Payroll Banking Services Requirements include: 1. Operational - the selected institution will be expected to: a. Establish one or more demand deposit accounts, b. Provide payee positive pay services, c. Provide online positive pay exception item review and correction, d. Provide online stop payment services, e. Provide electronic transmission file, CD or alternative electronic archival of cleared checks (images of front and back), f. Provide online access to cashed check images, g. Accept and send ACH transactions, h. Provide ACH debit blocking services, i. Receive the City’s payroll files via FTP transmission, j. Generate an e-mail confirmation to the City that includes control totals (number of transactions and dollar amounts) of the file and notes the file status, and k. Other basic banking needs and services as required. 2. Deposits – the selected institution must provide an earnings credit rate (ECR), overnight highquality government investment service (sweep) and/or interest-bearing account for excess cash balances in the parent ZBA Account. The bank must collateralize all collected balances, in excess of balances insured by the FDIC, as required by Section 19-201 of the Philadelphia City Code. 3. Reporting – the selected institution must: a. Provide online reporting services for balances and transaction information (daily reporting of ledger balance, available balance and summary and details of credits/debits posted), b. Allow over 50 employees with different levels of authorization to access the bank’s online reporting system, c. Provide full account reconcilement services for disbursements, d. Provide monthly activity statements and reports for all accounts by the 5th day of the following month, and e. Provide a detailed monthly account analysis statement...
