Specifications include, but are not limited to: Reporting and Account Statements Monthly account statements, with an end-of-month cut-off date, must be provided by the bank on a timely basis for each account. The monthly statements are to be available online within ten business days of the following month. The City currently has the following checking accounts: 1. A cash operating account to meet day-to-day deposit and disbursement needs, including wire transfer capability, ACH initiation, Positive Pay, and internal transfers. Online Banking, AKA- Money Manager GPS viewing of account activity through balance inquiry, detail history, and the availability of online statements. The City will require online banking access to print or check images of NSFs. 2. A zero-balance payroll account is preferred. If not available, provide details for an alternative account. The payroll account will have weekly direct deposit and payroll checks. Any fees for this account must come from the Operating Account. 3. A cash escrow account that would have very limited disbursements but must have the ability to maintain sub-account information for each escrow. If not available, provide an alternative account information. 4. Investment AccountsA. The City’s General Fund maintains on a monthly basis excess cash of approximately $1,000,000 to $12,000,000. The City is seeking investment vehicles by qualified banking institutions that the City Treasurer may use to invest some of its excess cash. Banking institutions shall submit various investment vehicles, pursuant to and in accordance with NH RSA’s; investment rates that correspond to those investment vehicles; a description of how funds will be invested in these vehicles; the time frame for the various investments; and collateralization and perfection of securities for these investments. A copy of the City’s investment policy (Attachment B) has been enclosed for review. B. The City’s Sewer Department maintains two investment accounts, one for Sewer Capacity Fees with an average monthly balance of $280,000 and another for excess cash with an average monthly balance of $160,000. Banking institutions shall submit various investment vehicles pursuant to and in accordance with NH RSA’s. C. The City’s Water Department maintains two investment accounts, one for Water Capacity Fees with an average monthly balance of $280,000 and the other for excess cash with an average monthly balance of $110,000. Banking institutions shall submit various investment vehicles pursuant to and in accordance with NH RSA’s. 5. Deposit bags, deposit slips, bill bands, and coin wrappers will be provided at no cost. 6. Return items- Checks returned for insufficient funds may be presented for collection a second time. Account Balances/Compensating Balances All bank fees are charged directly to the checking account on a monthly basis if the transactions exceed a certain threshold. The exception is the Payroll Account; any fees for this account must come from the City’s Operating Account. Please provide details if the banks’ programs differ from this arrangement or if these services are unavailable. The bank shall fully explain its policy in crediting deposits from various sources and locations, including the time funds will be made available and the time by which deposits must be made for “same-day” credit.
