Upon selection, the Depository shall provide a list of personnel qualified to provide product information and assistance in the following areas: ● General information ● Investments and safekeeping ● Accounting and Bookkeeping ● Deposit discrepancies ● Wire transfers ● Vault services ● Balance reporting ● Controlled disbursements ● Pledged collateral ● Automated Clearing House In addition, the Depository shall designate one account officer with authority and responsibility for the City’s entire account. Account Structure The City requires a master account entitled “Consolidated Account” into which all daily deposits, wire transfers in and out, investment activities, debit and credit adjustments, change orders, zerobalance accounts and controlled disbursements will be transacted. A number of zero balance accounts will be required by the City for the processing of transactions and the collection of revenues. The zero balance accounts are swept into the master account. The City reserves the right to open or close any number or type of accounts throughout the term of the contract. ACH Transactions The City transmits data to the Depository weekly by direct transmission via the City’s computer system. This is a required service of the Depository. The City also has ACH debit and credit transactions for state and federal governmental activities. In addition, the City’s work force is paid bi-weekly by ACH. Check Clearing Services Positive Pay is currently used for all checks issued. The City will require the Depository to perform a computerized match of all presented City checks with a database of issued checks. All checks issued by the City will be transmitted to the Depository by direct transmission. The proposal should include any software charges associated with this service on the Fee Schedule. Please define your bank’s procedures for handling Positive Pay Check exceptions. Check Imaging/Archiving Services The cleared check information will be given to the City via data transmission along with a standard printed report if requested. Likewise, on-line, Internet viewing of paid checks is requested. If this service is selected, the serial sort of checks and the return of checks may not be a required service. Coin and Currency Change Orders Several City departments require coin and currency change orders. The Depository shall provide a cost effective change order system for coins and currency, and give the change order to the City’s armored delivery service. Please specify any advance notice requirements greater than 24 hours.
