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Citizens Business Bank has been providing bankcard services to merchants since 1974, and <br />currently serves over 656 merchants. Citizens Business Bank can provide the City with a <br />wide range of financial services. Included in these services is the delivery of the necessary <br />hardware to process debit and credit transactions; operation of the debit/credit card payment <br />system, technical support and training for City staff and monthly activity reports to the City. <br />By signing agreements with Citizens Business Bank, the City would receive the following <br />services at the following costs: <br />1. Six processing terminals for both debit cards (ATM's) and credit cards <br />($162 per month for the six) <br />2. Use of Visa/Mastercard <br />a. 1.9% (swiped transactions) <br />b. 2.15% (non -swiped transactions) <br />c. 2.85% (business cards) <br />($100.00 installation fee) <br />3. Use of Debit Cards (ATM) <br />a. Interlink $0.27 per transaction plus .50% of transactions amount <br />b. Explore $3.9 per transaction <br />4. "SCAN" Check Service <br />($15.00 per month membership fee, $.25 per check authorized) <br />ALTERNATIVES <br />None. <br />FINANCIAL IMPACT <br />The amount of $4,000 is budgeted in the 1996-97 Finance -Customer Service account No. <br />01-1303-30. It is anticipated that the credit card use will be for phone payments of which <br />transaction uses will be charged to the utilizing customer. <br />J <br />Anna A. Vega, Financ ctor <br />ENVIRONMENTAL IMPACT <br />None. <br />RECOMMENDATION <br />Staff recommends that City Council approve the service agreements and authorize the <br />Mayor to execute said agreements with Citizens Business Bank for financial services as <br />described in this report and presented in Attachment A. <br />Attachment: Attachment A <br />Item No. <br />