Specifications include, but are not limited to: A. Provide the following deposit accounts: • Institutional Funds – Checking? • County Funds - checking • State Tuition (funds swept to NC DST daily • State STIF account (fun ds swept to NC DST daily • ACH/Direct Deposit: Account will generally maintain a zero balance except when ACH and Direct Deposit transactions are processed. 1) Accounts must be able to accept deposits, including cash and change and ACH deposits and wire transfers 2) Accounts must be able to provide the college with the capability to transmit 2 monthly payrolls electronically and E-check files periodically to be processed as outgoing direct deposit through ACH; preferably funds for these outgoing ACH payments to be deposited by the College the day before the process date. 3) ACH Activity Report must be e-mailed. 4) Accounts must allow funds to be drafted via ACH for payroll taxes, etc. 5) Accounts must provide a UPIC account for incoming ACH deposits. 6) Accounts must offer, Positive Pay for checks, ACH Fraud Control and wire transfer functionality. 7) Bank must provide a monthly statement for all accounts by the 5th of the subsequent month. 8) Cleared checks that appear on monthly statements must be in numerical order. 9) Monthly account analysis report that shows overall activity in all accounts with all associated fees. The report must itemize monthly activity charges and the computation of the Bank’s net monthly earning on average collected balance. 10) Provide all deposit slips; include charges, if any, on the Fee Schedule 11) Provide locking bank bags, night deposit bags; include any charges, if any, on the Fee Schedule B. Bank must provide the following: 1) On-Line account management services: a) Stop Payments b) Bank Transfers c) Vendor Wire Payments d) Cleared Check Images, dating back to a minimum of 90 days e) Daily Activity on all Accounts f) Provide minimum of seven years for cleared checks with images g) Provide approve/reject for ACH fraud control items presented h) Provide approve/reject for Positive Pay items presented C. The College will make every effort to assure that collected funds in the bank are equal to or exceed the gross amount of check(s) issued. However, if an unintentional overdraft condition occurs, all valid checks presented for payment shall be paid. D. The College shall be notified each day via email regarding deposited items returned for non-payment. The bank shall re-deposit NSF checks a second time prior to debiting the College’s account and returning the check to the College. Checks re-deposited shall be clearly stamped with a notation that this action has taken place. The check should be returned to the College if not honored on the second attempt. All return checks, debit memos or credit memos will be charged to the College’s Institutional Funds Account, regardless which account the item was initially deposited into. E. Bank must maintain Fraud Protection and security measures on all accounts. Bank must provide a summary of these measures upon request. F. The Bank must maintain a current disaster recovery plan including specific plans related to serving the College in the event of a disaster and shall provide said plan to the College upon request. G. The Bank must certify that it is PCI (Payment Card Industry) compliant and provide a current SOC upon request. H. Other Preferred Services: 1) Maintain a branch in Columbus, NC. 2) Provide an ATM on the College’s main campus located in Spindale, NC 3) Participate in any “bank days” or other activities the College sponsors to encourage students to establish a bank relationship and to sign up for E-checks/direct deposit as offered by the College 4) Offer services to Isothermal Community College Foundation, Inc. a separate, supporting 501C3, under the same service and fee structure as the College.
