Banking Services

The City of Boston, acting by the Treasury Department, 1 City Hall Plaza Room M-5, Boston, MA 02108, hereinafter referred to as the Awarding Authority, hereby invites written proposals for the provision of standard banking services and banking services pursuant to compensating balance agreement(s) to be executed in accordance with G.L. c. 44 §53F. The Request for Proposals (RFP) containing requirements related to candidate banking institutions, submitted proposals, and selection procedures will be available at 12:00 PM EST on January 21, 2025, and may be obtained from the primary contact above at any time before responses are due. 

All proposals for this project are subject to all applicable provisions of law and in accordance with the terms and provisions of the contract documents entitled Request for Proposals to Provide Banking Services.

Proposals shall be submitted before 12:00 PM ET on Monday, February 24, 2025 and opened forthwith. 

The City will award the contract(s) in accordance with the RFP to one or more eligible banking institutions maintaining offices and/or principal offices in the Commonwealth of Massachusetts, whose proposals are deemed to be the most advantageous considering both the services offered and the prices bid.

The Awarding Authority reserves the right to accept or reject any or all proposals in whole or in part, to waive any defects, informalities, and minor irregularities in the proposals received, to accept exceptions to the specifications, and to act otherwise as the Awarding Authority may deem in the best interest of the City.

The award of any contract shall be subject to the approval of the City’s Corporation Counsel, the Mayor of Boston, and the City Council.

The maximum time for the City to select a firm shall be one hundred twenty (120) days from the Submission Date.

Ashley Groffenburger, Chief Financial Officer and Collector-Treasurer