Res 2006-035 - Laserfiche WebLink

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I I I adjustments as necessary by debit or credit to the City's account when the deposit is verified. Availability is assigned at the time the checks are encoded through Item Processing System. The checks are sorted by endpoint for clearing purposes. The Depository calculates float on an item- by-item basis, by endpoint and by time of day deposited, according to the Depository's published availability schedule. 5. Non Sufficient Funds The standard function for returned item processing is a chargeback. A charge is made to the deposit account, and an advice is mailed to the City by the Depository. Items returned unpaid by a drawee bank for either insufficient or uncollected funds upon first presentment will be automatically recleared by the Depository once. (A special instruction set-up is required.) The Depository will provide a notice of items which have been redeposited through online images or mail. NSF information and images are available online via Bank of America Direct. Images are available on the next business day after the item posts. 6. Electronic Check Conversion Electronic Check Conversion (ECS), offered through Bank of America Merchant Services, enables the City to convert paper checks to electronic items at the point of sale. With ECS, checks are immediately returned to the City's customers at the point of sale, and the City will no longer have to process and forward the checks to your bank or ATM. In addition, through Merchant Services Online, the City will have access to a comprehensive web-based reporting solution. Merchant Services Online provides on-demand query-based transactions as well as settlement and financial reconciliation reporting that can be viewed, printed from the browser, and downloaded or emailed in a variety of formats.. 7. Standard Disbursin2 Services The Depository will waive check cashing charges for the first year of the depository contract. At the conclusion of the first year, the Depository will review the volume of such service and discuss with the City the continuation of waiving the service. 8. Positive Pay Positive Pay is a check fraud prevention service. The City must transmit check issue information (e.g., check numbers, issue date and dollar amounts) to the Depository. The City may send these electronic files daily, weekly, or on any schedule which precedes the release of checks. 9. Account Reconciliation Bank of America offers the City both Full and Partial Account Reconciliation Full Account Reconciliation - With our full account reconciliation service, the Depository will match serial numbers and amount of each check for the City, which leaves City staff free to concentrate on the critical tasks of investigating and clearing any items that were not or could not be reconciled. The Depository's automated system compares the City's electronic files of check issue Bank of America. Page 3