Specifications include, but are not limited to: 1.1 Transfer Arrangement: If the County elects to choose a second institution for Lockbox Services, a daily ACH transfer initiated by the Bank providing Lockbox Services from the Lockbox Account to the General Account to sweep available funds will be executed. 1.2 Annual Lockbox Volume of Transactions: In 2018 the County received approximately 100,000 checks as payment for approximately 82,000 tax bills. Over 80% of the activity occurred during February, March and April. 1.3 Account Analysis: The County will require detailed analysis as part of its monthly bank statement. The analysis should include an itemized list of charges against the account. 1.4 Earnings Credit: The awarded Bank agrees to pay interest on the collected balance in the General Account on the bank’s books by 6:00 p.m. An open repurchase agreement, overnight sweep, earnings credit or other alternative investment vehicle will be established for excess balances in the General Account. 1.5 Access to Checks: The County must be able to access checks and documents via online search.
