Res 2006-010 - Laserfiche WebLink

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1. Public Funds Interest Cbeckine. Account The Public Fund Interest Checking Account is an interest bearing account designed as an operating account. This account is intended for public fund entities. , 2. Auto Investment - Sweep The Automated Investment Sweep account (AIS) is designed to help the City maximize income by providing a fully integrated link between commercial analyzed checking account balances and overnight investment products. The Depository will provide AIS service that includes an automatic method to invest daily excess collected balances in anyone of several investment options. The amount of the investment is based on the City's pre-determined target balance in its checking account(s). 3. Bank of America Direct - information reportine.. imae.e access. wire transfer. ACH. account transfer. Online Statements - DDA. ACH. Account reconciliation. Sweep. Account Analvsis and Non-customer check cashine. Bank of America Direct is the Depository's Web-based information reporting and transaction initiation system. Treasury Direct, a module in Bank of America Direct, offers timely and accurate reporting of current-day and previous-day account balances and activity, including ledger balance, collected balance, one day float amount, two day float amount, total credits, total debits, and detail debits and credits. By having the information available via the Internet, the City can control access at the account level and may share information with other divisions and departments. The City will have the capability to view standard reports, customize one-time I reports by dates and accounts, schedule previous- day reports needed each day, and export report data in a comma-delimited file for use in other applications. With Payments Direct, the City can streamline the payment process with the integration of multiple disbursement functions. By having ready access to images of the City's check activity, positive pay services will help the City manage exposure to check fraud. The City can track and verify item postings using Paid Item Inquiry and Image Access. The account reconcilement function facilitates online access to maintain the City's file of check issue data, to perform searches, and to sort and create reports of paid and outstanding data. Payments Direct ACH allows existing U.S. based ACH clients to originate direct deposit, corporate payments, Federal and State tax payments, and pre-authorized debits. Our Payment Initiation service provides the ability to initiate U.S. dollar domestic wire transfers, repetitive and non-repetitive same date and future dated wire transfers, and create customer maintained wire templates. With Receipts Direct, the City can view all incoming transactions including ACH and wires. 4. Depository services - Cash Vault. Bankine. center. item processine. The Depository will place the City's deposits in a distinctive, tamper-evident, disposable plastic bag with two compartments - one for checks and the deposit ticket, the other for cash. The City's location number, date, total deposit amount, total check amount and total cash amount will be put in designated areas on the bag itself. For each deposit made at a banking center, the Depository will provide a provisional receipt for the full amount of the deposit. The Depository r will verify deposits within 24-48 hours of the deposit date. The Depository will make Bank of America. Page 2