Specifications include, but are not limited to: REQUIRED BANKING SERVICES A1. A general operating account and two zero-balance sweep accounts. • Operating Account – deposits, disbursements, and sweep activity • Payroll – payroll payments, disbursed semimonthly and biweekly • Accounts Payable – vendor payments, disbursed weekly • Two Credit Card Accounts • Petty Cash Checking Accounts (minimum of 10 accounts) A2. Check protection (“Positive Pay”) services for Payroll, Accounts Payable, In the future there may be a need for additional accounts that require check protection (“Positive Pay”). We currently transmit the data utilizing a flat file from softdocs (.txt) file format which matches payee, check number, date, and amount. A3. Capable of providing merchant bankcard services. A4. Automatic redeposit of returned checks a second time if the instruments are initially dishonored due to “NSF” notations. NSF fees are to be assessed against themonthly analysis. A5. District requires that all deposits delivered to the bank by 5:00 p.m. will be given ledger credit balance that same day. A6. Two full-service bank branches located within a 5-mile radius of and Florence 1 Schools. A7. The District is to be given credit as collected funds for all items that are cleared by the bankon the same day as the deposit is made. Items deposited that clear at institutions located within the Federal Reserve Region will be considered collected funds within one business day at a maximum. The bank will credit the District’s account for incoming wire transfers on the day received regardless of the time of receipt during the day.
