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

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J.P. Morgan levies no fees above those charged by the vendor. The cost of bags to the City is the same as that paid by J.P. Morgan branches and vaults. Monthly billing can be itemized by location on the City's statement and billed directly to an account or charged to a credit card. Fees include the cost of the bag and standard delivery via UPS Ground. Only sales taxes are additional, where applicable. Prices depend on the size of bag ordered. 4. Does the financial institution support Check 21 Act procedures for electronic check clearing? Describe the financial institutions service including what forms of security will be employed to address this medium. With the implementation of the Check Clearing for the 21st Century Act (Check 21), banks are sending electronic image files, not paper, to the Fed and J.P. Morgan. As of July 2014, more than 99% of the checks issued on J.P. Morgan accounts are processed as image exchange items. For checks processed as image exchange items, J.P. Morgan doesn't receive the original check. Therefore, those clients requesting their checks to be enclosed with their statements will see printed images of checks in place of the original checks. J.P. Morgan currently utilizes image exchange as a means of check clearing. The bank exchanges images through The Clearing House, Viewpointe, Endpointe Exchange, the Federal Reserve Bank and bilateral direct -send agreements with other financial institutions. J.P. Morgan is an owner /member of both The Clearing House and Viewpointe image exchange networks and uses those networks for image exchange services. J.P. Morgan is also a sponsoring member of Electronic Check Clearing House Organization (ECCHO), which supplies rules for image exchange. J.P. Morgan does not use third -party vendors for the delivery of Image Cash Letter. 1. Describe the Bank's check truncation services, including estimated savings if used. ACCESS Online provides online image history inquiry for seven years. This service includes an advanced upfront check search functionality that provides the City with the complete status of each check. The City can perform single and range -based searches by account number, check number and amount, sequence number, paid and issue dates and payee name. The results tell you whether the check is still outstanding, has an active or revoked stop, is canceled (voided), was returned or has paid. Additionally, batches of images can be requested in an offline request mode for more efficient origination of larger numbers of requests. ACCESS Online is more efficient than paper or even CD -ROMs, especially when retrieving information quickly. Check images are available the same day checks are presented. This browser -based solution enables the City to retrieve check images for all applicable accounts without waiting for a photocopy or CD -ROM to arrive. Page 40 JTMorgal