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<br /> RFP 24-06-01 BANKING SERVICES 20 <br /> <br /> <br />4. Zero balance account – Accounts Payable <br /> <br />This account is used solely for all check payments to vendors. The funds are swept <br />into or out of this account to or from the Operating account. <br /> <br />5. Zero balance account – Payroll <br /> <br />This account is used solely to process payroll disbursements to employees. The <br />funds are swept into or out of this account to or from the Operating account. <br /> <br />The City reserves the right to open additional accounts during the contract period. Proposers <br />must indicate documents required to open a new account. <br /> <br />C. Availability of Funds <br /> <br />The Awarded Bank agrees to credit the City’s Operating Account for Incoming EFT’s the same <br />day regardless of the time of receipt during the day. <br /> <br />D. Deposit Processing and Remote Deposit Capture <br /> <br />1. The bank will provide the ability to deposit checks using remote deposit capture. A <br />check scanner and appropriate software will be provided to the City to digitally <br />capture the check images for deposit. The deposit will be balanced, and an electronic <br />deposit slip created. The file would then be transmitted to the bank through a secure <br />website for posting to the City’s operating account. Proposer shall describe its remote <br />deposit capture services to include related costs to the City. <br /> <br />2. The Proposer will specify the requirements for depositing checks and currency along <br />with its availability schedule for deposited items: cash, in-state checks, out-of-state <br />checks, foreign checks, etc. The bank will allow deposits with an attached breakdown <br />of individual checks rather than itemizing each check on the deposit slip. <br /> <br />E. Foreign Check Deposits <br /> <br />The City receives Canadian and other foreign checks for payment of building permits <br />and other services. Canadian and foreign checks will be deposited in U.S. dollars on <br />the day of deposit. A foreign exchange adjustment will not be permitted. <br /> <br />F. Cashing Petty Cash Checks <br /> <br />The bank will cash petty cash checks at no charge to the City or employee cashing the <br />check. The bank will require that the employee present a current City issued <br />identification card to cash petty cash checks. <br /> <br /> <br />