2009-18CONTRACT FOR BANKING SERVICES BETWEEN
THE CITY OF CLERMONT AND
FIFTH THIRD BANK, CENTRAL FLORIDA
This agreement is entered into between Fifth Third Bank, Central Florida, hereinafter called
"Bank", and the City of Clermont, hereinafter called "City" and sets forth the terms and
conditions pursuant to which Bank will provide to the City the banking services as set forth in
the Bank's response to the City's Banking Services RFP dated January 31, 2009.
1. Bank will honor the terms of this contract for three (3) years beginning on October 1,
2009, subject to annual compliance and service evaluations for continuance into
ensuing years. The parties further agree that upon mutual consent the contract may be
extended for two (2) additional years.
2. The City will have the option to either a) maximize non-interest bearing balances to
receive Earnings Credit that mitigates all banking charges and earn interest on excess
balances, or b) earn interest on all balances and pay banking charges directly from the
City's accounts. Banking charges will be billed quarterly and based on the volume of
services utilized in accordance with the Pricing Statement attached to this agreement.
Any additional services added will increase the quarterly bill by that services' monthly
fee as agreed upon by the Bank and City at the time of implementation. If option b)
above is chosen, then the Bank will automatically debit the City's account for service
charges. In addition, the Bank agrees to provide the City aone-time credit of $5,000
toward banking charges.
3. On non-interest bearing balances, the City will receive a minimum earnings credit rate
of fifty-five (55) basis points. On interest bearing balances, the City will receive an
interest rate equal to the One-Month LIBOR Rate plus thirty-five (35) basis points
paid as an Annual Percentage Yield (APY).
4. Any modifications to this agreement shall be delivered by hand or sent by First Class
U.S. Mail, postage prepaid, to the respective parties as follows:
Fifth Third Bank, Central Florida City of Clermont
Attn: Public Funds Attn: City Manager
200 E Robinson Street 685 W Montrose Street
Orlando, FL 32801 Clermont, FL 34711
10-1-09
5. The Bank's responsibility is limited to the exercise of due care and diligence in acting
pursuant to the Agreement. The Bank shall not be liable for losses caused directly or
indirectly by acts of God, governmental restrictions, war, nuclear events, strike,
interruptions in transportation, communications, or data processing services, change of
law or any other circumstances beyond the reasonable control of the Bank. The Bank
may at all times rely upon and act in accordance with any instructions or inquires
which it may receive pertaining to this Agreement and the Services and which the
Bank in good faith believes to be genuine and authorized by the customer.
6. Any controversy arising out of or relating to transactions with or for the City, or to this
Agreement and whether executed or to be executed within or outside the United States
and which cannot be settled between the parties by good faith negotiations, shall first
be submitted to mediation. Mediation shall be conducted at the nearest office of the
mediation organization that is mutually agreeable to the parties.
Any party may initiate mediation serving or mailing a written notice to the other party.
In the event that mediation is not successful, the parties agree that either part may
pursue its available legal remedies. Any such claims or causes of action shall be
maintained in Lake County, Florida or in the Middle District of the United States
District Court.
7. This Agreement and its enforcement shall be governed by the laws of the State of
Florida. This Agreement shall inure to the benefit to the Bank and its successors
(whether by merger, consolidation or otherwise) and assigns, and shall be binding
upon the City and its heirs, executors, administrators, guardians, successors and
assigns, subject to written authorization and acceptance by the City. Bank may assign
its rights and obligations under this Agreement at any time after reasonable written
notice and acceptance by the City.
8. If any provision or condition of this Agreement shall be held to be invalid or
unenforceable by any court, regulator or self-regulatory agency or body, such
invalidity or unenforceability shall apply only to that provision or condition. The
validity of the remaining provisions shall not be affected, and this Agreement shall be
carried out as if any such invalid or unenforceable provision or condition were not
contained herein.
9. Either party may terminate this Agreement and all subsequent obligations with respect
to such services upon one-hundred twenty (120) days prior written notice to the other
party. No such termination shall affect any obligations previously incurred by either
party under this Agreement.
10. Federal Deposit Insurance Corporation premiums will be the responsibility of the
Bank and the City cannot be liable for any increases assessed by the FDIC to the Bank
for elective participation in the FDIC insurance programs.
10-1-09
Executed this ~ day of '1'2009.
Fifth Third Bank, Central Florida
By:
becca E. Reynolds
ice President
City of Clermo Witnesses
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Witnesses
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City of Clermont ,..
Banking Services Pricing Statement ~,~~R~~~
October 1, 2009
Unit
Service Description Price
General Services
FDIC Expense per $1,000 $0.0000
Account Maintenance -Monthly $5.0000
Deposits Credited $0.2000
Items Paid -Not enclosed $0.0550
Items Deposited $0.0550
Debits Posted-Electronic $0.0550
Credits Posted-Electronic $0.0550
Zero Balance Services
ZBA Master Account $15.0000
ZBA Sub Account $10.0000
Returns
Returned Deposited Items (charged back) $1.5000
Return Image Viewed $0.0000
Returns Management Module $20.0000
Cash Vault
Currency/Coin Dep/$1000-Branch $0.5000
Branch Deposit $0.5000
Branch Deposit Corrections $6.0000
Coin Supplied/Roll-Bkg Ctr $0.0900
Disposable Bags $0.0000
Change Order Bkg Ctr $2.0000
Currency Supp/$100-Std-Bkng Ctr $0.0500
Check Sort Services
Check Sort Base Rate $15.0000
Check Sort Items $0.0250
Positive Pay
Positive Pay Maintenance Per account $25.0000
Full Positive Pay Item $0.0250
Pay Item Return Other Fraud $0.0350
Full Recon Input Item Trans $0.0000
Full Recon Output File Trans $0.0000
Paid Item No Issue $1.0000
Payee Line Verification, per item $0.0150
City of Clermont
Banking Services Pricing Statement ~.r,a,~~,~
October 1, 2009
Unit
Service Description Price
General Services
ACH
ACH Optional Reports-Electronic $15.0000
ACH Origination -Credits $0.0550
ACH Monthly Maintenance $30.0000
ACH Files Processed $0.0000
ACH Origination -Debits $0.0550
Return Items $3.0000
Corporate Credits $0.0550
ACH Credits Received $0.0550
ACH Debits Received $0.0550
ACH Return Item $1.5000
ACH Notification of Change (NOC) $0.0000
ACH Fraud Control
ACH Transaction Control, per account $10.0000
ACH Per exception reported $0.0025
Wire Transfer Services
W/T Internal Rep/Semi Oper Asst (see online) $0.0000
Incoming Wire -Standard $6.0000
Incoming Wire -Non Standard $6.0000
Wire Transfer Advice (online) $1.0000
Wire Template Storage $0.0000
Outgoing Wire -Domestic (online) $8.0000
Online Account Services
Image Retrieval $0.0000
Online Previous Day Maint, per account $0.0000
Online Current Day Maint $0.0000
Online Per Account Fee (Previous Day) $0.0000
Online Per Account Fee (Current Day) $0.0000
Online Current Day Std Item $0.0000
Online Previous Day Ext Item $0.0000
Online Stop Payment Base per account $0.0000
Online Stop Payment, per stop issued $10.0000
Book Transfers $0.0000
International Services
Items Deposited $0.0000
Electronic Check Deposit Manager
Monthly Maintenance $25.0000
Items transmitted prior to 4:00 pm local time $0.0500
Items transmitted past 4:00 pm local time $0.0650
Duplicate Item Deletion $0.5000
Electronic Check Deposit, per $0.7000
MICR Reject Repair $0.2200
Monthly Scanner Rental $0.0000
City of Clermont
Banking Services Pricing Statement ~~~~~
October 1, 2009
Unit
Service Description Price
General Services
Check and Deposit Imaging
Deposit Imaging Monthly Maintenance $10.0000
Check Imaging Monthly Maintenance $10.0000
Per item $0.0100
Per CD $5.0000
ACH Positive Pay
ACH Positive Pay Monthly Maintenance $0.0000
ACH Positive Pay, Per item Paid $0.0500