Banking Services for the Borough of Raritan

The Borough of Raritan is actively soliciting sealed proposals from qualified financial institutions to provide comprehensive primary banking services, a project integral to the municipality's fiscal operations. The extensive scope of work includes, but is not limited to, maintaining multiple municipal accounts such as Current Fund, Payroll, Capital Fund, Trust Other, and Grant Fund. Key services required encompass daily financial management, next business day availability for deposited funds, online accessible monthly statements, interest accrual on all accounts, and detailed monthly account analysis. Additionally, the selected institution must provide full payroll services, implement Check Positive Pay and ACH Positive Pay with costs absorbed by the bank, waive all standard fees for deposit slips, forms, and stamps, and offer robust electronic banking capabilities including real-time balance reporting, internal transfers, ACH/Fed wire transfers, stop payments, and extensive transaction search functionality. Further requirements include remote deposit services, coin counting for parking meters, merchant fee processing for parking, escrow account services, armored car services as needed, and efficient processing of high volumes of checks during critical tax and fee due dates throughout the year. Contractors responding to this Request for Proposal (RFP) must demonstrate substantial qualifications, including extensive experience and a knowledgeable background in providing the specified banking services, particularly to municipal government entities. Mandatory compliance with New Jersey statutes is crucial, specifically N.J.S.A. 10:5-31 et seq. and N.J.A.C. 17:27-1 et seq. pertaining to Equal Employment Opportunity (EEO) requirements. Proposers are also required to provide a Statement of Ownership Disclosure, a Non-Collusion Affidavit, and a New Jersey Business Registration Certificate. Furthermore, certifications regarding non-involvement in prohibited investment activities in Iran (P.L. 2012, c. 25) and non-involvement in prohibited activities in Russia or Belarus (P.L. 2022, c.3) are statutory requirements. While no mandatory pre-bid meetings are listed, questions must be submitted in writing to the Finance Department by email on or before May 10, 2026, at 10:00 AM, to ensure a comprehensive understanding of the procurement. Sealed proposals for these banking services must be addressed to Kimberly Mathewson, Municipal Clerk of the Borough of Raritan, and submitted by the firm deadline of May 15, 2026, at 10:30 AM prevailing time. Submissions must include one (1) hard copy with original signatures, two (2) complete copies, and an electronic copy on a flash drive or CD. Bidders are responsible for regularly reviewing the Borough website for any addenda related to this procurement, as well as registering with the Finance Department to receive updates. There are no explicit requirements for bid security or performance bonds mentioned for the initial proposal submission. All questions regarding the RFP should be directed in writing to Paige Elster CMFO at pelster@Raritan-nj.org, UNLOCK with a follow-up call to 908-231-1300 UNLOCK ext. 113 to confirm receipt, with a final deadline for questions of April 24, 2026.