Township of Union Developer Escrow Banking Services RFP 2026
Township of UnionCity · Union Township, NJ- Due
- Sep 1, 2026
- Deadline passed
- Contract term
- 3 years
The 30-second brief
The Township of Union is soliciting proposals from qualified financial institutions to provide comprehensive Developer Escrow banking services in accordance with N.J.S.A. 40:55D-53.1. The selected provider will manage approximately 197 sub-accounts totaling over $1.5 million (as of June 2026), including a Master Account and Disbursement account. Required services include transition of existing accounts from Citizens Bank, interest-bearing escrow management, electronic transfers (ACH/wire), check scanning equipment, positive pay services, and integration with Edmunds GovTech for disbursements. Respondents must be a 'Public Depository' under the NJ GUDPA and provide monthly reconciliation reports and online portal access for municipal staff. Proposals are due September 1, 2026, and the contract term is up to three years with two one-year renewal options.
Banking Services Fee Proposal Form, Transition Plan, Ownership Disclosure, Insurance Acknowledgement, Business Registration Certificate
Experience with municipal escrow services (40%), Cost and fee structure (20%), Technology and reporting capabilities (15%), Security and compliance controls (15%), References and reputation (10%)
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Summary
The Township of Union is soliciting proposals from qualified financial institutions to provide comprehensive Developer Escrow banking services in accordance with N.J.S.A. 40:55D-53.1.
The selected provider will manage approximately 197 sub-accounts totaling over $1.5 million (as of June 2026), including a Master Account and Disbursement account. Required services include transition of existing accounts from Citizens Bank, interest-bearing escrow management, electronic transfers (ACH/wire), check scanning equipment, positive pay services, and integration with Edmunds GovTech for disbursements. Respondents must be a 'Public Depository' under the NJ GUDPA and provide monthly reconciliation reports and online portal access for municipal staff. Proposals are due September 1, 2026, and the contract term is up to three years with two one-year renewal options.
EVALUATION CRITERIA
REQUIRED DELIVERABLES
5- Banking Services Fee Proposal Form
- Transition Plan
- Ownership Disclosure
- Insurance Acknowledgement
- Business Registration Certificate
REQUIRED ATTACHMENTS
7- Exhibit A (Affirmative Action)
- Stockholder Disclosure
- Prohibited Russia-Belarus Activities & Iran Investment Activities Certification
- Business Registration Certificate
- Insurance Requirements
- Pay to Play Disclosure
- Non-Collusion Affidavit
- Submit to
- 1976 Morris Ave, Union, NJ 07083
- Scope location
- Union, NJ
Questions about this RFP
How do I respond to this RFP from Township of Union?
Review the full solicitation document for submission requirements, evaluation criteria, and deadlines. The submission deadline is September 1, 2026. The solicitation specifies required deliverables that must be addressed in your response. Be sure to include all required attachments as outlined in the solicitation. Submissions should be delivered to: 1976 Morris Ave, Union, NJ 07083.
Can small businesses or minority-owned firms bid on this RFP?
Most government agencies, including Township of Union in NJ, encourage participation from small businesses, minority-owned, women-owned, and disadvantaged business enterprises (MBE/WBE/DBE). Check the full solicitation for any small business participation goals.
What happens after the RFP submission deadline?
After the deadline, the issuing agency reviews all submissions against the stated evaluation criteria. This typically includes a compliance check, technical evaluation, cost analysis, and may involve oral presentations with shortlisted vendors.
What are the key deliverables?
The solicitation specifies the following deliverables: Banking Services Fee Proposal Form, Transition Plan, Ownership Disclosure, Insurance Acknowledgement, Business Registration Certificate. Proposals should clearly address how each deliverable will be met.
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What are the evaluation criteria for this solicitation?
This solicitation includes specific evaluation criteria that will be used to score proposals. The criteria include: "Experience with municipal escrow services (40%), Cost and fee structure (20%), Technology and reporting capabilities (15%), Security and compliance controls (15%), References and reputation (10%)" Vendors should carefully align their proposals with each criterion to maximize their score.
Where can I find more RFPs from Township of Union?
All active and historical solicitations from Township of Union are tracked and searchable. As a city agency, Township of Union regularly publishes solicitations. Visit the agency profile to see current open bids, past contracts, vendor relationships, and decision-maker contacts.
What is the contract term for this solicitation?
The anticipated contract term is 3 years. Contract terms may include renewal options.
What documents are required to bid on this RFP?
Requirements vary by solicitation, but common documents include a technical proposal, cost/price proposal, proof of insurance, relevant certifications, past performance references, and any forms specified in the solicitation. This solicitation specifically requires the following attachments: Exhibit A (Affirmative Action), Stockholder Disclosure, Prohibited Russia-Belarus Activities & Iran Investment Activities Certification, Business Registration Certificate, Insurance Requirements, Pay. Review the full document from Township of Union for the complete list.
What is the scope of this project?
This solicitation defines a specific project scope. The scope covers the following locations: Union, NJ. Review the full solicitation for detailed scope requirements.
