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Approach / Methodology A reconcilement statement can be prepared weekly, bi- weekly, or monthly to coincide with the City's bank statement. To allow for data capture in the Bank’s reconcilement system, the City will need to have a check serial number MICR encoded on all checks. Monthly, or on a predetermined schedule, a file of checks issued will be transmitted to the Bank. Check issue files must include check number, date of issue, amount, and account number. Once the Bank receives the issue files, the Bank will match the checks issued against the checks paid to produce an “outstanding check issue report.” Benefits of TD Full Reconcilement include: Consolidated statement of outstanding checks Significant time savings is realized in reconciling bank statements Processing schedules to meet your needs Simplifies internal reconcilement Special daily reports are available upon request Provides the option of paying for services by maintaining compensating balances or by direct charge through account analysis 3. Debit and credit advices are to be issued for deposit discrepancies within 24 hours of deposit. Should a discrepancy in any deposit occur, or any error caused by TD Bank, we will adjust the City's account accordingly. Adjustments will be reflected as a credit or debit memo on your bank statement. TD Bank must receive notification prior to the 25th of the month in order to make corrections for the next statement. The adjusting debit or credit memo will be mailed to the City the next business day. TD Bank will not charge the City for any adjustments. I. Overdraft If the total amount of checks and/or other payments exceeds the available balance of the Operating Account or any other non-linked City account, the Proposer agrees to pay all checks presented for payment. The Proposer will notify the Finance Director or City Manager immediately so that corrective action may be taken. Proposers must provide information regarding overdraft protection as well as any assessment of fees. Overdrafts are closely monitored by the Relationship Manager, Pamela Ramkalawan, who has the ability to authorize the payment of the related items and will ensure they are handled in a satisfactory manner. TD Bank recognizes that overdrafts do occur on occasion and we are willing to work with the City if such an event does occur. Your Relationship Manager or other bank representative will contact the City first thing in the morning during normal business days to determine how the overdrawn items will be funded. Proposed by: TD Bank, N.A.Page 30