroll payments to a designated checking or savings accounts using our ACH system.
Typically, one or two days in advance of the designated payday, you send us a file containing the total amount to be paid electronically to your employees’ designated accounts. For an additional charge, payroll transactions may be initiated with same day settlement provided cutoff times are met. The offsetting amount is charged to your designated account at J.P. Morgan on the day of settlement (payday). ● For larger volume transactions, we recommend you use direct send transmission. You create a transaction file in standard Nacha format using industry standard applications. You will then transmit the file to us through a common protocol such as FTP. The transmission is encrypted and sent to us for final ACH processing.
● Perform lower volume ACH transactions using the banking portal, J.P. Morgan Access. Your authorized users will be able to enter the required ACH payment details in the fields provided. In addition to initiating payroll, use the banking portal for ACH and wire disbursements and concentration.
c. What are the transmission cut-off times for one-day and two-day ACH files? You can supply prearranged payment and deposit (PPD) files for-next day credits. However, for your employees to receive funds as available balances for ATM withdrawals on payday, you must deliver the file to us by 7:00 p.m. PT, two business days prior to the settlement date. The file will be processed at the earliest ACH processing cycle so that the receiving depository financial institutions can post the credits to the employees’ accounts by open of business on payday.
Send with Same Day ACH
All ACH credit transactions, except for international transactions (IATs) and transactions above $1,000,000, are eligible for same-day processing. Depending on your initiation method, all data received after the cutoff times listed in the below table is ineligible for same-day processing.
City initiation method Cutoff times
ACH Direct Send 11:15 a.m. PT (prefund) and 12:15 p.m. PT ACH payments via J.P. Morgan Access 11:00 a.m. PT (prefund) and 12:00 p.m. PT File Transmission Payments 10:30 a.m. PT (prefund) and 11:30 p.m. PT API (ACH Non-IAT) 10:10 a.m. PT (prefund) and 11:10 a.m. PT d. Describe the bank’s pre-notification policy and cost.
Prenotifications (prenotes) are no longer required, so it’s up to the originator to choose if they’re necessary.
We recommend:
Exhibit C – Scope of Services | 75 |
● Using prenotifications if you have time to respond to corrections or errors generated by a notification of change on the prenotification and correct the information prior to the first payment ● Prenotifications be originated at least three banking days prior to live-dollar origination, but we can accommodate any timing scenario
The prenotes are charged as standard ACH transactions, pricing for which is included in our Cost Proposal. e. Describe the procedures used to confirm accurate and secure receipt of the transmission.
Confirm the receipt of your direct transmission files by choosing any of the following:
ACH File Receipt Notification Service
Available to clients who provide us with Direct Send ACH files. You will get an email notification that your submitted ACH file was either successfully received by the ACH back office and validated or rejected for further processing. We can send email notifications to a maximum of 10 corporate email addresses (personal email addresses are not supported), and do not include notification of successful ACH processing of client files.
ACH Acknowledgement File
Automatically transmits a copy of your original File Header (1) record and File Control (9) record allowing you to reconcile back to your original ACH file processing records.
ACH Companion (Mirror) File
Provides a complete copy of the original incoming ACH Nacha detail payment file received by us. This re- confirms the individual payment instructions being processed and is often used as a reconcilement file. The file reports any ACH rejects or returns back to you within one to three business days.
ACH Transaction Summary Report (Journal)
Created post-processing and summarizes the settlement results and totals for either an individual file or for the entire business day. We sent the report to you through secure email or direct transmission delivery within 90 minutes of receipt of the ACH initiation file. The acknowledgement includes item count and dollar amount.
ACH InfoDex
Offers a “hands-on” telephonic method so that your authorized users can securely verify and release ACH files. Your users listen to the total dollar amount and number of items and approve that the information conforms to your own records.
Exhibit C – Scope of Services | 76 |
f. What would happen to an ACH file if the City exceeds its daily exposure limit? We establish dollar limits on ACH disbursements and collections to manage exposure. Nacha rules specify the maximum dollar value of an individual ACH transaction at $99,999,999.99 and the maximum number of entries per file as 99,999,999.
During the client onboarding process, we work with you to determine what dollar values to expect and set an appropriate exposure limit. When a limit is approached or exceeded, your relationship team reaches out to you.
We are happy to discuss this topic with you in greater detail. g. How are returned and rejected ACH transactions handled? What information does the bank provide to assist in identifying returned and rejected ACH transmissions? When is this information available? Returned funds post at the end of the banking business day. Keep in mind:
● Prior to posting, information about these items is available on our J.P. Morgan Access current-day report
● To confirm a return belongs to you, we perform edits on account number, date, individual ID and trace number
Advantage for the City: We have carefully designed our return item process to minimize the problems exception items can cause.
Thoughtful return item processing
We carefully designed our return item process so that it acts as an interface to help provide you with accurate data. This was done to minimize the problems associated with exception items.
The bank may provide return items to you through:
● Direct transmission
● Encrypted email
● Return and Exception Report online from J.P. Morgan Access We strongly recommend you use data transmission options to reduce delivery problems and minimize the time between the return and the time to receive notification of a return.
We want you to have accurate data
To give you complete and accurate data on each return, we use key fields from the returned items to retrieve the original record sent to us from a historical file. This file contains records for ACH transactions initiated in the past 15 months. Keep in mind:
Exhibit C – Scope of Services | 77 |
● If the search doesn’t locate an exact match, the entries are declined and sent to the Receiving Depository Financial Institution (RDFI) for correction and resubmission ● If the correct item is found, data from the original record is supplied to you with the reason for the return
● We issue one debit per entity or application against your account for the total of the return file and include all returns in a single return transmission to help simplify reconciliation ● Returned credits are included in the return data file and are credited to your checking account with a separate entry per company ID
● Return entries are not netted against one another or against the new item settlement h. Is your bank planning to opt‐in and participate in processing same‐day ACH debits? Yes. We worked together with the Clearing House and other key Nacha members to design, develop and champion the same-day ACH rule change.
i. Describe the bank’s procedures for handling debits to the City’s accounts that were not authorized by the City. How soon does the bank notify the City of the receipt of an unauthorized ACH debit? ACH Transaction Blocking with ACH Positive Pay allows entitled users to review ACH debit and credit blocked transactions, allowed transactions or all transactions prior to posting the item to the DDA account as flagged during the account setup. We report transactions that didn’t post as a result of ACH Transaction Blocking and decisions made for ACH Positive Pay in Payment Control Center With ACH Transaction Blocking with ACH Positive Pay:
● You receive an email notification each hour if ACH transactions require review Monday through Friday starting from 9:00 a.m. PT through 6:00 p.m. PT; a reminder email notification is sent one hour before the decision cutoff time if there are unactioned exceptions ● You have until 6:00 p.m. PT (2:00 p.m. PT for same-day CTX transactions) to submit decisions ● If a Pay or Return decision isn’t submitted by you, the default rules are applied j. If the bank provides ACH debit blocking, what level of filtering can be applied? ACH Transaction Block allows you to set your account level criteria.
Exhibit C – Scope of Services | 78 |
ACH Transaction Block allows you to set your account level criteria:
Block:
All debits/credit with or without allowable
Company IDs
All debits/credits over a certain dollar threshold
All debits from specified IDs
Allow:
All debits/credits from specified parties
All debits/credits below a dollar threshold from specified parties.
Allowed activity will post to your account on the effective date
k. Does the bank offer ACH Positive Pay (ability to make pay/no pay decisions on unidentified ACH transactions)?
Yes. ACH Positive Pay allows you to review and make pay or return decisions on incoming ACH debit and credit transactions prior to posting, based on established blocking and review rules.
Choose to review:
● Blocked Transactions: Decision debit or credit transactions that are set to be blocked. ● Allowed Transactions: Decision debit or credit transactions that are set to post to your account. ● All Transactions: Decision blocked and allowed debit or credit transactions that are set to post to your account.
ACH Transaction Blocking with Positive Pay
Figure 13
(1) Review/Accept decision and Review/Change decision functionality is only available when Positive Pay is enabled. Future capabilities are under development, features and timelines are subject to change. l. Describe the process of electronic funds payments for deposit of various State and County apportionments, including Local Agency Investment Fund (LAIF).
You’ll initiate Investment transfers to the State via J.P. Morgan Access and posted to the State via wire transfer.
Exhibit C – Scope of Services | 79 |
We work with government clients in the State of California to promote compliance with State procedures for LAIF investment transactions. Note that the following are general procedures, and that you are encouraged to confirm with LAIF to be sure they are in receipt of contracted instructions specific to the City:
● For same day transactions, LAIF must be contacted by 10:00 a.m. PT. ● 15 total transactions per month are allowed, which include both deposits and withdrawals. ● Transaction amounts should be in thousand dollar increments with a minimum of $5,000. ● Withdrawals of $10 million or more require at least a one-day advance notice to LAIF. ● Future-dated transactions can be requested up to 10 calendar days in advance. ● Verbal acknowledgment must be initiated by your authorized personnel prior to funds transfer.
Transfers from LAIF
You’ll initiate investment transfers from the State via LAIF by phone or online, and posted directly through J.P. Morgan into your designated account. You can execute LAIF transfers online through the LAIF portal.
Tax Apportionments
Tax apportionments typically originate from the State Controller’s Office. We recommend that you use the EFT form located on the State Controllers “Apportionment” website tab to receive future payments via EFT.
12. Wire Transfer
a. Describe the process of initiating wire transfers including incoming, outgoing and other wire transfers.
We recommend the City use J.P. Morgan Access and File Transmission Payments, to initiate wire transfers.
Wire transfer initiation via J.P. Morgan Access
Our online portal provides you with a complete range of funds transfer services supporting U.S. dollar and multicurrency payments. Our solution supports wires (Fedwire and CHIPS), book transfers, drafts, account transfers and U.S. drawdown transaction initiations using both predefined (repetitive) templates and free-form formats.
The City establishes user entitlements. Your security administrators authorize users to add, modify, delete, approve and/or release wire transactions, as well as add, modify, delete, approve and activate predefined templates. Receive a client confirmation number immediately upon release to the funds transfer processing platform. Confirmation numbers are accessible using the cash reporting features of the banking portal.
Future-date capability is available, supporting 365 calendar days for same-currency wires initiated from U.S.
Exhibit C – Scope of Services | 80 |
Initiation via File Transmission Payments
You can send a transmission using our global disbursement outsourcing solution, File Transmission Payments, allowing you to streamline operations. It also reduces expenses by transferring many of the tasks involved in payment initiation and reconcilement from your office to the bank.
Establish electronic links within your Tyler ERP to facilitate sending us formatted payment files. Files can contain mixed payments—wire, ACH, foreign exchange, check instructions and virtual card—for routing and execution.
We support several translation formats, including ISO20022, EDI ASC ANSI X12, SAP IDoc and proprietary J.P. Morgan formats.
Our online portal makes it easy to initiate and manage transactions with the Payments functionality, a fully integrated function within the banking platform.
b. During what operating hours will the wire transfer system be available? Payment/receipt processing operates from 6:00 p.m. PT each Sunday through 4:00 p.m. PT each Friday, excluding U.S. Federal holidays. We provide our clients with generous cutoff times to enable same-day execution of their payment instructions by actively participating in the extended CHIPS and Fedwire operating hours.
USD clearing opens on Saturdays at 7:00 p.m. PT for Monday value date processing of book transfers initiated through the weekend and Monday, if also a holiday. Clients will have the ability to process their U.S. dollar book transfer straight through payments during these additional hours; however, repaired payments are delayed until the normal operating hours of the FED and CHIPS.
Timeframes are outlined below (all times are PT). Please note, payments requiring repair have a cutoff time 30 minutes prior to the times stated below. Payment instructions received after these cutoff times are completed on a reasonable-effort basis.
The cutoff times for wire transfers originated via the internet are as follows:
● Fedwire: 3:15 p.m. PT
● Book transfer/internal: 4:15 p.m. PT
● Drawdown (via Fedwire): 2:30 p.m. PT
Exhibit C – Scope of Services | 81 |
c. If wire transfers can be initiated online, describe the system’s security features. Can varying degrees of authorization be set (i.e., multiple authorizers, maximum dollar amounts, etc.)? Yes. Helping the City prevent wire transfer fraud on your accounts is a high priority for us. In addition to the J.P. Morgan Access security features, the administration functions and implementation options offer you the ability to choose settings and features that help prevent fraud, including:
● J.P. Morgan Access uses multi-layered security designed to protect your data and transactions ● Our online portal automatically prevents a single user from performing all actions (create, approve and release) on a single payment, even if the user is entitled to create, approve and release ● Our online portal provides two-factor authentication via RSA SecurID® token technology for those functions that demand an extra level of security
● Portable Security Transaction Protocol (PSTB), a patent-pending technology developed by J.P. Morgan, uses RSA SecurID devices to digitally sign transactions and provide a level of security formerly available only using digital certificates
● The City can set up strict controls over user access to functions and accounts, helping to enforce compliance with internal audit requirements while enhancing security; some of the available fraud prevention options include:
Enabling IP filtering to restrict access by limiting authorized users' ability to log on from only IP addresses you designate
Customizing the payment approval process by creating rules that determine the number and identity of approvers for different types of transactions, including separate approval rules for repetitive templates and free-form wires, as well as the order in which that review must occur Separating duties, accounts and approval workflows, the City can help reduce the risk of fraud or compromised data; your security administrators are the only individuals able to assign users with transaction initiation privileges
Limiting each user to a single, designated computer
Requiring transaction and daily aggregate limits at the account and user level as a security measure to help reduce losses associated with erroneous or unauthorized transactions Creating templates with payment details to prevent wires from being initiated and executed without prior approval of the recipient bank account numbers and template details d. Does the bank offer dual control release options (secondary approval levels) for electronically initiated transfers? If so, describe.
Yes, we offer dual control release options for electronically initiated transfers. Yes, we offer dual control release options for electronically initiated transfers.
Our online portal allows complete flexibility for the City to designate the rights of each user on the platform.
This includes comprehensive and configurable user entitlements, limits and approval workflow to provide optimal control. Services available accommodate a wide range of security options, including dual control among users and daily or transaction limits.