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177"411- <br /> Banking Services Requirements <br /> Each proposer shall submit a comprehensive list of service prices by completing the service <br /> cost section of the RFP. This list will be considered all-inclusive. The prices shown on the list <br /> shall be incorporated into the agreement and will be effective for the duration of the Banking <br /> Services Contract. <br /> A. Main Operating Account <br /> 1. The City will require a normal demand deposit type account through which most <br /> deposits will be made, Treasurer's checks will be written, and ACH and wire transfer <br /> transactions will take place. <br /> U.S. Bank will provide normal Demand Deposit Account services to the City, through <br /> which most deposits will be made, Treasurer's checks will be written, and ACH and wire <br /> transfer transactions will take place. <br /> 2. The City will require two separate zero-balance checking accounts (ZBA) for processing <br /> accounts payable and payroll checks. These "zero balance" accounts should be <br /> cleared against the main operating account. The City of Everett currently issues <br /> approximately 450 accounts payable checks per week and 1,200 payroll checks/ACH <br /> deposits every two weeks. <br /> U.S. Bank will provide the City with two separate zero-balance checking accounts <br /> (ZBA) for processing accounts payable and payroll checks. These "zero balance" <br /> accounts will be cleared against the main operating account. <br /> 3. Deposits consist primarily of checks, with some image cash letter, currency, coin, credit <br /> card, ACH, and wire transactions. <br /> U.S. Bank is fully prepared to process these transactions as described by the City. <br /> 4. Disbursements from the main account will be mainly through transfers to ZBA accounts, <br /> wire transfers, ACH transfers, and, occasionally, Treasurer's checks. <br /> U.S. Bank understands this stipulation and acknowledges that disbursements from the <br /> main account will be mainly through transfers to ZBA accounts, wire transfers, ACH <br /> transfers, and, occasionally, Treasurer's checks. <br /> 5. The daily net usable balance of funds after allowing for uncollected funds shall receive <br /> interest overnight. <br /> U.S. Bank recommends that the under current market conditions that the City take full <br /> advantage of the exceptional Earnings Credit Rate offer on the Account Analysis to <br /> cover monthly banking charges on the account analysis and invest remaining funds in <br /> City of Everett Banking Service Requirements 113 <br /> Banking Services Proposal <br />