Specifications include, but are not limited to: Concentration Bank – The contractor shall designate a single financial institution as the concentration bank. The contractor’s concentration bank shall maintain up to three (3) separate accounts for each of the twenty-four (24) state-operated facilities (hereinafter referred to as “state-operated facility accounts”). The contractor shall not deduct fees from the interest posted to the concentration account, nor may the contractor charge any fees to any accounts. The contractor’s banking accounts shall be separated as follows: One (1) account shall be for deposits and withdrawals of consumers’ monies; One (1) account shall be for deposits and withdrawals of state-operated facility moneys earned from consumer related activities; and One (1) account shall be a dedicated account for the direct deposit of large past due benefits (retro) for consumers under age eighteen (18). The state-operated facility accounts, maintained by the contractor, shall earn interest and shall receive deposits from: Depository banks; Social Security Administration; Veteran’s Administration; and Other Sources of payments for state agency consumers.
