Specifications include, but are not limited to: Deposit Accounts a. The County desires to maintain a deposit account (general operating account) to which all items will be deposited and from which transfers to other accounts or investments will be made. Examples of transactions would be remittances to the Treasurer of Virginia (via check) for State Account; receiving and making wire and ACH transfers; daily sweep payments to Vendors; Payroll accounts for checks paid; receiving daily sweeps from Third Party Depository and Merchant Services Accounts. The responding bank should indicate its normal clearing cycles for deposited items. Special consideration, which shall be given to pre-encoded checks for deposit, (including any special requirements and privileges such as later deposit times or special requirements to deliver to an operations center) etc. The County will also consider an interest-bearing account (interest paid on a daily basis) to satisfy this requirement with the indication of current rates. b. The County also maintains +-10 small secondary accounts that are utilized by other county departments. These accounts will need to be attached to our general operating account for the internal transfer of funds in and out. Account Reconciliation Services a. Each of the checking type accounts shall be fully reconciled and an account analysis provided to the Treasurer. Paid checks are to be sorted into serial number sequence, listed, and balanced to the bank statement. Any outstanding check shall be identified on the reconciliation by check number. Unpaid and consolidated reconciliation reports will be provided to the County. The responding bank should also indicate its normal turnaround time in business days after the statement cutoff and receipt of the customer's file transfers...
