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lr <br /> ■ The financial institution will provide daily detailed report on all transactions. <br /> The City will have the ability to obtain this information from the Wire Activity report <br /> (full detail on all wire transfers initiated through SinglePoint) and the Wire Detail <br /> Report (full detail on all incoming and outgoing wire transfers initiated through all <br /> channels). <br /> 2. ACH Direct Deposit <br /> The City pays a large portion of its employees via a direct deposit payroll program. This <br /> data will be transmitted to the financial institution via the Internet. The City pays its <br /> employees bi-weekly (every other Friday). The funds must be available to the <br /> employees at their respective banks at the time of opening on the date of payment. <br /> U.S. Bank has offered ACH services since the 1970s. Over 30,000 customers currently <br /> originate ACH files through U.S. Bank, with over 36 million transactions processed per <br /> month. As one of the ten largest originators of ACH transactions in the United States, <br /> U.S. Bank is able to offer the County, District and Cities a variety of ACH services that <br /> allow you to decrease or eliminate paper checks by using electronic payments. <br /> ustomer Input Method Cut-Off Time <br /> Day Cycle Night Cycle Same Day <br /> Transfer <br /> SinglePoint ACH 7:00 p.m. PT 7:00 p.m. PT 7:00 p.m. PT <br /> (Domestic) (Domestic) (Domestic) <br /> 4:00 p.m. PT 4:00 p.m. PT <br /> (International w/ FX) (International w/ FX) <br /> FTP Transmission 8:30 p.m. PT 8:30 p.m. PT 8:30 p.m. PT <br /> PC-CPU (Asynchronous) 8:30 p.m. PT 8:30 p.m. PT 8:30 p.m. PT <br /> Touch-Tone Phone n/a n/a n/a <br /> Terminal (Direct 8:30 p.m. PT 8:30 p.m. PT 8:30 p.m. PT <br /> Transmission) <br /> ACH Adjustment 5:00 p.m. PT 5:00 p.m. PT n/a <br /> Requests <br /> ACH Positive Pay 5:00 p.m. PT 5:00 p.m. PT n/a <br /> Exception Decisions <br /> SinglePoint ACH enables ACH transactions to be generated online through a Web <br /> browser. SinglePoint is a full-service ACH application that will allow the City's authorized <br /> users to create, store, and originate ACH transactions. SinglePoint's ACH application will <br /> allow individual or groups of ACH transactions to be generated easily and efficiently. <br /> SinglePoint users have the capability to create, manage, and even share ACH templates <br /> with other authorized users. By using ACH templates, users are able to initiate ACH <br /> transactions in an efficient manner. <br /> City of Everett Banking Service Requirements 119 <br /> Banking Services Proposal <br />