Banking Services

The vendor required to provide banking services, to include all banking needs of the district.
- Bank account structure and interaction
1. General fund and operating account 
•    This account will provide for the control of deposits, the funding of all ZBA controlled disbursement accounts, and the investment of funds not needed for daily operations. 
•    Deposits from all sources, except those requiring legal separation, will be made to this account. 
2. Payroll clearing account (ZBA or controlled disbursement) 
•    This account will provide for the control and disbursement of funds for the school district's two semi-monthly payrolls as well as for any exception payrolls. 
3. Accounts payable clearing account (ZBA or controlled disbursement) 
•    This account will provide for the control and disbursement of funds for the school district's bill paying function. 
4. SPLOST construction account 
•    This account will provide for the control and disbursement of funds for the school district's bill paying function for the projects included in the district's bonds and SPLOST programs. 
5. Debt service account
•    This account may be required and will provide for the control of deposits, the investment of idle cash, and the payment of interest and principal, with respect to funds designated for the retirement of bonded debt. 
•    Most payments from this account are made via wire transfer. 
6. Flexible spending account (ZBA or controlled disbursement) 
•    This account will provide for the control and disbursement of funds for the school district's flexible spending function of its benefits package. 
7. School activity accounts 
•    This account receives funds from each of the district’s 37 schools and various departments. 
•    A unique location code must appear on each of the individual school’s or department’s deposit tickets to identify the location making the deposit. 
8. School nutrition accounts 
•    This account receives funding from the state and cash and checks from individuals. 
•    A unique location code must appear on each of the individual school’s deposit tickets to identify the location making the deposit. 
9. Contingency fund 
•    This account receives funding to be utilized at the superintendent discretion. 
10. Workers’ compensation fund (ZBA or controlled disbursement) 
•    This account is used for worker’s compensation claims.
- Banking services required by the school district
1. Daily transfer of collected balances 
•    Each day the bank will be required to transfer collected balances in the appropriate amounts from the operating account to all ZBA controlled disbursement accounts. 
•    The bank will notify district, via on-line, of all controlled disbursement presentments prior to 10:30 a.m. each day. 
2. Interest earnings accounts and investments activities 
•    The bank is requested to pay a "market investment rate" on all accounts, except the controlled disbursement accounts. 
3. On-line banking system
•    Current day balances
•    Previous day balances
•    Previous day and intra-day transactions
•    Notice of returned items
•    Controlled disbursement presentments
•    Initiation of money transfers
•    Initiation of stop payments
•    Inquiry on check cleared status
•    View and print copies of cashed check without the intervention of the bank
•    View and print copies of deposits, including backup, without
•    Intervention of the bank
•    Approve payment of checks (positive pay) with images
•    Display ach files for accuracy
•    Toll free access
•    Initiation of wires
•    Remote electronic deposit of checks (red)
•    Change passwords
•    Add or remove users
•    On-line statement and reporting capability
4. Other depository services 
•    The bank will be required to provide other normal depository services as listed on the proposal form. 
•    These include the processing of wire transfers, stop payments, returned items, and all debit and credit items, including ach items. 
5. Monthly record of paid items 
•    The bank will provide via an electronic file or secure website no later than the tenth of each month, the previous month's paid items on each controlled disbursement account and the operating account. 
•    The record provided will be in a format acceptable to district and at a minimum must include serial numbers of all disbursements and deposits, indication of type of item, date of occurrence per item and individual amounts. 
6. Cancelled checks 
•    The bank will provide cancelled check information on an electronic file and a secured website which will, at a minimum, allow district to retrieve, display, and print the front and back of cancelled checks. 
•    This should also allow the checks to be searched by check number, paid date, amount or any combination thereof. 
7. Deposit reconciliation 
•    The bank will provide means to assign each depositing entity (district location) a unique number that increases for each deposit slip, which appears in the serial number field of the deposit slip. 
•    Using this numbering system, the bank will provide data sufficient to track and sub-total deposit data by location. 
•    The serial number shall also appear on the bank statement. 
8. Monthly statements and reports 
•    Monthly statements on all accounts, including copies of all debit and credit memoranda will be provided by the bank no later than the tenth of the following month. 
•    Statements will include transactions through the last business day of the month. 
9. Investment safekeeping 
•    The bank will provide safekeeping services for securities purchased by district. 
10. Payroll and accounts payable direct deposit 
•    The bank will be required to process ach direct deposit using files transmitted via a secure web site. 
•    The bank will be required to enter into an agreement with district that specifies the steps and timing involved in this process. 
•    The district currently employs approximately 3,550 individuals. 
•    All are paid semi-monthly. 
•    The current ach transmission on the 15th contains approximately 3,450 pay records and approximately 100 paper checks. 
•    The ach transmission on the last business day of the month contains approximately 3,500 pay records and approximately 100 paper checks. 
•    The district's commitment is that our employees are able to access their funds by 9:00 a.m. On paydays.