Banking Services 1. Consolidated Account Structure with Sweep Mechanism We are interested in earning at then-current interest rates available at all times. We want the option to use an automated, daily sweep to a money market mutual fund or depository alternative account (if competitive) to reach our full investment goal. [District option: We will not accept a repurchase agreement or offshore investments as a sweep investment vehicle.] Our current account structure is listed as Attachment B, District’s Current Account Structure. We do not guarantee that we will maintain the balances or structure at these same levels. You must clearly describe your most cost-effective account structure (interest bearing accounts, zero balance accounts [ZBAs], or sweep, 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 12 months. c. If an SEC-registered money market fund is used for the sweep proposal, provide the full name and a copy of the prospectus. It must strive to maintain a $1 NAV. d. Interest earned on interest bearing accounts must not be charged as an expense on the account analysis. Confirm acceptance of this condition. We 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 must be charged at the same contracted amount or, if unanticipated, at not more than published rates. 2. Automated Cash Management Information We are interested in automated balance and detail information and online retention. Minimum automated services must include the following [The district specifies the requirements.]: • prior-day summary and detail balance reporting on all accounts • intraday detail and summary balances (on local main and payroll accounts) • initiation and monitoring of stop payments • positive pay exception transactions • initiation and monitoring of internal and wire transfers • image access • controlled disbursement presentment totals [optional] a. Fully describe your online service. List the system capabilities (for example, balance reporting, wires, positive pay, stop payment, etc.). b. What is your backup process to report balances and transactions in case the system is not available? 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 is an individual security sign-on assigned, and who maintains the security module? How many levels of security are available? 3. Deposit Services We require standard commercial deposit services for all accounts. We expect all deposited checks to clear based on your current published availability schedule, but please note any options for expedited availability in your proposal. For all cleared deposits you receive by your established deadline, you must process them for same-day ledger credit. If you fail to credit our accounts in a timely fashion, you must pay interest to us at the then-current effective federal funds rate. a. What is your daily cutoff time to ensure same-day ledger credit? b. Describe how and when you send credit and debit advices to us. c. What type of deposit bags do you use or require? Are these available from you? d. In what city does item processing occur? 4. Standard Disbursing Services We are interested in standard disbursing services for designated accounts. a. Do you image all paid checks, deposit items and deposit slips? b. Are check and deposit images available online? When? Do you provide a monthly compact disc (CD)? If not, are reports downloadable? c. How long do you maintain check and deposit images online? d. Do you pay all our checks without charge upon presentation?
