The vendor is required to provide that bank depository services
- Consolidated account structure with sweep mechanism:
• If a sec-registered money market fund is used for the sweep proposal, provide the full name and a copy of the prospectus.
• Interest earned on interest bearing accounts must not be charged as an expense on the account analysis.
• The new accounts and services must be charged at the same contracted amount or, if unanticipated, at not more than published rates.
- Deposit and collection services
• All cleared deposits you receive by your established you must process them for same-day ledger credit.
• To credit our accounts in a timely fashion will result in interest paid at the then-current effective federal funds rate
- Funds transfer and wire services
• Incoming wire transfers must receive immediate same-day collected credit
• Wire initiation must be available online. we require that wires be released the same business day if information is provided by the established deadline.
- Automated clearinghouse (ACH) services
• Ach transactions for payable and receivable transactions.
• A pre-notification (pre-note) on all new transactions
- Safekeeping services
• Provide book-entry safekeeping services for all securities we own.
• All our investments and transmit instructions for clearing and safekeeping to you in writing electronically.
• All securities must be cleared on a delivery versus payment (DVP) basis
• 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
• A correspondent bank for safekeeping, the transactions must be handled through your systems and must not require additional interaction by us with the correspondent bank
- Collateral requirements:
• Obligations of the us government, its agencies and instrumentalities including mortgage-backed securities and CMOs passing the bank test,
• municipal, state and local, obligations states a or better by two nationally recognized rating agencies.
• FHLB letters of credit
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: February 21, 2025