J.P. MORGAN CHASE BANK-2016 - Laserfiche WebLink

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Earnings credit on the Hybrid Demand Deposit account balances up to the designated peg balance is calculated as follows: (Average Daily Positive Collected Balance X Earnings Credit Rate X Actual Number of Days in Month) Actual Number of Days in Year Interest on DDA balances in excess of the peg accrues daily based upon the calculation shown below and is paid on the last business day of each month: (Daily Collected Balance in Excess of Pee X Interest Rate) 365 Days D. Deposit Activity. The City currently utilizes a variety of methods to process daily deposits. Most all of the City's deposited funds are brought to City Hall and an armored car service is used for currency and coin deposits five days a week (Monday- Friday) with the exception of alternate Fridays when City Hall is closed. The City's parking meter coin deposits are counted, separated, and bagged by coin denomination. The City currently scans and electronically transmits most checks for deposit. The City also has third parties who make deposits on behalf of the City for collection of parking citations and paramedic billing. The armored car service is paid by the City on a monthly basis. The City would prefer this service be charged through Account Analysis. Total monthly deposits consist of approximately $14,000,000 in checks and $900,000 in currency and $105,000 in coin. The City requires the ability to use a local branch to make occasional deposits, get change, allow employees to cash payroll checks, and offer banking services to City employees, and for other miscellaneous activities. The City may continue to use Santa Ana Main or any of the other Santa Ana full - service banking centers for occasional banking services. 1. Provide the location of the branch closest to Santa Ana City Hall (20 Civic Center Plaza, Santa Ana, CA 92901) that can be used for large dollar deposits that missed the courier, emergency cash withdrawals, supplies, etc. J.P. Morgan offers a variety of check and cash deposit methods. For deposits of less than $to,000 in cash per day, the City will be able to make deposits at our local branches. J.P. Morgan offers four branches within the City of Santa Ana. For deposits over $to,000 in cash, the City will deposit through the Vault as is your current process today. Our four commercially enabled branches near the City's locations, along with hours of operation, are listed in the table below. The deposit cutoff time is the branch closing time Monday through Friday, 6: on p.m. local time for branches in the City's area. Page 36 J P Morgc%n