Res 2006-035 - Laserfiche WebLink

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information with the Depository's record of paid checks. The City can send electronic files of check issue information directly from your PC or mainframe via data transmission to the Depository I in a wide rage of protocols. The Depository's system will then generate reconcilement reports listing paid checks, outstanding checks, voids and stop payments. Partial Account Reconciliation - If the City prefers to reconcile its accounts using an in-house system, the Depository's partial account reconcilement service will make the City's operations faster and more efficient, while giving the City better control. The Depository will provide the City with paid check information that it can quickly apply to its reconcilement system with no re-keying. 10. Internal Funds Transfer and Wire Services The City will have access to Payments Direct - Payments Initiation, which is part of the Bank of America Direct suite of Web-based treasury management services. This service will allow the City to use the Internet to quickly and easily initiate domestic and international U.S. dollar wire transfers. The Depository recommends the establishment of telephone (manual) transfers as a back up to electronic transfers. City personnel authorized for wire transfers will be assigned a PIN (personal identification number) by the Depository, which must be given when initiating or confirming a wire transfer. As a standard practice, the Depository will confirm non-repetitive transfers, exceeding established limits, initiated by telephone with an authorized individual other than the initiator. The City will also have the ability to initiate transfers electronically between the City's accounts. I 11. Disbursement Imaees The Depository's Bank of America Direct delivers images to the City via the Internet. Payments Direct, a component of Bank of America Direct, provides online access to viewing paid items, credits, deposited items, returned items, and Positive Pay exception items. The City can retrieve images on a next day basis. The Depository archives all images. Most archived images are available to the City online via tape retrieval for an additional seven years. A 10-year archive option is available to the City for paid items and credits. The Depository will send out CDs following the end of the City's accounting cycle. The Depository offers the City expanded CD options to accommodate daily, weekly, bi-weekly, monthly, fiscal calendar, and quarterly, and cumulative weekly, monthly and quarterly cutoff schedules. 12. ACH Services Automated Clearing House (ACH) Origmation Services allow the CIty to make payments or collect funds electrOnIcally through the natIonal ACH network. The DeposItory will offer the CIty an Internet-based applicatIon, as well as mamframe-to-mamframe. The Depository supports various methods of file I delIvery including third-party service bureau delivery. Bank of America. Page 4