Account Reconciliation Agreement
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Account Reconciliation Service provides Customer with easy, efficient methods to assist with balancing checking accounts. Bank offers a variety of Account Reconciliation Services as indicated below:
Full Account Reconciliation Service assists Customer in reconciling its Account(s) to its internal accounting reports. Customer will provide Bank with a record (“Check Issue File”), electronically, and Bank will reconcile Customer's Account(s) by electronically matching the Check Issue File against checks that have been paid. Bank will provide Customer with a Reconciliation Statement containing all checks paid, outstanding checks, miscellaneous debits and stop payments placed during the prior statement cycle.
Partial Account Reconciliation Service provides Customer with a Reconciliation Statement containing all checks paid, miscellaneous debits and stop payments placed during the prior statement cycle.
Deposit Reconciliation Service provides Customer with a Reconciliation Statement containing detail and subtotal for all types of deposits, sorted by Customer's business location.
Division Sort Service provides Full or Partial Reconciliation Customers with a Reconciliation Statement containing all checks paid, sorted by Customer's business location.
An electronic file is available for Full and Partial Reconciliation Customer to download directly into their accounting system. Customer has the option to download the file through Bank’s Electronic Banking or File Delivery channels. By default, the file will contain all transactions listed in each type of Reconciliation service during the prior statement cycle. In order to download only certain types of transactions, Customer must specify preferences in the applicable Operational Instructions.
Customer agrees to provide Bank ten (10) voided sample checks from each Account for purposes of verifying accuracy, validity, and quality of the MICR (Magnetic Ink Character Recognition) fields on checks and paper quality. Service will commence upon acceptance of sample checks and notification by Bank that all implementation steps are complete.
Customer will provide Bank with test data (checks, deposit tickets, issue file or transmission), if applicable, at least two (2) weeks prior to the beginning of the first statement period for which the reconciliation service will be performed.
If Customer's check or deposit ticket reject rate exceeds 1% of the total items processed within the statement period, Account Reconciliation information may be delayed, and Bank will assess additional charges.
For Full Reconciliation, information may be delayed if Customer fails to send the Check Issue File to Bank within five (5) Business Days of the end of the prior statement cycle.