There is a current banking services contract with Fifth Third Bank and Kentucky State University. This has been a long term contract with no remaining renewals. The University is always looking for opportunities to utilize banking services and new technology as they become available. The University uses nine (9) DDA accounts for day-to-day operations. There is one master with six (6) subsidiaries. In addition, there are two (2) restricted accounts: One (1) restricted account is used for international funds. One (1) restricted account is a stand-alone account holding federal funds and the balance must be held separately. This account may not earn interest but can be held as a compensating balance. Additional information regarding account services:

Deposits

  • On a daily basis, deposits from the University are sent via remote deposit to the bank. Approximate Monthly Activity Levels: 6200-7200 deposited checks
  • Cash deposits from the University are delivered to the local branch by campus public safety officers.

University Accounts Payable

  • Accounts payable is processed weekly
  • There are approximately 250 checks, 350 student electronic payments, and 250 direct deposits per month. Student electronic payment vary dependent on refund schedules.

Wire and ACH (including EDI) payments

  • The University currently initiates approximately 40 domestic ACH payments per month for mostly payroll related items

ACH Debit Services

  • The University allows direct debit to the operating account by a few select vendors, primarily entities associated with the Commonwealth.
  • Approved vendors debit this account for monthly payments

Positive Pay Services for all checks

  • Receive daily deposits from CashNet for tuition and other payments

University payroll

  • Payroll is processed by ADP. We have both a bi-weekly and monthly cycle. These transactions are included in the ACH services listed above.

Merchant Card Processing Services

  • The University accepts debit and credit cards for tuition and other general university provided services
  • The university currently accepts Visa & MasterCard in person using FD130Duo credit card terminals
  • Seek consolidation of all merchant card services under this award.

SECTION 30 – PROCUREMENT REQUIREMENTS