Banking Services

The Town of Derry awarded a three‑year municipal banking services contract to Citizens Bank, covering the full spectrum of cash‑management functions required by a mid‑size New England town. The scope includes demand‑deposit checking, payroll direct‑deposit, ACH and wire services, online balance and transaction reporting, credit‑card processing, lockbox and positive‑pay services, remote‑deposit capture, business purchasing cards, and optional lockbox and direct‑debit services. The contract is a fixed‑term agreement with an optional two‑year extension, and pricing is submitted on a unit‑price bid sheet for each service category. Evaluation will consider responsiveness, ability to perform, fees, references, and community reinvestment. Key operational requirements such as daily cash‑deposit routines, collateralization of deposits at ≥ 102 % of uninsured amounts, and detailed reporting schedules are stipulated. • Mandatory services: checking, payroll ACH, wire, online reporting, credit‑card acceptance, lockbox, positive‑pay, remote‑deposit, purchasing‑card, and account reconciliation. • Optional services: utility lockbox, direct‑debit for quarterly collections, and expanded lockbox capabilities. • Contract value: not disclosed; pricing is based on unit fees for the three‑year term, with a $4 K allowance for banking supplies.