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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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C. If a payment has been made by the City in a timely manner but <br />delayed in the Bank's system, will you absorb any penalties and <br />interest charged by the taxing authority? Describe your support <br />services and response time for notifying the City of any problems the <br />transmission files. <br />J.P. Morgan will compensate the City for the full amount of any penalty or <br />interest expense resulting from any bank error, subject to our Account <br />Terms and Conditions and the applicable Product Service Agreements. <br />d. What are the transmission deadlines for tax payments? When <br />specifically are fund funds debited from the City's account? <br />Below are the transmission deadlines. <br />Funding for ACH credits is required by 1: oo p.m. PT on the date of settlement, <br />which is the Federal Reserve deadline for receipt of domestic wires. In its <br />discretion, J.P. Morgan may require a customer to prefund the amount of ACH <br />credit entries on the transmission date, or otherwise, prior to the settlement date. <br />L. Information Reporting Services, <br />Bank must provide on -line monthly account reconciliation reports, statements, <br />account analysis statements, confirmation tickets and other report related features <br />normally associated with municipal government accounts. The Bank must also be <br />willing to customize such reports where feasible to accommodate the City's <br />preferences. <br />J.P. Morgan will continue to provide on -line access to account reconciliation reports, <br />statements, account analysis statements, confirmation tickets and other report related <br />features normally associated with municipal government accounts. <br />J.P. Morgan will continue to accommodate the City's needs for customized reporting <br />when necessary. <br />Available partial and full reconciliation reports are listed below <br />Please see Appendix 5 for sample ARP reports. <br />
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