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<br /> RFP 24-06-01 BANKING SERVICES 22 <br /> <br />bank. <br /> <br />2. A cancellation of a stop payment order will be handled in the same manner. <br /> <br />3. Proposers will indicate to the City in their proposals the period in which a stop <br />payment order remains in effect. <br /> <br />4. Each Proposer will also indicate whether a cost-effective electronic online process is <br />available for stop payment orders. <br /> <br />K. Deposit Returned Items <br /> <br />All returned checks due to insufficient funds or other reasons will NOT be automatically re- <br />deposited a second time. Instead, these checks will be returned to the City’s Finance <br />Department. The bank will provide the ability to access online return checks for the Operating <br />account to include an image of the check returned. The bank will also provide the ability to <br />retrieve a history of returned items. <br /> <br />L. Wire Transfers <br /> <br />The bank will provide the City same day wire transfer service for outgoing transfers and accept <br />incoming transfers into the account for immediate credit. The City transfers money via wire <br />transfer using both repetitive and non-repetitive wires. Both repetitive and non-repetitive <br />wire transfers will be done utilizing an internet-based treasury management system. The <br />Proposer will provide its cut-off deadline for same day outgoing wire transfers. <br /> <br />M. ACH Files/Transfers <br /> <br />1. The bank will provide the City the ability to receive and send Automated Clearing <br />House (ACH) transfers / files utilizing an internet-based treasury management system. <br />The Proposer will provide the timeline for ACH transfers, including deadlines, timing <br />of receiving deposits and withdrawals from disbursement accounts using the ACH <br />system. <br /> <br />2. Payroll Direct Deposit - The City is on a bi-weekly payroll basis, covering an average <br />of 300 employees every other Friday. The net payroll amounts to approximately <br />$850,000 ($650,000 net payroll / $200,000 tax liability). Currently, all employees have <br />direct deposit; however, there may be an occasional check issued to an employee in <br />lieu of or in addition to a direct deposit. The Proposer will provide details of how their <br />bank administers a direct deposit payroll program, including, but not limited to: <br /> <br />a. Procedures for receiving electronic payroll, including transmission <br />deadlines for direct deposit ACH files and description of when funds are <br />debited from the City’s account. <br /> <br />b. Details on how to handle a void and reversal of an individual direct deposit <br />item.