The following services are essential to the City’s operations. The City reserves the right to issue written addenda if revisions or additions should become necessary. The depository shall provide regular business in-branch service and availability of nearby branch facilities for deposits, change order, etc. The proposal shall detail the location and hours of current local full-service branches. Deposits can be made and shall be considered same day business until 4:00 p.m. The City shall provide checks. However, the Bank shall provide any necessary MICR encoding requirements to the City’s check printing system. The bank shall provide the City with images of cleared checks from all accounts. This may be a securely downloadable file or included in the monthly statement. Software necessary to view and print any item shall be included. Alternatively, the bank may house a searchable five-year archive of said images online for the City. Funds availability schedules shall be provided with the proposal. At a minimum, the City is to be given credit as collected funds for all items cleared through the bank on the same day as deposit. Items deposited that clear at institutions within the same Federal Reserve Region should be considered collected within one (1) business day at a maximum. Incoming wire transfers shall be credited as collected on the day received, regardless of the time of receipt. Any future accounts established by the City shall be computed under the terms of this agreement. Service charges, if applicable, on all current and future accounts shall be totaled and billed monthly by account according to the fee schedule provided with response to this Request for Proposal. The City must have an emergency contact for all non-business hours. Coin Counting Service - City desires that the financial institution accept coin deposits in bulk and count loose coins and credit to the City’s account. The City will need to do wire transactions once or twice a month unless another option is presented to gain same result.
