4.1.1 The banking institution must be a member of the Federal Reserve System and have direct wire capabilities. 4.1.2 The banking institution must be a member of an automated clearinghouse association and in compliance with all rules and regulations set by the National Automated Clearing House Association (NACHA), local ACH associations, and ACH operators. 4.1.3 Transfers may be in the form of repetitive, non-repetitive, internal, ACH or EFT. 4.1.4 The County shall have the ability to initiate all types and amounts of wire transfers electronically. 4.1.5 Confirmations of all incoming and outgoing wires will be made available daily by the bank. Describe security measures for wire initiation and approval. 4.1.6 Outgoing wire transfers ordered by noon local time shall be received by the destination party by 2:00 PM local time. 4.2 Collateralization 4.2.1 The successful banking institution will enter into a written collateral agreement requiring the institution to pledge collateral to secure all County funds over and above amounts guaranteed by the Federal Deposit Insurance Corporation in accordance with OCGA §45-8-11 through §45-8-15 and §50-17-59. 4.2.2 All securities serving as collateral shall be specifically pledged to the County and placed in a custodial account at a Federal Reserve Bank. Deposits are to be collateralized at no less than one-hundred-ten percent (110%) of depository balances. 4.2.3 The custodian may not be owned or controlled by the depository institution or its holding company unless it is a separately operated trust institution. 4.2.4 The custodian shall send monthly statements of pledged collateral to the Chief Financial Officer or authorized agent. Failure to provide adequate collateralization may result in contract termination.
