Specifications include, but are not limited to: The Proposers for Depository Services: Must be nationally or Arizona chartered, approved by the Arizona Department of Financial Institutions to conduct business in the State of Arizona and have immediate access to the Federal Reserve wire transfer system. A. Master Concentration Depository Account (MCDA). The MCDA is used for concentration of funds and to fund the accounts payable, payroll and any other zero balance accounts (ZBA). 1. Deposits. Many deposits of MCCCD will be credited to this account. Deposit types include cash, checks and incoming wires. Many deposits will also be made to separate EFT and Credit Card ZBA accounts. 2. Availability. Deposits of cash, wires, and checks drawn on the selected bank will be given credit as collected funds on the same day as deposited. Checks drawn on other banks will be considered collected funds as per bank’s availability schedule. Please enclose a copy of your availability schedule with your proposal. 3. Corrections. All deposit corrections will be charged or credited to the account of origin. The selected bank will provide MCCCD with notification of the debit/credit memorandum within 24 hours including detailed information concerning the adjustments. The bank will specify approved procedures and the alternative methods to transmit information regarding deposit discrepancy resolution. Such information will be provided through a secure method. Two contact persons (one coordinating and one alternate) will be designated at both MCCCD and the bank. (See Bank Contacts- Section 3.2D.9). 4. Foreign Items. Foreign items deposited will be processed by the bank through the normal banking system. Foreign items sent for collection will also be charged to this account. The bank will notify the District in writing for each item sent for collection. After collecting funds, the bank will only reduce the item for the collection charges assessed by other banks. Explain your process for handling foreign items and include sample forms if required to be completed by the District. 5. Return Items. Return items deposited will be processed by the bank through the normal banking system. The bank will notify MCCCD in writing for each return item within three (3) working days after original deposit. (See Non-Sufficient Funds – Section 3.2D.4).
