2004/08/04 Council Agenda Packet

11 C. Automated Cash Management Services Via Internet 1. Wire Transfers a. Bank will provide the City with the ability to initiate wire transfers with multiple security controls as deemed acceptable by the City. b. Bank will provide for instant wire transfer of funds and wireable securities to any financial institution using the interbank and Fed wire systems. c. Bank will provide the ability to inquire as the status of both outgoing and incoming wire transfers and to initiate future dated wires. d. The City will receive credit for incoming wire transfers as of the date received by the financial institution. e. Bank will provide daily detailed report on all transactions. 2. ACH Direct Deposit The City pays a large portion of its employees via a direct deposit payroll program. These items will be transmitted to the financial institution via the Internet. The City pays its employee's bi-weekly. The funds will be available to the employees at their respective banks at the time of opening on the date of payment. 3. Electronic Federal Tax Deposit System Bank will provide the ability for automatic withdrawal of payroll taxes by the Internal Revenue Service (IRS). 4. On-line Banking a. Bank will provide the City with access to Internet on-line banking, which, at a minimum, will include daily balance and transaction detail reporting, the ability to export transaction detail reports to Excel, the ability to post a stop payment on checks, and the ability to transfer funds among accounts. b. The City shall not be charged or penalized for an overdraft if it is the result of the account balance information not being available at the specified time. c. Bank will provide float information on all deposited items. D. Account Maintenance 1. Statements Bank will provide Monthly Statements showing the overall activity of the City's account(s). These reports shall include a monthly detailed