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J.P. MORGAN CHASE BANK-2016
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J.P. MORGAN CHASE BANK-2016
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Last modified
3/31/2017 12:58:30 PM
Creation date
1/10/2017 3:43:03 PM
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Contracts
Company Name
JP MORGAN CHASE BANK
Contract #
A-2016-366
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
12/6/2016
Expiration Date
12/31/2019
Insurance Exp Date
6/1/2017
Destruction Year
0
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ACH reconcilement services facilitates automatic reconcilement of U.S. <br />domestic ACH payments initiated through various J.P. Morgan channels <br />against corresponding transactions posted to client DDAs. Replacing <br />single, generic offsets, this solution delivers BAI2- formatted information <br />about originated batches or items directly to treasury software systems. <br />This information is also available on ACCESS Online. <br />d. Detail all costs associated with ACH for vendor payment program. <br />ACH vendor payments will be billed on a per transaction basis for ACH <br />Credits originated out of ACCESS Online. Please see Attachment 6A & 613 <br />for pricing details. <br />e. Describe costs for low vs. high volume. <br />There will be no difference for low vs. high volume transactions, ACH <br />payments will be billed on a per transaction basis for ACH Credit or <br />Debits originated out of ACCESS Online. Please see Attachment 6A & 613 <br />for pricing details. <br />f. Distinguish what constitutes low vs. high volume, if applicable. <br />There will be no difference for low volume vs. high volume for the City. <br />2. Direct Deposit of Payroll - The City currently offers direct deposit of payroll. <br />The City has approximately 1,130 full-time employees and fluctuating part - <br />time staff of up to 670. Payroll occurs on the sth and the 20th of every <br />month. <br />a. Please describe the Bank's Direct Deposit service in detail. <br />As is currently done today, one or two days in advance of the designated <br />payday, the City will send the bank a file containing the total amount to be <br />paid electronically to your employees' designated accounts. The offsetting <br />amount will be charged to your designated account at J.P. Morgan on the <br />day of settlement (payday). <br />The City can supply prearranged payment and deposit (PPD) files for -next <br />day credits. However, for your employees to receive funds as available <br />balances for ATM withdrawals on payday, you must deliver the file to <br />J.P. Morgan by 7:00 p.m. PT two business days prior to the settlement <br />date. The file can then be processed in the earliest ACH processing cycle <br />so that the receiving depository financial institutions can post the credits <br />to the employees' accounts by open of business on payday. <br />Page 68 JYMorgan <br />
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