Banking Services

Cities and counties are required to bank with a qualified public depositary. RCW 39.58.080. In code cities, the bank is designated by the council. RCW 35A.40.030. In other classes of cities and counties, the statutes allow the treasurer to select the bank. RCW 35.38.010. RCW 36.29.020. Note that credit unions will be public depositaries solely for the purpose of receiving deposits of no more than $100,000, effective July 1, 2011. RCW 39.58.240.

Cities and counties may pay for their banking services by direct charges for each service or by compensating balances or a combination of the two. (Compensating balances are funds the bank holds on which it pays no interest.) To make certain that they are getting the services at a good price, cities and counties should periodically do a request for proposals (RFP).

Reference Sources

• Statutes
  • RCW 39.58.080 - Deposit of public funds in public depositary required -- Deposits in institutions located outside the state.
  • RCW 35A.40.030 - Fiscal -- Depositaries.
  • RCW 35.38.010 - Designation of depositaries.
  • RCW 36.29.020 - Custodian of moneys -- Investment of funds not required for immediate expenditures -- Service fee.
  • RCW 39.58.010 (8) and (15) - Definitions.
  • RCW 39.58.240 - Credit union as public depositary -- Conditions. (Effective July 1, 2011).
• Selected MRSC Library Holdings - Banking Services
  [Note: Clicking on the Library Holdings links will take you to a list of documents available on loan through the MRSC library.]

Documents

• Requests for Proposals (RFPs)
  • Bellevue (), 2003
  • Benton County (), 2009
  • Clark County ()2010
  • Enumclaw(), 2006
  • Everett(), 2008
  • Federal Way (), 2007
  • Ferndale(), 2006
  • King County
    • Request for Proposal for Banking Services (), 2009
    • Exhibit A: Banking Services Bid Form ()
    • Exhibit B: Map of Districts - NA
    • Exhibit C: Daily Warrant Borrowings ()
    • Exhibit D: Daily Warrant Redemptions ()
    • Exhibit E: Daily Collected Balances - Mail Account()
    • Addendum 1 ()
    • Addendum 2()
    • Addendum 3: Response to Questions Received ()
    • Addendum 3, Exhibit: Revised Bid Form ()
  • Kirkland (), 2005
  • La Center (), 2009
  • Libery Lake (), 2010
  • Mukilteo (), 2009
  • Mukilteo (), 2009
  • Port of Port Angeles (), 2007
  • Poulsbo (), 2009
  • Pullman (), 2007
  • Ridgefield (), 2009
  • Sedro-Woolley (), 2009
  • Wenatchee (), 2006
• Yakima County
  • Invitation for Proposals, 2001
  • Banking Services Bid Form (), 2001

• Agreements and Contracts
  • Mukilteo (), 2009
  • State of Washington, Office of the State Treasurer (), 1999
• Bank Account Fraud Prevention (2007 and 2009), from Government Finance Officers Association Best Practices ()
• Adopting Electronic Payment Systems (1997, 2001, 2002, 2005, 2008, 2010), from Government Finance Officers Association Best Practices ()
• Procurement of Banking Services (1997, 2005, 2010), from Government Finance Officers Association Best Practices ()
• Use of Lockbox Services (2000, 2003, 2007, and 2009), from Government Finance Officers Association Best Practices ()
• Using Remote Deposit Capture (2010), from Government Finance Officers Association Best Practices ()

Related MRSC Resources
MRSC Index – Bank deposits, banking services, depositaries