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balances, and float position), activity summary (total credits, total debits) and transactioncredit <br />and debitdetails. <br />The daily file provides extensive information about the business account: account status <br />(ledger,availablebalances, and float position), activity summary (total credits, total debits) and <br />transaction credit and debitdetails. <br />Feature and Benefits of BAI & Synovus One View <br />Simplify the account reconcilement process. You can consolidate balance and transactional <br />informationfrom all your accounts into one electronic file. <br />Concentrate daily transactional and balance information from multiple accounts and <br />locations. <br />Thisconsolidated electronic file allows easy management of your cash positioning and <br />enables you to makepayments, reduce debt and invest your excess cash more effectively. <br />Benefit from up-to-minute information reporting. You can receive reports by company, <br />division andindividual location. In addition to standard BAI formatting, Synovus One View <br />can accommodate specialfile formatting to include fixed length text or CSV formatting <br />Saves time by reducing data entry errors and increases productivity byeliminating data re- <br />keying <br />Allows you to receive detailed financial data early in the business day <br />Eliminate paper reports and manual reconciliation <br />Leverage your excess funds to increase investment opportunities or reduce borrowing <br />B.BankAccounts <br />The City currently maintains one operating account (depository), a secondary merchant account, one <br />money market account and two (2) zero balance (ZBA) accounts. <br />1.OperatingAccount <br />a.This account is used for check and cash deposits and other activity to include, butnotlimited <br />to,incomingandoutgoingwiretransfers,incomingandoutgoing ACH transactions, and other <br />electronic credits and debits. It’s also used for any return item charge backs. This is the main <br />account to which the zero balance accountsarelinked. <br />b.The proposer will provide the interest rate offer for this account as well as discuss any other <br />options to gain a higher yield with limitations governingthose options such as maximum <br />monthly withdrawals, minimum balances to be maintained,etc. <br />c.The proposer will describe its process for FDIC charges and whether the proposer plans on <br />passing these fees to theCity. <br />While Synovus has the capabilities to provide an overnight investment sweep account and <br />insured cash sweep accounts – current economic conditions have created an environment <br />where other products are more beneficial to the City. <br />Synovus is recommending the use of the Advantage Analysis Account, which automatically <br />analyzes your monthly account activity, determines the balances needed to offset analysis <br />fees and pays interest on excess collected account balances. <br />July 12, 2024Page 20 <br />City of Sunny Isles Beach RFP 24-06-01 <br />Banking Services - Synovus Bank Submission <br /> <br />