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1 <br /> B. Additional Checking Accounts <br /> The financial institution will furnish the City with additional checking accounts as needed. Such accounts <br /> will be provided with personalized and pre-numbered checks and deposit slips at no additional charge. <br /> Fees for these accounts will be included in the total account analysis, with earnings credit given for <br /> collected balances and itemized charges compensated for through collected balance or fee payment through <br /> the primary demand deposit checking account. No charges will be made directly to any of these special <br /> accounts. <br /> C. Automated Cash Management Services Via Internet <br /> 1. Wire and ACH Transfers <br /> • The financial institution will provide the City with the ability to initiate wire and ACH <br /> transfers via on-line banking. The online banking platform will require secure, separation <br /> of duties for initiation and approval by City staff for all wire and ACH template creation <br /> and funds transfers. <br /> • The banking institution will provide for instant wire transfer of funds and wireable <br /> securities to any financial institution using the interbank and Fed wire systems for <br /> investment purchases or sales and other transactions with commercial banks or brokerage <br /> houses, including the State Investment Pool. <br /> • The financial institution will provide the ability to ascertain the status of both outgoing and <br /> incoming wire transfers and to initiate future dated wires via on-line banking. <br /> • ■ The City will receive credit for incoming wire transfers as of the date received by the <br /> financial institution. <br /> • The financial institution will provide daily detailed report on all transactions. <br /> 2. ACH Direct Deposit <br /> The City pays a large portion of its employees via a direct deposit payroll program. This data will <br /> be transmitted to the financial institution via the Internet. The City pays its employees bi-weekly <br /> (every other Friday). The funds must be available to the employees at their respective banks at the <br /> time of opening on the date of payment. <br /> 3. Electronic Federal Tax Deposit System <br /> The financial institution will provide the ability for automatic withdrawal of payroll taxes by the <br /> Internal Revenue Service (IRS). <br /> 4. Online Banking <br /> The Financial institution will provide the City with access to Internet on-line banking, which, at a <br /> minimum, will include the following capabilities: <br /> • Secure, dual administration (separation of duties) for initiating and approving user <br /> access, permissions, wire transfers, ACH transfers,template setups, etc. <br /> 4 9 ■ Future dated wire transfers and ACH transfers <br /> - ,, _C10 <br />