Delegated Duties. 4.1 With respect to the beneficial ownership of, and transactions in, shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued) (a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities. (b) Submit special payee checks through the OFAC database. (c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance. (d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent. (e) Review accounts with small balances followed by large purchases. (f) Review accounts with frequent activity within a specified date range followed by a large redemption. (g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day. (h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match. (i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder notices required by the IRS. (j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR. (k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314 (a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames. (l) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency. 4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity report, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Law. SCHEDULE 2.2(g) CHECKWRITING SERVICES SUPPORT (i) Upon receipt of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering system, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping; (ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of checks presented against a Shareholder's account, transmitting the aggregate settlement amount for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day; (iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB; (iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB; (v) Provide information to UMB, on each business day, as to the current collected balance in specified Shareholder accounts; (vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable: (A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's records, maintained on Transfer Agent's recordkeeping systems, for open Shareholder accounts matching the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report of such item to UMB, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR data, and the shareholder utilized a third party vendor or software platform, inform the Shareholder of the problem and advise the Shareholder to destroy remaining check stock, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock. (B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicable, or the Shareholder if no financial intermediary is involved, and verify whether the potentially duplicative check is legitimate and (x) if verified to be legitimate by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further review. (vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable: (A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"): (1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable); (2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions"); (3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day; (4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems; (5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange); (6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and (7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction. (B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT (A) Debit Card Services. (i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB; (ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business; (iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB; (iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts. (B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 2 contracts
Samples: Transfer Agency and Service Agreement (Federated Total Return Government Bond Fund), Transfer Agency and Service Agreement (Federated Stock Trust)
Delegated Duties. 4.1 With respect to the beneficial ownership of, and transactions in, shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued):
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("“OFAC"”) database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("“TIN"”) within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match.
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("“SAR"”) should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(l) Verify (i) verify the identity of any person seeking to open an account with the Fund, (ii) Maintain maintain records of the information used to verify the person's ’s identity and (iii) Determine determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. SCHEDULE 2.2(gBy: By: Name: Name: Title: Title:
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a “Business Day”), the TPA(s) CHECKWRITING SERVICES SUPPORT
shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to each Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMB's UNITEPlus system requests by the Plan for daily settlement with UMB the redemption of checks presented against Shares; in each case based on the Plan’s receipt of purchase orders and redemption requests by Participants in proper form by the time required by the terms of the Plan, but not later than the time of day at which the net asset value of a Shareholder's accountFund is calculated, transmitting as described from time to time in that Fund’s prospectus. Each Business Day on which the TPA receives Instructions shall be a “Trade Date”.
2. The TPA(s) shall communicate the TPA(s)’s acceptance of such Instructions, to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Transfer Agent of the net amount of such purchases or redemptions, as the case may be, for each of the Plans. In the case of net purchases by any Plan, the TPA(s) shall instruct the Trustees of such Plan to transmit the aggregate settlement amount purchase price for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected Shares by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business day, as wire transfer to the current collected balance in specified Shareholder accounts;
Transfer Agent on (viTD+1). In the case of net redemptions by any Plan, the TPA(s) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of shall instruct the Fund's records, maintained on Transfer Agent's recordkeeping systems, ’s custodian to transmit the aggregate redemption proceeds for open Shareholder accounts matching Shares by wire transfer to the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report Trustees of such item to UMBPlan on (TD+1). The times at which such notification and transmission shall occur on (TD+1) shall be as mutually agreed upon by each Fund, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 2 contracts
Samples: Transfer Agency and Service Agreement (787 Fund, Inc.), Transfer Agency and Service Agreement (Axa Enterprise Funds Trust)
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued)Schedule 1.2(f) - 1
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds Fund to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the DST Known Offenders database and notify the Fund of any match.;
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(li) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. Schedule 1.2(f) - 2 EACH OF THE ENTITIES, INDIVIDUALLY BOSTON FINANCIAL DATA SERVICES, INC. AND NOT JOINTLY, AS LISTED ON SCHEDULE 2.2(gA By: _______________________________ By: ______________________________________ Name: _____________________________ Name: ____________________________________ Title: ____________________________ Title: ___________________________________ As an Authorized Officer on behalf of each of the Funds indicated on Schedule A Schedule 1.2(f) CHECKWRITING SERVICES SUPPORT- 3 SCHEDULE 2.1 THIRD PARTY ADMINISTRATOR(S) PROCEDURES Dated ___________
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a "Business Day"), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to the Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMBrequests by the Plan for the redemption of Shares; in each case based on the Plan's UNITEPlus system for daily settlement with UMB receipt of checks presented against a Shareholder's accountpurchase orders and redemption requests by Participants in proper form by the time required by the term of the Plan, transmitting but not later than the aggregate settlement amount for all check presentments on each business time of day on at which UMB the net asset value of the Fund is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business daycalculated, as described from time to the current collected balance time in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's recordsprospectus. Each Business Day on which the TPA receives Instructions shall be a "Trade Date".
2. The TPA(s) shall communicate the TPA(s)'s acceptance of such Instructions, maintained to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Transfer Agent's recordkeeping systemsAgent of the net amount of such purchases or redemptions, as the case may be, for open Shareholder accounts matching each of the available identifying Shareholder information on such check and (xPlans. In the case of net purchases by any Plan, the TPA(s) if no corresponding Shareholder account can be located, generate and send a report shall instruct the Trustees of such item Plan to UMB, (y) if a corresponding Shareholder account can be located and transmit the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check aggregate purchase price for Shares by wire transfer to the ShareholderTransfer Agent on (TD+1). In the case of net redemptions by any Plan, the TPA(s) shall instruct the Fund's custodian to transmit the aggregate redemption proceeds for Shares by wire transfer to the Trustees of such Plan on (2TD+1). The times at which such notification and transmission shall occur on (TD+1) review each item to determine shall be as mutually agreed upon by the cause of Fund, the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Clipper Fund Inc)
Delegated Duties. 4.1 With Consistent with the services provided by the Sub-Transfer Agent and with respect to the beneficial ownership of, and transactions in, shares in the Fund for which the Sub-Transfer Agent maintains the applicable shareholder information, the Sub-Transfer Agent shall: AML DELEGATION (continued):
(a) Submit all new account financial and registration maintenance non-financial transactions through the Office of Foreign Assets Control ("“OFAC"”) database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.; SCHEDULE 1.2(f) AML DELEGATION (continued)
(b) Submit Review special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Sub-Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("“TIN"”) within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match.
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(ji) Determine when a suspicious activity report ("“SAR"”) should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund Transfer Agent with a copy of the SAR within a reasonable time after filing; notify the Fund Transfer Agent if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(kj) Compare account information to any FinCEN request received by the Fund Transfer Agent and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund Transfer Agent with documentsdocumentation/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(lk) Verify In accordance with procedures agreed upon by the parties (which may be amended from time to time by mutual agreement of the parties) (i) verify the identity of any person seeking to open an account with the a Fund, (ii) Maintain records of the information used to verify the person's ’s identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund Transfer Agent by any government agency.. SCHEDULE 1.2(f) AML DELEGATION (continued)
4.2 In the event that the Sub-Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Sub-Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Sub-Transfer Agent shall also immediately notify the FundTransfer Agent, unless prohibited by Applicable Lawapplicable law. PHOENIX EQUITY PLANNING CORPORATION BOSTON FINANCIAL DATA SERVICES, INC. By: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxx X. Xxxxxxx Name: Xxxxx Xxxxxxxx Xxxx Xxxxxxx, Divisional Vice President Title: AVP, Mutual Fund Services SCHEDULE 2.2(g2.1 THIRD PARTY ADMINISTRATOR(S) CHECKWRITING SERVICES SUPPORTPROCEDURES Dated: January 1, 2005
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a “Business Day”), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to each Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMB's UNITEPlus system requests by the Plan for daily settlement with UMB the redemption of checks presented against Shares; in each case based on the Plan’s receipt of purchase orders and redemption requests by Participants in proper form by the time required by the terms of the Plan, but not later than the time of day at which the net asset value of a Shareholder's accountFund is calculated, transmitting as described from time to time in that Fund’s prospectus. Each Business Day on which the TPA receives Instructions shall be a “Trade Date”.
2. The TPA(s) shall communicate the TPA(s)’s acceptance of such Instructions, to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Sub-Transfer Agent of the net amount of such purchases or redemptions, as the case may be, for each of the Plans. In the case of net purchases by any Plan, the TPA(s) shall instruct the Trustees of such Plan to transmit the aggregate settlement amount purchase price for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected Shares by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business day, as wire transfer to the current collected balance in specified Shareholder accounts;
Sub-Transfer Agent on (viTD+1). In the case of net redemptions by any Plan, the TPA(s) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of shall instruct the Fund's records, maintained on Transfer Agent's recordkeeping systems, ’s custodian to transmit the aggregate redemption proceeds for open Shareholder accounts matching Shares by wire transfer to the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report Trustees of such item to UMBPlan on (TD+1). The times at which such notification and transmission shall occur on (TD+1) shall be as mutually agreed upon by each Fund, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformSub-Transfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Sub-Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued)Schedule 1.2(f) - 1
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds Fund to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the DST Known Offenders database and notify the Fund of any match.;
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(li) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. Schedule 1.2(f) - 2 EACH OF THE ENTITIES, INDIVIDUALLY BOSTON FINANCIAL DATA SERVICES, AND NOT JOINTLY, AS LISTED ON INC. SCHEDULE 2.2(gA By: _______________________________ By: ____________________________________ Name: _____________________________ Name: __________________________________ Title: ____________________________ Title: _________________________________ As an Authorized Officer on behalf of each of the Funds indicated on Schedule A Schedule 1.2(f) CHECKWRITING SERVICES SUPPORT- 3 SCHEDULE 2.1 THIRD PARTY ADMINISTRATOR(S) PROCEDURES Dated _____________
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a "Business Day"), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to the Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMBrequests by the Plan for the redemption of Shares; in each case based on the Plan's UNITEPlus system for daily settlement with UMB receipt of checks presented against a Shareholder's accountpurchase orders and redemption requests by Participants in proper form by the time required by the term of the Plan, transmitting but not later than the aggregate settlement amount for all check presentments on each business time of day on at which UMB the net asset value of the Fund is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business daycalculated, as described from time to the current collected balance time in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's recordsprospectus. Each Business Day on which the TPA receives Instructions shall be a "Trade Date".
2. The TPA(s) shall communicate the TPA(s)'s acceptance of such Instructions, maintained to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Transfer Agent's recordkeeping systemsAgent of the net amount of such purchases or redemptions, as the case may be, for open Shareholder accounts matching each of the available identifying Shareholder information on such check and (xPlans. In the case of net purchases by any Plan, the TPA(s) if no corresponding Shareholder account can be located, generate and send a report shall instruct the Trustees of such item Plan to UMB, (y) if a corresponding Shareholder account can be located and transmit the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check aggregate purchase price for Shares by wire transfer to the ShareholderTransfer Agent on (TD+1). In the case of net redemptions by any Plan, the TPA(s) shall instruct the Fund's custodian to transmit the aggregate redemption proceeds for Shares by wire transfer to the Trustees of such Plan on (2TD+1). The times at which such notification and transmission shall occur on (TD+1) review each item to determine shall be as mutually agreed upon by the cause of Fund, the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Clipper Fund Inc)
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued)Schedule 1.2(f)-1
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds Fund to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the DST Known Offenders database and notify the Fund of any match.;
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(li) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. Schedule 1.2(f)-2 EACH OF THE ENTITIES, INDIVIDUALLY AND NOT JOINTLY, AS LISTED ON BOSTON FINANCIAL DATA SERVICES, SCHEDULE 2.2(gA INC. By: By: --------------------------------- ------------------------------------ Name: Name: ------------------------------- ---------------------------------- Title: Title: ------------------------------ --------------------------------- As an Authorized Officer on behalf of each of the Funds indicated on Schedule A Schedule 1.2(f)-3 SCHEDULE 2.1 THIRD PARTY ADMINISTRATOR(S) CHECKWRITING SERVICES SUPPORTPROCEDURES Dated ____________
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a "Business Day"), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to the Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMBrequests by the Plan for the redemption of Shares; in each case based on the Plan's UNITEPlus system for daily settlement with UMB receipt of checks presented against a Shareholder's accountpurchase orders and redemption requests by Participants in proper form by the time required by the term of the Plan, transmitting but not later than the aggregate settlement amount for all check presentments on each business time of day on at which UMB the net asset value of the Fund is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business daycalculated, as described from time to the current collected balance time in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's recordsprospectus. Each Business Day on which the TPA receives Instructions shall be a "Trade Date".
2. The TPA(s) shall communicate the TPA(s)'s acceptance of such Instructions, maintained to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Transfer Agent's recordkeeping systemsAgent of the net amount of such purchases or redemptions, as the case may be, for open Shareholder accounts matching each of the available identifying Shareholder information on such check and (xPlans. In the case of net purchases by any Plan, the TPA(s) if no corresponding Shareholder account can be located, generate and send a report shall instruct the Trustees of such item Plan to UMB, (y) if a corresponding Shareholder account can be located and transmit the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check aggregate purchase price for Shares by wire transfer to the ShareholderTransfer Agent on (TD+1). In the case of net redemptions by any Plan, the TPA(s) shall instruct the Fund's custodian to transmit the aggregate redemption proceeds for Shares by wire transfer to the Trustees of such Plan on (2TD+1). The times at which such notification and transmission shall occur on (TD+1) review each item to determine shall be as mutually agreed upon by the cause of Fund, the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Davis Variable Account Fund Inc)
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued):
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.; Schedule 1.2(f) - 1
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those already on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds Fund to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match.
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-twelve- month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; funds and prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(li) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity in accordance with applicable regulations and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists terrorist organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall timely file such report and also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. SCHEDULE 2.2(gSchedule 1.2(f) CHECKWRITING SERVICES SUPPORT
(i) Upon receipt of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering system, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of checks presented against a Shareholder's account, transmitting the aggregate settlement amount for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business day, as to the current collected balance in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's records, maintained on Transfer Agent's recordkeeping systems, for open Shareholder accounts matching the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report of such item to UMB, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (- 2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR data, and the shareholder utilized a third party vendor or software platform, inform the Shareholder of the problem and advise the Shareholder to destroy remaining check stock, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicable, or the Shareholder if no financial intermediary is involved, and verify whether the potentially duplicative check is legitimate and (x) if verified to be legitimate by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further review.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Hansberger Institutional Series)
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued)Schedule 1.2(f) - 1
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit special payee checks through the OFAC database.;
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds Fund to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the DST Known Offenders database and notify the Fund of any match.;
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(li) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. Schedule 1.2(f) - 2 EACH OF THE ENTITIES, INDIVIDUALLY BOSTON FINANCIAL DATA SERVICES, AND NOT JOINTLY, AS LISTED ON INC. SCHEDULE 2.2(gA By: By: --------------------------------- ------------------------------------ Name: Name: ------------------------------- ---------------------------------- Title: Title: ------------------------------ --------------------------------- As an Authorized Officer on behalf of each of the Funds indicated on Schedule A Schedule 1.2(f) CHECKWRITING SERVICES SUPPORT- 3 SCHEDULE 2.1 THIRD PARTY ADMINISTRATOR(S) PROCEDURES Dated ____________
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a "Business Day"), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to the Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMBrequests by the Plan for the redemption of Shares; in each case based on the Plan's UNITEPlus system for daily settlement with UMB receipt of checks presented against a Shareholder's accountpurchase orders and redemption requests by Participants in proper form by the time required by the term of the Plan, transmitting but not later than the aggregate settlement amount for all check presentments on each business time of day on at which UMB the net asset value of the Fund is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business daycalculated, as described from time to the current collected balance time in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's recordsprospectus. Each Business Day on which the TPA receives Instructions shall be a "Trade Date".
2. The TPA(s) shall communicate the TPA(s)'s acceptance of such Instructions, maintained to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for the purchase and redemption of Shares, (TD+1), the TPA(s) shall notify the Transfer Agent's recordkeeping systemsAgent of the net amount of such purchases or redemptions, as the case may be, for open Shareholder accounts matching each of the available identifying Shareholder information on such check and (xPlans. In the case of net purchases by any Plan, the TPA(s) if no corresponding Shareholder account can be located, generate and send a report shall instruct the Trustees of such item Plan to UMB, (y) if a corresponding Shareholder account can be located and transmit the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check aggregate purchase price for Shares by wire transfer to the ShareholderTransfer Agent on (TD+1). In the case of net redemptions by any Plan, the TPA(s) shall instruct the Fund's custodian to transmit the aggregate redemption proceeds for Shares by wire transfer to the Trustees of such Plan on (2TD+1). The times at which such notification and transmission shall occur on (TD+1) review each item to determine shall be as mutually agreed upon by the cause of Fund, the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Selected American Shares Inc)
Delegated Duties. 4.1 With Consistent with the services provided by the Transfer Agent and with respect to the beneficial ownership of, and transactions in, of shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: AML DELEGATION (continued):
(a) Submit all new account financial and registration maintenance non-financial transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.;
(b) Submit Review special payee checks through the OFAC database.; SCHEDULE 1.2(g) AML DELEGATION Dated: July 18, 2005 (continued)
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.;
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.;
(e) Review accounts with small balances followed by large purchases.;
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.;
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day.;
(h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match.;
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder Shareholder notices required by the IRS.;
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.;
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.; and
(l) Verify In accordance with procedures agreed upon by the parties (which may be amended from time to time by mutual agreement of the parties)
(i) verify the identity of any person seeking to open an account with the Fund, (ii) Maintain maintain records of the information used to verify the person's identity and (iii) Determine determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.. SCHEDULE 1.2(g) AML DELEGATION Dated: July 18, 2005 (continued)
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity reportSAR, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Lawapplicable law. XXXXX & STEERS DIVIDEND VALUE STATE STREET BANK AND TRUST FUND, INC. COMPANY BY: _________________________________ BY: ___________________________ Xxxxxxxx X. Xxxxxxx, Secretary SCHEDULE 2.2(g2.1 THIRD PARTY ADMINISTRATOR(S) CHECKWRITING SERVICES SUPPORTPROCEDURES Dated: July 18, 2005
1. On each day on which both the New York Stock Exchange and the Fund are open for business (a "Business Day"), the TPA(s) shall receive, on behalf of and as agent of the Fund, Instructions (as hereinafter defined) from the Plan. Instructions shall mean as to each Fund (i) Upon receipt orders by the Plan for the purchases of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering systemShares, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMBrequests by the Plan for the redemption of Shares; in each case based on the Plan's UNITEPlus system receipt of purchase orders and redemption requests by Participants in proper form by the time required by the terms of the Plan, but not later than the time of day at which the net asset value of a Fund is calculated, as described from time to time in that Fund's prospectus. Each Business Day on which the TPA receives Instructions shall be a "Trade Date".
2. The TPA(s) shall communicate the TPA(s)'s acceptance of such Instructions, to the applicable Plan.
3. On the next succeeding Business Day following the Trade Date on which it accepted Instructions for daily settlement with UMB the purchase and redemption of checks presented against a Shareholder's accountShares, transmitting (TD+1), the TPA(s) shall notify the Transfer Agent of the net amount of such purchases or redemptions, as the case may be, for each of the Plans. In the case of net purchases by any Plan, the TPA(s) shall instruct the Trustees of such Plan to transmit the aggregate settlement amount purchase price for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected Shares by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business day, as wire transfer to the current collected balance in specified Shareholder accounts;
Transfer Agent on (viTD+1). In the case of net redemptions by any Plan, the TPA(s) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of shall instruct the Fund's records, maintained on Transfer Agent's recordkeeping systems, custodian to transmit the aggregate redemption proceeds for open Shareholder accounts matching Shares by wire transfer to the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report Trustees of such item to UMBPlan on (TD+1). The times at which such notification and transmission shall occur on (TD+1) shall be as mutually agreed upon by each Fund, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR dataTPA(s), and the shareholder utilized a third party vendor or software platformTransfer Agent.
4. The TPA(s) shall maintain separate records for each Plan, inform which record shall reflect Shares purchased and redeemed, including the Shareholder date and price for all transactions, and Share balances. The TPA(s) shall maintain on behalf of each of the problem Plans a single master account with the Transfer Agent and advise such account shall be in the Shareholder to destroy remaining check stockname of that Plan, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicableTPA(s), or the Shareholder if no financial intermediary is involved, and verify whether nominee of either thereof as the potentially duplicative check is legitimate and (x) if verified to be legitimate record owner of Shares owned by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further reviewPlan.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Cohen & Steers Dividend Value Fund, Inc.)
Delegated Duties. 4.1 With respect to the beneficial ownership of, and transactions in, shares in the Fund for which the Transfer Agent maintains the applicable shareholder information, the Transfer Agent shall: SCHEDULE 2.2(f) AML DELEGATION (continued)
(a) Submit all new account and registration maintenance transactions through the Office of Foreign Assets Control ("OFAC") database and such other lists or databases of trade restricted individuals or entities as may be required from time to time by applicable regulatory authorities.
(b) Submit special payee checks through the OFAC database.
(c) Review redemption transactions that occur within thirty (30) days of account establishment or maintenance.
(d) Review wires sent pursuant to banking instructions other than those on file with the Transfer Agent.
(e) Review accounts with small balances followed by large purchases.
(f) Review accounts with frequent activity within a specified date range followed by a large redemption.
(g) On a daily basis, review purchase and redemption activity per tax identification number ("TIN") within the Funds to determine if activity for that TIN exceeded the $100,000 threshold on any given day.
(h) Compare all new accounts and registration maintenance through the Known Offenders database and notify the Fund of any match.
(i) Monitor and track cash equivalents under $10,000 for a rolling twelve-month period and file IRS Form 8300 and issue the shareholder notices required by the IRS.
(j) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to mutual funds; prepare and file the SAR. Provide the Fund with a copy of the SAR within a reasonable time after filing; notify the Fund if any further communication is received from U.S. Department of the Treasury or other law enforcement agencies regarding the SAR.
(k) Compare account information to any FinCEN request received by the Fund and provided to the Transfer Agent pursuant to the USA PATRIOT Act Sec. 314
(a314(a). Provide the Fund with documents/information necessary to respond to requests under USA PATRIOT Act Sec. 314(a) within required time frames.
(l) Verify the identity of any person seeking to open an account with the Fund, (ii) Maintain records of the information used to verify the person's identity and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorists organizations provided to the Fund by any government agency.
4.2 In the event that the Transfer Agent detects suspicious activity as a result of the foregoing procedures, which necessitates the filing by the Transfer Agent of a suspicious activity report, a Form 8300 or other similar report or notice to OFAC, then the Transfer Agent shall also immediately notify the Fund, unless prohibited by Applicable Law. SCHEDULE 2.2(g) CHECKWRITING SERVICES SUPPORT
(i) Upon receipt of checkwriting signature cards, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for checkwriting services, order appropriate checkbook products through MICR's online checkbook ordering system, and process the signature card, including manually inserting the fourteen-digit account number for such Shareholder on each such signature card, scanning such signature card into the Automated Work Distributor system ("AWD") and sending the original signature card to United Missouri Bank, N.A. ("UMB") for safekeeping;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of checks presented against a Shareholder's account, transmitting the aggregate settlement amount for all check presentments on each business day on which UMB is open for business, less the amount of any check presentments rejected from the prior business day;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) In accordance with Proper Instructions, place stop payment orders on specified checks utilizing the online systems of UMB;
(v) Provide information to UMB, on each business day, as to the current collected balance in specified Shareholder accounts;
(vi) With respect to checks that are rejected by UMB for reasons other than insufficient Shareholder account balance, perform the following services each business day, as applicable:
(A) For checks with faulty MICR encoding, incorrect formatting (1) perform a search of the Fund's records, maintained on Transfer Agent's recordkeeping systems, for open Shareholder accounts matching the available identifying Shareholder information on such check and (x) if no corresponding Shareholder account can be located, generate and send a report of such item to UMB, (y) if a corresponding Shareholder account can be located and the account of the Shareholder has a sufficient balance against which to process such check, instruct UMB to pay such check and (z) if a corresponding Shareholder account can be located and the account of the Shareholder does not have a sufficient balance against which to process such check, instruct UMB to return such check to the Shareholder, (2) review each item to determine the cause of the rejection and perform the following additional steps (x) if the cause was incorrect formatting or faulty MICR data, and the shareholder utilized a third party vendor or software platform, inform the Shareholder of the problem and advise the Shareholder to destroy remaining check stock, and, if requested by the Shareholder, order a new checkbook for such Shareholder and (y) if the cause was due to a check being written by a Shareholder against a Fund that no longer offers checkwriting privileges, inform the client of the problem and advise the client to destroy remaining check stock.
(B) For checks that are reported as duplicate check entries, (1) if the check can be viewed on UMB's on-line system, view the check on-line in order to determine whether they are duplicative and (x) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if so, instruct UMB to pay the check, (y) if not duplicative, confirm whether the Shareholder's account has a sufficient balance to honor the check and, if not, instruct UMB to reject the check, and (z) if duplicative, instruct UMB to reject the check, and (2) if the check cannot be viewed on UMB's on-line systems, contact the financial intermediary through which the Shareholder is transacting, if applicable, or the Shareholder if no financial intermediary is involved, and verify whether the potentially duplicative check is legitimate and (x) if verified to be legitimate by either such means, instruct UMB to pay such check and manually deduct the amount of such check from the Shareholder's account for settlement with UMB on the next business day, (y) if the Shareholder or financial intermediary indicates that the check is forged or fraudulent, instruct UMB to reject the check and report the matter to the risk management function within Federated Services Company and (z) if the Shareholder or financial intermediary cannot be contacted, present the check for further review.
(vii) With respect to checks that are rejected by UMB for reasons of insufficient Shareholder account balance ("NSF Checks"), perform the following services each business day, as applicable:
(A) With respect to NSF Checks written by Shareholders whose accounts are maintained (x) by a broker/dealer that has executed an indemnity in favor of Transfer Agent in form and substance satisfactory to Transfer Agent ("Brokers") and (y) by Federated Securities Corp. ("FSC"):
(1) Compile a daily list of NSF Checks, sorted by Broker name (including FSC, as applicable), and transmit such list to the respective Broker (including FSC, as applicable);
(2) Accept instructions from such Brokers (including FSC, as applicable) until 12:30 p.m. (Eastern) on each business day as to the disposition of each such NSF Check (the "Pay or Bounce Instructions");
(3) Transmit all Pay or Bounce Instructions received by 12:30 p.m. (Eastern) on such business day to UMB by 1:00 p.m. (Eastern) on such business day;
(4) Create a same day wire purchase, or perform a current day transfer or exchange, in accordance with instructions specified in each Pay or Bounce Instruction (the "Deficit True-Up Transaction"), and post this information to the "Trade Pending" status information field on Transfer Agent's recordkeeping systems;
(5) Confirm settlement of each Deficit True-Up Transaction (either receipt of wire or processing of transfer or exchange);
(6) Create a checkwriting redemption against the "Trade Pending" status information field on the Transfer Agent's recordkeeping systems; and
(7) In the event that an additional checkwriting check is presented against a Shareholder account on the date an NSF Check for such Shareholder and with respect to which the Pay or Bounce Instruction has already been given, submit a "Resubmittal" report to the applicable Broker (including FSC, as applicable), indicating the new Shareholder account balance after giving effect to the prior Pay or Bounce Instruction.
(B) With respect to NSF Checks written by Shareholders whose accounts are maintained by a broker/dealer that has not executed an indemnity in favor of Transfer Agent, instruct UMB to bounce or reject such NSF Check. SCHEDULE 2.2(h) DEBIT CARD SERVICES/ACH TRANSACTIONS SUPPORT
(A) Debit Card Services.
(i) Upon receipt of applications for debit card services, code the appropriate Shareholder account on Transfer Agent's recordkeeping systems for debit card services and process the application, including manually inserting the fourteen-digit account number for such Shareholder on the application, scanning such application into the AWD and sending a copy of the application to UMB;
(ii) Utilize UMB's UNITEPlus system for daily settlement with UMB of debit card transactions presented against a Shareholder's account, transmitting the aggregate settlement amount for all such presentments on each business day on which UMB is open for business;
(iii) Utilize UMB's systems for review of accounts and processing of items rejected by UMB;
(iv) Review daily reject reports from UMB and make any and all necessary adjustments to Shareholder accounts.
(B) Automated Clearing House System ("ACH") Transactions. Transfer Agent will provide the following services in support of ACH transactions:
Appears in 1 contract
Samples: Transfer Agency and Service Agreement (Federated Total Return Government Bond Fund)
