Primary Banking Services

Questions are due on/or before April 15th, 2026 at 10:00 a.m.

Proposal submission is April 28th, 2026 at 10:00 a.m.

The estimated effective date of the agreement is June 1st, 2026.

The initial contract term is from June 1st, 2026 to May 31st, 2029.

A government authority in Somerville, New Jersey is seeking a provider for primary banking services over a three-year contract period. Services required include online-accessible monthly statements delivered within three business days of month end, payment of interest on all accounts with clear communication of the interest calculation methods, and next business day availability of deposited funds. The bank is expected to deliver comprehensive monthly account analyses, detailing all fees, charges, and earnings credits.

Additional services include full payroll disbursement, Check Positive Pay and ACH Positive Pay systems (with these costs absorbed by the bank), and a waiver of all borough fees such as for deposit slips, forms, and stamps. The bank should offer remote deposit capability, coin counting services specifically for parking meters, and either full or partial payment of merchant fees related to parking. Management of escrow accounts and facilitation of internal online transfers are also requested, as well as armored car services as needed.

This contract presents an opportunity for a financial institution with robust public sector experience to provide comprehensive banking solutions tailored to the municipality’s operational needs.