1992-01-13 Regular Meeting - Laserfiche WebLink

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The Trust Co. is one of only two state-owned trust companies that has direct access to the Federal Reserve System. TRANSFER OF FUNDS The transfer of funds is accomplished through the most modern collection techniques. TexPool uses Automatic Clearing House bank transfers (the same system currently being used for state and federal payments) for most transactions. Wire transfers are used for those emergency transactions requiring immediate transfer. To make a deposit or withdrawal request, the participants must call the TexPool data collection center and enter partici- pant's account number and password using atouch-tone telephone. With proper entry of the password, the voice information system will repeat all transaction information and give the participant a confirmation number. In addition to the touch-tone phone and voice systems, acomputer-based system is available to further automate participant instructions, inquiry, and record keeping. The voice system will also accommodate participants using rotary telephones. Deadlines for instructions: 12:30 p.m. for ACH transfer (funds transfer the following day) and 10:00 a.m. for wire transfer (for same day transfer). For security purposes, funds will only be transmitted to or from one particular bank account in the name of the participant. The participant specifies the single account at the local bank in which the transaction (in or out) will occur. ADVISORY BOARD In seeking to best serve local governments in Texas, the Treasurer has established a TexPool Advisory Board composed of representatives of the many groups eligible to participate in TexPool: county government, munici- -5-