Agenda - 09-01-1998 - 9a - Laserfiche WebLink

Browse Search

After initial review by the team of the proposals, the too banks located outside of H I I Is borough (First Citizens and Wactors) were not considered further due to their lack of response in the requested information about how they would serve the Coun ty without a Hillsborough fanlity. Thu three banks with Hillsborough locations all submitted proposals that were responsive to the information requested in the UP_ The responses were very competitive relative to experience in managing similar accounts, the banks' stated ability to provide the services desired by the County.. and pricing. Due to the competitive nature of the proposals, the review team chose to conduct interviews (which included the County Manager) with all three baNcs- Each bank was requested to bring the individuals proposed to work with the County 's accounts, since the ability to interact favorably with Comfy suffix a critical consideration marry hanks selected. In addition. the banks were asked to provide demonstrations of their automated and electronic banking services. Other criteria for evaluation included, but was not limited to: • Customer service and responsiveness • Innovation and creativity in providing services • Con of services Ability of the liquid branch in providing services • Financial strength of the institution After interviewing each firm and viewing the demonstrations, the committee agreed unmtimously that CCB could best meet the County's banking needs. The committee's decision is based upon the following factors : • Experience in providing service to other public entities. • Automation and electronic capabilities were the best of all ma dtotiuns interviewed. Lower estimated annual cons. • Main operations and customer service center is located in the area (Durham). • Because of size will he more responsive and provide better customer service. Although cost was not the most important factor, estimated service charges for CCB were slightly lower than those ca ardated based on rotes proposed by BB &T, and substantially lower than those calculated based on was proposed by Nationalizing. Estimated costs were based upon the County's historical account activity (the average number of transactions of various types as determined by the County multiplied by the per unit mm provided in each bank's proposal). The service cost estimates are outlined in the table below. With regard to service charges, the majority of banks treat governmental bank accounts as commercial accounts. Commercial services provided by bads; tend to be more extensive, and thus m expensive, than tMSe provided to individual account holders. Account maintenance and per item costs are assessed by banks to all commercial customers, however, these fees are offset by cash balances within these commercial accounts. This is similar to the concept used for personal checking accounts for which the boar can have checking ifcenain balances are maintained. The term used in financial circles to describe this is "compensated balances)' The bank uses the cash you have on bond to generate sufficient income to offset your fees. If the estimated monthly fees CCB it BB &T NationgaM Monthly $2,148.24 _ — _ $2,18152 $2,153.19 Annualized $25,778.881 826,178.241 133,038.28 With regard to service charges, the majority of banks treat governmental bank accounts as commercial accounts. Commercial services provided by bads; tend to be more extensive, and thus m expensive, than tMSe provided to individual account holders. Account maintenance and per item costs are assessed by banks to all commercial customers, however, these fees are offset by cash balances within these commercial accounts. This is similar to the concept used for personal checking accounts for which the boar can have checking ifcenain balances are maintained. The term used in financial circles to describe this is "compensated balances)' The bank uses the cash you have on bond to generate sufficient income to offset your fees. If the estimated monthly fees