At minimum, H-GAC seeks the following services: Wire Transfer Services The bank must have the capability to accommodate incoming and outgoing electronic transfers. The bank should also provide H-GAC with a money transfer service that allows H-GAC to initiate online wire transfers and intra-book transfers among H-GAC’s various accounts. Automated Clearing House (ACH) The bank must have the capability to accommodate income and outgoing ACH transactions and provide online notification of ACH deposits within 24 hours. H-GAC uses direct deposit services for its biweekly payroll and to make payments to vendors. Availability of Funds The bank must guarantee immediate credit on all incoming wire transfers and U. S. Treasury checks upon receipt and all other checks based on the bank’s published availability schedule. Monthly Statements and Account Analysis The bank must provide on-line monthly account reconciliation reports, bank statements, account analysis statements, “prior day statement” and other report related features normally associated with government accounts. Collection and Deposit Services Standard commercial deposit services are required. H-GAC’s cash deposits happen on occasion. Remote Deposit Services including Check Truncation and Check Conversion Remote deposit capture online services enabling the electronic capturing of check images and data. Transmitting that information for deposit and clearing of these check items. Collateralization of Deposits A deposit of public funds shall be secured by eligible security in the manner required by Texas Government Code chapter 2257. Lockbox H-GAC currently utilizes one lockbox for our Cooperative Purchasing program cash receipts. Bank Liability The bank must assume liability when extraordinary events occur.
