The Firms will work closely with RIAC representatives and are expected to:
1. Provide depository services with detailed reporting and the below
service/requirements at no cost to RIAC.
2. Provide RIAC with an interest rate that is equal to or greater than the 1-month LIBOR
3. Comply with collateralization rules and regulations for public funds as prescribed by
State and Federal laws. If full FDIC insurance, or other insurance program
acceptable to RIAC, is not in place for monies on deposit at the financial institution,
collateral will be maintained at a minimum of 102% for uninsured balances. The Firm
must agree to obtain and maintain acceptable collateral sufficient to cover the
uninsured balance of all time and demand deposits held by the institution on behalf
of RIAC, regardless of their duration. Deposits must be collateralized in a manner
acceptable to RIAC and in accordance with R.I. Gen. Law §35-10.1.
4. Provide Account Reconciliation capability for RIAC accounts.
5. Provide Automated Clearing House (ACH) or other wire-type mechanisms to transfer
RIAC funds to other financial institutions.
6. Provide secure web-based banking and related training to facilitate web-based
banking products or tools.