TD BANK (3) - Laserfiche WebLink

Home Browse Search

Approach / Methodology M.ACH Files/Transfers 1. The bank will provide the City the ability to receive and send Automated Clearing House (ACH) transfers / files utilizing an internet-based treasury management system. The Proposer will provide the timeline for ACH transfers, including deadlines, timing of receiving deposits and withdrawals from disbursement accounts using the ACH system. TD Bank has the privilege of being the incumbent service provider for the City. This represents business as usual to the City without any disruption to your daily banking needs. Below is an overview of our ACH initiation service. TD Bank is one of 31 Direct Financial Institution members of the National Automated Clearing House Association (NACHA). TD Bank's Automated Clearing House (ACH) services allow the City to create and process the exchange of funds electronically on predetermined dates through the NACHA network. Unlike writing a check or sending a wire transfer, ACH services provide the ability to transfer funds electronically between TD Bank accounts and accounts at other financial institutions for the purpose of disbursing or collecting funds. Additional payment details, known as addenda records, may be included with the transaction data. The City may select between a variety of delivery channels including direct transmission, secure web, or through our online banking platform, TD eTreasury. TD Bank requires strict adherence to the NACHA Rules as well as US regulations. For direct file transmissions, TD Bank supports secure web and FTP transmissions with Pretty Good Privacy (PGP) encryption through our FTExpress file transmission system. An email confirmation is sent after receipt of the file, and includes the dollar values in the file and a confirmation that the file was in an acceptable format. The Bank cutoff time of ACH is 8:00 p.m. ET, and the offsetting ACH entries are settled on the night of the effective settlement date. 2. Payroll Direct Deposit - The City is on a bi-weekly payroll basis, covering an average of 300 employees every other Friday. The net payroll amounts to approximately $850,000 ($650,000 net payroll / $200,000 tax liability). Currently, all employees have direct deposit; however, there may be an occasional check issued to an employee in lieu of or in addition to a direct deposit. The Proposer will provide details of how their bank administers a direct deposit payroll program, including, but not limited to: a. Procedures for receiving electronic payroll, including transmission deadlines for direct deposit ACH files and description of when funds are debited from the City’s account. As long as electronic credit transactions are submitted a minimum of two days in advance, transactions will be available at the start of Proposed by: TD Bank, N.A.Page 33