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Agenda Item (VI-B-6-c)

Meeting12/11/2018 - Regular
Agenda ItemConsent Agenda Action (VI-B-6-c)
SubjectAgreements for Automated Teller Machines and Student Identification Cards with Wells Fargo Bank
College/DistrictDistrict
Funding
N/A
Recommended ActionIt is recommended that the Board of Trustees approve professional service agreements with Wells Fargo Bank to provide automated teller machines and student identification cards.

Background Narrative:


On September 18, 2012, the Board of Trustees awarded a five year (5) agreement for the District-Wide Automated Teller Machines (ATMs) and ID Card Services contract to Wells Fargo Bank. In July 2018, a committee was formed to engage in a Request for Proposal (RFP) process to renew services for only the ATM portion of the agreement, at which time the committee decided to forgo the student identification card segment of the agreement. The committee included District and College administrators, faculty and student representatives.

A Request for Proposal (RFP) was issued and advertised in the Press Enterprise. Four (4) vendors requested copies of the RFP. One proposal was received from Altura Credit Union. The committee evaluated Altura’s proposal and recommended award at the May 2018 Board of Trustees meeting. Subsequent to the award, Wells Fargo Bank inquired about continuing their existing ATM and student ID services with the District. They informed us that they could continue to offer ATM services, if they could also maintain the exiting ID card services as well. The committee reviewed Wells Fargo Bank’s proposal and concluded that the services, financial incentives, convenience and option of multiple banking institutions would benefit students, faculty and staff. The non-exclusive agreements, for both Altura Credit Union and Wells Fargo Bank, permitted an arrangement of multiple banking options.

Wells Fargo Bank guarantees the following:

• One-time royalty payment (“signing bonus”) of $40,000

• Royalty Payments for linked Campus Cards contingent on the number of accounts opened with a minimum annual payment is $30,000

• Up to $15,000 annually for card plastic reimbursement

• up to $1.00 of the actual cost of the plastic card stock, up to $15,000.00

• $15,000 (soft dollars) in marketing services annually

• ATM Rental fee of $19,800 annually for three (3) ATMs

The Contract Review Committee recommends Wells Fargo Bank provide Automated Teller Machines (ATMs) and Student Identification (ID) cards to Riverside City College, Norco College and Moreno Valley College for a contract term of five (5) years, beginning December 12, 2018 through September 1, 2023.

Attached are the service agreements between Riverside Community College District and Wells Fargo Bank for the automated teller machines and student identification cards.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Majd Askar, Director of Business Services
Nathaniel Jones, Vice President, Business Services (MVC)
Chip West, Vice President, Business Services (RCC)
Michael Collins, Vice President, Business Services (NC)