Res 2010-078 - Laserfiche WebLink

Home Browse Search

RFA 210 -006 R. OVERDRAFTS The City will make every effort to eliminate intra -day and inter -day overdrafts. The City requires intra -day overdraft protection for the occasional situation whereby timing differences occur. Provide the following information: 1. Describe any issues, concerns, and charges associated with the use of intra -day overdraft facility. There are currently no fees charged for intra -day activity. 2. Are all accounts aggregated for overdraft calculation purposes or do accounts stand - alone? Accounts stand alone. 3. Will the bank guarantee payment of all items even if it results in the account being overdrawn temporarily for the day? Yes, following discussion with designated City staff. 4. State the fee charged per overdraft occurrence. Ledger overdrafts are assessed an overdraft handling charge of $20 per item. 5. State the rate basis for intra -day and inter -day overdrafts. There is no fee currently for intra -day overdrafts (daylight overdrafts). Overnight overdrafts are subject to a use of uncollected funds charge assessed at Wells Fargo prime interest rate. Ledger overdrafts are assessed an overdraft handling charge of $20 per item. S. COMPANY BANKING Describe any program the applicant has in place to serve the employees of the City. Provide the following information: 1. Is availability only for employees using direct deposit or on City employment alone? Wells Fargo Membership Banking Program The City of San Marcos employees that receive a direct deposit would be eligible for our Wells Fargo Membership services, a comprehensive employee benefit banking program offered exclusively to organizations that are Wells Fargo customers. This program offers employees a valuable bundle of free and discounted banking accounts and services at no additional cost to The City of San Marcos. It also gives employees access to financial accounts and services designed to meet their individual goals — from