2004/08/04 Council Agenda Packet

EXHIBIT A-DESCRIPTION OF BANKING SERVICES A. Main Operating Account 1. The City will require a normal demand deposit type account through which all deposits will be made, Treasurer's checks will be written, and ACH and wire transfer transactions will take place. 2. The City will require three separate zero-balance checking accounts for processing accounts payable, payroll checks, and investment activities. These"zero balance" accounts should be cleared against the main operating account 3. The daily net usable balance of funds after allowing for uncollected funds shall receive interest overnight. 4. Deposited checks returned for insufficient funds will automatically be resubmitted for collection. 5. Deposits accepted and/or received by 4:00 p.m. will be credited to the account on the same day. 6. Bank will provide checks and deposit slips printed (MICR encoded) and endorsement stamps printed to the City's specifications. 7. Bank will provide either pre-numbered plastic deposit bags or lockable bank bags as requested by the City. 8. Bank will return cancelled/processed checks to the City or provide electronic imaging of cancelled/processed checks.. 9. Bank will confirm deposits (on returned deposit slip), including the deposit amount composition (cash/checks). 10. Bank will provide on-line banking services to access transaction history and allow for funds transfers among accounts. B. Additional Checking Accounts Bank will furnish the City with additional checking accounts as needed. Such accounts will be provided with personalized and pre-numbered checks and deposit slips at no additional charge. Fees for these accounts will be included in the total account analysis, with earnings credit given for collected balances and itemized charges compensated for through collected balance or fee payment through the primary demand deposit checking account. No charges will be made directly to any of these special accounts. 0 3