A. Operating Account: This account is the City’s primary account and will receive all deposits and write all checks, including payroll. Types of deposits include checks, currency, coins, wire transfers, and ACH deposits. Approximately 60 deposit instruments will be used and 700 checks written each month. The average monthly balance will be approximately $500,000; however, the daily balance is often below this amount. B. Escrow Accounts (Retainage Accounts) C. New accounts as required D. Electronic banking (See continued account requirement details beginning on page 6) 1. It is necessary that balance reporting for all accounts be computerized to allow the Finance Department to access balances and transaction data electronically no later than 9 a.m. daily. Services such as account inquiry, ACH and wire transfer origination, secured file delivery, electronic account notifications, re-present NSF checks, and stop payment issuance via the PC are required. 2. The City intends to make the related bi-weekly Federal Tax Deposit for withheld income via an ACH debit using the EFTPS system with the selected bank, as well as monthly TCRS deposits. 3. The selected bank will be expected to have capability to receive secured payroll direct deposit data and automatic bank draw data for utility customers electronically. E. A separate monthly activity statement is needed for each individual account. F. Collateralization
