Laserfiche WebLink
PROPOSAL FOR BANKING SERVICE <br />Tab 4: Scope of Services <br />A. FDIC/FSLIC Insurance on deposits at limits prescribed by law. <br />BANK H''EWEST <br />Until the end of 2012, all funds in a non -interest bearing account will be fully FDIC insured. We <br />have the ability to fully collateralize any interest bearing account with balances greater than <br />$250,000 (so any amount above and beyond FDIC coverage) in accordance with state and <br />federal laws. <br />B. Pledged collateral to the City, in a form acceptable under State Statutes. <br />Bank of the West's pledged collateral is in accordance with Minnesota State Statues. <br />C. Daily "sweep" to money market checking, money market savings, electronic <br />funds transfer (ACH for payroll), and other accounts as necessary. <br />You will have the ability to make online transfers via WebDirect, our online treasury platform. <br />Those transfers can include, but not limited to account transfers, ACH, Wires, and Stop <br />Payments. If you are looking for an automatic sweep to an investment account such as a <br />Repurchase sweep, we offer this solution. Given the current economic times, many clients <br />chose to set up a Money Market Savings Account rather than a Repurchase Sweep. <br />D. Depository for federal withholding and FICA taxes. <br />If you wish to have a separate account for your federal withholdings and FICA taxes to be taken <br />from, we can accommodate this. <br />E. Wire transfer services <br />We can set you up with the ability to initiate wire transfers online through WebDirect. You can <br />set up necessary separation of duties and/or layers of approval through the site if you wish. <br />Should you move forward with Bank of the West, you will be provided training on WebDirect so <br />you are familiar with how to use the system. <br />15IPage <br />