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VII. <br /> <br />Compensation and Service Charges - The City, with few exceptions, is currently <br />receiving the foregoing services. Please provide a fee/service charge schedule on all <br />services descr/bed above, highlighting those fees which would be negotiable. In addition, <br />please provide a sample detailed monthly service charge for service provided to the City <br />using the following information [which is representative of a normal months activities]: <br /> <br />1. Daily deposits - 500 items [20 deposits with 25 items each] <br /> <br />2. Checks and drafts - 400 items [includes non-ACH payroll checks] <br /> <br />3. Wire transfers: outgoing - 4, incoming - 5 <br /> <br />4. Returned NSF check - 1 <br /> <br />5. ACH fees - 60 items [two payrolls with 30 items each] <br /> <br />Miscellaneous Informa0on <br /> <br />The City currently maintains a checking account that are "swept" daily into a money market <br />checking account. Deposits, made daily, are deposited into a money market checking account <br />where interest is compounded on a daily basis and the yield is not of all fees and charges. <br />Sweeps and wires in receive interest on the day they are credited. Currently, the only direct fee <br />that the City pays for banking services is the cost of deposit slips and checks [vendor other than <br />banking institution]. Currently tax settlements and all investment activities take place through <br />wires directly into the money market checking account. <br /> <br />The City currently invests its idle funds through several banks and brokerages with the Finance <br />Officer managing the portfolio. These investments include money market savings, certificates of <br />deposits, US government securities, 'and other investments authorized in the State Statutes and <br />the City of Ramsey Investment Policies. In many instances the City requires collateral on <br />deposits and investment in excess of the FDIC/FSLIC limits. Please provide information on how <br />your institution handles this need for additional collateral. <br /> <br />For clarification on any of the items in the Request for Proposal contact Diana Lurid, Finance <br />Officer, at 427-1410. <br /> <br /> <br />