1. Consolidated Account Structure with Sweep Mechanism The City is interested in earning at then-current interest rates available at all times. The City wants the option to use an automated, daily sweep to a money market mutual fund or Depository alternative account (if competitive) to reach its full investment goal. The City’s current account structure is listed as Attachment B, City’s Bank Account Structure. The City does not guarantee that the balances or structure will be maintained at these same levels. The Depository shall clearly describe the Depository's most cost-effective account structure (interest bearing accounts, zero balance accounts (ZBAs), or sweeps, etc.). a. Fully describe the proposed account structure. Would a sweep be from a master account with ZBAs or directly swept from the individual accounts. Is interest distributed at the account level? b. State the average interest rate on the recommended alternative structure for the past twelve months. c. If an SEC registered money market fund is utilized for the sweep proposal, provide the full name and a copy of the prospectus. It must strive to maintain a $1 net asset value (NAV). d. Interest earned on interest bearing accounts shall not be charged as an expense on the account analysis. Confirm acceptance of this condition. The City may be required or may desire to open additional accounts, close accounts, or change account types during the contract period. If this occurs, the new accounts and services shall be charged at the same contracted amount or, if unanticipated, at not more than published rates. 2. Automated Cash Management Information The City is interested in the following minimum automated balance and detail information services. Please indicate whether you can provide each of the following and provide the information requested: • prior day summary and detail balance reporting on all accounts • intra-day detail and summary balances (on local main and payroll accounts) • initiation and monitoring of stop pays • positive pay exception transactions • initiation and monitoring of internal and wire transfers • image access • controlled disbursement presentment totals a. Fully describe the Depository’s online service. List the system capabilities (i.e. balance reporting, wires, positive pay, stop pay, etc.). b. What is the Depository’s back-up process to provide balance reporting and transactions in case of system non-availability? c. When is daily balance information available? d. Submit samples of major screens available or provide web link access to a demonstration module. e. How are individual security sign-ons assigned and who maintains the security module? How many levels of security are available? f. With regard to controlled disbursements— -- What is the cutoff time for disbursements? -- What Federal Reserve location do these accounts clear through? -- How does the City have access to this information? g. State any maximum transaction limits. 3. Deposit Services Standard commercial deposit services are required for all accounts. The City expects all deposited checks to clear based on the Depository’s current published availability schedule, but any expedited availability options should be noted in the proposal. All cleared deposits received by the Depository's established deadline must be processed for same day ledger credit. Failure to credit City accounts in a timely fashion will require interest payment reimbursement to the City at the then-current effective federal funds rate. a. What is the Depository’s daily cut-off time to assure same day ledger credit?
