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reduction by maintaining account(s) at either a zero-balance account or other predetermined <br />minimum balance. <br />Accounts are linked to a primary account that automatically transfers funds at the end of each <br />business day to offset the net activity, resulting in an ending zero balance. <br />5.Zero balance account – Payroll <br />This account is used solely to process payroll disbursements to employees. The funds are swept <br />into or out of this account to or from the Operating account. <br />The City reserves the right to open additional accounts during the contract period. Proposers must <br />indicate documents required to open a new account. <br />ZBA Accounts <br />ZBA’s will continue to ensure efficient, centralized use of available funds for investment or debt <br />reduction by maintaining account(s) at either a zero-balance account or other predetermined <br />minimum balance. <br />Accounts are linked to a primary account that automatically transfers funds at the end of each <br />business day to offset the net activity, resulting in an ending zero balance. <br />C.Availability ofFunds <br />The Awarded Bank agrees to credit the City’s Operating Account for Incoming EFT’s the same day <br />regardless of the time of receipt during the day. <br />Funds Availability Schedule <br />Synovus’ funds availability schedule is to make funds from your cash and check deposits available to <br />you on the first business day after the day we receive your deposit. Electronic direct deposits will be <br />available on the day we receive the deposit. <br /> <br />For determining availability of your deposits, every day is a business day except Saturdays, Sundays, <br />and federal holidays. If a deposit is made before 5:00 PM ET on a business day that we are open, we <br />will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 PM ET <br />or on a day we are not open, we will consider that the deposit was made on the next business day we <br />are open. <br />Incoming wire transfers and ACH will be credited to the City’s account on the same day if they are <br />received by 6:00 PM ET. <br />Remote Deposit allows foranextendeddeposit deadline of6:00PM ETeachbusinessday,forsame <br />dayledger credit. <br />July 12, 2024Page 22 <br />City of Sunny Isles Beach RFP 24-06-01 <br />Banking Services - Synovus Bank Submission <br /> <br />