Exhibit 10.12
Correspondent Services Agreement dated November 13, 1996 between ▇▇▇▇▇▇▇
Bank and the Federal Home Loan Bank of Des Moines.
124
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CORRESPONDENT SERVICES AGREEMENT
This Correspondent Services Agreement ("Agreement"), dated as of November
13, 1996, is entered into by and between ▇▇▇▇▇▇▇ Bank Services Corporation
("Customer"), with principal offices at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ Bank ('Settlement Agent') with principal
offices at ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, and the Federal
Home Loan Bank of Des Moines, including all of its Regional Processing
Centers wherever located ("Bank"), with principal offices at ▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇.
WHEREAS, Customer desires to authorize the Bank to provide certain
correspondent services, as defined herein for the benefit of each of the
two (2) ▇▇▇▇▇▇▇ ▇▇▇▇▇, and references herein to Customer shall, where
appropriate, refer to one or more of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ as the case may be;
and
WHEREAS, Bank desires to provide such services; and
WHEREAS, the Bank is permitted to provide such services in accordance with
12 U.S.C. Section 1431 of the Federal Home Loan Bank Act; and
WHEREAS, it is desirable that ▇▇▇▇▇▇▇ Bank acts as Settlement Agent for
Customer.
NOW THEREFORE, Bank and Customer agree as follows:
SECTION 1. AGREEMENT SUBJECT TO MASTER TRANSACTION AGREEMENT. This
Agreement and any service offered hereunder shall be performed according to
the terms of the Master Transaction Agreement ("MTA") entered into between
Bank and Customer unless the terms of this Agreement are inconsistent with
the terms of the MTA in which case, this Agreement controls.
SECTION 2. DEFINITIONS.
2.1. The term "Correspondent Services" as used herein shall mean any
service offered by the Bank's Correspondent Services Department at the time
of entering into this Agreement including but not limited to Image
Processing, Deposit Processing, Inclearing Processing (which may include,
if elected by Customer, encoding of over-the-counter items, cash letter
processing of transit items, exception item pull and sorting, paid item
sorting of exception items, cycle fine sorting, and internal bank item
sorting), Lockbox Processing, Proof of Deposit, and Cash Services.
Correspondent Services shall also include any services added in the future.
2.2. The term "Item" as used in this Agreement shall include checks drawn
on Customer, Customer's internal documents and checks drawn on other
financial institutions. The term "Item" shall not include cash or
negotiable securities.
SECTION 3. CHOICE OF SERVICES. Customer shall elect desired Correspondent
Services by designating the desired service(s) on the attached form and
executing the applicable service schedule(s) ("Service Schedule(s)") with
the Bank. The Service Schedule(s) shall be deemed to be incorporated
herein by reference.
SECTION 4. AUTHORITY TO CHARGE ACCOUNTS; FEES. The Bank may require that
Customer maintain sufficient collected balances with the Bank to cover fees
and other charges for any Correspondent Service(s) chosen by Customer.
Customer authorizes the Bank to make such debits and credits as are
necessary and proper to the Demand Account(s) of Customer
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in connection with the performance of Correspondent Services under this
Agreement, including charges for the payment of fees for such Correspondent
Services. Cash deposits are subject to the Bank's final verification which
shall be binding. Customer's fees shall be established in the applicable
fee schedule(s) referenced in the Service Schedule(s). Unless otherwise
provided, such fee schedule(s) may not be changed by the Bank from time to
time, during the contract term without the consent of Customer, which will
not be unreasonably withheld. In all events, return item fees and
deposited item fees may be adjusted if the applicable Federal Reserve Bank
fee changes.
SECTION 5. AUTHORIZED ARRANGEMENTS. Customer authorizes the Bank to make
arrangements with the appropriate third parties (such as Federal Reserve
Banks and armored carriers), as the Bank shall determine necessary, in
connection with the Correspondent Service(s) the Bank furnishes hereunder.
SECTION 6. CUSTOMER RESPONSIBILITIES. Customer shall comply with the
circulars, instructions, and other written procedures ( collectively
"Procedures") provided by the Bank from time to time, including all
reasonable applicable deadlines and timeframes. Customer authorizes the
Bank to accept, act upon, and rely upon all orders and instructions given
by one or more of Customer's officers, employees, agents or
representatives. The Bank may require Customer to submit such instructions
in writing. The Bank shall incur no liability to Customer or otherwise as
a result of any action by the Bank in accordance with instructions on which
the Bank in good faith believes it is authorized to rely pursuant to the
terms of this Agreement. It is expressly agreed that the Bank may reject
any orders, instructions, or claims that are not properly prepared or
submitted pursuant to the Procedures.
SECTION 7. LIMITATION OF LIABILITY. The Bank shall have no duties or
responsibilities except those expressly set forth in this Agreement and the
Procedures. Neither the Bank nor any of its directors, officers, employees
or agents shall be liable for any loss Customer incurs arising out of,
based upon or resulting from the Bank's performance or failure to perform
any act hereunder or under the Procedures or in connection herewith or
therewith, unless caused by the negligence or misconduct of the Bank or its
directors, officers, agents or employees. The Bank agrees to exercise
ordinary care in the performance of its duties and responsibilities under
this Agreement and the provision of the Correspondent Services.
SECTION 8. RISK OF LOSS. The Bank will not assume any risk of loss in the
following circumstances:
A. Any loss caused by or resulting from acts of God or any action taken
by any government, foreign or domestic, which renders performance as agreed
upon by the Bank or any courier impractical;
B. Any loss caused by any negligent, dishonest, fraudulent, or criminal
act of any employee or agent of Customer;
C. Any loss to the extent covered by any insurance, whether primary or
excess, carried by Customer;
D. Any loss to the Customer due to failure by the Customer to act in
conformity with the provisions of any Procedures;
E. Any loss caused by the failure to furnish or delay in furnishing any
courier or armored vehicle or render any Correspondent Service if prevented
by wars, fires, strikes, or other
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labor trouble, acts of God, or other causes beyond its control, when during
the existence of such cases, the Courier determines that in its judgment
the same may endanger the safety of cargo entrusted into Courier's
possession or the safety of its vehicles or employees;
F. Any Item lost, destroyed, or misplaced while in transit before the Item
physically arrives at the premises of the Bank. In the event any Item is
lost, destroyed, or misplaced as aforesaid and such event is not due to
negligence or misconduct by the Bank, Customer shall be solely responsible
for the costs and expenses incurred by the Bank in reconstructing any such
Item and for any damages or other losses that may be incurred by the Bank
due to the collection of such Item. In the event the Bank negligently
loses, destroys, or misplaces an Item after the Item physically arrives at
the premises of the Bank, the Bank shall be liable only for the reasonable
reconstruction costs of the deposit. Reasonable reconstruction costs are
considered to be those costs which arise from the reconstruction of a
microfilmed deposit. When the Customer cannot provide a microfilmed record
of each Item contained in the deposit, the Bank will not be liable for
reconstruction costs in excess of $10,000. In no event shall the Bank be
liable for the face value amount of any lost or missing Item.
G. Any loss which results when the Bank acts as a correspondent for
Customer for direct shipments of coin and currency from a Federal Reserve
Bank regardless of whether the Bank or the Federal Reserve Bank arranges
for transportation of the shipment from the Federal Reserve Bank to the
Customer;
H. Any loss in excess of $5,000,000 shipped by Armored Carrier to any one
office of Customer on any one day or any loss in excess of $50,000 in any
one package shipped by registered mail or insured parcel post to any one
office of Customer on any one day.
I. Any coin and currency loss where Customer failed to properly verify the
amount using dual control verification as set forth in the applicable
Procedures.
J. Any claim arising from a discrepancy in a coin and currency order where
Customer fails to notify the Bank, and if applicable, the Armored Courier
in writing no later than 5 days after the discrepancy is discovered or
should have been discovered. In no case may a claim for a coin and
currency loss be asserted unless it is made within one (1) year of the date
of the loss.
K. Any consequential or incidental damages or loss.
SECTION 9. INDEMNIFICATION. Customer agrees to and does hereby indemnify
and hold the Bank harmless from and against any and all losses, claims,
liability, damages, or expenses (including attorneys' fees) which the Bank
may incur in connection with this Agreement and the Correspondent Services
provided hereunder, excluding any losses, claims, liability, damages, or
expenses caused by the negligence or misconduct of the Bank. Customer's
depositors are not third party beneficiaries of this agreement. Bank shall
indemnify Customer for any liability, damages, or loss for which Customer
is liable to Customer's depositors by reason of Bank's lack of good faith
or failure to exercise ordinary care in the data processing service
provided pursuant to this Agreement. With respect to the Bank's indemnity
obligations herein, the Bank's standards of care, requirement of proximate
cause, and measures of damages shall all be as provided for banks by the
Iowa Uniform Commercial Code with respect to Bank Deposits and Collections;
except, that, it is expressly agreed that the Bank shall in no event be
liable for consequential or incidental damages.
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SECTION 10. ADDITIONAL LEGAL TERMS. In the event the Bank agrees to
provide Customer with Correspondent Services that impose additional or
modify the legal obligations contained in this Agreement, such additional
or modified obligations shall be set forth in writing in the applicable
Service Schedule(s). It is expressly agreed that, except to the extent
that the Service Schedule(s) modifies or imposes additional legal
obligations, the terms of this Agreement shall apply to the provision of
the Correspondent Services.
SECTION 11. NO WAIVERS. The failure by either party to exercise any right
or privilege granted to it under this Agreement shall not operate as a
waiver of that right or privilege.
SECTION 12. ENTIRE AGREEMENT. This Agreement and all matters incorporated
herein by reference constitute the entire Agreement and understanding
between the parties hereto relating to the subject matter hereof and
supersedes all prior discussions, understandings and agreements, written or
oral, between the parties that relate to such subject matter. Any
modification to this Agreement, excluding the Procedures, shall not be
valid unless it is in writing and signed by both parties hereto. Words
used in this Agreement shall be interpreted according to their ordinary and
usual meaning, despite and excluding any trade, custom, or usage to the
contrary.
SECTION 13. GOVERNING LAW AND JURISDICTION. This Agreement shall be
governed by the Federal Home Loan Bank Act, the rules, regulations,
guidelines, and statements of policy of the Federal Home Loan Bank System
and, except to the extent inconsistent therewith, the laws of the State of
Iowa without giving effect to the choice of law principles therein
included. Customer expressly agrees that any action or proceeding with
respect to the performance or non-performance of any term or condition
contained herein which is brought by or against the Bank shall be resolved
by the United States District Court for the Southern District of Iowa or,
if such action or proceeding may not be brought and maintained in said
court, by an appropriate district court of the State of Iowa for the County
of Polk.
SECTION 14. SEVERABILITY. Should any provision of this Agreement be held
invalid or unenforceable, the remainder of this Agreement shall remain in
effect.
SECTION 15. TERMINATION OF THIS AGREEMENT. The term of this Agreement,
applicable to each Correspondent Service received by Customer, shall be a
period of 5 years and 7 months starting on December 1, 1996 and ending on
June 30, 2002.
Early Termination Upon Acquisition
In the event that Customer, Settlement Agent or ▇▇▇▇▇▇▇ ▇▇▇▇▇, Inc. is
acquired by a third party during the term of the Agreement and the
Schedule(s), Customer shall have the option to terminate the Agreement and
the Schedule(s) subject to the following:
1. The Customer shall pay to Bank as of the effective date of early
termination an early termination fee equal to 20% of the amount computed by
multiplying a) the average monthly fees (exclusive of proof encoding fees
for which the early termination fee shall be calculated separately)
received from Customer over the 3 month period preceding the termination
date by b) the number of months remaining in the original contract; and
2. Customer shall also pay a separate proof encoding early termination fee
as of the effective date of early termination equal to the sum of (1) and
(2) where:
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(1) is 20% of the amount computed by multiplying: a)the average monthly
fee over the 3 month period preceding the termination date based on an
encoding fee of 1.6 cents per item by b)the number of months remaining in
the original contract term; and
(2) is the difference between: a) the fees that Customer would have paid
for the portion of the contract period beginning on December 1, 1996 and
ending on the effective date of early termination date if Customer had paid
an encoding fee of 1.6 cents per item and b) the actual monthly fees
received from Customer for proof encoding over the actual portion of the
contract term immediately preceding the early termination date.
Early Termination for Customer Convenience
In the event that Customer desires to terminate the Agreement and the
Schedule(s) at its convenience prior to the expiration of the term, then
Customer shall have the option to terminate the Agreement and the
Schedule(s) subject to the following:
1. Customer shall have no right to terminate the contract for convenience
during the first two (2) years of the contract.
2. After the first 2 years of the contract term, Customer may terminate
the contract for its convenience as follows: Customer must give the Bank 6
months prior written notice of its intent to exercise this option. Then,
Customer shall pay the Bank an early termination fee as of the effective
date of early termination equal to 50% of the revenue that the Bank would
have received over the remaining contract term for all services provided to
Customer.
Customer and the Bank acknowledge and agree that the early termination fees
computed as provided in section 15 are in lieu of Bank's losses and costs
arising from such an early termination, that such costs are incapable of
calculation as of the effective date of the Agreement, and that the fees
listed herein are reasonable liquidated damages and are not a penalty.
In the event Customer is placed under the control of a state or federally
appointed conservator, receiver, or other legal custodian, the Bank may
immediately give written notice of termination to such conservator,
receiver, or other legal custodian unless instructed otherwise in writing
by such conservator, receiver, or other legal custodian, such termination
to be effective on the date of such notice.
SECTION 16. PERFORMANCE STANDARDS. The Bank will establish
telecommunications with Customer or its service agency as specified and at
no additional cost to Customer so that the Bank can electronically transfer
Customer's transactions to the Customer or its service agency. These
transmissions will be at no cost to the Customer only as long as the
Customer or its service agency remain in the same metropolitan area as the
Bank. The Bank will complete the last transmission of data by 12:30 am
with a goal of 11:30 p.m. provided that the Customer is able to accept
transmission delivery.
The Bank and Customer agree that timely and accurate submission of input
and output is essential to satisfactory performance under this Agreement
and the Schedule(s). The following are the performance standards to be
measured:
a. The transmission time schedules described above will be met.
b. Proof encoding accuracy rate of 99.985% with a goal of 99.993%.
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c. Statement finesort accuracy of 99.985% with a goal of 99.993%.
d. Statement rendering accuracy of 99.96% with a goal of 99.98%.
SECTION 17. REMEDIES. If the Bank fails to meet the performance standards
in Article 16, Customer shall notify in writing the Bank the specific
nature of the performance failure. The Bank shall have two (2) months from
the receipt of notice to cure the failure to perform. If the failure to
perform is not cured within the cure period, or if the Bank fails to
perform any of the other provisions hereof after two months written notice,
Customer may terminate this Agreement with ninety (90) days written notice
to the Bank. If Customer terminates due to the Bank's failure to cure its
performance failure, then the fees for "Early Termination" set forth in
section 15 of this Agreement shall not apply. The Bank may terminate this
Agreement if Customer fails to pay any fees under this Agreement for two
consecutive months and fails to cure within two (2) months after written
notice from the Bank of the failure to pay any fees. Termination shall not
relieve either party of its indemnification obligations hereunder.
IN WITNESS WHEREOF, Customer and Bank, each acting through its respective
duly authorized representative(s), have caused this Agreement to be signed
in their names and delivered as of the date first above written.
FEDERAL HOME LOAN BANK ▇▇▇▇▇▇▇ Bank Services Corporation
OF DES MOINES Full Corporate Name of Customer
By:__________________________ By:__________________________
Title: Senior Vice President Title: Vice President
▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Typed Name of Signer Typed Name of Signer
By:__________________________ By:__________________________
Title:_______________________ Title:_______________________
_____________________________ _____________________________
Typed Name of Signer Typed Name of Signer
Correspondent Services Selected:
X Image Processing: Printing, verifying and
mailing statement text and check images
and electronic retrieval of images.
____________ Cash Services: Receiving orders and arranging
delivery and pick-up of currency and coin for
Customer.
____________ Lockbox Processing: Receiving, screening,
capturing, and balancing Items deposited
in the Bank's lockbox on behalf of
Customer and electronic transmission
of information to Customer or its
data servicer.
X Proof of Deposit: Capture and balancing
of over-the-counter customer Items;
transmission of posting data and float
information to the data servicer;
finesorting, etc.
X Inclearing Processing: Acting as
Customer's agent, capture and transmission
(if Customer directs) of inclearing items to
data servicer; return item handling; bulk
filing, finesorting, truncation, exception
processing, etc.
X Deposit Processing: Encoding and processing of
transit checks.
X Statement Rendering
Customer acknowledges that the attached Schedule(s) are subject to the
terms and conditions of the Correspondent Services Agreement ("Agreement")
and other agreements incorporated therein. Customer acknowledges that if
the Bank approves the attached Schedule(s) by signing below, this will
constitute the agreement of the Customer and the Bank to the Correspondent
Service(s) on the terms set forth herein and that this Schedule will become
part of the Agreement.
FEDERAL HOME LOAN BANK ___________________________
OF DES MOINES (Corporate Name of Customer)
By:________________________ By:________________________
Title: Senior Vice President Title: Vice President
Date: November 13, 1996 Date: November 13, 1996
Schedule to the Correspondent Services Agreement dated November 13, 1996 ,
by and between the Federal Home Loan Bank of Des Moines and ▇▇▇▇▇▇▇ Bank
Services Corporation.
I. Proof of Deposit Options:
MICR Encoding Yes X No._____
Transit Item Processing Yes X No _____
Automated Exception Pull Yes X No _____
(based on data provided by the data
servicer)
Cycle Sort Yes X No _____
(based on data provided by the data
servicer or by MICR line identification)
Fine Sorting
Item Type:
On-Us Debits Yes X No _____
Frequency Daily
On-Us Credits Yes X No _____
Frequency Daily
General Ledger Tickets Yes X No _____
Frequency Daily
Cash Tickets Yes _____ No X
Frequency ________
Other On-Us Items (Identify) Yes X No _____
Savings, IRAs, Installment Credit Frequency Daily
and Safe Deposit Box per current
process
Serial Sorting Yes X No _____
Posting File Format:
All Items File Yes X No _____
or
Float File Yes _____ No _____
On-Us Return Item Handling Yes X No _____
Large Dollar Notification Yes _____ No _____
II. Pricing
The schedule of fees for performing these services is set forth in Exhibit
A. These fees are fixed during the first three years of the Agreement with
price increases in years four (4) and five (5), each in an amount not to
exceed the annualized increase in the Consumer Price Index - All Urban
Consumers (CPI-U) - U.S. City Average All Items. In the event of a
decrease in the CPI-U after year three (3), the fees set forth in Exhibit A
shall be paid.
III. Term
The term for provision of this service shall be for a period of five (5)
years and 7 months starting on 12-1-96 and ending 6-30-2002.
IV. Other
1. The Bank reserves the right to charge Customer at $75 per hour for any
custom programming requested by the Customer.
2. The Customer will provide all proof machine endorsement stamps
necessary to identify the Customer as the bank of first deposit.
3. The Bank will microfilm the front and back of all over-the-counter
items received form Customer and all Customer inclearings received from the
Federal Reserve Bank and clearinghouse institutions at no additional cost
to Customer. Bank will retain a copy of such microfilm and will deliver
original to Customer. Microfiche of output reporting will also be provided
at no cost to Customer as will tape input for optical archive. Superfiche
will be provided on either microfiche or tape, but not on both.
This Service Schedule may not be modified except with the express written
consent of the Bank and Customer.
Schedule to the Correspondent Services Agreement dated _______________ , by
and between the Federal Home Loan Bank of Des Moines and ▇▇▇▇▇▇▇ Bank
Services Corporation.
I. Image Processing Options:
Create Image Statement Pages Yes _____ No _____
Archive - Create CD ROM Yes _____ No _____
Handle Statement Inserts Yes _____ No _____
Use FHLB Supplied Text Paper Yes _____ No _____
Simplex or Duplex Printing
(Choose One) Simplex _____ Duplex ____
II. Pricing
See Attached Exhibit C.
The fees shown in attached Exhibit C shall expire on December 31, 1997 if
the conversion to image processing has not begun during the calendar year
1997. If image processing begins prior to December 31, 1997, then Customer
shall pay the fees set forth in Exhibit C for the period beginning on the
date image processing is first provided to Customer and ending on November
30, 1999. Thereafter, Customer shall pay the Bank's standard fees then in
effect. If image conversion occurs after December 31, 1997, then
Customer's image processing fees will be based on the Bank's standard fees
in effect at the time conversion takes place.
III. Term
The term for provision of this service shall coincide with the terms of POD
processing.
IV. Other
Detailed procedure and handling instructions will be developed and mutually
agreed upon prior to conversion.
This Service Schedule may not be modified except with the express written
consent of the Bank and Customer
Schedule to the Correspondent Services Agreement dated November 13, 1996,
by and between the Federal Home Loan Bank of Des Moines and ▇▇▇▇▇▇▇ Bank
Services Corporation.
Statement Rendering Services:
I. Pricing
The schedule of fees for performing these services is set forth in Exhibit
D. These fees are fixed during the first three years of the Agreement with
price increases in years four (4) and five (5) each in an amount not to
exceed the annualized increase in the Consumer Price Index - All Urban
Consumers (CPI-U) - U.S. City Average All Items. In the event of a
decrease in the CPI-U after year three (3), the fees set forth in Exhibit D
shall be paid.
II. Term
The term for provision of this service shall coincide with POD Processing.
III. Other
Except for "crippled statements", the statement rendering process shall be
completed and the statements available for return to the customer or
delivery to the post office within two business days after receipt of the
DDA statements. ("Crippled Statements" are defined as statements not
containing the correct number of enclosures or for any reason the statement
and its contents will be handled according to mutually agreed upon
procedures.
The Service Schedule may not be modified except with the express written
consent of the Bank and Customer.
Federal
Home Loan Bank
Des Moines
Schedule to the Correspondent Services Agreement dated 11/13/96, by and
between the Federal Home Loan Bank of Des Moines and ▇▇▇▇▇▇▇ BANK SERVICES
CORPORATION
I. Inclearing Processing Options: In addition to the Settlement and
Capture of Items, we elect to receive the following ancillary services.
Options may be changed at any time by notifying the Bank in writing.
Truncation Yes _____ No _____
Optional X
Fine Sorting Yes X No _____
If yes, indicate frequency:
Daily _____
Monthly _____ Date of Month_____________________
Cycle X Cycle Dates 2-19 and end of month
Sequence Numbers Sort Yes X No _____
Account Separators Yes X No _____
Large Item Verification
Items $ 100M and Over Yes X No _____
Process and Microfilm Counter Items Yes X No _____
Return Microfilm Yes X No _____
Settlement Yes X No _____
Truncated Items Returned Yes X No _____
Truncated Items Returned Sorted
or Unsorted (Check One) Sorted _____ Unsorted X
Return Item Processing
Regulation J Notice Yes _____ No _____
Settlement Yes X No _____
Qualified Yes X No _____
Non-Qualified Yes _____ No _____
Statement Rendering Yes X No _____
FHLB 10/30/96
Federal
Home Loan Bank
Des Moines
II. Pricing
The schedule of fees for performing these services is set forth in Exhibit
A. These fees are fixed during the first three years of the Agreement with
price increases in years four (4) and five (5), each in an amount not to
exceed the annualized increase in the Consumer Price Index-All Urban
Consumers (CPI-U) - U.S. City Average All Items. In the event of a decrease
in the CPI-U after year three (3), the fees set forth in Exhibit A shall be
paid.
III. Term
The term for provision of this service shall be a period of 5 years and 7
months starting on 12-1-96 and ending on 6-30-2002.
This Service Schedule may not be modified except with the express written
consent of the Bank and Customer.
FHLB 10/30/96
Exhibit A
Federal
Home Loan Bank
Des Moines
ITEM PROCESSING FEE SCHEDULE
FOR
▇▇▇▇▇▇▇ ▇▇▇▇▇
POD Processing Fees ** Encoding Fee:
Encoding $0.014 per item** Year 1 - $0.014 per item
Year 2 - $0.014 per item
POD Capture $0.007 per item Year 3 - $0.016 per item
Year 4 - $0.018 per item
Inclearings Capture $0.005 per item Year 5 - $0.018 per item
Exception / Cycle Sort $0.0015 per item
Finesort $0.0045 per item
Reject Re-Entry $0.04 per item **
Reject Repair (On-Us Items) $0.05 per item
Deposit Processing Fees
Deposited Item Charges:
Local Items $0.0025 per item
Regional Items $0.0125 per item
Transit Items $0.050 per item
Relationship Fees -
Deposit Slips $0.35
Forward Collection Return Items*
Local Items $0.20 per item
Regional Items $0.20 per item
Transit Items $0.50 per item
Deposit / Customers
Corrections $0.25 per correction
Other Standard Relationship
Fees See attached Demand Deposit
Fee Schedule (Exhibit B)
* Subject to change if Federal Reserve Bank fees change.
*** Up to a maximum of .9% of total prime volume
Exhibit B
Federal Home Loan Bank of Des Moines
Demand Account Analysis Fee Schedule
September 1, 1996
Account Maintenance $ 25.00
Account Reconciliation 35.00
Electronic Cash Manager (ECM) Connect charges
Non-ECM Distribution of Reports 75.00
Drafts Paid
Truncated 0.045
Non-Truncated 0.055
Stop Payments 7.00
Ledger Entries - Credits 0.35
Ledger Entries - Debits 0.15
Bank Wires In 3.00
Bank Wires Out 4.00
ACH Settlement Charges 1.00
Special Cut-Off Statements 10.00
Account Reconciliation Tape Issues 0.015
Issue Encoding 0.0225
Pre-Encoded Issues 0.015
Collections
Bonds/Coupons Per Envelope
Local/Government 5.00
Out-of-Town 7.00
Domestic/Checks 15.00 (Plus Actual)
Foreign 25.00 (Plus Actual)
Miscellaneous Actual
Demand 4/93,6/94,2/96,4/96,9/96
Exhibit c
Federal
Home Loan Bank
Des Moines
Image Products and Services Fee Schedule
For
▇▇▇▇▇▇▇ ▇▇▇▇▇
RETAIL / CONSUMER ACCOUNTS - Per account $0.38
(includes capture, printing image and text
pages and statement rendition)
COMMERCIAL / BUSINESS ACCOUNTS
Base Fee Per Account $0.38
(includes capture,3 sides of printing and statement rendition)
Per side to print over 3 sides $0.13
(Note: the per account fee for retail and commercial accounts
assumes the use of negative confirmation techniques. )
ARCHIVE:
Archival Per Item $.005
CD ROM 9.00
Viewing Software $950
STATEMENT INSERTS $.01
OTHER FEES:
Minimum Monthly Billing $500
One-Time set-up fee $1,500 to $3,000
Maintenance Fee $25 / hour
One hour minimum
Data Processor Interface Fee Actual / Negotiated
Postage Actual / Passthrough
Statement Text Paper Customer Supplied or
Passthrough
Image Page Paper Actual / Passthrough
Exhibit D
Federal
Home Loan Bank
Des Moines
STATEMENT RENDERING FEE SCHEDULE
FOR
▇▇▇▇▇▇▇ ▇▇▇▇▇
Statements Per Month, Non-Truncated
First 5,000 $0.18
Next 5,000 $0.165
Over 10,000 $0.15
Statements Per Month - Truncated $0.05
Statement Inserts $0.01
Statement Printing (Laser Printer)
Customer provided paper $0.03 /page
FHLB provided paper $0.04 /page
Custom forms / logos Actual cost
Courier, Postage and Envelopes Actual cost
