SERVICE FEE REQUIREMENTS Sample Clauses

SERVICE FEE REQUIREMENTS. The City desires an equitable reimbursement arrangement for the depository services provided. A direct fee basis for services provided by the Depository with an offsetting earnings credit for available balances is the method required by the City. This process requires the monthly calculation of a net depository service cost. The Depository will calculate the total monthly service costs for all accounts and the total monthly earnings credit for all accounts on the account analysis statement. The net of total service costs and total earnings credits equals net banking service costs for the month. Earnings credit must be given to the City for all account balances grouped together and not for just single account balances. A written invoice evidencing the fees for services must be provided to the City at the end of each month for each account. This invoice must also contain a section summarizing the fees for services for all accounts. The City will have five working days to confirm the services performed prior to authorization of the debit advice(s). The Depository will not debit a City depository account for service fees until the Depository and the City agree that the fees are correct. Fees will be allocated among accounts as designated by an Authorized City Representative. FUNDS TRANSFER REQUIREMENTS Incoming wire transfers may occur regularly. The Depository must give both ledger and collected credit the day of the wire receipt, regardless of the time the Depository receives the transfer through the Fedwire System. Credit to City accounts for incoming wire transfers must be immediate. The City may invest in marketable securities. An outgoing wire transfer will be made in the morning for the reinvestment of funds expected by an incoming wire transfer. The Depository must allow the City to reinvest and to wire funds out in anticipation of an incoming wire transfer later in the day. The Depository must not charge the City for daylight overdrafts. When a daylight overdraft is anticipated, an Authorized City Representative will notify the designated depository official of the situation. Notification to the City of incoming wire transfers or problems with outgoing wire transfers must be made within one hour of the transaction. The City allows five authorized employees to initiate repetitive transfers. All authorized employees must be issued a personal identification number in order to initiate wire transactions. If the wire transfer is initiated over the telephon...

SERVICE FEE REQUIREMENTS. In accordance with the policy set forth under Sections 1 and 2 of this Article, all EMPLOYEES shall, as a condition of continued employment pay to the UNION, the EMPLOYEES’ exclusive bargaining representative, an amount of money, equal to that paid by other EMPLOYEES in the bargaining unit, who are members of the UNION, which shall be limited to an amount of money equal to the UNION’S regular and usual dues. For existing EMPLOYEES, such payments shall commence seven (7) days following the date of execution of this Agreement and for new EMPLOYEES; the payments shall start seven (7) days following the date of employment.