4.1 Wire Transfers 4.1.1 The banking institution must be a member of the Federal Reserve System and have direct wire capabilities. 4.1.2 The banking institution must be a member of an automated clearinghouse association and in compliance with all rules and regulations set by the National Automated Clearing House Association (NACHA), local ACH associations, and ACH operators. 4.1.3 Transfers may be in the form of repetitive, non-repetitive, internal, ACH or EFT. 4.1.4 The County shall have the ability to initiate all types and amounts of wire transfers electronically. 4.1.5 Confirmations of all incoming and outgoing wires will be made available daily by the bank. Describe security measures for wire initiation and approval. 4.1.6 Outgoing wire transfers ordered by noon local time shall be received by the destination party by 2:00 PM local time. 4.2 Collateralization 4.2.1 The successful banking institution will enter into a written collateral agreement requiring the institution to pledge collateral to secure all County funds over and above amounts guaranteed by the Federal Deposit Insurance Corporation in accordance with OCGA §45-8-11 through §45-8-15 and §50-17-59. 4.2.2 All securities serving as collateral shall be specifically pledged to the County and placed in a custodial account at a Federal Reserve Bank. Deposits are to be collateralized at no less than one-hundred-ten percent (110%) of depository balances. 4.2.3 The custodian may not be owned or controlled by the depository institution or its holding company unless it is a separately operated trust institution. 4.2.4 The custodian shall send monthly statements of pledged collateral to the Chief Financial Officer or authorized agent. Failure to provide adequate collateralization may result in contract termination. 4.3 Availability of Funds At a minimum the following schedules shall be the maximum clearing schedules. If the respondent can offer faster clearing services, those should be outlined in the proposal. 4.3.1 Deposits may be couriered or submitted electronically with remote deposit capabilities on a daily basis. The level of available funds will be determined on the following schedule: 4.3.2 Items drawn on the depository, wire transfers, ACH deposits, and cash: Same Day 4.3.3 Items on local institutions: Next Day 4.3.4 Other items: Federal Reserve Availability Schedule 4.4 Remote Deposit Services The County utilizes remote deposit processing and requires check scanners be provided by the banking institution. Proposals should describe the respondent’s scanning software, transfer procedures and security measures. The County also makes cash deposits daily and accepts online credit card payments for some County services. The Bank must extend daily credit limits in excess of $1,000,000.00 daily. 4.5 Online Banking Services At a minimum, the banking institution must provide online banking services capable of providing balance and activity figures electronically. The proposal should provide a detailed description of the banking institution’s online services and a list of its capabilities. Online services should include the following at a minimum: 4.5.1 Daily reporting of account balances, collected and available 4.5.2 Account detail for current month and, at a minimum, eleven (11) months prior 4.5.3 Internal transfer initiation and authorization 4.5.4 Wire transfer initiation and authorization 4.5.5 County-originated stop payment of checks 4.5.6 Returned items charged against accounts 4.5.7 Bank reconciliation files 4.5.8 Online check images (front and back) for all accounts 4.5.9 Records of all account activity must be accessible online for a minimum of twelve (12) months
