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remains ineffect. <br />3.Each Proposer will also indicate whether a cost-effective electronic online process is available for <br />stop paymentorders. <br />The City can initiate Stop Payments online through Synovus Gateway. When a stop payment is <br />completed through Synovus Gateway, confirmation of the stop payment request will be <br />provided. Stop Payments are good for 6 months. Stop payment requests can be made for single <br />checks or for multiple checks at one time. Stop payments become effective immediately. <br />Synovus Gateway does not automatically verify if a check has been paid before processing the <br />stop payment. The user would need to verify if the check were paid on the system before <br />processing the stop payment. <br />Synovus recommends that the City initiate Stop Payments through our Positive Pay solution. <br />With Positive Pay, checks marked as “void” within your issue file will be returned and will not <br />have an expiration date and will also provide a cost savings. <br />K.Deposit ReturnedItems <br />All returned checks due to insufficient funds or other reasons will NOT be automatically re- deposited <br />a second time. Instead, these checks will be returned to the City’s Finance Department.Thebankwill <br />providetheabilitytoaccessonlinereturnchecksfortheOperating account to include an image of the <br />check returned. The bank will also provide the ability to retrieve a history of returneditems. <br />Checksreturned that have been previously deposited into an account is not required to be <br />redeposited. Through the Synovus implementation process, we will work with the City to establish <br />email notifications for returned deposited items that can be sent to any user that has appropriate <br />credentials. Those users will receive an email with a copy of the notice of charge back to the account <br />and an imaged copy of the check being returned the following morning that the return has hit the <br />account. <br />L.WireTransfers <br />ThebankwillprovidetheCitysamedaywiretransferserviceforoutgoingtransfersandaccept incoming <br />transfers into the account for immediate credit. The City transfers money via wire transfer using both <br />repetitive and non-repetitive wires. Both repetitive and non-repetitive wire transfers will be done <br />utilizing an internet-based treasury management system. The Proposer will provide its cut-off deadline <br />for same day outgoing wiretransfers. <br />Through Synovus Gateway, the Citywill be able to process repetitive and non-repetitive wires <br />electronically/online. The City’s access can be customized by user to include entering and editing <br />wires, release wires or approval only. Templates can be used to further customize user workflows by <br />entering and prefilling only the information required for their transaction type. The Citycan utilize <br />templated stored information to send recurring wires to the same beneficiary, or semi-recurring wires <br />with additional reference information. Individual wires can also be entered easily without the use of <br />a template. Wires can be completed at a branch in person or via Synovus Gateway. <br />July 12, 2024Page 29 <br />City of Sunny Isles Beach RFP 24-06-01 <br />Banking Services - Synovus Bank Submission <br /> <br />