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8. Describe any charges for overdrafts and /or negative collected balances. <br />Explain how the charge is computed. <br />J.P. Morgan charges for the use of end of day (EOD) uncollected funds by <br />applying a daily variable overdraft (OD) rate to individual demand deposit <br />accounts (DDAs). Overdraft fees can be offset by an earnings credit allowance <br />and may be assessed on a per- occurrence basis. <br />The formula for Negative Collected Balance Fee is as follows: <br />(Negative Collected Balance x OD Rate) <br />36o days <br />The bank does not charge for intraday or "daylight' overdrafts. <br />9. What procedure is used to make any adjustments to Account Analysis <br />statements and how long does it take for adjustments to take effect? <br />Adjustments for prior periods are applied in the current billing cycle and details <br />are provided in separate sections of the account analysis statement. <br />The City should notify J.P. Morgan in writing of any errors or not receiving an <br />account analysis statement within 6o calendar days after the statement is mailed, <br />transmitted or made available online. <br />10. Detail what charges can be included on the account analysis statement. <br />Traditional banking services fees accumulated by the City can be offset using the <br />provided ECR through analysis. As mentioned in this response, the bank does not <br />have the ability to offset armored couriers fees through analysis, however we have <br />approved merchant services fees as detailed in Section T. 3b.. We are happy to <br />discuss this item in further detail with the City <br />11. Provide the following formulas. <br />a. Daylight Overdraft <br />The bank does not charge for intraday or "daylight' overdrafts. <br />b. Overnight Overdraft <br />J.P. Morgan charges for the use of end of day (EOD) uncollected funds by <br />applying a daily variable overdraft (OD) rate to individual Demand <br />Deposit Accounts (DDAs). A fee for overdrafts, which can be offset by an <br />earnings credit allowance, may be assessed on a per- occurrence basis. <br />The formula for negative collected balance fee is as follows: <br />(Negative Collected Balance x OD Rate) <br />36o days <br />Page 112 ,. T Morgan <br />