MASBO Workshop October 23, 2008 Beth Sullivan, Budget Analyst/MIS Supervisor Rosemount-Apple Valley-Eagan Sara Larsen, Assistant Vice President Associated Bank

 Why review banking services?  Products and services offered by banks change ◊ Internet banking, positive pay, cash vault, on-site deposits…  Fees charged for products and services change  Your District’s needs change  Does your District have a Board Policy in place to review banking services ? ◊ Banking Services: The administration will seek competitive quotes on banking services every five years. Depositories will be chosen based on their fee structures, their provisions for safeguarding district funds, for providing efficient and effective services and for providing special services of importance to the district RFP: Banking Services MASBO Workshop 10/23/08

 Determine Timeline and Needs  Implementation beginning of fiscal year or mid-year ◊ Board approval, order deposit tickets, endorsement stamps, checks, set up accounts, gain access to on-line banking…  Depository and Disbursement accounts ◊ General, Payroll, Food Service and Community Education ◊ Deposits, Checks, ACH, Wires, EDI ◊ Current account(s) volume levels  Banking Relationships ◊ Internet search for banks in your community to send the RFP ◊ Contact your current bank(s) ◊ Current products and services being used ◊ New products and services are being offered RFP: Banking Services MASBO Workshop 10/23/08

 Comparing Proposals  Bank Presentations ◊ Internet ◊ Products or Services  Products and Services ◊ Spreadsheet to compare costs ◊ Determine if all products and services requested can be provided ◊ Interest vs. Earning Credits  Recommendation to the School Board  Presentation to the Board  Approval RFP: Banking Services MASBO Workshop 10/23/08

 Account set-up and/or changes  Bank Assistance ◊ Checking account  Review Service Needs ◊ Existing products and services  Value Added Features  Look at new service options ◊ Managing your cash flow ◊ Information Services ◊ Electronic Payments ◊ Fraud Prevention RFP: Banking Services MASBO Workshop 10/23/08

Managing your cash flow Examples: Collecting Funds, Managing Funds & Disbursing Funds Information Services Examples: Online Access; Summary account information, Imaging, Historical account information Electronic payments Examples: ACH, EDI & Wire Transfer capabilities Fraud Prevention Examples: ACH Blocks ACH Filters Positive Pay RFP: Banking Services MASBO Workshop 10/23/08

 Timeline  Determine when to begin  Request a “Transition Plan Document” ◊ List of products ◊ Responsible parties ◊ Timeframes ◊ Completion ◊ Products or Services RFP: Banking Services MASBO Workshop 10/23/08

 Banking Relationship  Review your statements to ensure accuracy ◊ Products ◊ Transaction Volume ◊ Pricing  Questions ◊ Any questions/problems should be directed to your bank ◊ Frequently inquire about new products & services RFP: Banking Services MASBO Workshop 10/23/08