Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-7-8 - Compensation8.1. Method of Compensation - A depository for receipt accounts shall enter into an agreement for services with the Treasurer. The agreement shall provide that the depository may be compensated for its services by either of the following methods: 8.1.1. Compensating Balance: The compensating balance shall be negotiated by the Treasurer and the depository and shall be based, in part, on the anticipated activity expected at the depository. The compensating balance left in the Treasurer's accounts shall offset fees. The compensating balance agreement is subject to periodic review by the Treasurer and re-negotiation or adjustment, as the Treasurer determines necessary; or8.1.2. Account Analysis: The depository shall submit to the Treasurer a monthly invoice. The invoice shall reflect the total amount of actual activity for the period billed at the rates established in its agreement with the Treasurer, less any earnings, allowances or credits to which the Treasurer may be entitled, and any other information required by the Treasurer. Additional information may include, without limitation, current monthly average balances, service descriptions, earnings allowance rates, and a summary of balances and charges. The Treasurer shall pay the invoices with a state check or through an electronic funds transaction.8.2. Compensation for Ancillary Services - The Treasurer may, from time to time, require a depository to furnish certain ancillary services in the course of providing the receipt account services for which it was selected. The Treasurer shall compensate the depository by one of the methods in subsection 8.1 of this rule.