2001-109 Council Resolution - Laserfiche WebLink

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III. PROPOSED TERMS FOR CHECKING SERVICE AGREEMENT 1. Checking account services shall be provided free of charge when the City maintains a compensating balance in the amount specified in the financial institution's proposal. In the event a daily balance is less than the required compensating balance, the City will increase the next day's balance above the required amount so that the average balance for the month equals the required compensating balance. An occasional overdraft balance will be allowed. A monthly service charge as outlined in the institution's proposal may be paid in lieu of maintaining a specified compensating balance amount. 2. The financial institution shall provide the following reports: a) Daily verbal report of the current balance in the checking account. b) By the third of each month, a monthly checking account statement with written confirmation for all transactions enclosed. c) Monthly account analysis report listing transactions processed and average balances. 3. The financial institution shall pledge collateral of a type and in the amounts as required by Minnesota State Law. 4. The financial institution shall provide the City free of charge checking account deposit slips. 5. The financial institution shall provide the City free of charge deposit endorsement stamps. 6. The financial institution shall provide the City free of charge two safe deposit boxes that measure 10" x 5" x 21", or with a volume equal to this. The safe deposit boxes shall be located at the financial institution's office in Lino Lakes. 7. The financial institution shall provide same day credit for all deposits received prior to 3 p.m. on weekdays (except holidays). 8. The financial institution shall provide free wire transfer services. Wire transfers shall be promptly processed and not delayed until wire transfers -in are confirmed. The financial institution shall send to the City written confirmation of all wire transfers within 24 hours. The City must be permitted to wire transfer funds into and out of any of its accounts via personal contact, telephone instruction or fax. The City will keep the bank informed, in writing, of the names of employees authorized to initiate wire transfers. The financial institution shall compensate the City for any loss or cost incurred as a result of wires not completed on time. 9. The financial institution shall return canceled checks sorted in numerical order.