Depository Services

The Vendor is required to provide to invest in time deposits at the depository, but all investments including certificates of deposit are bid competitively at the time of purchase.
- You will be liable for monitoring and maintaining the collateral and the required margin at all times and will provide an original safekeeping notice and a monthly report of the collateral including at least the security description, paramount, cusip, and market value.
- Automated Cash Management Information
• Prior-day summary and detail balance reporting on all accounts
• Intraday detail and summary balances (on local main and payroll accounts)
• Initiation and monitoring of stop payments
• Positive pay exception transactions
• Initiation and monitoring of internal and wire transfers
• Image access
• Controlled disbursement presentment totals
- Deposit Services
• We expect all deposited checks to clear based on your current published availability schedule, but please note any options for expedited availability in your proposal. For all cleared deposits you receive by your established deadline, you must process them for same-day ledger credit. If you fail to credit our accounts in a timely fashion, you must pay interest to us at the then-current effective federal funds rate.
- Remote Deposit
• These deposits include both consumer and commercial checks.
• Give two comparable references with contact information.
- Describe the transmission alternatives for individual ACH transactions.
- All securities must be cleared on a delivery versus payment (DVP) basis.
- Ownership must be documented by original clearing confirmations, and safekeeping of receipts must be provided within one business day of the transaction.
- Funds for investments must be drawn from our designated demand deposit account.
- All principal and interest payments, coupon payments, and maturities must receive automated same-day collected credit on our designated account without requiring any additional action by us.
- If you use a correspondent bank for safekeeping our securities, the transactions must be handled through your systems and must not require additional interaction by us with the correspondent bank.
- No delay in transactions, wires, or flow of funds is acceptable under a correspondent relationship.