Laserfiche WebLink
<br /> 9,1 <br /> RFP 95-009 <br /> 14. Deposit Services: The financial institution will process all <br /> depository items without next day holdover. <br /> 15. Funds Availability: The city will require the financial <br /> institution to make available the funds involved in the following <br /> schedule of transactions at the indicated times: <br /> a. Same Day Availability: Cash, incoming wires, ACT <br /> deposits, letters of credit, investment maturitiesl paid <br /> interest from investments; items drawn on the <br /> depository; items (in excess of $100,000.00) from local <br /> institutions that meet clearing house check exchanges. <br /> b. Federal Reserve availability: all other items. <br /> .' <br /> 16. Receipt Practices: The financial institution will provide the <br /> city with documented receipts according to the following schedule: <br /> a. Immediately: Daily deposits <br /> b. Same Day: Wire transfer confirmation, intrabank <br /> transfers (i f transacted before 3 :'00 p.m.), and <br /> Investment Purchase/Redemption. <br /> c. Two days after Security Receipt: Safekeeping receipts <br /> 17. Returns/Chargebacks: Financial institution will debit from <br /> the appropriate account and return to the City within twenty-four <br /> (24) hours. The financial institution will forward Municipal Court <br /> chargebacks to a collection agency (Data Check) with notification <br /> of the chargeback also being sent to the City. <br /> 18. Overdrafts: An overdraft is defined as a negative demand <br /> balance in the City's accounts collectively, not by individual <br /> account. The City does not intend to have a net overdraft position <br /> throughout the course of the contract. (See Section 12, <br /> Questionnaire, for insertion of overdraft stipulations). <br /> In the event a check(s) are presented for payment on any account(s) <br /> maintained by the City, where there is insufficient funds for the <br /> purpose of paying checks, the financial institution agrees to <br /> promptly notify the Assistant Director of Finance or the designated <br /> representative of the overdraft situation. <br /> 19. Lockboxes: The City will maintain lockbox capabilities for <br /> city customer bill payments in the financial institutions lobby. <br /> The lockbox will be a minimum of one (1) cubic foot. <br /> 15 <br />