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<br /> 9ç!l <br /> RFP 95-009 <br /> d. Check number, date cleared, and amount cleared for <br /> demand account. <br /> 4. Automatic Clearing House (ACH) Activity: The City utilizes ACH <br /> activity to provide City employees with direct deposit of payroll <br /> at the financial institution of their choice. The' City will <br /> transmit the direct deposit information to the financial <br /> institution using the Federal Reserve standard ACH format via a <br /> personal computer and a modem. The financial institution will have <br /> the ability to strip the ACH file of items directed to them and <br /> forward the balance of the electronic items to the Federal Reserve <br /> for transmission to other financial institutions. The direct <br /> deposit payroll file will normally be transmitted to the depository <br /> institution by 12:00 a.m., hi-weekly, on Wednesday for transmission <br /> and credit to the employees accounts on the next day, Thursday. <br /> The financial institution will immediately notify the City's <br /> Assistant Director of Finance or a designated representative of any <br /> rejected or returned ACT item generated by the City, verbally and <br /> by facsimile or fax. <br /> 5. Wire Transfers: The financial institution will have the <br /> availability to initiate and receive wire transfers through the <br /> Federal Reserve System. The financial institution will also have <br /> the ability to initiate as well as receive ACT transactions. The <br /> City will have the ability to communicate outgoing wires to the <br /> financial institution either through a personal computer and modeml <br /> written documentation, or verbally with fax documentation. The <br /> City will be notified within one (1) hour of a wire or ACT item <br /> received in an amount over ten thousand dollars ($10,000.00). The <br /> financial institution will noti~y the City of all failures of <br /> outgoing wire transfers within one (1) hour of transaction. <br /> 6. stop Payment: The City will occasionally need to place a stop <br /> payment on a check that has been issued. The City will have the <br /> ability to place a stop payment through a personal computer and <br /> modem setup, written documentation, or verbally with fax <br /> documentation. The stop payment will be in effect for a minimum <br /> of 180 days following submission to the financial institution. <br /> 7. Credit Card Merchant Services: The financial institution will <br /> provide major credit card merchant sales invoice processing <br /> services for all city locations accepting credit cards. The City <br /> will receive a competitive discount rate based on twenty-five (25) <br /> invoices per month that will be incorporated in the unit price on <br /> the cost proposal sheet. <br /> The financial institution will process credit card receipts <br /> 13 <br />