Specifications include, but are not limited to: 1. Deposit Services - The selected bank must provide basic deposit services. Currently, separate accounts are maintained for reconcilement purposes. Please describe how best these services could be handled both economically and for reconcilement purposes. 2. Deposit Imaging – The selected bank may be requested at times to provide images of checks included in deposits. Describe the bank’s current abilities in providing such services, as well as planned enhancements. 3. Checking Services – The selected bank must provide basic check clearing services. The selected bank will be required to cash employee payroll checks free of charge without requiring employee to have an account with the institution. The bank should not refuse to pay on demand any check because of insufficient funds. At a minimum, the selected bank must provide a monthly statement with images and index of paid checks. Explain how long the original checks will be retained prior to destruction. Please describe the bank’s current abilities in providing such services, as well as planned enhancements. 4. EDI Services –The selected bank must provide EDI Services. Describe the bank’s current abilities in providing such services, as well as planned enhancements. 5. ACH Services – The selected bank must be able to receive incoming wires and provide adequate documentation on a timely basis so that the Authority can identify the source and for what purpose funding is being received. The selected financial institution must also be able to transmit outgoing ACH transfers, such as, direct deposits, electronically. To increase employee utilization of payroll direct deposit, Proposers should outline any benefits or incentives to our employees for participating in a direct deposit program with their bank. The Authority transmits direct deposits to employees’ accounts semi-monthly. The bank should not refuse any ACH payment because of insufficient funds. Please describe the bank’s current abilities in providing such services in detail, as well as planned enhancements. The selected bank must be able to provide ACH Authorizations/Blocks/ Specific Blocks & ACH Positive Pay Implementation placed on all accounts...
