HomeMy WebLinkAboutSYNOVUS BANK
SGQ!
Tvcnjuufe!cz;
DemandStar.com
SECTION 6
OPENING: 11:00 AM
PROPOSALSUBMITTAL
07/09/2024
FORMS
PLEASE QUOTE PRICES CITY IS TAXED EXEMPT, DELIVERED TO
CITY OF SUNNY ISLES BEACH, FLORIDA
NOTE: City of Sunny Isles Beach is exempt from all taxes (Federal, State, and Local). Bid price should be
less all taxes. Tax Exemption Certificate furnished upon request.
Issued by:Purchasing Date issued:
06/05/2024
Sealed proposalsare subject to the Terms and Conditions of this Request for Proposals and the
accompanying proposalSubmittal. Such other contract provisions, specifications, drawings or other data
as are attached or incorporated by reference in the Bid Submittal, on DemandStaruntil the above stated
time and date, and at that time, publicly opened for furnishing the supplies or services described in the
accompanying ProposalSubmittal Requirement.
RFP24-06-01
Banking Services
A Financial Institution Fidelity Bond for employee dishonesty on a Blanket Basis will be required upon
execution of the contract by the successful firmand City of Sunny Isles Beach. The bond shall be endorsed
to cover “Third Party” liability including a third party beneficiary clause in favor of the City of Sunny Isles
Beach. The bond shall include a minimum of twelve (12) month Discovery Period when written on a Loss
Sustained Basis.
Banking Services
FAILURE TO SIGN PAGE 42OF SECTION 6 BID SUBMITTAL WILL RENDER YOUR BID NON-
RESPONSIVE
RFP 24-06-01 BANKING SERVICES 40
SECTION 5 PROPOSAL FORMAT
5.0 ELECTRONIC PDF PROPOSAL FORMAT
The Proposal must contain an original signature. Be sure that the individual signing the Proposal is
authorized to commit the Proposer's organization to the Proposal as submitted. Each page of the Proposal
should state the name of the Proposer, the RFP number, and the page number. The City reserves the right
to request additional data or material to support Proposals. All material submitted in response to the RFP
will become the property of the City. The City retains the right to request any additional information
pertaining to the Proposer's ability, qualifications, and procedures used to accomplish all work under the
contract as it deems necessary to ensure safe and satisfactory work.
LABEL EACH SECTION AS NUMBERED
The proposal must be in the following format.
1.Minimum Qualification Requirements(MQRS)
Firms must read the MQRs first to ensure your firm meets these requirements in order to provide a
response to this RFP. Firms that do not meet all the MQRs stated will be determined non-responsive
and disqualified from the evaluation process and will not be considered.Proposermustprovideall
MQRsasrequested,inadditiontotheinformation requestedbelow.
1.Please read the MQRs to ensure the Firm meets these requirements prior to submitting a response
to thisRFP.
Synovus has read the MQRS and can meet the requirements.
2.All Minimum Qualification Requirements (MQRs) must be submitted with Firm’sresponse.
Understood
3.FirmsthatdonotcomplywithMQRsmaybedeterminednon-responsiveanddisqualified.
Understood
4.Awarded firm will be required to maintain Minimum Qualification Requirement a and b during the
term of the Contract and any Contractrenewals.
a.The Proposer shall hold the proper license/qualifications to perform the Scope of Work set
forth within this solicitation to including but not limited to thefollowing:
Federal or State of Florida CharterBank;
Synovus is chartered in the State of Georgia and is authorized to do business in the State
of Florida and is registered in SunBizand has provided “Exhibit B”.
July 12, 2024Page 1
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Certified as a “Qualified Public Depository” under Chapter 280 Florida Statutes, “Security
for PublicDeposits”
Synovus is a State of Florida Qualified Public Depositoryand has provided “Exhibit C”.
Member of FDIC;and
Synovus is a member of the FDICand has provided “Exhibit D”.
Member of Federal ReserveSystem.
Synovus is a member of the Federal Reserve System and has provided “Exhibit E”.
The Proposer must provide a copy of the applicable license(s) or status with Firm’s
response.
b.The Proposer shall have a branch bank located in Sunny Isles Beach. Be a Federal or Florida
charteredbankwith a principalBranchofficelocated within a ten(10)mileradius of the city
of Sunny Isles Beach, Florida, from the zip code 33160. Preference may be givento
proposingbankswith a principalBranchofficewithinthecitylimitsofSunnyIsles, Beach.
Synovus Location
Hours
North Miami Beach
Lobby Hours
1802 NE Miami Gardens Drive
Mon - Thu: 9:00 AM to 4:00PM
N. Miami Beach, FL 33179
Fri: 9:00 AM to 5:00 PM
2.6 Miles
Sat and Sun: Closed
Drive-up Hours
Mon - Thu: 9:00 AM to 4:30PM
Fri: 9:00 AM to 5:00 PM
Sat and Sun: Closed
c.The Proposer musthavereceivedanunqualifiedopinioninitsauditedfinancialreportfor
each of the last two (2)years.
Proposer must provide a copy of the opinion with Firm’s response.
Synovus has provided 2 years of audited financial reports as “Exhibit F”.
d.The Proposer must have at least five (5) years’ experience having provided the scope of
servicesasoutlinedintheRFPandprovidedetailsofthisexperience.TheCitywillreview the
bank’s incorporation date filed on Sunbiz.org by month and year. As of the submittal due
date is the period of time counted for the five-yearexperience.
Synovus has over five years of experience and has provided our SunBiz as “Exhibit B”
July 12, 2024Page 2
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
e.The Proposer shallprovide referencelettersforfive(5)verifiable clientswith a minimum of
three(3)municipalities/localgovernments,forprojectsofsimilarscopeasoutlinedin this
RFP. Please ensure the contact information provided is up to date and accessible. Proposer
must complete the Questionnaire Form # 22 to meet thisrequirement.
Synovus has completed Questionnaire 22.
f.The Proposer must submit most recent audited financial statements to substantiate the
financial stability of the Proposer. Please note, financial statements are exempt from public
recordsrequest.
From this report, please indicate its effective date and amountof capital and surplus for
your institution.
Capital 5,206,521,000
Surplus $ N/A
Total $ $5,206,521,000
Date: 12/31/2023
July 12, 2024Page 3
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
2.TransmittalLetter
A letter of transmittal, signed by an authorized officer of your company, briefly stating theProposer’s
understandingoftheservicestobeperformedand a positivecommitment to perform the services
described herein. Provide the name(s) of the person(s) who will be authorized to make representations
for the Proposer, their titles, office and E-mail addresses and telephonenumbers.
July 12, 2024Page 4
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
July 9, 2024
City of Sunny Isles Beach, FL
RE: Request for ProposalGeneral Banking Services
We are pleased to offerthe City of Sunny Isles Beach, FL, the following proposed banking solutions that
will allow for a smooth transition, cost savings and interest income:
Dedicated Government Solutions Team and SeniorTreasury Management Consultant
Earnings Credit Rate (ECR)will start at0%but this rate will be managed for the life of the
contract, meaning Synovus will adjust the rate depending on the rate environment so the City
will always be maximizing their funds. With the rates where they are currently,we feel the
earnmore if the full collected balances are applied tothe Interest Rate of
(Target Federal Funds Rate -.75%). The City will pay thefullamount of the fees on a monthly
basis, but the interest earned will outweighthose fees and then some.
The Interest Rate on excess balances will be based on the Target Federal Funds Rate -.75%
(current interest rate at this time would be 4.75%).
Waiver of all fees for 6months, so interest would be earned on dollar one.
$1,000annual supply credit for bank supplies (deposit slips, stamps, tamper evident bags etc.).
Proposed line-item pricing guaranteed for the life of the contract.
Customized conversion and implementation plan with tailored training on Synovus services.
All online services are providedthrough a single sign-on encrypted log-in process.
Synovus Bank appreciates the opportunity to submit this proposal and looks forward to your favorable
response. Ifyou should have any questions or need additional information, please do not hesitate to
contact us.
July 12, 2024Page 5
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Respectfully,
Matthew FarzanradAndy LaFear, Government Solutions
Sr. Treasury Management Consultant Vice President, Relationship Manager
Matthewfarzanrad@synovus.com7768 Ozark Drive, Suite 100
407-446-5545Jacksonville, FL 32256
Phone: 904-997-7646
andylafear@synovus.com
July 12, 2024Page 6
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
3.CompanyInformation
In response to this Proposal, all Proposers must provide the following:
Name of Financial Institution (including any "Doing Business As"names)
Synovus Bank
Headquarters and local BranchLocations
Synovus Bank (Headquarters)
1111 Bay Ave
Columbus, GA 31901
Synovus Bank (Local Branch)
1802 NE Miami Gardens Drive
N. Miami Beach, FL 33179
Internet Web Site Address (ifany)
Synovus.com
Details of Entity Business Structure (Corporation, Partnership,LLC)
Synovus Bank is a Georgia Corporation
DateFounded
December 24, 1888
Headquarters address and telephone number, and local branch address and phonenumber
Synovus Bank (Headquarters)
1111 Bay Ave
Columbus, GA 31901
Synovus Bank (Local Branch)
1802 NE Miami Gardens Drive
N. Miami Beach, FL 33179
305-949-8955
Proof ofinsurance
Certificate of Insurance has been provided as “Exhibit G”.
July 12, 2024Page 7
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Indication of how long it would take to implement service after authorized to begin
The majority of the services can be implemented in a couple weeks, but the file transmission
portion can take 4-6 weeks. To have the Cityfully transitioneditwill take approximately2
months.
List of any outstanding litigation that would threaten the viability of the firm or the performance
of thiscontract
Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that
arise in the ordinary course of its business. Additionally, in the ordinary course of business,
Synovus and its subsidiaries are subject to regulatory and governmental examinations,
information gathering requests, inquiries, and investigations. Synovus, like many other financial
institutions, has been the target of legal actions and other proceedings asserting claims for
damages and related relief for losses. These actions include mortgage loan and other loan put-
back claims, claims and counterclaims asserted by individual borrowers related to their loans,
allegations of violations of state and federal laws and regulations relating to banking practices,
including putative class action matters. In addition to actual damages, if Synovus does not prevail
in such asserted legal actions, credit-related litigation could result in additional write-downs or
charge-offs of assets, which could adversely affect Synovus' results of operations during the
period in which the write-down or charge-off were tooccur.
Synovus carefully examines and considers each legal matter, and, in those situations where
Synovus determines that a particular legal matter presents loss contingencies that are both
probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is
considered to be probable if the future event is likely to occur. While the final outcome of any
legal proceeding is inherently uncertain, based on the information currently available, advice of
counsel and available insurance coverage, management believes that the amounts accrued with
respect to legal matters as of December 31, 2023, are adequate.
The actual costs of resolving legal claims may be higher or lower than the amounts accrued. In
addition, where Synovus determines that there is a reasonable possibility of a loss in respect of
legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss
or range of loss. Under GAAP, an event is “reasonably possible” if “the chance of the future event
or events occurring is more than remote but less than likely,” and an event is “remote” if the
“chance of the future event or events occurring is slight." In many situations, Synovus may be
unable to estimate reasonably possible losses due to the preliminary nature of the legal matters,
as well as a variety of other factors and uncertainties. For those legal matters where Synovus is
able to estimate a range of reasonably possible losses, management currently estimates the
aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts
accrued, if any, related to those matters. This estimated aggregate range is based upon
information currently available to Synovus, and the actual losses could prove to be lower or
higher. As there are further developments in these legal matters, Synovus will reassess these
matters, and the estimated range of reasonably possible losses may change as a result of this
assessment.
Based on Synovus' current knowledge and advice of counsel, management presently does not
July 12, 2024Page 8
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
believe that the liabilities arising from these legal matters will have a material adverse effect on
Synovus' consolidated financial condition, results of operations or cash flows. However, it is
possible that the ultimate resolution of these legal matters could have a material adverse effect
on Synovus' results of operations or financial condition for any particular period. Synovus intends
to vigorously pursue all available defenses to these legal matters but will also considerother
alternatives, including settlement, in situations where there is an opportunity to resolve such legal
matters on terms that Synovus considers to be favorable, including in light of the continued
expense and distraction of defending such legal matters. Synovus maintains insurance coverage,
which may be available to cover legal fees, or potential losses that might be incurred in connection
with such legal matters. The above-noted estimated range of reasonably possible losses does not
take into consideration insurance coverage, which may or may not be available for the respective
legal matters.
Financial Stability of the Bank along with audited financialstatements
Synovus Financial Corp. (NYSE: SNV) is a financial services company based in Columbus, Georgia,
founded in 1888, with approximately $60 billion in assets. Synovus has 245 locations throughout
the Southeast U.S. and has been named one of America’s Best Banks by Forbes. Through its wholly
owned subsidiary, Synovus Bank, the company provides commercial and consumer banking,
including private banking, mortgage services, treasury management, wealth management,
premium finance, asset-based lending, structured lending, capital markets and international
banking.
In addition to our bankingoperations, we also provide various other financial services to our
customers through the following direct and indirect wholly owned non-bank subsidiaries:
Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional
portfolio management for fixed-income securities, investment banking, the execution of
securities transactions as a broker/dealer, asset management and financial planning services,
and the provision of individual investment advice on equity and other securities.
SynovusTrust, headquartered in Columbus, Georgia, which provides trust services.
Synovus Mortgage, headquartered in Birmingham, Alabama, which offers mortgage services.
Creative Financial Group, headquartered in Atlanta, Georgia, which provides planning and
investment advisory services.
and Atlanta-basedGlobal One, a life insurancepremium finance lender.
Synovus’ range of products and services, along with its industry leading reputation and focus on
local communities, make the company a compelling choice for clients in some of the best markets
in the southeast.
First Quarter 2024 Highlights
Our first quarter results demonstrate tangible progress on our strategic priorities, including key
commercial category loan and core deposit growth, client non-interest revenue growth and
excellent operating expense control. We remain focused on raising the bar on service and
deepening client relationships, all while building a more risk resilient bank, which was evidenced
by our highest common equity tier 1 capital ratios in several years and an over 30% decline in
wholesale funding versus last year.
Net income available to common shareholders was $114.8 million, or $0.78 per diluted share,
July 12, 2024Page 9
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
compared to $60.6 million or $0.41 in the fourth quarter 2023 and $193.9 million or $1.32 in
first quarter 2023.
An incremental $12.8 million FDIC Special Assessment reduced first quarter 2024 reported
and adjusted EPS by $0.07. A $51.0 million FDIC Special Assessment impacted fourth quarter
2023 reported and adjusted EPS by $0.26.
Pre-provision net revenue of $215.0 million increased $79.2 million, or 58%, sequentially and
was down $77.0 million, or 26%, compared to first quarter 2023.
Net interest income declined $18.4 million, or 4%, compared to the prior quarter and was
down $61.9 million, or 13%, compared to first quarter 2023, primarily attributable to a decline
in average earnings assets and higher funding costs. Net interest margin was 3.04% which
compressed from the fourth quarter 2023 as higher deposit costs more than offset an
increase inearning asset yields.
Period-end loans declined $94.6 million from the fourth quarter 2023 as core commercial
lending growth was more than offset by soft loan demand, higher loan paydowns and
strategic declines in certain loan categories such as non-relationship syndicated lending and
third-party consumer lending. Commercial and industrial loans increased $132.8 million or 1%
from the prior quarter and $131.1 million or 1% from first quarter 2023.
Period-end core deposits ended the quarter at $44.9 billion, an increase of $165.1 million
sequentially primarily as a result of time deposit growth, partially offset by a decline in non-
interest-bearing deposits. Total deposit costs increased 17 basis points from the fourth
quarter 2023 to 2.67%.
Non-interest revenue of $118.9 million increased $67.4 million, or 131%, sequentially and
declined $14.2 million, or 11%, compared to first quarter 2023. Adjusted non-interest revenue
of $116.6 million fell $9.6 million, or 8%, sequentially and declined $1.0 million, or 1%,
compared to the first quarter 2023. Year-over-year pressure was the result of the consumer
checking program changes and GLOBALT divestiture in 2023. The company experienced year-
over-year growth in core banking fees and commercial sponsorship income.
Ona sequential basis, non-interest expense of $322.7 million declined 9% while adjusted non-
interest expense declined 10% to $318.9 million. Compared to the prior year, non-interest
expense and adjusted non-interest expense was flat and increased 5%, respectively. All
comparisons were significantly impacted by the FDIC Special Assessments in fourth quarter
2023 and first quarter 2024. Headcount declined 1% sequentially and 7% year over year.
Excluding the first quarter 2024 FDIC Special Assessment, adjusted non-interest expense was
relatively stable compared to first quarter 2023.
Provision for credit losses of $54.0 million increased 19% sequentially and compares to $32.2
million in first quarter 2023. The allowance for credit losses ratio (to loans) of 1.26% was up
2 basis points from the fourth quarter 2023.
The non-performing loan and asset ratios were slightly higher at 0.81% and 0.86%,
respectively; the net chargeoff ratio for the quarter was 0.41%, and total past dues were
0.13% of total loans outstanding. Approximately 0.17% of first quarter 2024 net charge-offs
were attributable to an $18 million loss from a commercial and industrial loan relationship
that is expected to be resolved later this month.
The preliminary CET1 ratio rose sequentially to 10.38% as core earnings accretion more than
offset the impact of $29.9 million in common stock repurchases during the first quarter 2024.
July 12, 2024Page 10
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Personnel Experience andQualifications
4.
Provide an explanation of why the Proposer is the best qualified to perform the contract and
demonstrateitsqualificationsincludinganitem-by-itemdisclosureoutlininghowthe firm meets or
exceeds the requirements of this RFP. The proposal should give a descriptionofthefirm,includingthe
size,rangeofactivities,etc.andemphasizehowthe firm-wide experience and expertise in this type of
project will be brought to bear on the proposedproject.
Include organizational chart with local, district, and corporate levels for Proposer. Describe how the
organizational structure will ensure orderly communications, distribution of information, effective
coordination of activities, resource management, accountability, and decision-making authority.
Describe the designated team representatives who are technically competent to assist the College in
all activities associated with the service and maintenance of this account.
The composition of the team should include:
The names of the employees in the area responsible for thiscontract
Their function in thecompany
The name of the person who will be responsible for the coordination of work through to
implementation.
Florida Experience
Our Government Solutions Team also provides financing to all types of Florida Governmental entities.
From General Obligation, Special Assessments or Covenant to Budget and Appropriate structures, our
team is ready to provide a detailed response. Our underwriting team is very nimble and therefore can
provide quick responses with very creative structure options.
In order to stay abreast of issues and upcoming changes that may impact Government Banking
customers, Synovus has memberships, sponsors and actively participates in various Florida
Governmental Associations, such as:
Florida Government Finance Officers Association (FGFOA)
Florida Association of Special Districts (FASD)
Florida League of Cities
Florida Tax Collector Forum
Florida School Finance Officers Association (FSFOA)
Central Florida Chapter of the (FGFOA)
Florida First Coast Chapter of the (FGFOA)
Hillsborough Chapter of the (FGFOA)
Southwest Florida Chapter of the (FGFOA)
Gulf Coast Chapter of the (FGFOA)
Nature Coast Chapter of the (FGFOA)
Palm Beach Chapter of the (FGFOA)
Government Experience Overview
Synovus takes pride in its extensive experience working with Government customers across its
footprint, including Sunny Isles, Florida. Our long-standing presence in the area showcases our
commitment to serving the needs of the Cityand its Government entities.
July 12, 2024Page 11
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Over the years, Synovus has developed deep expertise in understanding the unique requirements and
challenges faced by Government customers. We have worked closely with various Government
agencies gaining valuable insights into the specific needs and delivering tailored financial solutions.
We have over $6 Billion in governmental agency deposits within the five-state footprint (Florida,
Georgia, South Carolina, Tennessee, and Alabama). Within Floridawe have over 60 independent
governmental agencies. Many of these would be considered comparable to the City’sfrom a product
use, balance and/or relationship complexity standpoint. We understand the unique needs of Florida
governmentsand have the depth of knowledge to serve the City of Sunny Isles. We pride ourselves
on becoming an internal consultant partner for our customers.
By choosing Synovus, the Citycan benefit from our extensive experience, local knowledge, and
dedication to providing exceptional financial solutions.
ACCOUNT EXECUTIVE AND RELATIONSHIP MANAGEMENT TEAM
We do not take ourcustomer obligation lightly. We have a history of providing excellent customer
service to our clients. We have a team of dedicated professionals ready to assist with implementation
planning and training sessions. These individuals will be there for you through the entire process and
will continue to be your partners long after your initial move. The following pages provide information
for the City’srelationship management, treasury managementand government solutions teams.
Government Solutions Team
Synovus understands how important it is to the Citythat its banking partner has experience with
government entities. With our diverse customer base and deep staff knowledge of government needs,
the Citycan be rest assured that Synovus’ Government Solutions Group will be the right fit.
Andy LaFear – Primary Relationship Manager
Government Solutions – Relationship Manager
Office: 904-347-7068
AndyLaFear@Synovus.com
Andy LaFear joined Synovus Bank during the summer of 2021 as the Vice President, Relationship
Manager of Government Solutions for the State of Florida. Andy has more than 29 years of banking
experience, most of which has been dedicated to government, higher education, and not-for-profit
clients. He began his career in the Corporate Trust Industry as a Trust Officer and later a New Business
Development Officer in the Corporate Trust arena. Andy opened the Regions Bank Corporate Trust
Jacksonville, Florida, office in 2006. Since 2007, Andy has been developing new business, in Florida,
with governments, higher education institutions and not for profits.
Andy earned his bachelor's degree, in Finance, from Florida State University. Andy also earned his
MBA at the University of North Florida. He has been active with the TaxSlayer Gator Bowl as a scout
for the past 6 years. Andy has also been on his local YMCA’s Advisory Board for the past 7 years. Andy
has also been a Board Member of the Multiple Sclerosis N. Florida Chapter. He has also served on the
Investment Committee for the Duval County Public School District.
July 12, 2024Page 12
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
LeeAnn Kirwin
Government Solutions Group Director
Office: 239-552-1879
Cell: 239-287-5263
LeeannKirwin@Synovus.com
LeeAnn Kirwin joined Synovus in April of 2012 and is currently serving as the Bank’s Vice President,
Director of Government Solutions. Prior to this, she was a Commercial Relationship Manager with
Synovus, handling exceptionally large comprehensive loans and depository customers. LeeAnn has
had specific experience with local branch management including cash vault processing, treasury
management implementation and training, credit underwriting, loan review, internal audit, and
customer service center management.
She holds a Bachelor of Arts from Florida Southern College and is a graduate of the University of
Florida – FBA Florida School of Banking. LeeAnn has coordinated many of the governmental client
conversions such as Hillsborough Area Rapid Transit (HART), Collier County Tax Collector, Clarke
County School District (GA) and City of Apopka to name a few.
Amanda DeBoer
Wholesale Relationship Associate
Office: 239-368-4022
AmandaDeboer@Synovus.com
Amanda DeBoer began her banking career at Synovus in March of 2006 and is currently serving as
the Government Solutions’ Wholesale Relationship Associate. Prior to her current role, Amanda
fulfilled various positions within Synovus while completing her Bachelor of Arts in Psychology with a
minor in Business Management, at Florida Gulf Coast University. Amanda will assist in servicing the
City in a secondary capacity should Andy need assistance or is not available.
Treasury Solutions Team
Matthew Farzanrad
Senior Treasury Management Consultant – Government Solutions
Office: 407-204-3341
MatthewFarzanrad@Synovus.com
Matthew joined Synovus in April 2022 as a Senior Treasury Management Consultant for Government
Banking Solutions. Matthew is responsible for the delivery of Treasury Management solutions to new
and existing customers across the Synovus footprint.
Matthewhas more than 17 years of banking experience and most recently served customers in
Central Florida, Florida West Coast, and National Clients as a Treasury Management Consultant for
City National Bank of Florida. Prior to that he was a Treasury Management Consultant for Wells Fargo
Bank. Matthew earned his Bachelor of Science in Finance from the University of Florida. Matthew
enjoys volunteering for Junior Achievement and can be found at any local sporting event with his son.
July 12, 2024Page 13
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Frank Nguyen
Senior TreasuryManagement Consultant Associate
Office: 678-578-1930
FrankNguyen@Synovus.com
Frank Nguyen joined Synovus in September 2021. He has 18 yearsof experience in Commercial Real
Estate Treasury ManagementImplementation, and Client Service Consultant field. He began his
banking career in 2003 with First Union Bank. As a Client Service Consultant in Commercial Real Estate
division, Frank served as a primary point of contact between his clients, Treasury Management Sales
Teams and Relationship Managers. He also served as Team Lead, provided leadership, training, and
coaching to new and existent colleagues on new systems, compliance, policy, and procedures. He has
extensive banking knowledge, especially in treasury management.
Frank received his education at Seton Hall University and holds a Bachelor of Science degree in
Religious Studies with a minor in Philosophy.
Matthew Mulkey
Treasury Payment & Solutions – Onboarding Representative Sr.
Office: 770-303-4267
MatthewMulkey@Synovus.com
Matthew came to Synovus Bank from Bank of America 11 years ago. Originally in our Customer Care
Center, he was promoted to our Priority Customer Care assisting our high wealth customers and
Priority Business Customer’s. Matthew was on the original team assisting customers with the new
Gateway Portal when it came online and remained on that team through the migration of all
customers to the new portal.
Matthew brings 20+ years of Customer Service with him as well as more than 12 years of banking
experience.
July 12, 2024Page 14
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
5.Approach /Methodology
Proposers approach methodology to providing the services requested in this solicitation, including but
not limited to:
Clearly describe the ability to perform the scope of services proposed including a work plan, an
explanation of methodology to be followed to perform the services required of thisproposal
Synovus: Your Financial Partner
At Synovus, we understand the importance of governmentfinancial needs and are committed to
assisting the City obtaining your vision of making Sunny Isles Beach a safe and beautiful place to
live, work and visit.As your financial partner, we strive to alleviate the challenges you face by
offering consultative banking advice and recommending proven solutions to overcome daily
financial distractions.
Our primary objective is to develop a deep understanding of your needs to collaborate with you
to optimize your operations. By providing high-quality and efficient banking solutions at
competitive prices, we aim to support your financial goals and ensure your success.
At Synovus as your banking advisor, you can expect:
1.Personalized Approach: We take the time to truly know you and your unique circumstances,
tailoring our services to suit your specific requirements.
2.Consultative Advice:Our team of experts will provide you with informed guidance, offering
recommendations based on their extensive banking knowledge and experience.
3.Proven Solutions: We offer a range of tried-and-tested banking solutions to address your daily
financial distractions effectively.
4.Efficiency and Quality:Our commitment to providing high-quality banking services ensures
that your operations run smoothly and efficiently.
5.Competitive Pricing:We understand the importance of cost-effectiveness, and we strive to
offer competitive pricing that maximizes the value you receive.
At Synovus, we are dedicated to being your trusted financial partner. Together, we can navigate
the financial challenges you face and work towards your long-term success.
July 12, 2024Page 15
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
SCOPE OF SERVICES
A.DetailedRequirements
1.Online AccountAccess
The bank shall provide a secure, web-based solution that will allow the City online accesstoall
Citybankaccounts.ThesystemwillenabletheCityusertocommunicate with the bank,
download and archive information, provide daily reporting, facilitate viewing and printing of the
front and back of cleared checks, deposit slips, individual deposititems,etc.,executeonlinestop
payments,performwiretransfers,andaccess detailed ACH information. Preferably, all activities
should be done on one central online website. If not, please submit a list of the different online
sites they use for eachservicetype(i.e.,fraudcontrol,onlinetreasury,ACHcontrol,deposits,etc.)
The City currently utilizes an internet-based treasury management system to view and print daily
balances and detailed transactions for its accounts. The City wishes to continue utilizing this type
of treasury management system. The treasury management system will also allow for user
security levels to be set up by a system administrator to access itsfeatures.
The bank must have the ability to provide the City with access to online balance and account
activity reporting with the following minimum prior day and current day information:
a.Closing ledgerbalance
b.Collectedbalance
c.One (1) dayfloat
d.Two (2) daysfloat
e.Totalcredits
f.Number ofcredits
g.Totaldebits
h.Number ofdebits
i.Opening ledgerbalance
j.Opening availablebalance
k.Current availablebalance
Individual activity amounts and descriptions to include, but not limited to, the following:
i.Deposits
ii.Wire transfers (incoming andoutgoing)
iii.ACH transfers (incoming andoutgoing)
iv.Internal Bank accounttransfers
v.Other bank credits andcharges
vi.Individual check amounts paid along with corresponding check numbers and datecleared.
Synovus Gateway – Online Banking
Synovus Gateway is designed to simplify treasury management and keep the City in control
of its finances. Synovus Gateway offers digital solutions and tools to save time, reduce risk,
and drive efficiencies, conveniently and securely.
Synovus Gateway offers a customizable dashboard that provides personalization,
management, and centralized control for viewing of accounts(s) and frequently accessed
July 12, 2024Page 16
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
information. Users also can organize and group accounts as desired and use quick action
widgets as shortcutsto perform a variety of common tasks quickly.
What Synovus Gateway Does:
Accounts and Transactions (i.e., balance, check inquiries, ACH and wire inquiries)
Previous day reporting and disbursement reporting
Check Images (standard 18-month archive)
Perform ACH, Online wires, Internal Transfers, Stop Payments, Positive Pay
Synovus Gateway Remote Deposit
Synovus Gateway Mobile Deposit
Synovus Gateway Bill Pay
Financial Management Tools
Statements (standard 24-month archive)
Robust Alerts
Quicken and QuickBooks Integration
Reporting
Synovus Gateway offers real-time reporting and data. Up to the minute actionable business
insights are provided through comprehensive reporting with balance and transaction
reporting detail as well as intraday reporting. Standard reports include Company
Entitlements, Company Transactions, and a User Activity Report. Additionally, Previous Day
and Current Day reporting options are available as optional service elections.
Synovus Gateway is available 24 hours, 7 days a week. Updated account information is
available by 7:30 AM ETthe following business day.
Report NameTypeInformationFormats
Balance & Current Day/Previous Account Balance and PDF, CSV, BAI2
Activity Day(s)Transaction Detail
Cash Position Previous Day(s)Detailed Account Balance PDF, CSV, BAI2
and Float Position
ACH Activity Current Day/ Previous ACH Transaction DetailPDF, CSV
Day(s)
Wire Activity Current Day/Previous Interim Wire Transaction PDF, CSV
Day(s)Detail of Current Business
Day
Checks Paid Current Day/ Previous Paid Check Transaction PDF, CSV
Day(s)Detail
ZBA Activity Previous Day(s)ZBA Transaction DetailPDF, CSV
User Defined Current Day/Previous Transaction detail for PDF, CSV
Day(s)user selected transaction
types
ACH Online Online Banking ActivityAll originated online PDF, CSV
Originations banking ACH transactions
Wire Online Online Banking ActivityAll originated online PDF, CSV
Originations banking Wire
Transactions
July 12, 2024Page 17
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Company Online Banking ActivityAll originated online PDF, CSV
Transaction banking transactions
except ACH and Wire
transactions, which are
reported separately.
User Activity Online Banking ActivityOnline Banking Activity of PDF
Report all Company Users
Premium Reporting
We can offer the enhancement of Premium Reporting which is a single, consolidated report
to accommodate checks and deposits of all accounts including subsidiary accounts linked to
a master checking account.
Simplify account reconciliation. Consolidate balance and transaction information from all
accounts into one electronic file for easy download.
Simplify cash management. Make payments, reduce debit, and invest excess cash more
effectively by viewing all account balances and activity in one electronic file.
Tailor the service to meet your needs. Customize real-time reporting by company,
division, and individual location. Special file formatting including fixed field, text or CSV is
available.
Process: Receive a daily balance reporting filewith transaction detail through a secure
FTP site for your selected accounts.
Customization: Receive reports based on your selected criteria, organized by the
company divisions. Choose a single consolidated report for multiple zero balance
accounts.
BankAdministration Institute (BAI)
A recommended solution to transmitting reconciliation data is the Bank Administration
Institute (BAI), a National standard file format used by banks to transfer bank account data.
This service allows Synovus to deliver financial information to customers automatically via
FTP or the customers can export a BAI file through Synovus Gateway. The BAI format
establishes a common file layout and allows the City the ability to import your file into your
account management application.
Synovus Gateway - Online Banking Security
Synovus Gateway uses a 128-bit Secure Socket Layer (SSL) firewall protection, which gives you
the controlandsecurityyouneedtofeelconfidentaboutbankingonline.BelowareSynovus’
securityprocedures that protect access to customerdata:
Synovus Gateway Administration
Synovus Gateway provides robust policy management, user roles and security features
that address the need for strong controls. This includes the ability to define user access
rights anddual control.
The Citywill designate an administrator for Synovus Gateway at the time of the initial
implementation.
The administrator will create/assign additional users to User Roles. User Roles allow you
to define rights and then permit multiple users to a role.
The administrator can manage each User Role’s Transaction Type details by managing
limits and other settings. For each transaction type, you can limit the number and dollar
July 12, 2024Page 18
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
amount that a user can approve.
Login authenticationrequires the same login/password. Face ID is also available for
authentication with our mobile app.
MFA prompting secure access code when the user is accessing from a device not
recognized.
Dual controlis required for all transactions when money is beingoriginated (i.e., ACH,
Wires).One user will initiate the Wire/ACH, and a second individual must approve.
Symantec SoftTokens are also required for ACH and Wire originators. Soft tokens provide
you with a one-time use number to initiate transactions securely. Authorization in
Synovus Gateway is implemented through services, roles, and entitlements.Onlyusers
withaccessto a servicewithspecificrolesarepermittedtouse a feature on the accounts
they are entitled to.
Customize user limits and templates. Access can be customized by the user to include
entering and editing wires, release wires or approval only. Templates can be used to
further customize user workflows by entering and prefilling only the information required
for their transactiontype.
Alerts are customized byusers.
2.Other
a.TheCityhasEdmunds & AssociatesMCSJfinancialsystemsmanagementsoftware package.
Thesuccessfulbankshalldemonstratepastexperiencewithintegrating with the Edmunds
system or a comparable system in the followingways:
i.Electronic processing of Positive Payfiles
ii.Electronic processing of check reconciliationfiles
iii.Export and import of ACH electronic paymentfiles
b.The demonstrated experience must include accepted Edmunds MCSJ accepted file layouts,
statement showing banking systems accept standard Edmunds exports, and listing of
previous customers using banking services with Edmunds MCSJ system or a comparable
system in eachinstance.
Synovus can confirm that we can accommodate the file transmission capabilities for the City.
File Transfer Services
Synovus offersthe Citymultiple options from which to receive balance reporting activity via a
single, consolidated report for all accounts. If the Cityrequires an industry standard file format
a BAI format will suit yourneeds. If the Cityrequires a customized output, Synovus One View
can be used to create a .CSV or .TXT file for youractivity.
The Bank Administration Institute (BAI) is a National standard file format used by banks to
transferbankaccount data. This service allows Synovus to deliver financial information to
customersautomaticallyviaFTP or the customers can export a BAI file through Synovus
Gateway. The BAI format establishes acommon file layout and allows customersthe ability to
import their file into their account managementapplication, if compatible.The daily file
provides extensive information about the business account: account status (ledger, available
July 12, 2024Page 19
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
balances, and float position), activity summary (total credits, total debits) and transactioncredit
and debitdetails.
The daily file provides extensive information about the business account: account status
(ledger,availablebalances, and float position), activity summary (total credits, total debits) and
transaction credit and debitdetails.
Feature and Benefits of BAI & Synovus One View
Simplify the account reconcilement process. You can consolidate balance and transactional
informationfrom all your accounts into one electronic file.
Concentrate daily transactional and balance information from multiple accounts and
locations.
Thisconsolidated electronic file allows easy management of your cash positioning and
enables you to makepayments, reduce debt and invest your excess cash more effectively.
Benefit from up-to-minute information reporting. You can receive reports by company,
division andindividual location. In addition to standard BAI formatting, Synovus One View
can accommodate specialfile formatting to include fixed length text or CSV formatting
Saves time by reducing data entry errors and increases productivity byeliminating data re-
keying
Allows you to receive detailed financial data early in the business day
Eliminate paper reports and manual reconciliation
Leverage your excess funds to increase investment opportunities or reduce borrowing
B.BankAccounts
The City currently maintains one operating account (depository), a secondary merchant account, one
money market account and two (2) zero balance (ZBA) accounts.
1.OperatingAccount
a.This account is used for check and cash deposits and other activity to include, butnotlimited
to,incomingandoutgoingwiretransfers,incomingandoutgoing ACH transactions, and other
electronic credits and debits. It’s also used for any return item charge backs. This is the main
account to which the zero balance accountsarelinked.
b.The proposer will provide the interest rate offer for this account as well as discuss any other
options to gain a higher yield with limitations governingthose options such as maximum
monthly withdrawals, minimum balances to be maintained,etc.
c.The proposer will describe its process for FDIC charges and whether the proposer plans on
passing these fees to theCity.
While Synovus has the capabilities to provide an overnight investment sweep account and
insured cash sweep accounts – current economic conditions have created an environment
where other products are more beneficial to the City.
Synovus is recommending the use of the Advantage Analysis Account, which automatically
analyzes your monthly account activity, determines the balances needed to offset analysis
fees and pays interest on excess collected account balances.
July 12, 2024Page 20
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Advantage Analysis Account
The Synovus Advantage Analysis Account allows you to manage all funds in one convenient
place. There’s no need to maintain a separate money market or schedule multiple transfers.
The service automatically analyzes your monthly account activity, determines the balances
needed to offset analysis fees, then pays interest on excess balances.
The Synovus Advantage Analysis Account maximizes your investments, ensuring every dollar
is put to good use. With sufficient balances, you’ll pay no fees and receive interest on the
excess balances. There’s no guesswork. No manual transfers or additional bookkeeping. We
will do all the work for you. This account does settle monthly and allows for all balances to
work for the City. During the partnership, Synovus can work with the Cityif alternate billing
or settlement arrangements need review.
This account is fully collateralized in accordance with State Statutes of Public Funds.
The interest rate paid through the Advantage Analysis Account will be 4.75%. The rate will be
indexed off the Target FederalFunds Rate minus 0.75%.
Interest will be computed on excess balances after the Earnings Credit has been used to offset
Treasury Management fees. Interest will be credited on a monthly basis. Interest will be
posted near the middle to the end of the following month, after an internal review of analysis
fees.
2.Secondary account – Merchant
This account is used for credit card deposits only. The City currently has nine (9) merchant accounts
all held with TD Bank.
Synovus is recommending our Advantage Analysis Account which is part of the ZBA structure that
the City currently has and would be linked to the composite.
3.Money MarketAccount
This account is used for a small percentage of deposits of excess cash, and it is an interest-bearing
account. The proposer will advise of the money market interest rate and any additional options to
maximize interest earnings.
Synovus is recommending our Advantage Analysis Account which allows us to pay a competitive
rate onexcess funds. Your MMA Account would receive the same rate as Target Fed Funds minus
.75%.
4.Zero balance account – AccountsPayable
This account is used solely for all check payments to vendors. The funds are swept into or out of
this account to or fromthe Operating account.
ZBA Accounts
ZBA’s will continue to ensure efficient, centralized use of available funds for investment or debt
July 12, 2024Page 21
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
reduction by maintaining account(s) at either a zero-balance account or other predetermined
minimum balance.
Accounts are linked to a primary account that automatically transfers funds at the end of each
business day to offset the net activity, resulting in an ending zero balance.
5.Zero balance account – Payroll
This account is used solely to process payroll disbursements to employees. The funds are swept
into or out of this account to or from the Operating account.
The City reserves the right to open additional accounts during the contract period. Proposers must
indicate documents required to open a new account.
ZBA Accounts
ZBA’s will continue to ensure efficient, centralized use of available funds for investment or debt
reduction by maintaining account(s) at either a zero-balance account or other predetermined
minimum balance.
Accounts are linked to a primary account that automatically transfers funds at the end of each
business day to offset the net activity, resulting in an ending zero balance.
C.Availability ofFunds
The Awarded Bank agrees to credit the City’s Operating Account for Incoming EFT’s the same day
regardless of the time of receipt during the day.
Funds Availability Schedule
Synovus’ funds availability schedule is to make funds from your cash and check deposits available to
you on the first business day after the day we receive your deposit. Electronic direct deposits will be
available on the day we receive the deposit.
For determining availability of your deposits, every day is a business day except Saturdays, Sundays,
and federal holidays. If a deposit is made before 5:00 PM ET on a business day that we are open, we
will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 PM ET
or on a day we are not open, we will consider that the deposit was made on the next business day we
are open.
Incoming wire transfers and ACH will be credited to the City’s account on the same day if they are
received by 6:00 PM ET.
Remote Deposit allows foranextendeddeposit deadline of6:00PM ETeachbusinessday,forsame
dayledger credit.
July 12, 2024Page 22
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
D.Deposit Processing and Remote DepositCapture
1.The bank will provide the ability to deposit checks using remote deposit capture. A check scanner
and appropriate software will be provided to the City to digitally capturethecheckimagesfor
deposit.Thedepositwillbebalanced,andanelectronic depositslipcreated.Thefilewouldthenbe
transmittedtothebankthrough a secure websiteforpostingtotheCity’soperatingaccount.
Proposershalldescribeitsremote deposit capture services to include related costs to theCity.
Synovus Gateway Remote Deposit
Synovus offers flexibility to deposit paper checks electronically directly into the City’s Synovus
account(s). An easy way to deposit paper checks electronically with a desktop scanner, or
anywhere business finds you using your mobile devise and the Synovus Gateway Mobile
application. This will help save time and money and allow for an extended deposit deadline of
6:00 PM ET each business day, for same-day ledger credit.
Authorizedemployees will scan checks for deposit by using a bank approved scanner. Next, you
willconfirmthecheckamountsandverifythatthedepositbalances.Youwillthensubmitthe
deposit to Synovus with confirmation oftransmission.
Highlights
One consolidated view of activity from multiple locations into multiple accounts.
Virtual endorsements
Same-day account credit available.
Email deposit notifications.
What it Does:
Eliminates frequent bank trips, travel expenses, and employee risk.
Enables error corrections before deposit submission.
Simplifies recordkeeping with online archive of scanned images, deposit info, and reports.
Reduces paperwork.
Speeds funds availability.
Increases working capital and improves cash flow.
Prices are detailed in our Proforma.
2.The Proposer will specify the requirements for depositing checks and currency along with its
availability schedule for deposited items: cash, in-state checks, out-of-state checks,foreignchecks,
etc.Thebankwillallowdepositswithanattachedbreakdown of individual checks rather than
itemizing each check on the depositslip.
Funds Availability Schedule
Synovus’ funds availability schedule is to make funds from your cash and check deposits available
to you on the first business day after the day we receive your deposit. Electronic direct deposits
will be available on the day we receive the deposit.
For determining availability of your deposits, every day is a business day except Saturdays,
Sundays, and federal holidays. If a deposit is made before 5:00 PM ET on a business day that we
July 12, 2024Page 23
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
are open, we will consider that day to be the day of your deposit. However, if you make a deposit
after 5:00 PM ET or on a day we are not open, we will consider that the deposit was made on the
next business day we are open.
Incoming wire transfers and ACH will be credited to the City’s account on the same day if they are
received by 6:00 PM ET.
Remote Deposit allows foranextendeddeposit deadline of6:00PM ETeachbusinessday,for
same dayledger credit.
E.Foreign CheckDeposits
The Cityreceives Canadian and other foreign checks for payment of building permits and other
services. Canadian and foreign checks will be deposited in U.S. dollars on the day of deposit. A foreign
exchange adjustment will not be permitted.
Yes, can accommodateforeign Canadian checks to be deposited in US dollars.
F.Cashing Petty CashChecks
ThebankwillcashpettycashchecksatnochargetotheCityoremployeecashingthe check. The bank
will require that the employee present a current City issued identification card to cash petty cash
checks.
City of Sunny Isles Beachchecks drawn on Synovus Bank may be cashed, at no cost, by the payee at
any Synovus banking center. Payees must provide valid identification and be physically present to
cash checks.
G.InformationReporting
1.The Proposer shall describe the types of information reporting their internet-based treasury
management system provides (i.e. cash balances, ACH debits and credits, wiretransfers,
reconciliation,positivepaydecisions,stoppayments,accountactivity, etc.).
2.The Proposer will provide details regarding how far back data is warehoused, how many business
days the data is stored in the reporting system and available for the City to access for the types of
data listedabove.
3.The Proposer will provide a sample of their daily online reportingformat.
Reporting
Synovus Gateway offers real-time reporting and data. Up to the minute actionable business
insights are provided through comprehensive reporting with balance and transaction reporting
detail as well as intraday reporting. Standard reports include Company Entitlements, Company
Transactions, and a User Activity Report. Additionally, Previous Day and Current Day reporting
options are available as optional service elections.
Synovus Gateway is available 24 hours, 7 days a week. Updated account information is available
by 7:30 AM ETthe following business day.
July 12, 2024Page 24
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Report NameTypeInformationFormats
Balance & Activity Current Day/Previous Account Balance and PDF, CSV, BAI2
Day(s)Transaction Detail
Cash Position Previous Day(s)Detailed Account Balance PDF, CSV, BAI2
and Float Position
ACH Activity Current Day/ Previous ACH Transaction DetailPDF, CSV
Day(s)
Wire Activity Current Day/Previous Interim Wire Transaction PDF, CSV
Day(s)Detail of Current Business
Day
Checks Paid Current Day/ Previous Paid Check Transaction PDF, CSV
Day(s)Detail
ZBA Activity Previous Day(s)ZBA Transaction DetailPDF, CSV
User Defined Current Day/Previous Transaction detail for PDF, CSV
Day(s)user selected transaction
types
ACH Online Online Banking ActivityAll originated online PDF, CSV
Originations banking ACH transactions
Wire Online Online Banking ActivityAll originated online PDF, CSV
Originations banking Wire
Transactions
Company Online Banking ActivityAll originated online PDF, CSV
Transaction banking transactions
except ACH and Wire
transactions, which are
reported separately.
User Activity Report Online Banking ActivityOnline Banking Activity of PDF
all Company Users
Premium Reporting
We can offer the enhancement of Premium Reporting which is a single, consolidated report to
accommodate checks and deposits of all accounts including subsidiary accounts linked to a master
checking account.
Simplify account reconciliation. Consolidate balance and transaction information from all
accounts into one electronic file for easy download.
Simplify cash management. Make payments, reduce debit, and invest excess cash more
effectively by viewing all account balances and activity in one electronic file.
Tailor the service to meet your needs. Customize real-time reporting by company, division,
and individual location. Special file formatting including fixed field, text or CSV is available.
Process: Receive a daily balance reporting file with transaction detail through a secure FTP
site for your selected accounts.
Customization: Receive reports based on your selected criteria, organized by the company
divisions. Choose a single consolidatedreport for multiple zero balance accounts.
Bank Administration Institute (BAI)
A recommended solution to transmitting reconciliation data is the Bank Administration Institute
July 12, 2024Page 25
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
(BAI), a National standard file format used by banks to transfer bank account data. This service
allows Synovus to deliver financial information to customers automatically via FTP or the
customers can export a BAI file through Synovus Gateway. The BAI format establishes a common
file layout and allows the City the ability to import your file into your account management
application.
Synovus Web Image
Access and manage your digital document and item images in an easy, convenient, and
streamlined way.
Receive a monthly file sent directly to the City’s Web Image online dashboard
Each monthly file includes statements, notices (returns, deposit adjustments, stop payments),
and transactional item images.
Each monthly image file may be accessed for as many years as desired by your organizations’
retention policy.
Statements may be downloaded for multiple accounts at once.
Images of statements or items can be exported into a PDF or printed.
Multiple account images and/or statements may be exported into a single file.
Zoom in and out functionality for each file, and images may also be rotated or inverted as
needed.
Print capability for all files.
Items may be located by account number, date range, serial number, amount, or type (debit
or credit)
Easily navigable full statement displays
Simple account research and reconciliation
Synovus Web Image eliminates physical storage requirements
Improves data and document security
Enhanced Imaging
Synovus’ Enhanced Imaging Services (7-year archive) provides an electronic delivery service to
receive images through Synovus Gateway the day after a transaction is posted, rather than
waiting until the close of the business cycle. Sort and search images of paper items, including
checks paid, deposit slips, items deposited and returned items, are available with enhanced image
visibility. Images are available for up to 7 years. Imaged checks are available, online, the day
following the date it posts to your account.
Synovus has provided our reporting samples as “Exhibit H”.
H.Bank Account Statements andReconciliation
1.Bank statements for all City accounts will be provided monthly at the end of each calendar month.
Statements shall be delivered no later than seven (7) banking days aftertheendofeachcalendar
month,preferablyinanelectronicformat.Statements will contain images of the front and back of
the cleared checks, sorted by check number. All the information shown in the statement will be
accessible through an internet-based treasury management system and be able to be downloaded
into an Excel or csv format. In addition, the City requires that cancelled check images (front and
back) be provided on CD-ROM in a searchableformat.
2.The City requires the bank to provide a full account reconciliation program for the Accounts
July 12, 2024Page 26
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Payable account. The information provided should include the check number, amount of the check,
and date the check was paid. This information should be available immediately at the month-end
in excel or text fileformat.
3.Debitandcreditadvicesaretobeissuedfordepositdiscrepancieswithin24hoursof deposit.
Full Account Reconciliation
Full Account Reconciliation provides a complete report of all check/debit and deposit/credit
transactions entered against your account during a specified period.
Statements can be presented online or delivered using File Transfer Protocol (FTP). Delivery
options are HTML, Text, CSV, and PDF. Online files are available next business day after the end
of each month.
Account Balance Summary – Provides the working balance as of the current cycle cutoff. The
component starts with the working balance from the previous cycle cutoff and calculates the net
activity (total credits less total debits) for the current cycle. Also included is the number and dollar
amount of outstanding issue items.
Exception Items – Provides all paid items that created exceptions. The exceptions are grouped
intothe following types:
Duplicate Item – two or more checks paid with the same serial number.
Amount Mismatch – the paid check amount and the issued amount are not the same.
Future Dated – the check was paid on a date earlier than when it was issued.
Posted Against Void – a paid check matched a void issue.
No Issue Found – a paid check had no matching issue.
Serial Error – paid check is missing a serial number. For example, the serial number may not
have been correctly read during processing.
Statement of Activity –Provides all activity of credits, debits (both check debits and non-check
debits), and matched issues (all items that matched successfully without any exceptions) posted
to Account Recon Advantage for the current cycle. A subtotal of the number of items and the
dollar amount is provided for each item type.
Outstanding Issue Items – Provides a record of checks that have been issued but not yet paid.
The component is divided into outstanding issues, future dated issues, voids, stale issues, and
active stops. The outstanding issues subsection includes all items that are not future dated,
voided, stale or stopped.
Previously Cycled Issues – Provides items that were paid for in a previous cycle without an issue
but now have the issue entered in the current cycle.
Synovus Web Image
Access and manage your digital document and item images the easy, convenient, and streamlined
way.
Receive a monthly file sent directly to the City’s Web Image online dashboard.
Each monthly file includes statements, notices (returns, deposit adjustments, stop payments),
and transactional item images.
Each monthly image file may be accessed for as many years as desired by your organizations’
July 12, 2024Page 27
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
retention policy.
Statements may be downloaded for multiple accounts at once.
Images of statements or items can be exported into a PDF or printed.
Multiple account images and/or statements may be exported into a single file.
Zoom in and out functionality for each file, and images may also be rotated or inverted as
needed.
Print capability for all files.
Items may be located by account number, date range, serial number, amount, or type (debit
or credit).
Easily navigable full statement displays.
Simple account research and reconciliation.
Synovus Web Image eliminates physical storage requirements.
Improves data and document security.
Enhanced Imaging
Synovus’ Enhanced Imaging Services (7-year archive) provides an electronic delivery service to
receive images through Synovus Gateway the day after a transaction is posted, rather than
waiting until the close of the business cycle. Sort and search images of paper items, including
checks paid, deposit slips, items deposited and returned items, are available with enhanced image
visibility. Images are available for up to 7 years. Imaged checks are available, online, the day
following the date it posts to your account.
I.Overdraft
If the total amount of checks and/or other payments exceeds the available balance of the Operating
Accountoranyothernon-linkedCityaccount,theProposeragreestopayallchecks presented for
payment. The Proposer will notify the Finance Director or City Manager immediately so that corrective
action may be taken. Proposers must provide information regarding overdraft protection as well as
any assessment offees.
Your primary relationship manager, Andy LaFearwill contact the Citythe morning of the overdraft to
allow for a quick resolution, so that the Citymay clear the overdraft. Synovus does require transfer of
funds, proof of wire, or check deposit for all checks to be paid.
Synovus’ overdraft fee is $36 per occurrence. Synovus does not charge interest associated with an
overdraft. Non-sufficient funds fees will be included in the analysis and can be paid for with
compensating balances.
J.StopPayments
The bank agrees to accept stop payment orders online utilizing an internet-based treasury
managementsystem.Iftherespectivecheckisunpaid,thebankwillprovide online confirmation of the
stop payment order as well as follow up with written confirmation. The Bank shall be responsible for
any item cashed if the item was confirmed as a stop payment as of a specific date and is subsequently
cashed bythe bank.
1.A cancellation of a stop payment order will be handled in the samemanner.
2.Proposers will indicate to the City in their proposals the period in which a stop payment order
July 12, 2024Page 28
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
remains ineffect.
3.Each Proposer will also indicate whether a cost-effective electronic online process is available for
stop paymentorders.
The City can initiate Stop Payments online through Synovus Gateway. When a stop payment is
completed through Synovus Gateway, confirmation of the stop payment request will be
provided. Stop Payments are good for 6 months. Stop payment requests can be made for single
checks or for multiple checks at one time. Stop payments become effective immediately.
Synovus Gateway does not automatically verify if a check has been paid before processing the
stop payment. The user would need to verify if the check were paid on the system before
processing the stop payment.
Synovus recommends that the City initiate Stop Payments through our Positive Pay solution.
With Positive Pay, checks marked as “void” within your issue file will be returned and will not
have an expiration date and will also provide a cost savings.
K.Deposit ReturnedItems
All returned checks due to insufficient funds or other reasons will NOT be automatically re- deposited
a second time. Instead, these checks will be returned to the City’s Finance Department.Thebankwill
providetheabilitytoaccessonlinereturnchecksfortheOperating account to include an image of the
check returned. The bank will also provide the ability to retrieve a history of returneditems.
Checksreturned that have been previously deposited into an account is not required to be
redeposited. Through the Synovus implementation process, we will work with the City to establish
email notifications for returned deposited items that can be sent to any user that has appropriate
credentials. Those users will receive an email with a copy of the notice of charge back to the account
and an imaged copy of the check being returned the following morning that the return has hit the
account.
L.WireTransfers
ThebankwillprovidetheCitysamedaywiretransferserviceforoutgoingtransfersandaccept incoming
transfers into the account for immediate credit. The City transfers money via wire transfer using both
repetitive and non-repetitive wires. Both repetitive and non-repetitive wire transfers will be done
utilizing an internet-based treasury management system. The Proposer will provide its cut-off deadline
for same day outgoing wiretransfers.
Through Synovus Gateway, the Citywill be able to process repetitive and non-repetitive wires
electronically/online. The City’s access can be customized by user to include entering and editing
wires, release wires or approval only. Templates can be used to further customize user workflows by
entering and prefilling only the information required for their transaction type. The Citycan utilize
templated stored information to send recurring wires to the same beneficiary, or semi-recurring wires
with additional reference information. Individual wires can also be entered easily without the use of
a template. Wires can be completed at a branch in person or via Synovus Gateway.
July 12, 2024Page 29
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Protecting our clients’ assets is our top priority. Due to increased potential for fraud, we’ve
discontinued phone-in wire services, but we are happy to assist you in a branch, or through Synovus
Gateway. Your direct relationship manager can assist if an emergency arises.
Wire Cut-off Times
Wire Outgoing Domestic –Online (Gateway)5:00 PM ET
Wire Outgoing Domestic –In Person at Branch 5:00 PM ET
Wire Outgoing International –Online (Gateway)4:00 PM ET
Wire Incoming 6:00 PM ET
Wire Alerts
Synovus Gateway offers alerts to the City‘s users that are triggered when a wire is drafted, authorized,
processed, canceled, or failed. In Synovus Gateway, the Wire Activity page will have information on
all outgoing and incoming wire transfers.
Wire Confirmations
Incoming and outgoing wire confirmations are pushed through Synovus Gateway automatically as
soon as the wire is processed. It is recommended that users are set up to receive email
confirmations/alerts when wires are processed. Synovus also has reporting available within Synovus
Gateway that displays full details of transactions that take place on the wire transfer system.
M. ACHFiles/Transfers
1.The bank will provide the City the ability to receive and send Automated Clearing House(ACH)
transfers / filesutilizinganinternet-basedtreasurymanagementsystem. The Proposer will provide
the timeline for ACH transfers, including deadlines, timing of receiving deposits and withdrawals
from disbursement accounts using the ACH system.
ACH Origination including deposit of payroll, vendor payments, federal taxes, and state taxes is
offered through our internet banking platform, Synovus Gateway, or through an FTP (File Transfer
Protocol) to allow the Cityto transmit funds between banks through the Automated Clearing
House (ACH) Network. ACH Origination through Synovus Gateway offers PPD, CCD and CTX
payment types. With each of these payment types, the Citywill have the ability to use templates
to import or originate. Synovus follows the rules for posting ACH transactions received and
originated from both Nacha and the Federal Reserve. ACH transactions are posted based on the
effective date of the item or batch, and when the item was received or originatedfrom the Federal
Reserve for posting.
ACH transactions received and originated from both Nacha and the Federal Reserve. ACH
transactions are posted based on the effective date of the item or batch, and when the item was
received or originated from the Federal Reserve for posting.
Synovus offers three primary methods for customers to initiate ACH transactions:
Gateway (online banking): Offering optional ACH templates, setting, and maintaining ACH
recipient information, and the flexibility to manually enter or upload from file. File formats
include a 5 column CSV, customer custom map, or Nacha. Transactions require a two-user
process for entry and then release.
July 12, 2024Page 30
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Gateway supports a file Pass Thru option which supports the upload of a full Nacha formatted
filealong with the security of a two-user upload and release.
Direct file transmission (Direct Send) which connects the customer system of record
generated Nacha file directly with Synovus ACH payment processing. Once this option is set
up, the process is ‘hands-free’ for our customer.
2.Payroll Direct Deposit - The City is on a bi-weekly payroll basis, covering an average of 300
employees every other Friday. The net payroll amounts to approximately$850,000($650,000
netpayroll / $200,000taxliability).Currently,allemployeeshave direct deposit; however, there
may be an occasional check issued to an employee in lieuoforinadditionto a directdeposit.The
Proposerwillprovidedetailsofhowtheir bank administers a direct deposit payroll program,
including, but not limitedto:
a.Procedures for receiving electronic payroll, including transmission deadlines for direct deposit
ACH files and description of when funds are debited from the City’saccount.
We accept ACH files at any time; however, those files will be processed with next business
day’s scheduled cycles:
ACH transactions received and originated from both NACHA and the Federal Reserve. ACH
transactions are posted based on the effective date of the item or batch, and when the item
was received or originated from the Federal Reserve for posting.
Below is Synovus ACH Origination System Cut-off Times:
ACH Origination via Gateway (Future Dated) 10:15AM, 1:45PM, 2:00PM, 3:45PM, 5:00PM
& 6:00PM ET.
ACH Origination via Gateway (Same Day) 10:15AM and 1:45PM ET.
ACH Origination via Direct Send (Same Day and Future Dated) 9:30AM, 12:00PM, 1:15PM,
3:15PM ET.
ACH Origination via Direct Send (Future Dated) 4:00PM, 6:00PM and 7:00PMET.
b.Detailsonhowtohandle a voidandreversalofanindividualdirectdeposit item.
ACH Returns and Rejects are provided through reports that users will have access through
Synovus Gateway. Users can set up alerts through Synovus Gateway for email notifications.
Below are the reports and information provided.
ACH Returns contain information related to returned ACH entries. ACH return reasons
include NSF, closed account, or NOC (notice of change). The NOC will contain a zero-
dollar amount, indicating the receiving bank posted the entry for the recipient and is
providing the originator with correct information to update their files. Corrections can
consist of changes to the receivers account number or bank routing number. Regulations
require the sender to make corrections to their ACH batch within 6 banking days of
receiving notification.
ACH Reject provides information relating to ACH batch or entries that have rejected.
ACH Returns are also available via a NACHA file.
July 12, 2024Page 31
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
c.Details on whether it is possible to reverse or cancel an ACH file and the appropriate
procedures thatapply.
If the Cityinitiates ACH through the Gateway options, the user (if rights allow) can view a
payment in the Activity Center in Synovus Gateway and can cancel a scheduled but
incomplete payment. Also, (if rights allow) the user can access the Activity Center in Synovus
Gateway to cancel a payment if the status is drafted, authorized, or pending. If a payment has
already been processed, the Citycan initiate a reversal. For assistance with reversing an ACH
batch contact your dedicated Relationship Manager. Requests need to be received within 5
banking days, following the settlement date. Reversing a file does not guarantee all entries
will be returned by the receiving bank.
If the Cityinitiates ACH payments through our Direct Send option, the approach is similar, for
one off retraction or corrections, our customers typically reach out to their banker for the
retraction or correction that would be processed through the ACH system. As with all ACH the
customer and process would follow all applicable NACHARules.
Synovus provides full ACH Return and NOC reporting to customers allowing for a full view of
transactions requiring a resubmission or updated information for futurepayments.
3.Electronic Vendor Payments - The City wishes to implement electronic payments to its vendors for
their outstanding invoices. The Proposer shall include a description of the system and bank’s
process used to accommodate this feature, provide an implementation plan to assist the City,
provide the associated costs, indicating any requirements and initial and ongoing marketing
efforts provided by the bank to encourage sign up byvendors.
ACH Origination including deposit of payroll, vendor payments, federal taxes, and state taxes is
offered through our internet banking platform, Synovus Gateway, or through an FTP (File Transfer
Protocol) to allow the Cityto transmit funds between banks through the Automated Clearing
House (ACH) Network. ACH Origination throughSynovus Gateway offers PPD, CCD and CTX
payment types. With each of these payment types, the Citywill have the ability to use templates
to import or originate. Synovus follows the rules for posting ACH transactions received and
originated from both Nacha and the Federal Reserve. ACH transactions are posted based on the
effective date of the item or batch, and when the item was received or originated from the Federal
Reserve for posting.
ACH transactions received and originated from both Nacha and the Federal Reserve. ACH
transactions are posted based on the effective date of the item or batch, and when the item was
received or originated from the Federal Reserve for posting.
Synovus offers three primary methods for customers to initiate ACH transactions:
Gateway (online banking): Offering optional ACH templates, setting, and maintaining ACH
recipient information, and the flexibility to manually enter or upload from file. File formats
include a 5 column CSV, customer custom map, or Nacha. Transactionsrequire a two-user
process for entry and then release.
Gateway supports a file Pass Thru option which supports the upload of a full Nacha formatted
file along with the security of a two-user upload and release.
Direct file transmission (Direct Send) whichconnects the customer system of record
July 12, 2024Page 32
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
generated Nacha file directly with Synovus ACH payment processing. Once this option is set
up, the process is ‘hands-free’ for our customer.
Accelerate Pay
Simplify all B2B payments and mitigate fraud risk with an intelligent payment solution embedded
into your organizational workflow.
Synovus Accelerate Pay is a first of its kind payments suite, offering innovative payment
functionality beyond traditional integrated payments platforms. This solution provides straight
through processing, easy reconcilement, and positive pay fraud mitigation.
Accelerate Pay eliminates the burden, time, and risk inherent with managing multiple payment
streams, while maximizing control, payment accuracy, and automating payment reconciliation.
Organizational Benefits
Seamless ERP integration with leading applications
Streamlines payment processing and exception management
Provides visibility and insights into payments data
Saves time, freeing staff for higher ROI endeavors
When combined with Synovus Accelerate AR, Accelerate Card, and Accelerate FX solutions,
Accelerate Pay delivers comprehensive, streamlined cash management insight
Enhances the Payee Experience
Fully supports payee controls and self-servicing through a convenient payee portal, including:
Payee Network registration – manage payments from other payers through a single portal
Payee choice of preferred payment method
Timely payment status reporting
Ability to request payment earlier than settlement date
Maintenance of their own banking information to ensure accurate and timely payments
N.BankingSupplies
The bank will provide all necessary banking supplies, including but not limited to, tamper- proof
disposal style deposit bags, deposit slips (two-part carbonless), deposit stamps, coin wrappersand
envelopesatnochargetotheCity.Ifthebankisunabletoprovidetheseitems free of charge, a list of
any fees assessed for these items must be included in the proposal. TheCityreservestherighttoobtain
suppliesfrom a vendorotherthanthedepositorybankif supplies are not provided as needed in a timely
manner.
Synovus will provide an annual supply credit of $1,000which will include tamper evident disposable
night depository bags, deposit tickets, endorsement stamps, coins, and currency wrappers for the
term of the contract. This estimate is based upon information provided during discussions associated
with the RFP.
O.Bank Collateralization of CityFunds
Deposits are to be collateralized as required by Chapter 280, Florida State Statutes. Each proposing
bank shall provide their specific collateralization guidelines, if they vary from the statutory
July 12, 2024Page 33
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
requirements or require additional explanation.
The safety of public funds deposited with banks and other depository institutions has been and will
always be one of the foremost concerns of government finance officers. Synovus shares those
concerns as well. Therefore,Synovus is certified as a “Qualified Public Depository” under the Florida
Security for Public Deposits Act, as defined in Chapter 280 of the Florida Statues. We comply with and
have met all collateralization pledge requirements as prescribed by the Stateof Florida QPD program.
P.DisasterRecovery
The bank shall provide information regarding their disaster recovery plan including a specific plan
related to serving the City in the event of disaster. A contact name and phone number are to be
provided for service 24 hours a day and 7 days a week.
Synovus utilizes multiple layers of overlapping controls and processes to ensure banking services are
readily available to support customers ongoing operations. This includes but is not limited to the
following:
Systems are scheduled for automatic backup, and processes are in place to monitor backup for
successful completion.
Data recovery processes are tested periodically.
Redundancy is designed within key systems and processes to allow for automatic failover and high
availability of services.
Monitoring and alerting systems are in place to allow for proactive monitoring for potential
degradation and availability issues.
Each Synovus business unit updates Business Impact Assessments (BIAs) and Business Continuity
Plans (BCPs) annually. The BCPs document roles and responsibilities, critical business processes,
dependencies, third-party relationships and criticality, Recovery Time Objectives / Recovery Point
Objectives, and upstream / downstream impacts. Plans and associated call trees are updated
regularly and are tested at least annually.
Synovus maintains business continuity and emergency communication systems that are available
and utilized during network outage and emergency response events such as hurricanes and winter
storms.
Applications are risk assessed and documented disaster recovery plans are updated regularly and
tested at least annually for higher risk systems.
Ongoing due diligence and monitoring is performed on vendor-hosted or vendor-managed
applications and/or processes. Third-party disaster recovery plans and business continuity
programs are reviewed regularly as part of the Third-Party Risk Management program.
In the event of a disaster, the Citycan reach us in any of the following ways:
Using a computer or mobile device, visit www.synovus.comfor access to your accounts and
updates during a disaster.
With the advancements in technology, many daily banking activities will be able to run without
interference in the event of an emergency through online banking. Because our online service is
solely Internet supported, a standard facility is not required toaccess information and perform
daily activities.
Contact the City’s Relationship Manager: Andy LaFear at 904-997-7646
July 12, 2024Page 34
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Q.PositivePay
The bank will provide Positive Pay to ensure the City’s protection and security against fraud and theft.
The City will transmit check files bi-weekly on Wednesdays for payroll disbursements and weekly on
Fridays, or more frequently, if necessary, for accounts payable disbursements. The bank shall have the
capability to accept an uploaded file from the City’s accounting system as well as manual entries into
the Positive Pay software for checks issued during interim periods. The Proposer shall provide details
of the bank’s process as it relates to this system and discuss alternative procedures should the City be
unable to transmit the file electronically (i.e. during a disaster). The bank will contact the City via phone
or email if theCityhasnotprovidedinstructiontopayorreturn a checkpriortothePositivePaycut-
off deadline. The file that is sent to the bank includes the check date, check number, payee and amount.
Positive Pay Fraud Protection
Synovus offers a robust Positive Pay service through our Synovus Gateway platform. Listed below are
the solutions we offer:
Positive Pay allows you to stop any unauthorized payments before checks are paid. Before
releasing checks to payees, you send us an issue file of those checks. We then compare checks
received to this issue file daily. You will be alerted on any unmatched items are presented for their
review and a “pay/no pay” decision.
Payee Positive Pay gives an even higher level of fraud protection by requiring the payee’s name
to be included in the issue file. If we receive any checksthat are not in the issue file or do not
match data in the file, we present them to you for “pay/no pay” decisions. This service extends
to the teller line, preventing checks from being cashed in Synovus banking centers.
Reverse Positive Pay allows you to review all prior day checks that were presented for payment.
It eliminates the requirement of a check issue file. If any of these presented checks do not match
your issued checks, you can investigate further byviewing an image of the check. You can then
elect to pay or return the check.
ACH Positive Pay compares electronic transactions against previously authorized payments
(payment rules). ACH transactions the Cityauthorizes in advance are processed normally.
Transactions the Citydid not authorize will be blocked and displayed through Synovus Gateway,
Positive Pay. Through Synovus Gateway, the Citywill decide to pay/no pay the items.
Positive Pay Process and Time Windows
For Check and ACH Positive Pay, if there is a discrepancy with a presented item (posts to account), an
exception will be identified. Exceptions are delivered to the Cityvia Synovus Gatewayby 10:00 AM ET
each business day. Each “User” who is authorized tomake pay/no pay decisions can set up alerts that
will notify them when there are exceptions to be decisioned. The City’s pay/no pay decisions must be
completed by 2:00 PM ET each day. Synovus Gateway can be accessed using a computer, tablet, or
mobile phone to complete positive pay decisions.If a decision is not made on an exception during the
decision window, then the default decision of no-pay is applied. Exception items are “next day”
decisions.
Positive Pay file options are:
Manual Entry – The Citymanually enters one check at a time through the online banking portal.
File Import – The Citycreates a file from their ERP, saves it to their desktop, and uploads it into
the online banking portal.
FTP (File Transfer Protocol) – The Cityuses a secure file transfer process to automatically upload
check issue file information to Synovus.
July 12, 2024Page 35
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
We accept issue files 24 hours a day, 7 days a week. Items must be uploaded to Synovus by 9:00 AM
ET each business day to be included in the Positive Pay match for that day. There is no limit to the
number of files uploaded per day or the number of items uploaded.
The Citycan manually enter one check at a time through the online system. Items that the customer
uploads throughout the day will be pushed out to our tellers automatically to allow newly issued items
to be cashed.
ACH Block will help protect the City’s account(s) against unauthorized electronic debits. With ACH
Block, all ACH debits are blocked and will not post to the account(s) entitled with this service. If any
ACH transactions are present on the account(s) they will be returned automatically. There is no
reporting on automatically rejected ACH items.
Check Block offers accounts with no check activity to be designated as “Post no Checks” as an
additional layer of fraud protection. Any checks that are presented on the account(s) will be returned
automatically.
R.Credit CardsProcessing
The Citycurrently has TD Bank as its merchant processor. Please provide any relevant information on
these services.
Synovus Merchant Services help you accept, integrate, and manage payments with an all-in-one
commerce suite designed to let your customers pay whenever and however with in-store, online,
mobile, contactless, recurring, unattended kiosk, QR codes, text-to-pay, electronic invoice, and more.
Never miss a sale with more ways to accept, protect, and better understand payments anytime,
anywhere.
Accept more payments
Engage with customers anytime, anywhere with more ways to accept payments including cash,
credit, debit, check (physical or digital), QR codes, text-to-pay, mobile wallets, and more.
Flexible integration compatibility with your preferred shopping cart for a seamless checkout
experience and higher conversion rates.
Automatic card account updater ensures uninterrupted payments by maintaining up-to-date
information of customers’ credit and debit card.
Improve economics
Optimize cash flow with lower interchange rates, uninterrupted payment acceptance, and next-
day funding with a Synovus checking account.
Advanced reporting on sales trends and data driving your business with revenue and performance
metrics.
Save time, reduce manual errors, and get up-to-date financial insights for more effective decision
making with our QuickBooks® plugin.
Safeguard transactions
Reduce fraud losses and maximize acceptance while securing your business with multi-layer
protection.
July 12, 2024Page 36
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Ensure secure and efficient handling of sensitive cardholder data and avoid penalties with
simplified PCI compliance.
Our dedicated Synovus Merchant Servies experts are here to help your business grow. From 24/7
customer support, a consultative approach, training, detailed reporting, and easy-to-read monthly
statements, your dedicated Merchant Services team is here to help you reach your business goals.
S.Armored CarService
1.The bank will provide services necessary for the Cityto utilize an Armored Courier Serviceforpick-
upoftheCity’sdepositsforsamedaydeposit.Pick-upwillbedailyat one location within the City,
asfollows:
th
City Hall, Finance Department, 4Floor, 18070 Collins Avenue – Deposits from this location are to
be picked up for same day credit on select days in which the City is open for business. Frequency
of pick-ups has not been determined yet. Proposer shall provide the latest time each day deposits
can be picked up for samedaycreditandthefeestructurebaseduponeveryday,everyotherday
and intermittentfrequencies.
2.Eachandeverydepositpick-upwillbereceiptedforbysignaturein a Citymaintained logbook.
3.The armored courier service company will service the pick-up location and keep currentphoto
identificationandsignaturesamplesofeachandeverypersonassigned to pick up such deposits
from the designated City location. This provided documentation will be relied upon by the City for
turnover of suchdeposits.
4.The Proposer must state in the proposal if there are additional charges assessed to the City for
deposits greater than a certain dollaramount.
5.A credit will be applied to the City’s charges on the analysis statement in the event that the couriers
to pick up at the designated time andlocation.
Armored Courier Services
Synovus can work with the Citythroughout the implementation process to document workflow
of deposits to understand best use of services to include armored car services and other smart
safe solutions to enhance security and create efficiencies for the City. Synovus has existing
relationships with multiple vendors to assist the Cityin obtaining a contract for courier service.
Armored courier services are contracted between the Cityand the armored courier company.
Cash Processing Services- Commercial Cash Pickup and Deposit Processing:
Cash deposits are picked up by an armored car service. The cash pickups are regularly
scheduled at times agreed upon between the armored car service and the customer.
The armored car service transports the cash to a regional processing center for deposit into a
Synovus Bank account.
Cash only deposits receive next business day credit, for same day credit, the Citywould need
to work with armored courier to ensure delivery by 10 am cutoff. Bulk coin deposits receive
credit in 2 business days.
On-site smart safes can be utilized to minimize courier runs and expedite cash deposit
credit. Currency is fed into a bill accepter on the machine and deposits are electronically
transmitted to the bank. Funds in the safe are extracted and couriered to the bank on an
agreed-upon frequency, however credit is given even while the deposits reside in the safe.
July 12, 2024Page 37
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Cash Processing Services - Commercial Change Order Services:
Coin and currency in any denomination and quantity are ordered conveniently by internet.
The armored car service delivers the coin and currency to the specified location securely and
on time.
T.Emergency Services andCash
The bank shall be prepared to deliver banking services within twenty-four (24) hours of a disaster
event (hurricane, tornado, wildfire, flood, etc.). The bank shall provide information regarding their
disaster recovery plan, including specific plans related to servicing the City, in the event of a
disaster. The bank shall provide a listing to the City semi-annually of bank contact names, phone
numbers, and physicallocation to be available to assist in the event of anemergency.
The Citymay request a large amount of cash in the event of an emergency. Requests for such funds
are generally given within 48 hours’ notice but could be given as late as 24 hours’notice.
The City’s dedicated relationship manager will be able to assist with any emergency services.
U.Business CreditCards
The City uses business credit cards for everyday purchases. There are currently five (5) activecredit
card accounts assigned to departments. Proposer shall submit a description of the credit card
programs itoffers along with the respective program stipulations, any card incentives/rebates (i.e.
rewards program, etc.) and any other card programs it offers along with the minimum spend
requirements for these card programs provided.
Synovus Commercial Card Overview:
Synovus is a highly diversified, Fortune 1000 financial institution and commercial card issuer. We have
over $60 billion in assets and have provided cards to customers for over 50 years. Synovus was a
charter member of Visa starting in 1976 and has a long-standing alliance with Visa to provide
enhanced acceptance for our Commercial Card programs. Synovus has issued Commercial Cards for
over 30 years. We have been a market leader in addressing customer’s unique corporate card
program requirements and continuously focus on implementing best practices, technologies, process
improvements and achievement of customer business objectives. We have a strong philosophy and
culture of putting the customer first and our people execute on this every day, and they do whatever
it takes to meet their current and future needs. This approach has earned us the trust of our
numerous commercial customers and are committed to delivering a robust commercial payments
program for the Citythat will meet your current and future commercial payment needs.
Synovus stands out among other commercial card issuers due to our unmatched dedication to provide
superior customer service and support, implementation resources that are highly trained and follow
a methodical, consultative approach to ensure a best-in-class implementation -as we know, your card
roll-out will be your employees first experience with Synovus and we want that experience to be
extremely positive. We have a team of people, that will provide the City, hands-on proactive,
consultative support. They will act as an extension of your commercial card team and using their deep
knowledge of your organizations requirements and business needs, they will provide timely updates
on program enhancements or changes, conduct business reviews, and offer suggestions for program
July 12, 2024Page 38
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
optimization and share industry trends and best practices.
Synovus offers a complete and fully functional card program that provides all services and support
related to our Commercial CardPayment Solutions- Including, P-Card, Virtual Card (Electronic Vendor
Payments), OneCard and Corporate Card. The program is completely scalable and customizable to
meet the immediate business needs of the City as well as any future initiatives to expand the card
program to create additional efficiencies and control. Based on what we know of your program and
needs we would recommend our Purchasing Card Program and Virtual Card Program. And look
forward to discussing your needs and requirements further.
Synovus will provide the City, a comprehensive, solutions focused, commercial card program that
provides superior product capabilities/ benefits/solutions, and services to deliver process efficiencies,
reduce costs, opportunity to earn financial, cash rebates, (a minimum/annual net spend threshold of
one million needs to be achieved),while delivering substantial value to fund other business operating
expenses. The applicable spend on both your Purchase Card Program and your Virtual Card Program
(Electronic Vendor Payments) will be included in the calculation of any rebate.
Below outlines some of the key strengths of our program:
APSolutions Technology Platform-To help our clients maximize cost savings and streamline costs
allocation, Synovus provides our APSolutions Technology Platform (Exhibit I)to integrate and allocate
card accounting data into various accounting and expense management systems. The integration of
card transaction data into the general ledger is an important part of any expense management
program. Synovus can support workflow processes that provide organizations the ability to allocate
charges to specific departments, cost centers, projects and allows you to monitor and report on
spending activity. Our goal is for this to happen in a streamlined process with minimal manual
intervention.
There are no costs or annual fees for the Synovus card programthat we are recommending. No
interest rate will apply, unless the payment is made late or not in full each month.
Access to Card Administration, Maintenance, Reporting-both standard and custom, Virtual Cards,
Expensing Reporting/Financial Coding and ERP/Financial Systems integration,is accessed throughour
APSolutionsTechnology Platform and as noted above all the robust functionality is all included at no
charge. The card administrator(s) can be granted full access to manage the card program for card
issuance, card cancellation, limit increases, and other administrative monitoring. The card
administrator(s) can also create other user accounts and assign access/privileges based on that user’s
responsibility. Multiple roles can be created to granted privileged based access to the account online
if desired. Synovus has various resources to support our technology and provide demonstrations,
training and reconfiguration of products and services. Additional training or account troubleshooting
can occur as needed for card administrators over a virtual meeting platform. The training strategy
includes a train the trainer plan for the card administrator, manuals, quick reference materials, and
other forms of communication.
Flexible billing cycles and payment terms – Daily, 7-Day, 14-Day, 20 -day billing/payment cycles.
Worldwide Visa acceptance – Unmatched acceptance for T&E as well as B2B applications,
services, and commodities.
Automated Integration into the City’s Business Technology Applications – Accounting, ERP,
July 12, 2024Page 39
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Human Resources, Project Management Systems and Expense Reporting Systems.
Integrated Expense Reporting Solution - our APSolutions Platform, has an included, fee waived
Expense Reporting module. Your GL/Chart of Accounts can be loaded, and this solution supports
customized approval/workflows to make expense reporting an automated end to end process-
with very limited keying in of data by your employees; provides your organization control and
spend transparency. Assists in identifying non-compliant or fraudulent spending. Cardholderscan
easily include their receipt images into the expense tool- simply by taking a picture or they can
upload the image.
Real-time account servicing technology – the Citywill have the opportunity to utilize technology
to access information real-time to quickly reconcile, file expense reports, customized reporting,
audit capabilities and administrative management of the Solution.
There are no costs or annual fees for the Synovus card program. No interest rate will apply, unless
the payment is made late ornot in full each month.
Virtual Card/One-time usage Card (Electronic Vendor Payments) – Enables the Citythe ability to
securely generate virtual card numbers/One-time usage for purchase requests and electronically send
in batch files to suppliers. The platform connects buyers to suppliers for approved expenses.
Additionally, Virtual Cards mitigate fraud and drastically increase processes efficiencies. We can load
your chart of accounts during implementation and work with you to enroll your suppliers- at no cost.
Implementation is discussed in further detail in our RFP Response:
Strict Controls- over and above a traditional credit card transaction/eliminate circumventing
established purchasing processes – designated suppliers, types of purchases, refined cost
allocation processes.
Reduces - the need for checks and manual reconciliation.
Reduces - keying time and manual errors
All this Spend is Consolidated on your Commercial Card Platform - providing increased spend
transparency and control
Reduced risk of fraud – no need to share real card number with merchant/supplier.
Pay invoices by defined payment terms - greatly reducing the among of paper checks.
Captures additional data required to reconcile- prior to the transaction taking place.
One-to-one mapping of transactions
Broad insurance protection – insurance coverage at no cost to the Citythat includes employee
abuse waiver insurance.
Experience and Business Agility
We have a team of highly motivated, dedicated individuals supporting our commercial card platform
who have industry tenure, vast expertise, supported by substantial $ investments, enabling us to
continually develop and enhance our commercial card product solutions and servicing platforms, that
will drive process improvements, cost savings and continued growth for your program. The card
industry continues to evolve, and the Synovus team is focused on anticipating and meeting those
needs by providing cutting edge technology solutions and delivering increasing value.
Compliance Management
The information security management framework and governance processes at Synovus are aligned
with industry best practices. The use of our program will minimize the filing of 1099’s when our card
program is used. The filing of 1099’s by the Cityis not necessary when our solution is used as the
payment solution with your 1099 suppliers.
July 12, 2024Page 40
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Security Controls
Synovus consistently monitors and mitigates information security risks that includes comprehensive
policies and standards on information security and privacy, frequent reporting to our executives,
external regulators, internal and external auditors, and strong authentication mechanisms for all
authorizations and effective security incident management processes.
Fraud Identification and Prevention
Synovus provides marketing leading fraud controls and unauthorized activity verification. Once
unauthorized activity is identified, alerts and notifications can be generated in real time to notify the
designated parties for the City. Activity can then be verified, and the hold is removed.If unauthorized
activity is present, the existing card will be fully canceled, and a new card (new account) number will
be issued.
Synovus has a consultative, proactive approach to implementation, customer service and on-going
account management to deliver financial savings not just in the rebate, but in processimprovements
to reduce buying/reconciliation cycle-time, fraud mitigation processes, providing for business expense
management needs and improved relationships with suppliers. We consider ourselves part of the
City’steam and will execute accordingly.
Financial considerations consist of a financial incentive program, that pays higher rebates for
increased spend, flexible rebate tiers and payment terms to maximize your financial return.
Synovus has various resources to support our technology and providetraining, on-going support and
reconfiguration of our commercial card program. Your commercial card programs- including Purchase
Cards and Virtual Card Programs,can be fully managed by our online platform, APSolutions. To help
our clients maximize cost savings and streamline costs allocation, Synovus provides our APSolutions
technology to integrate and allocate card accounting data into various accounting systems, as well as
support card management (card issuance/cancellation,changecredit limits). The Program
administrator(s) will also have access to call the APSolutions support line for support and assistance
with the platform. Additional training or account troubleshooting can occur as needed for Program
Administrators over a virtual meeting platform.
Flexible Spending Controls and Restrictionscan be Establishedfor your Purchasing Card Program,
such as:
Cardholder level restrictions.
Department level restrictions.
Merchant Category Code (MCC) restrictions – this provides the capacity to include or exclude MCC
or group MCC’s in cardholder profile.
Monthly spending limit – a dollar limit for the sum of transactions and/or authorizations that can
occur ina single month. This limit refreshes monthly.
Dollar transaction limit – a dollar transaction limit determines the maximum dollar limit for a
single transaction.
Account spending limit – an account-spending limit determines the monthly purchase limit per
account.
Velocity transaction limit – a velocity transaction limit determines the criteria for the maximum
number of transactions allowable within a defined timeframe.
A dollar velocity transaction limit can also be established to allow no more than x dollars in y days.
Dollar limits by Merchant Category Code – specific dollar limits for purchases can be established
July 12, 2024Page 41
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
by MCC or group of MCC codes.
Temporary control limits for designated timeframe.
Cash access and limits.
Merchant ID Blocking.
General Descriptionof Reporting Package:
The Synovus commercial card management module of our web based, APSolutions Technology
Platform offers a comprehensive reporting module that allows for all transactional data reported
through Visa, to be identified and utilized to generate robust and actionable reporting- both standard
and customized reporting,for the City. The technology is a data warehouse, statement and report
generating tool offered to the Cityat no cost. Reports can be created, saved, and scheduled to runon
demand or for the appropriate time period. Reports can be emailed out to designated cardholders or
accounting personnel. Synovus offers a very robust reporting function within APSolutions. There are
66 standard reports that are immediately available. These standard reports can also be edited and
customized as needed. Any of these reports can be run on demand, saved, and scheduled to be run
and delivered via email. Some of these standard reports included are cardholder statements, various
transactionsummary reports, vendor analysis, cardholder reports and admin reports, merchant, and
decline reports and more. The Synovus team will work with the City’steam to create a library of
standard reports for program management. The reporting functionality isprivileged based by user
and designated access can be assigned to the user roles to limit card reporting as deemed
necessary. The Tool captures detailed transaction information for viewing, editing and cost
allocation. It will providethe Citywith customized reports and an opportunity for detailed vendor
analysis. The tool provides instant information on purchasing patterns, allowing your staff to target
suppliers and goods for special attention and support negotiations of volume discounts.Each
reporting object is interactive and dynamic, with drill-down capabilities, allowing the Cityto analyze,
review and monitor all aspects of the card program. All reporting functionality is available 24/7,
available to export in a variety of formats and reports can analyze specify segments of the City's spend
and can be run by department or hierarchy to provide detailed information on segmented transaction
history.
Overview of Customer Service Capabilities:
Synovus provides a 24-hour toll-free telephone number for Cardmember inquiries, issues and
providing emergency assistance. Cardholders and administrators will have 24/7/365 access to call
Synovus Customer Services Group at 888- SYNOVUS.
Our Customer Services Group will provide answers to questions - both routine and unusual- and will
answer cardholder questions concerning balances, charges, billing inquiries, card declines, transaction
amounts, disputes, other issues, as well as take lost and stolen card reports and arrange for card
replacements.
We have a separate team to support designated program administrator(s) who manage the program,
on an ongoing basis and acts as a liaison between the individual cardmembers and the Synovus service
team.
The Program administrator(s) will also have access to APSolutions Support (877-962-6777), which is
available 24/7/365 and they can contact either by email or a dedicated 800 number, for support and
assistance with our APSolutions commercial card platform. Additional training or account
troubleshooting can occur as needed for Program Administrators over a virtual meeting platform.
July 12, 2024Page 42
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Synovus employs several service standards to measure the quality of our service. We measure
internally to ensure that quality standards are maintained and enhanced.
P-Card and Virtual Card Implementation:
The City of Sunny Isles Beach will be assigned an Implementation Specialist (IS) that will work with
your program administrator(s) and designated personnel to roll out the cards. The IS is responsible
for identifying the stepsof program development, assigning responsibility and managing the timeline
and will guide and assist you, in setting up a commercial card program to mirror your existing program
or modify as desired to streamline current processes and drive further efficiencies.
The IS will introduce and manage the appropriate Synovus experts to the City’s team, as needs arise.
An Account Manager (AM) with Synovus will also be provided to support the design, implementation,
rollout of the program and guide the successfultransition. The AM will continue to work with the City
to maximize the rebate opportunity, provide reviews against goals, support maximizing the benefits
of the program, organize internal resources to support objectives, work with you to expand vendor
enrollment and introduce new product and services.
Upon notification of contract award, we will consult with the Cityto determine the necessary steps
to address the account implementation requirements. The Implementation Specialists will first gain
an understanding of your existing program to design the program to meet the defined objectives
when converting the existing program. They will review current policies, procedures, card
management, control features in place and share any industry current best practices. Once the
account is established, physical cards (plastics) can be received in approximately 5 to 7 business days.
Training and account setup (Business Rules, G/L Codes, Hierarchy, Workflow) can start immediately
after the account is established.
We utilize a project management methodology, including best practices, timelines, milestones, and
use a defined management process. The IS will create a formal Critical Path Network (CPN) that states
key delivery dates, and tasks to be completed. Both teams review and approve the detailed plan. The
CPN will guide all activities, ensuring a timely and efficient program conversion.
Virtual Card (Electronic Vendor Payments) Implementation:
As discussed earlier in our RFP Response, Synovus offers a Virtual Card Program that can provide the
Citywith a highly efficient, streamlined and secure way, to replace many of the checks that are
currently being written to your suppliers. Your payables process remains the same and our dedicated
team of implementation and enrollment specialists provide support and service throughout the life
of your program.
Supplier Enrollment and Onboarding:
We will work closely with you to contact all approved suppliers on your behalf, educating them on all
the benefits of accepting electronic payments and then enrolling them in the program. Customized
enrollment letters will be mailed out and phone calls from our enrollment team will be placed to your
suppliers. We support flexible supplier setup to capture the maximum amount of card spend,
including both defined supplier accounts for recurring payments and undefined accounts for one-time
and on-demand payments. Drawing on 20 years of enrollment experience, we’ll work with theCityto
develop a clear strategy to maximize supplier participation. We also can load your chart of accounts
into our APSolutions Technology Platform, for you as well.
July 12, 2024Page 43
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Synovus provides a dedicated supplier enrollment team that handles nothing but enrollment and
enablement for our customer’s suppliers. The Citywill be assigned an implementation manager that
will oversee and manage the entire onboarding process from start to finish. The implementation
manager will work directly with the supplier enrollment team, Synovus account representatives, and
the City. Weekly implementation calls are scheduled throughout supplier enrollment to communicate
the details and the results of the enrollment campaign with the entire team. At the beginning of the
campaign, goals are established for enrollment rates for both the number of vendors and the amount
of transactions. This data is tracked on a weekly report and reviewed with the City to ensure that a
successful enrollment is achieved.
Synovus provides an in-depth supplier match analysis prior to supplier enrollment that identifies the
vendors who are currently accepting card payments and prioritizes those that should be initially
targeted. This detailed list serves as the guide during enrollment. There is no additional charge for
these implementation/enrollment services.
We put a lot of effort into your enrollment process and the typical supplier enrollment period can last
upto 90 days. However, since we are prioritizing targeting suppliers by who accepts the card today
and those critical suppliers that you communicated with and is waiting to be enrolled- you can start
using your Virtual Cards within APSolutions, as soon as these or any other suppliers become enrolled.
V. Costs of AccountMaintenance
TheCitywillpayforbankingservicesusingan AccountAnalysis calculation,wherebythebank willbill
forthequantityofservicesprovidedmultipliedby a specificunitcostlessan Earnings Credit. The bank
will provide the City with a monthly account analysis statement for each accountdetailingactivity
volumeversusassociatedunitcosts,costextensionsand a summary analysis for all accountscombined.
1.Proposer shall provide a sample monthly analysis statement based upon the City’s Bank statement
and Account Analysis statement for the most recent month. See ATTACHMENT B and
ATTACHMENT C. Thesampleaccountanalysisshouldinclude,at aminimum:
a.Description ofService
b.Target Average Collected Balance – minimum target daily balance which produces a monthly
earnings credit sufficient to pay/offset monthly bank servicefees.
c.Earnings Credit Rate – the proposer will identify the index used. This rate should be fixed for
the contractterm.
d.Monthly EarningsCredit
e.Net Service Charge – total bank service fees less the Earningscredit
f.Interest earnings rate on excess balances over minimum targetbalance
Synovus has provided our Proforma (Exhibit A)and completed Attachment A.
Synovus has also provided a sample of our account analysis statement as “Exhibit J”
W.FeeStructure
ProposeristocompleteATTACHMENT A toinclude a comprehensivelistofallfeesassociated with the
July 12, 2024Page 44
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
services being requested in this Request for Proposal (RFP). All per item charges will remain fixed for
the life of the contract and all optional renewal periods. However, in the event that any customer of
the Bank, having comparable deposits and transaction volumes, negotiates a lowerfeestructurefor
theserequestedservicesorsimilarservices,theBankshall notify the Finance Director within thirty (30)
days and shall extend the lower negotiated rate to the City retroactively to the first date the lower rate
was offered to another customer. ShouldtheBankfailtoprovidetheCitythelowernegotiatedrate
withinninety(90)days,the BankshallberequiredtoreimbursetheCitythedifferencebetweenthe
amounttheCitywas charged under its original contract and the amount the City would have been
charged under the lower negotiatedrate.
Synovus has provided our Proforma (Exhibit A)and completed Attachment A.
X.Confirmations
The bank must agree to respond to audit confirmations and requests for data, at no charge, as needed
from the Finance Department or its auditors. Proposer will provide a name and address for the audit
confirmation letter.
The City will need to notify their dedicated relationship manager for assistance with audit
confirmations and requests.
Y.ContinuousService
ThebankwillmaintainsufficientstafftosupporttheCity’srequirementson a continuingbasis without
interruptionofservice.Severeorrepeatedbreakdownsofserviceforthisreasonwill be cause for
termination of the contract. The Cityrequires that the bank designate one of its cash management
services personnel who will act as liaison with the City for matters regarding itsaccounts.
Synovus provides a dedicated Government Relationship Banker with intense client focusanduse of
specialized dedicated teams with a relationship focused philosophy.
Andy LaFear – Primary Relationship Manager
Government Solutions – Relationship Manager
Office: 904-347-7068
AndyLaFear@Synovus.com
Z.Audit and Inspection ofRecords
1.The bank shall permit the authorized representatives of the City to inspect and audit all data and
records of the bank, if any, relating to the performance under the contract. Such data and records
shall be preserved by the bank as required by applicable regulatorybodies.
2.In addition, the City will be provided with information in order to access electronic quarterly and
annual financial reports which indicate the financial soundness of the institution.
Synovus is a publicly tradedcompany and all of quarterly and annualfinancial reports are
July 12, 2024Page 45
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
available for review via our website Synovus.comunder Investor Relations.
AA. Transition Plan
Proposer shall describe their conversion plan to transfer assets of the City to their bank. Include
information regarding lead time necessary before the contracts can be implemented and include plan
details for educating and training City employees in the use of the bank’s systems.Proposershall
provide a timelinescheduleforfullimplementation,ofwhich,should be at no cost to theCity.
Banking ServicesImplementation Partnership
Our local, government solutions and treasury teams will develop an immediate partnership with the
Cityto create a customized roadmap outlining services, training, and identifying any obstacles or
impediments that may affect the implementation timeline. To accomplish this, we establish a clear
communication channel with weekly check-in calls to monitor progress, accountabilities and to
identify and address any issues needing to be resolved. We recognize that communication is the
cornerstone of a smooth transition process. Below is an overview of our implementation and
conversion process.
Synovus has a proven implementation strategy that is tailored for every customer. It all begins with
the assignment of a dedicated conversion team to handle the transition. This team will meet withthe
City’sdesignated team to set a “Go Live” date and proceed in the following manner:
Established responsibilities.
Review current Cityprocesses and procedures.
Set a timeline “checkpoint” for each portion of the process.
Product build – set up of online user profiles and limitations, templates, reports, etc.
Completion of documentation and contracts.
Weekly status update meetings.
Testing and training.
Final testing and troubleshooting.
Our project management standards allow the Cityto set the pace, remaining comfortable that its
needs are being met, while not overtaxing the available resources. It also allows us to provide
recommendations on how processes can be improved.
When we set objectives with you during our consultative meetings, many things rise to the surface
that quite honestly may not have been thought of during the procurement phase. An example of this
kind of discovery would be an unexpected need for a dual location for processing check deposits.
Through these consultative meetings we can identify special or unplanned needs, quickly recommend
a solution so not to impede the overall timing of the implementation.
We believe as you have conversations with our references that we have provided, you will hear first-
hand how our implementation strategy and project management practices are first rate and will
provide added benefit to your finance department.
Once “Go Live” has been achieved, our conversion team will continue to provide the City with support
on both a scheduled and “as needed” basis.
A sample Implementation Checklist (high-level plan that will be tailored off the services used with a
July 12, 2024Page 46
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
timeline and “go-live” date to be mutually agreed upon) for the Cityhas been included as “Exhibit K”.
The City’s dedicated onboarding team provides quality technical training and assistance (software,
internet portal access and financial system access). We take pride in providing technical training in an
efficient and simplified manner, taking into consideration CSS’s employees’ time and availability. The
City’s dedicated technical support team is available during and after implementation is complete.
During the onboarding process we can provide virtual training (via Teams) where CSS’s dedicated
onboarder walks the City’s team through the SynovusGateway Banking portal and the associated
treasury services.
Synovus offers links to user guides and training materials that our clients can access through our
website.
BB. Employee Benefits
1.ThebankwillcashpayrollchecksforCityemployeesatnocostwhethertheyhavean account with
the bank or with another financialinstitution.
Check Cashing
City of Sunny Isles Beachchecks drawn on Synovus Bank may be cashed, at no cost, by the payee
at any Synovus banking center. Payees must provide valid identification and be physically present
to cash checks.
2.Proposer shall describe incentives it would provide toCity employees who have accounts with their
bank and/or participate in payroll direct deposit or who wish to open a new account with their
bank (i.e. free checking) and other programs offered that may be beneficial to Cityemployees.
Banking Solutions
Synovus offers a variety of banking products and services to the City's staff. We are open to
meeting with your employees and ascertaining their needs and working with them to add value
to their banking needs.
Financial Literacy Programs
Raise the Banner is Synovus’ new financial literacy program. Leveraging our financial expertise
and our passion for service, we will Raise the Banner for financial education in the communities
we serve. The focused initiative will make it easier for team members to provide financial
education throughout our footprint. It will also complement our existing market-driven outreach
and established Community Reinvestment Act efforts.
Our 2024 Raise the Banner Goals are to teach at least 500 financial literacy classes, empower
more than 7,500 individuals, log 2,000 financial literacy volunteer hours and to partner with 250
organizations, nonprofits, and schools.
Synovus Bank team members can partner with the Cityin providing a range of financial literacy
centered around investing, economics, finance, and Banking. We currently use the following
curriculum and learning tools to provide financial education to various organizations:
July 12, 2024Page 47
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
FDIC’s Money Smart – a financial education program that can help people of all ages enhance
their financial skills and create positive bankingrelationships.
MoneySmartforYoungPeople;MoneySmartforAdults;MoneySmartforOlderAdults;and
MoneySmart for Small Business.
Synovus’PersonalResourceCenter,Synovus.com,thatprovidesinformationonmanaging
yourfinances; investing; homeownership; and financial safetyand security.
Synovus’ Mortgage Basics eBook to help first-time homebuyers. The eBook answers questions
related to buying a home(downpayments,closing costs, mortgageloans,etc.)andeventells
thereaderhowtoget prequalified for a mortgage before starting to shop for ahome.
ABA’s Teach Children to Save - a free national program sponsored by the ABA Foundation,
that organizes bankervolunteersthroughout the yearto helpyoungpeopledevelop savings
habitsearlyinlife.
CC. Service Enhancements
Proposer shall describe and provide any new financial services that may be considered for further
improving the effectiveness of the City’s treasury management operations that are not otherwise
addressed herein and include related Costs to the City.
Accelerate Pay
Simplify all B2B payments and mitigate fraud risk with an intelligent payment solution embedded into
your organizational workflow.
Synovus Accelerate Pay is a first of its kind payments suite, offering innovative payment functionality
beyond traditional integrated payments platforms. This solution provides straight through
processing, easy reconcilement, and positive pay fraud mitigation.
Accelerate Pay eliminates the burden, time, and risk inherent with managing multiple payment
streams, while maximizing control, payment accuracy, and automating payment reconciliation.
Organizational Benefits
Seamless ERP integration with leading applications
Streamlines payment processing and exception management
Provides visibility and insights into payments data
Saves time, freeing staff for higher ROI endeavors
When combined with Synovus Accelerate AR, Accelerate Card, and Accelerate FXsolutions,
Accelerate Pay delivers comprehensive, streamlined cash management insight
Enhances the Payee Experience
Fully supports payee controls and self-servicing through a convenient payee portal, including:
Payee Network registration – manage payments from other payers through a single portal
Payee choice of preferred payment method
Timely payment status reporting
Ability to request payment earlier than settlement date
Maintenance of their own banking information to ensure accurate and timely payments
Armored Courier Services
Synovus can work with the Citythroughout the implementation process to document workflow of
July 12, 2024Page 48
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
deposits to understand best use of services to include armored car services and other smart safe
solutions to enhance security and create efficiencies for the City. Synovus has existing relationships
with multiple vendors to assist the Cityin obtaining a contract for courier service. Armored courier
services are contracted between the Cityand the armored courier company.
Cash Processing Services- Commercial Cash Pickup and Deposit Processing:
Cash deposits are picked up by an armored car service. The cash pickups are regularly scheduled
at times agreed upon between the armored car service and the customer.
The armored car service transports the cash to a regional processing center for deposit into a
Synovus Bank account.
Cash only deposits receive next business day credit, for same day credit, the Citywould need to
work with armored courier to ensure delivery by 10 am cutoff. Bulk coin deposits receive credit
in 2 business days.
On-site smart safes can be utilized to minimize courier runs and expedite cash deposit
credit. Currency is fed into a bill accepter on the machine and deposits are electronically
transmitted to the bank. Funds in the safe are extracted and couriered to the bank on an agreed-
upon frequency, however credit is given even while the deposits reside in the safe.
Cash Processing Services - Commercial Change Order Services:
Coin and currency in any denomination and quantity are ordered conveniently by internet.
The armored car service delivers the coin and currency to the specified location securely and on
time.
July 12, 2024Page 49
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Management Policies and Customer ServiceStructure
Ability to meet desired timelines anddeadlines
Government Solutions Group:
Integral partner. This group only deals with Government relationships for the Bank. Therefore,
they present an in-depth understanding of the approval process, investment policies and elected
official situations that may present immediate help from your bank.
Andy LaFear – VP, Relationship Manager – Primary Relationship Manager
Amanda DeBoer– Relationship Associate – signature card creation; general account
maintenance – back up for relationship manager.
LeeAnn Kirwin – Director – Escalation Point for the relationship.
Treasury Management Sales- Government:
Integral partner. This group will create the account structure and facilitate products necessary to
establish an efficient depository relationship. They are responsible for the implementation and
training for all new Government customers. They, too, only deal with Government customers
thus understanding their nuisances. Continual involvement will be present throughout the
contract as relationship reviews will be performed alongside the primary relationship manager on
an ongoing basis.
Matthew Farzanrad – Primary Treasury Management Contact - Senior Treasury Management
Consultant for Government ––Responsible for origination, implementation, and coordination
of Treasury Management Solutions.
Frank Nguyen– Sr. Treasury Management Sales Associate – Treasury assistant to Matthew
Farzanrad.
Matthew Mulkey – Treasury and Payment Solutions – Senior Onboarding Representative –
Primary contact for implementation needs, training and questions during the initial
onboarding.
Overall organization to completing theproject
Strategic Approach and Deliverables
We are here to truly know you and to collaborate with you to help optimize your operations by
providing high-quality and efficient banking solutions at competitive prices.
OBJECTIVESSOLUTIONS
Strategic Banking Partner Synovus’ Government Solutions Group offers specialized,
industry-leading capabilities with a diverse customer base
and deep staff knowledge of government needs.
Provides a dedicated Government Relationship Banker
with intense client focus, use of specialized dedicated
teams with a relationship focused philosophy.
Business Process Review
Banking Solutions and Financial and operating resources with decades of proven
Technology experience
ACH and Wire Solutions
Advantage Analysis Account
Robust Positive Pay Solution
July 12, 2024Page 50
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Synovus Gateway –Customizable and secure online
banking solution
Premium Reporting Options
Zero-Balance Accounts
Accelerate Pay
Implementation Partnership Develop an immediate partnership with the Cityand
establish responsibilities.
Thorough communication and check points
Review of the City’s processes and procedures
Providing recommendations on process improvement
Dedicated onboarder for implementation and training
Synovus’ Government Solutions Group will offer specialized, industry-leading capabilities allowing the
Citytobenefit from our in-depth understanding of your day-to-day and long-term needs. Our
experience will create value across your entire organization. The Government Solutions Group has
decades of governmental banking experience and, along with our partners intreasury management,
Synovus provides a unique understanding of municipal banking that is unmatched by our competitors.
Submit any additional information that would assist the City in the evaluation on your proposal.
Business Process Review
As an added benefit, Synovus Bank conducts a Business Process Review (BPR) where our Treasury
Management Team will observe and examine City’s Accounts Receivables process, Accounts Payables
process, and Financial Accounting to ensure what was communicated throughout the procurement
process is, in fact, how County truly interacts and utilizes their bank.
The goal for the Synovus Team is to document workflows and procedures to help clients understand
where efficiencies may be implemented while noting parts of processes that may be too labor
intensive and easily supplanted with automation.
Following the site visit, the Synovus Team formulates its learnings and findings with City’s team. This
often becomes the beginning of a strategic and/or tactical roadmap for clients to consider as they
transform their financial operations.
July 12, 2024Page 51
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
6.Pricing andFees
Provide a schedule of proposed services and fees including earnings credit rate and, if applicable,
interest rate on excess balances (amount that exceeds target minimum balance that produces a
monthly earnings credit sufficient to pay/offset all service fees each month).
The Proposer must complete ATTACHMENT A and submit it with their proposal.
Each firm shall submit in their price proposal and any pricing conditions or contingencies must be
clearly stated.
Synovus has completed Attachment A and has provided our Proforma for pricing in this section.
July 12, 2024Page 52
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
ATTACHMENT A
RFP 2024-06-01
Banking Services City of Sunny Isles Beach
Total Cost Proposal
Note: Proposers are to complete the unit price and total monthly cost columns below. List any additional fees not referenced herein in the
space provided, or in an attachment. Proposers may also submit their own file in hard copy excel format, along with a CD of the excel file to be
included as part of the proposal submittal, as long as the analysis prepared, at a minimum includes the items below with unit price and
monthly cost information.
Annual Cost Per
VolumeUnitTotal Cost
DESCRIPTIONComments
$0.00
FDIC Insurance Charge 81,040,000 $ -
General Account Services
$10.00
Account Maintenance48$480.00
$3.00
Digital Express Deposit Correction3$9.00
$0.00
Non Customer Check Cashing 24$0.00
ACH Services
$0.10
ACH Received Credits4,492 $449.20
$0.10
ACH Received Debits549 $54.90
$2.50
ACH Filter 313 $782.50
$10.00
ACH Positive Pay Accounts 48$480.00
$5.50
ACH Notice of Change 1 $5.50
Depository Services
$20.00
ZBA-Parent Acct Maint 12 $240.00
$13.00
Zero Balance Sub Acct Maint36$468.00
$0.10
ZBA Credit Transfer 680 $68.00
$0.10
ZBA Debit Transfer 680 $68.00
$0.80
Deposits Processed 964 $771.20
$0.15
Checks Deposited 4,853$727.95
$0.0021
Branch Cash Processing162,435$341.1135
$0.00We don’t double charge
Remote Capture Checks Deposited 4,814$0.000
$65.00
Digital Express Monthly Maint 12 $780.00
$12.00
Digital Express –Addtl Scanner 12$144.00
$0.21$857.85
Checks Paid 4,085
Paper Disbursement Services
$9.00
Return Checks Final Presentment 3 $27.00
Account Reconcilement
$30.00
24 $720.00
Positive Pay Maint
$20.00
$5.00
Positive Pay Return Item
4
$204.50
$0.05 We charge per item for Payee
Payee POS Pay paid item
4,090
$204.50
$0.05
ARP Paid Items 4,090
$35.00Charge flat monthly fee
ARP-Issue File Transmission
12$420.00
CD ROM Services
$300.00
$25.00
CD ROM-Img Maint 12
0.00
0.00
CD ROM-Per Add Acct 36
0.00
0.00
CD ROM-Image Per Item4,085
July 12, 2024Page 53
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
ATTACHMENT A
RFP 2024-06-01
Banking Services City of Sunny Isles Beach
Total Cost Proposal
Note: Proposers are to complete the unit price and total monthly cost columns below. List any additional fees not referenced herein in the
space provided, or in an attachment. Proposers may also submit their own file in hard copy excel format, along with a CD of the excel file to be
included as part of the proposal submittal, as long as the analysis prepared, at a minimum includes the items below with unit price and
monthly costinformation.
Annual Cost Per
VolumeUnit Total Cost
DESCRIPTIONComments
Information Reporting Services
$30.00
Base Package Maintenance- Gold 12$360.00
0.00
Transaction Record 6,000 0.00
0.00
Transaction Record 5,729 0.00
$15.00
Online Accounts 36 $540.00
0.00
Online Accounts 240.00
$35.00
ACH Module Maintenance 12$420.00
$0.07
ACH Initiated 9,125 $638.75
0.00
Extended Image Search 12 0.00
0.00
Online Security240.00
0.00
Online Security1770.00
$12.50
Book Transfer 3$37.50
$15.00
Wire Transfer Module12 $180.00
$12.50
Wire Out Domestic 137 $1,712.50
0.00
Issue/ Cancel Transactions78 0.00
0.00
Customer Maint Wire Templates 132 0.00
$9.00
ACH Batch Initiated 26 $234.00
Wire & Other Funds Transfer Services
$9.00
Wire IN-Domestic30 $270.00
0.00
EFT Wire Notification Paper 167 0.00
Other (newly added / additional services)
Contracted
Carrier - estimated pickups at 2-3x per
Armored Car Service 120 With Armored
0.00
estimated # of vendors paid annually
0.00
include set up/implementation
5,200
Electronic Vendor Payments
0.00
0.00
estimated # of cards
Bank Credit Cards 6
TOTAL PROPOSED ANNUAL COST $12,947.9635
TOTAL PROPOSED ANNUAL COST (Written):
***********************************************************************************************
Charges for Any Other Services Not Listed Above - Itemize
DescriptionAnnual Volume Cost Per Unit TotalCost Comments
Attach additional sheets, if necessary
$-
$ -
$-
July 12, 2024Page 54
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
ATTACHMENT A
RFP 2024-06-01
Banking Services City of Sunny Isles Beach
Total Cost Proposal
Note: Proposers are to complete the unit price and total monthly cost columns below. List any additional fees not referenced herein in the
space provided, or in an attachment. Proposers may also submit their own file in hard copy excel format, along with a CD of the excel file to be
included as part of the proposal submittal, as long as the analysis prepared, at a minimum includes the items below with unit price and
monthly costinformation.
Annual Cost Per
VolumeUnit Total Cost
DESCRIPTIONComments
$ -
$ -
$-
July 12, 2024Page 55
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
PRO FORMA ANALYSIS PREPARED FOR
City of Sunny Isles Beach
Balance Summary
NUMBER OF DAYS IN CYCLE31
Balances as of:April 1, 2024
AVERAGE LEDGER BALANCE$2,860,476.78
+
LESS FLOAT$35,361.36
-
PLUS NEGATIVE AVERAGE COLLECTED BALANCES$0.00
+
AVERAGE COLLECTED BALANCE$2,825,115.42
=
LESS FEDERAL RESERVE REQUIREMENT 0%$0.00
-
AVERAGE INVESTABLE BALANCE$2,825,115.42
=
EARNINGS CREDIT (Based on 365 Day Year)0.00%$0.00
+
ALL ANALYZED FEES (EXCLUDE IMPLE FEES)
ANALYZED FEES$1,112.15
-
NET SERVICE CHARGE($1,112.15)
=
EXCESS COLLECTED BALANCES #DIV/0!
ADDITIONAL COLLECTED BALANCES TO OFFSET ANALYZED FEES#DIV/0!
IMPLEMENTATION FEES
ONE TIME SET UP CHARGES $0.00
INTEREST ON EXCESS BALANCE4.75%#DIV/0!
$11,397.21
Service Detail
The fees listed below are based on information gathered during Request for Proposal RFP24-06-01 Banking Services.
TOTAL
PROPOSED BALANCES
SERVICESVOLUMEPROPOSED
FEEREQUIRED
FEE
DEPOSITORY SERVICES
Deposit Administration Fee 28,605$0.0000$0.00#DIV/0!
Monthly Maintenance Fee 4$10.0000$40.00#DIV/0!
NSF/Overdraft Fee 0$36.0000$0.00#DIV/0!
Negative Collected Balance Fee 0P+4.0%$0.00#DIV/0!
Deposits97$0.8000$77.60#DIV/0!
Items Deposited Total (CCH, Local and Non-local Fed-City & RCPC, and Dep On Us)484$0.1500$72.60#DIV/0!
Return Deposited Item 0$9.0000$0.00#DIV/0!
Redeposited Return Item 0$9.0000$0.00#DIV/0!
Deposit Corrections0$3.0000$0.00#DIV/0!
Checks Paid355$0.2100$74.55#DIV/0!
Other Debits 59$0.1000$5.90#DIV/0!
Preauthorized Debits70$0.1000$7.00#DIV/0!
Other Credits59$0.1000$5.90#DIV/0!
Preauthorized Credits339$0.1000$33.90#DIV/0!
Analysis Statement Print0$10.0000$0.00#DIV/0!
Analysis E-Statement0$0.0000$0.00#DIV/0!
Stop Payment 0$36.0000$0.00#DIV/0!
Total Depository Services30,072$317.45#DIV/0!
CONFIDENTIAL
July 12, 2024Page 56
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
TOTAL
PROPOSED BALANCES
SERVICESVOLUMEPROPOSED
FEEREQUIRED
FEE
WIRETRANSFER-DOMESTIC&INTERNATIONAL
Wire Module Monthly Fee (per account)1$5.0000$5.00#DIV/0!
Domestic Wire Transfer Incoming13$9.0000$117.00#DIV/0!
Domestic Wire Transfer Outgoing Branch0$30.0000$0.00#DIV/0!
Domestic Wire Transfer Out Online2$12.5000$25.00#DIV/0!
International Wire Transfer Incoming0$25.0000$0.00#DIV/0!
International Wire Transfer Out Online - US (include svc 1985 when pricing)0$40.0000$0.00#DIV/0!
Total Domestic & International Wires16$147.00#DIV/0!
CASH PROCESSING Display
Cash Deposited 18,232$0.0021$38.29#DIV/0!
Coin Purchased - Roll 0$0.1000$0.00#DIV/0!
Currency Purchased - Strap 0$0.2500$0.00#DIV/0!
Nightdrop Locked Bags Processed 0$5.0000$0.00#DIV/0!
Nightdrop Disposable Bags Purchased, per 100 0$50.0000$0.00#DIV/0!
Nightdrop Plastic Bags Processed 0$5.0000$0.00#DIV/0!
Total Cash Processing18,232$38.29#DIV/0!
INFORMATION REPORTING OPTIONS Display
Gateway Corporate Portal Reporting Options
Gateway Premium Reporting (incl Core Reporting)
1st Account1$30.0000$30.00#DIV/0!
Each Additional Account3$15.0000$45.00#DIV/0!
ACH Reporting (1 fee for portal access)
ACH Online Origination Reporting1$20.0000$20.00#DIV/0!
Total Information Reporting Fees5$95.00#DIV/0!
ACCELERATE PAY
Accelerate Pay Monthly Tier 1 (up to 250 trxns)
0$750.0000$0.00#DIV/0!
Accel Pay Trnsctn Overage Tier 1 (greater than 250 trxns)
0$2.9500$0.00#DIV/0!
Accel Pay Trnsctn Volume Tier 10$0.0000$0.00#DIV/0!
Accelerate Pay Monthly Tier 2 (greater than 250, up to 500 trxns)
0$1,375.0000$0.00#DIV/0!
Accel Pay Trnsctn Overage Tier 2 (greater than 500 trxns)
0$2.7500$0.00#DIV/0!
Accel Pay Trnsctn Volume Tier 20$0.0000$0.00#DIV/0!
Accelerate Pay Monthly Tier 3 (greater than 500, up to 1,000 trxns)
0$2,650.0000$0.00#DIV/0!
Accel Pay Trnsctn Overage Tier 3 (greater than 1,000 trxns)
0$2.6500$0.00#DIV/0!
Accel Pay Trnsctn Volume Tier 30$0.0000$0.00#DIV/0!
Accelerate Pay Monthly Tier 4 (greater than 1,000 trxns, up to 5,000 trxns)
0$12,000.0000$0.00#DIV/0!
Accel Pay Trnsctn Overage Tier 4 (greater than 5,000 trxns)
0$2.4000$0.00#DIV/0!
Accel Pay Trnsctn Volume Tier 40$0.0000$0.00#DIV/0!
Accelerate Pay Monthly Tier 5 (greater than 10,000 trxns)
0$22,500.0000$0.00#DIV/0!
Accel Pay Trnsctn Overage Tier 5 (over 10,000 trxns)
0$2.2500$0.00#DIV/0!
Accel Pay Trnsctn Volume Tier 50$0.0000$0.00#DIV/0!
Total Accelerate Pay0$0.00#DIV/0!
ACH ORIGINATION Display
ACH Payments - Gateway
Gateway ACH Monthly Fee (per account)1$35.0000$35.00#DIV/0!
ACH Orig Per Item Fee (CCD,CTX,TEL,Web,PPD) 713$0.0700$49.91#DIV/0!
ACH Implementation Fee (per account)0$75.0000$0.00#DIV/0!
ACH Payments - Transmission
ACH Direct Send Monthly Fee 0$100.0000$0.00#DIV/0!
ACH Orig Per Item Fee (ARC,CCD,CTX,TEL,Web,PPD) 0$0.1400$0.00#DIV/0!
ACH Implementation Fee (Direct) 0$2,500.0000$0.00#DIV/0!
CONFIDENTIAL
July 12, 2024Page 57
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
TOTAL
PROPOSED BALANCES
SERVICESVOLUMEPROPOSED
FEEREQUIRED
FEE
ACH Payments - Same Day ACH
Same Day ACH Per Item 0$0.8500$0.00#DIV/0!
Same Day ACH Unauthorized Batch Fee 0$10.0000$0.00#DIV/0!
ACH Payments - Other
ACH Per Batch Fee 2$9.0000$18.00#DIV/0!
ACH Change/Delete/Reversal Fee 0$35.0000$0.00#DIV/0!
ACH Orig Per Item IAT Fee 0$1.0000$0.00#DIV/0!
ACH Notification Of Change Fee 0$5.5000$0.00#DIV/0!
ACH Return Item Fee 0$6.0000$0.00#DIV/0!
ACH Unauth Entry Fee0$6.0000$0.00#DIV/0!
ACH Prefunding Per Setup Fee (per customer)0$100.0000$0.00#DIV/0!
ACH Prefunding Suspend Fee0$10.0000$0.00#DIV/0!
ACH Prefunding Force Post Fee0$10.0000$0.00#DIV/0!
Total ACH Origination716$102.91#DIV/0!
DATA EXCHANGE (BALANCE REPORTING)
Data Exch/BAI OB Implementation Fee 0$100.0000$0.00#DIV/0!
Data Exch/BAI OB Monthly Fee 0$125.0000$0.00#DIV/0!
Data Exch/BAI OB Additional Account Fee 0$32.0000$0.00#DIV/0!
Data Exch/BAI MO Transmission Fee 0$35.0000$0.00#DIV/0!
FTP Implementation Fee (Data Exchange)0$100.0000$0.00#DIV/0!
Synovus One Implementation Fee 0$130.0000$0.00#DIV/0!
Synovus One Monthly Fee 0$150.0000$0.00#DIV/0!
Synovus One Additional Account Fee 0$32.0000$0.00#DIV/0!
Synovus One Monthly Transmission Fee 0$35.0000$0.00#DIV/0!
FTP Implementation Fee (Synovus One)0$100.0000$0.00#DIV/0!
Intraday Reporting Implementation 0$250.0000$0.00#DIV/0!
Intraday Reporting 0$150.0000$0.00#DIV/0!
Intraday Reporting Additional Account 0$50.0000$0.00#DIV/0!
Intraday per item0$0.2000$0.00#DIV/0!
Total Data Exchange (Bal Reporting)0$0.00#DIV/0!
EDI Display
EDI Implementation (per account)0$75.0000$0.00#DIV/0!
FTP Implementation Fee0$100.0000$0.00#DIV/0!
EDI Reporting (per account, per month)0$30.0000$0.00#DIV/0!
Total EDI0$0.00#DIV/0!
IMAGING Display
Web Image Monthly Fee (per customer)1$25.0000$25.00#DIV/0!
Web Image Implementation Fee (per customer)0$75.0000$0.00#DIV/0!
Enhanced Imaging Services Monthly Fee (unlimited accts)0$125.0000$0.00#DIV/0!
Enhanced Imaging Services Implementation Fee0$100.0000$0.00#DIV/0!
Total Imaging Services1$25.00#DIV/0!
RECONCILIATION & POSITIVE PAY Display
FTP Implementation Fee0$100.0000$0.00#DIV/0!
Positive Pay/Payee Positive Pay
Positive Pay Monthly Fee (per account)2$30.0000$60.00#DIV/0!
Positive Pay - per item355$0.0500$17.75#DIV/0!
Positive Exception Per item0$5.0000$0.00#DIV/0!
Monthly Transmission Fee1$35.0000$35.00#DIV/0!
PP Implementation Fee (PP, Payee) (per account)0$75.0000$0.00#DIV/0!
Payee Positive Pay Per Item 355$0.0500$17.75#DIV/0!
ACH Positive Pay (PP)
ACH CO ID Pymt Rule Added32$2.5000$80.00#DIV/0!
ACH Positive Pay Mo per Acct - 1st Account1$10.0000$10.00#DIV/0!
ACH Positive Pay Mo per Acct - Add'l account3$10.0000$30.00#DIV/0!
ACH Positive Pay Exception - Per item0$5.0000$0.00#DIV/0!
ACH Positive Pay Implementation (per account)0$75.0000$0.00#DIV/0!
CONFIDENTIAL
July 12, 2024Page 58
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
TOTAL
PROPOSED BALANCES
SERVICESVOLUMEPROPOSED
FEEREQUIRED
FEE
ACH & Check Block
Check Block Monthly Fee (per account)0$20.0000$0.00#DIV/0!
ACH Block Monthly Fee (per account)0$20.0000$0.00#DIV/0!
Account Reconciliation
Full Account Reconciliation Monthly Fee (per account)0$85.0000$0.00#DIV/0!
Total Reconciliation & Positive Pay749$250.50#DIV/0!
SWEEP SERVICES
Master Repurchase Fee0$175.0000$0.00#DIV/0!
Master Repurchase Implementation Fee0$100.0000$0.00#DIV/0!
One Way Sweep Fee 0$110.0000$0.00#DIV/0!
One Way Sweep Implementation Fee 0$25.0000$0.00#DIV/0!
Line Of Credit Sweep Fee 0$125.0000$0.00#DIV/0!
Line Of Credit Sweep Implementation Fee 0$25.0000$0.00#DIV/0!
Dual Sweep Fee 0$175.0000$0.00#DIV/0!
Dual Sweep Implementation Fee 0$25.0000$0.00#DIV/0!
Premium Yield Sweep Fee0$125.0000$0.00#DIV/0!
Premium Yield Sweep Implementation Fee 0$25.0000$0.00#DIV/0!
Multi-Tier Sweep Fee 0$190.0000$0.00#DIV/0!
Multi-Tier Sweep Implementation Fee 0$100.0000$0.00#DIV/0!
Total Sweep Services0$0.00#DIV/0!
ZERO BALANCE ACCOUNTS Display
ZBA Main Acct 1$20.0000$20.00#DIV/0!
ZBA Sub Acct 3$13.0000$39.00#DIV/0!
ZBA Main Acct Implementation Fee 0$25.0000$0.00#DIV/0!
Total ZBA Services4$59.00#DIV/0!
Remote Deposit Capture (RDC)Display
Remote Deposit Capture Display
RDC Monthly Fee (includes 1 account)1$65.0000$65.00#DIV/0!
RDC Additional Account Fees (2-10)1$12.0000$12.00#DIV/0!
RDC Additional Account Fees (11-35)0$7.0000$0.00#DIV/0!
RDC Additional Account Fees (36+)0$5.0000$0.00#DIV/0!
RDC Implementation Fee (per account)0$75.0000$0.00#DIV/0!
Total Remote Deposit Capture2$77.00#DIV/0!
CASH SERVICES (Loomis charges for other related services )
Cash Services Implementation Fee0$250.0000$0.00#DIV/0!
Remote Vault Deposit Implementation Fee 0$250.0000$0.00#DIV/0!
Loomis
Coin Wrapping0$0.0700$0.00#DIV/0!
Nonstandard Change Order0$10.2500$0.00#DIV/0!
Standard Change Order0$9.0000$0.00#DIV/0!
RVD Deposit0$1.3000$0.00#DIV/0!
Loomis Cash Deposited0$0.0014$0.00#DIV/0!
Dual Verify0$4.5200$0.00#DIV/0!
RVD Insurance (Based on fee charged)$ - 4.00%$0.00#DIV/0!
Nonstandard Coin Verify0$3.5200$0.00#DIV/0!
Standard Coin Verify0$0.6700$0.00#DIV/0!
RVD Location0$50.0000$0.00#DIV/0!
CONFIDENTIAL
July 12, 2024Page 59
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
TOTAL
PROPOSED BALANCES
SERVICESVOLUMEPROPOSED
FEEREQUIRED
FEE
Brinks
Brinks Coin Rolls Orders0$0.2500$0.00#DIV/0!
Brinks Loose Notes Orders0$0.1000$0.00#DIV/0!
Brinks Strap Orders0$0.8571$0.00#DIV/0!
Brinks Deposits0$1.2917$0.00#DIV/0!
Brinks Adjustments0$6.0239$0.00#DIV/0!
Brinks Cash Deposited0$0.0013$0.00#DIV/0!
Brinks Manual Change Orders0$17.0000$0.00\\
Brinks Boxed Coin Order0$3.0000$0.00#DIV/0!
Brinks Non-Standard Order0$6.8931$0.00#DIV/0!
Brinks Standard Order0$4.5000$0.00#DIV/0!
Brinks Mixed Coin Bag Verification0$9.5000$0.00#DIV/0!
Total Cash Services0$0.00#DIV/0!
Total Accelerate AR Total (See Accelerate AR tab)$0.00$0
TOTAL ANALYZED PROPOSED FEES /Fee Based Fees$1,112.15
TOTAL PROPOSED FEES Plus Equipment Charges$1,112.15 Display
IMPLEMENTATION & PROGRAMMING CHARGES$0.00
TOTAL PROPOSED FEES Without Implementation & Programming Charges$1,112.15
AVG COLLECTED BALANCE REQUIRED TO OFFSET TOTAL PROPOSED FEES (less Fee based)#DIV/0!
AVG COLL BAL REQ TO OFFSET TOTAL PROPOSED FEES Without Implementation Chges & Fee based#DIV/0!
The fees listed below are based on information gathered during Request for Proposal RFP24-06-01 Banking Services.
Comments
Synovus will waive six (6) months of line-item service charges to allow for a successful conversion from the City's current financial institution.
Synovus would like an opportunity to complete a business process review (BPR) to ensure that the City has all needed services and reporting
solutions. All additional service price points will be negotiated and agreed upon with Sunny Isles Beach. Fee waiver, implementation waiver
and line-item pricing are based on balances and information provided during the RFP process.
Customer SignatureDate
July 12, 2024Page 60
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
7.References
TheProposershallprovidereferencelettersforfive(5)verifiableclientswith a minimum of three (3)
municipalities/local governments, for projects of similar scope as outlined in this RFP. Please ensure
the contact information provided is up to date and accessible. Proposer must completethe
Questionnaire Form # 22 to meetrequirement.
Synovus completed Form 22 in Questionnaireas outlined above.
July 12, 2024Page 61
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
8.ContractForms
All completed contract forms.
Synovus has provided our Treasury Management Master Services Agreement as “Exhibit L”.
Synovus has completed and provided all of the required documents.
July 12, 2024Page 62
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
9.QuestionnaireForm
July 12, 2024Page 63
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
PROPOSAL QUESTIONNAIRE FORM
Any questions that are not applicable Proposer to identify with a response of N/A (not applicable) Please
provide answers to questions below as an attachment if it cannot fit on this page.
Name of person completing questionnaire: Title:Andy LaFear
1.Type of Bank (Federal or StateCharter):State of Georgia
2.Is your Bank a member of NACHA? Yes
3.Deposits Federally insureduptoFDIC insured up to $250,000
4.Is your bank an Equal Opportunity Lender?Yes
5.Authorized Florida Qualified Public Depository? Yes
6.Please describe in detail your ability to provide remote deposit capture services. Include all benefits,
processing procedures, deadlines, return items, safekeeping and destruction guidelines and
indemnification. (costs to be identified on the proposalform)
Address the liability for illegible images.
Synovus Gateway Remote Deposit
Synovus offers flexibility to deposit paper checks electronically directly into the City’s Synovus
account(s). An easy way to deposit paper checks electronically with a desktop scanner, or anywhere
business finds you using your mobile device and the Synovus Gateway Mobile application. Thiswill
helptosave bothtime andmoney,aswellasallow foranextendeddeposit deadline of6:00PM ET
eachbusinessday,forsame dayledger credit.
Authorizedemployees will scan checks for deposit by using a bank approved scanner. Next, youwill
confirmthecheckamountsandverifythatthedepositbalances.Youwillthensubmitthe deposit to
Synovus with confirmation oftransmission.
Synovus will work with the City to assess the number of scanners needed and load capacity in order
to assist in choosing appropriate scanners to purchase.
Highlights
One consolidated view of activity from multiple locations into multiple accounts
Virtual endorsements
Same-day account credit available
Email deposit notifications
What it Does:
Eliminates frequent bank trips, travel expenses, and employee risk.
Enables error corrections before deposit submission
Simplifies recordkeeping with online archiveof scanned images, deposit info, and reports.
Reduces paperwork.
July 12, 2024Page 64
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Speeds funds availability.
Increases working capital and improves cash flow.
Returned Items – If the item is flagged as duplicate via duplicate detection the City will not be able
to bypass and deposit through Remote Deposit services.
Any item failing the Image Quality Analysis will display to be accepted/removed. Any item amounts
that were not successfully read will need to be keyed in manually.
7.How will the Proposer return validated deposit receipts to the City for nightdeposits?
Inwhat time frame?
Synovus does not provide validated receipts for night drop deposits. The City retains a duplicate copy
for your records and verify deposit via Synovus Gateway.
8.WhatistheProposer’snotificationandadjustmentprocessforcounterfeitbillsandfraudulentchecks?
Synovus is required to send all counterfeit currency to the Secret Service. We provide documentation
to the City with a copy of the counterfeit note that includes what deposit the counterfeit bill was
included. Notifications can be set up for email.
9.S afekeepingServices
The Proposer may be required to act as custodian of the City's investment securities. For safekeeping
purposes, the Proposer would be required to evidence custody by providing an original non-negotiable
safekeeping receipt.
As Custodian, we would provide evidence by issuing Safekeeping Receipts for all securities received
in. SuchReceipts would name the institution, describe the security, reflect ownership by the City. We
would only release a security upon the authority of an authorized signer or designee.A sample copy
of a Safekeeping receipt is provided as “Exhibit M”.
As Custodian, we would collect all coupons and other periodic income on securities held and process
any instructions received by authorized City personnel.
If a transaction is unable to be transacted due to an unforeseen circumstance, our office in
Birmingham would complete the transaction. All transactions have secondary verifications.
As Custodian, we will provide as of the last day of each month, a detailed listing of securities held
in safekeeping, including each security’s description and the current market value.
How would the City be compensated for a failed security due to the Proposer’s actions as it relates to
Safekeeping Services as fully detailed in the Scope of Services?
Fails are done at the trading level, not the safekeeping level. The City would track the fail with their
trading company.
July 12, 2024Page 65
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
10.The Proposer will furnish the City an Availability of Funds Schedule for the clearing of deposits. The
scheduleshallcontainthelatesttimeofthedayfordepositstoincurtheleastnumberofdaysfor
clearing each of the following deposit items: Please provide the availability of funds schedule for
clearing of deposits.
Checks drawn on:
A.The Selected Bank (on-usitems):Next day availability
B.Local (Palm Beach County)Checks:Next day availability
C.StateChecks: Next day availability
D.U.S. GovernmentalChecks Next day availability
E.InterstateChecks Next day availability
F.Do you provide forfractionalavailability?No
If YES, provideexplanation
G.Credit carddeposits.Next day availability
Funds Availability
Synovus’ funds availability schedule is to make funds from your cash and check deposits available to
you on the first business day after the day we receive your deposit. Electronic direct deposits will be
available on the day we receive the deposit.
For determining availability of your deposits, every day is a business day except Saturdays, Sundays,
and federal holidays. If a deposit is made before 5:00 PM ET on a business day that we are open, we
will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 PM ET
or on a day we are not open, we will consider that the deposit was made on the next business day we
are open.
Incoming wire transfers and ACH will be credited tothe City’s account on the same day if they are
received by 6:00 PM ET.
Remote Deposit allows foranextendeddeposit deadline of6:00PM ETeachbusinessday,forsame
dayledger credit.
11.Electronic Funds Transfer: Describe the services you provide for the payment to vendors through the
Automated Clearinghouse by means of electronic funds transfer. (If additional space is required, please
include as an appendix to your proposal.) Include a description of the services you are able to provide
in implementing an ACHprogram.
ACH Origination including deposit of payroll, vendor payments, federal taxes, and state taxes is
offered through our internet banking platform, Synovus Gateway, or throughan FTP (File Transfer
Protocol) to allow the Cityto transmit funds between banks through the Automated Clearing House
(ACH) Network. ACH Origination through Synovus Gateway offers PPD, CCD and CTX payment types.
With each of these payment types, the Citywill have the ability to use templates to import or
originate. Synovus follows the rules for posting ACH transactions received and originated from both
Nacha and the Federal Reserve. ACH transactions are posted based on the effective date of the item
or batch, and when the item was received or originated from the Federal Reserve for posting.
ACH transactions received and originated from both Nacha and the Federal Reserve. ACH transactions
are posted based on the effective date of the item or batch, and when the item was received or
July 12, 2024Page 66
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
originated from the Federal Reserve for posting.
Synovus offers three primary methods for customers to initiate ACH transactions:
Gateway (online banking): Offering optional ACH templates, setting, and maintaining ACH
recipient information, and the flexibility to manually enter or upload from file. File formats include
a 5 column CSV, customer custom map, or Nacha. Transactions require a two-user process for
entry and then release.
Gateway supports a file Pass Thru option which supports the upload of a full Nacha formatted file
along with the security of a two-user upload and release.
Direct file transmission (Direct Send) which connects the customer system of record generated
Nacha file directly with Synovus ACH payment processing. Once this option is set up, the process
is ‘hands-free’ for our customer.
ACH transactions received and originated from both Nacha and the Federal Reserve. ACH transactions
are posted based on the effective date of the item or batch, and when the item was received or
originated from the Federal Reserve for posting.
Below is Synovus ACH Origination System Cut-off Times:
ACH Origination via Gateway (Future Dated) 10:15AM, 1:45PM, 2:00PM, 3:45PM, 5:00PM&
6:00PM ET.
ACH Origination via Gateway (Same Day) 10:15AM and 1:45PM ET.
ACH Origination via Direct Send (Same Day and Future Dated) 9:30AM, 12:00PM, 1:15PM, 3:15PM
ET.
ACH Origination via Direct Send (Future Dated) 4:00PM, 6:00PM and 7:00PMET.
Same Day ACH is the ideal solution for the Cityto manage payroll, bonuses, and emergency payments
in a timelier manner. Same Day ACH Origination currently allows you to create domestic ACH
transactions of $1,000,000 or less for same-day processing, rather than the usual two-day processing
time. Receiving banks are required to post eligible ACH transactions received by 5:00 PM local time
on the same day. The Citywill experience additional benefits including expedited payments, improved
liquidity, and flexibility to make unexpected payments.
ACH and Wire Templates
The customer can create ACH and Wire templates to automate routine payments. Templates help you
to reduce error rates, delegate tasks, and control regular payments.
You can create a template and assign it to another user. You can also control how that user can access,
use, and change the template. Depending on the user’s rights, that user can do some or all the
following:
Create a payment from the template and change only the date, amount, and description.
Create a payment from the template and change anyfield.
Edit the template and save the changes for all users.
12.Direct PayrollDeposit:
Provide details of how your bank administers Direct Payroll Deposit Programs. Is there a limitation as
to participating financial institutions?
July 12, 2024Page 67
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
There is no limitation.
In what form and timeframe would you need the information regarding the City's employees and
their respective account numbers, payroll amounts, and identification numbers?
Synovus offers three primary methods for customers to initiate ACH transactions:
Gateway (online banking): Offering optional ACH templates, setting, and maintaining ACH
recipient information, and the flexibility to manually enter or upload from file. File formats include
a 5 column CSV, customer custom map, or Nacha. Transactions require a two-user process for
entry and then release.
Gateway supports a file Pass Thru option which supports the upload of a full Nacha formatted file
along with the security of a two-user upload and release.
Direct file transmission (Direct Send) which connects the customer system of record generated
Nacha file directly with Synovus ACH payment processing. Once this option is set up, the process
is ‘hands-free’ for our customer.
ACH transactions received and originated from both Nacha and the Federal Reserve. ACH transactions
are posted based on the effective date of the item or batch, and when the item was received or
originated from the Federal Reserve for posting.
Below is Synovus ACH Origination System Cut-off Times:
ACH Origination via Gateway (Future Dated) 10:15AM, 1:45PM, 2:00PM, 3:45PM, 5:00PM&
6:00PM ET.
ACH Origination via Gateway (Same Day) 10:15AM and 1:45PM ET.
ACH Origination via Direct Send (Same Day and Future Dated) 9:30AM, 12:00PM, 1:15PM, 3:15PM
ET.
ACH Origination via Direct Send (Future Dated) 4:00PM, 6:00PM and 7:00PMET.
Provide details on how voiding and reversal of individual direct deposit ACH items are handled.
Indicate If it is possible to reverse or cancel an ACH file, and the appropriate procedures and rules
applicable.
ACH Reversals
If the City initiates ACH through the Gateway options, the user (if rights allow) can view a payment in
the Activity Center in Synovus Gateway and can cancel a scheduled but incomplete payment. Also, (if
rights allow) the user can access the Activity Center in Synovus Gateway to cancel a payment if the
status is drafted, authorized, or pending. If a payment has already been processed, the City can initiate
a reversal. For assistance with reversing an ACH batch contact your dedicated Relationship Manager.
Requests need to be received within 5 banking days, following the settlement date. Reversing a file
does not guarantee all entries will be returned by the receiving bank.
If the City initiates ACH payments through our Direct Send option, the approach is similar, for one off
retraction or corrections, our customers typically reach out to their banker for the retraction or
correction that would be processed through the ACH system. As with all ACH the City and process
would follow all applicable NACHA Rules.
Synovus provides full ACH Return and NOC reporting to customers allowing for a full view of
July 12, 2024Page 68
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
transactions requiring a resubmission or updated information for future payments.
13.Lockbox Service: Provide detail process of lockboxservice.
Accelerate AR Lockbox and AR Console
Synovus offers flexible, end-to-end remittance processing services that the Citycan rely on for
processing its wholesale and retail lockboxes. Our services can be scaled to the City’s needs.
Experience the City can Trust
Synovus has processed lockbox payments for more than 20 years. We recently expanded to offer
Synovus Accelerate AR suite of products to enhance our Retail and Wholesale Lockbox capabilities.
The key to an integrated accounts receivable process
Lockbox is the foundation of a fully integrated AR process that handles today’s faster payments quickly
and efficiently.
A single, standard process for resolving exception items, expediting the posting of receivables, and
improving cash flow.
Through the Synovus Accelerate AR Console decisioning module the Citycan quickly identify, track,
and resolve lockbox exception items, reducing the number of unprocessable payments. Exceptions
items, such as checks received without invoices, will be available for the Cityto review.
The Citywill gain visibility into receivables with dashboard analytics
The Citycan take advantage of an enterprise-level view of all incoming cash flows—regardless of
payment type with Accelerate AR Console. AR Console turns receivables information into a source of
valuable business insights via dashboard views configured for everyone from the CFO to operations
supervisor. Accelerate AR clients may also view team productivity metrics such as volumes processed,
straight-through processing, and exceptions rates and deposit amounts for bank reconciliation. Plus,
payment trends are visualized across any time period.
AR Console accelerates cash application and research
The feature rich Accelerate AR Console will enable the Cityto view, search, and extract
information for all payments, images, and data for better and timelier data for cash and credit
management.
Improves efficiency with a single view of payments across lines of business and banking
relationships.
The Citycan perform research to resolve payment questions and reduce negative customer
impact.
The Citycan achieve earlier visibility into payments to make earlier investment decisions.
Better yet, the Citycan get to collections faster and reduce DSO.
A daily Accelerate AR receivables posting file can be provided to import into an ERP or other
receivables system.
AR Console improves customer service
Synovus Accelerate AR Console improves customer service satisfaction with robust research tools.
The Citycan easily manage change of address requests, look up payment status (paid, unpaid,
rejected) along with associated information and documentation including customer correspondence.
This online tool empowers customer service agents to look up payments directly from billing systems
July 12, 2024Page 69
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
and resolve inquiries in one call.
Accelerate AR eLockbox
Accelerate AR eLockbox eliminates paper checks associated with bill pay payments and allows you to
receive electronic funds up to five days faster. With Accelerate AR eLockbox your payers have an
opportunity to pay online using theirbank's bill pay site no matter what bank they use. The Bill Pay
site collects payment information and sends all payments via ACH instead of converting those
payments to paper check and mailing to a lockbox.
eLockbox offers you a platform to correct account numbers one time and have subsequent payments
to the same account auto-corrected saving you valuable time and people resources. Your payments
are received timely allowing AR staff to focus on other, more critical tasks.
14.Other Innovations: Propose any new financial services, plans or practices deemed to be in the best
interestoftheCitynototherwiseaddressedinthisproposal.Anyfeesfortheseservicestobeincluded
in the Fee Proposal section “FutureServices”.
Accelerate Pay
Simplify all B2B payments and mitigate fraud risk with an intelligent payment solution embedded into
your organizational workflow.
Synovus Accelerate Pay is a first of its kind payments suite, offering innovative payment functionality
beyond traditional integrated payments platforms. This solution provides straight through
processing, easy reconcilement, and positive pay fraud mitigation.
Accelerate Pay eliminates the burden, time, and risk inherent with managing multiple payment
streams, while maximizing control, payment accuracy, and automating payment reconciliation.
Organizational Benefits
Seamless ERP integration with leading applications
Streamlines payment processing and exception management
July 12, 2024Page 70
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Provides visibility and insights into payments data
Saves time, freeing staff for higher ROI endeavors
When combined with Synovus Accelerate AR, Accelerate Card, and Accelerate FX solutions,
Accelerate Pay delivers comprehensive, streamlined cash management insight
Enhances the Payee Experience
Fully supports payee controls and self-servicing through a convenient payee portal, including:
Payee Network registration – manage payments from other payers through a single portal
Payee choice of preferred payment method
Timely payment status reporting
Ability to request payment earlier than settlement date
Maintenance of their own banking information to ensure accurate and timely payments
Armored Courier Services
Synovus can work with the Citythroughout the implementation process to document workflow of
deposits to understand best use of services to include armored car services and other smart safe
solutions to enhance security and create efficiencies for the City. Synovus has existing relationships
with multiple vendors to assist the Cityin obtaining a contract for courier service. Armored courier
services are contracted between the Cityand the armored courier company.
Cash Processing Services- Commercial Cash Pickup and Deposit Processing:
Cash deposits are picked up by an armored car service. The cash pickups are regularly scheduled
at times agreed upon between the armored car service and the customer.
The armored car service transports the cash to a regional processing center for deposit into a
Synovus Bank account.
Cash only deposits receive next business day credit, for same day credit, the Citywould need to
work with armored courier to ensure delivery by 10 am cutoff. Bulk coin deposits receive credit
in 2 business days.
On-site smart safes can be utilized to minimize courier runs and expedite cash deposit
credit. Currency is fed into a bill accepter on the machine and deposits are electronically
transmitted to the bank. Funds in the safe are extracted and couriered to the bank on an agreed-
upon frequency, however credit is given even while the deposits reside in the safe.
Cash Processing Services - Commercial Change Order Services:
Coin and currency in any denomination and quantity are ordered conveniently by internet.
The armored car service delivers the coin and currency to the specified location securely and on
time.
15.Business Operations- Banking ServicesOnly
A.What is the largest volume of paid items your bank processes in one month for a single
commercial account?
Largest number Payment Transactions for a single customer with 132,831transactions for
$1,125,057,531.50 (May2024 – Government Customer)
**Based on number of transactions, not dollars.
July 12, 2024Page 71
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
B.Whatisthelargestvolumeofdeposititemsyourbankprocessesinonemonthfor a single
commercial account?
Largest number of Deposit Transactions for a single customer with 3,471transactions for
$2,718,595.85(November 2022 – Government Customer)
**Based on number of transactions, not dollars.
C.Describe your wire transferdepartment.
Where isitlocated.
Staff members of the Wire Department are located in Columbus, GA
Who managesit.
Kathy Officer is the Supervisor of the Wire Department
What is your normal cut-off time for outgoingtransfers?
Gateway cutoff time is 4:00 PM EST for International Wires and 5:00 PM for Domestic.
What is the Proposer’s policy in case of a wire transfer failure for which the City has confirmed
receipt ofinstructions?
The wire department works with the Relationship Manager if the wire transfer is rejected.
How and when is the City notified of a failedwiretransfer?
The wire department contacts the Relationship Manager on the account if the wire is unable to
process same day. If the wire isreturned,they are contacted by email set up in the wire system.
What controls has the Bank put in place to prevent wire transfer fraud to prevent ACHandWire
Transferfraud?
Wires processed though our wire applications are scanned through a fraud module and if they
need extra review that is done by our Fraud division.
What has been the Proposer’s experience with fraud in the wire transfer area?
As soon as the wire dept is aware a wire is fraud we send a service message for recall of funds.
We alert our wire investigators immediately so they are aware,and they can contact the
Beneficiary Bank.
D.Describe your account reconciliation department.
Where is itlocated.
The City’s relationship manager is the primary contact for any reconcilement issues.
July 12, 2024Page 72
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Who manages it?
The City’s relationship manager is the primary contact for any reconcilement issues.
What is the timing for completion of reconciliations after receipt of input information from the
customer?
Synovus accepts issue files 24 hours a day, 7 days a week. Items must be uploaded to Synovus by
9:00 AM ET each business day to be included in the AOR for that day.
E.Should the City’s main accounts be the target of counterfeit drafts, what are your procedures to limit
losses to all parties concerned and what is the effect and cost to theCity?
Protection you can rely on
Safeguarding against fraud and human error is critical to ensure the financial integrity of your
company. We can help your team stay on top of all business account activity and stop problems before
they start by performing prompt, automatic checks and balances of your records and alerting you of
any discrepancies.
Guard against check fraud with Positive Pay for Checks. After we receive an electronic file from you
listing the details of each check issued, we compare incoming checks to the listing on a daily basis and
single out any unmatched items for your review. We’ll release payment on an unmatched check only
with your approval, helping you prevent unauthorized payments from happening in the first place.
Reduce the possibility of unauthorized ACH transactions with Positive Pay for ACH. We compare
electronic account transactions against payments you previously authorized and suspend any item
that’s not a match. We’ll present the questioned transaction to you and pay it only with your approval.
If your business has multiple locations or internal divisions that make deposits, our Deposit
Reconciliation services can helpsimplify matters, reduce bank costs and improve accuracy. Using a
location code embedded on the MICR line of your company’s deposit tickets, we’ll track and subtotal
your deposits and provide a recap report listing each deposit made to your account, sorted by the
assigned location code.
Streamline the process of settling your bank balance to your ledger balance with our Account
Reconciliation service.
With Full Reconciliation, we offer complete reporting of all debits and credits recorded during the
accounting period, comparing your electronic file with checks paid and other activity on your account.
You’ll receive electronic reports in a format compatible with your accounting system, allowing you to
reduce administrative time and processing costs while improving accuracy and gaining greater control
of the reconciliation process.
F.Describeyourprocessforresolvingdepositdiscrepancies,especiallywhencashisinquestion.
Cash deposits are credited immediately, and most check deposits are next day availability. If the City
makes a deposit by physically bringing it into a branch, we will notify the City of the difference and
ask them how they want to proceed. Any deposit discrepancy other than night drop discrepancies are
July 12, 2024Page 73
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
sent via regular mail to theclient.
In the event of a deposit discrepancy, the deposit amount will remain the same with an additional
entry made to your account to correct any differences. If the error is in the cash, we will contact the
City by phone before processing the deposit. The City will be notified of any deposit correction via
email on the day the correction takes place. A correction notice will be mailed directly to the City on
the business day following the deposit date. Correction notice images can be viewed online via
Synovus Gateway Enhanced Imaging.
G.Describe your method of applying pricing to governmental or exception typeaccounts.
Synovus can provide billing options to include invoicing or a compensating balance arrangement. The
line-item pricing will remain the same on either option.
If the Cityelects to complete a Business Process Review, the Treasury Team will make
recommendations for the customer to include account structure, product enhancements and
payment / compensating balance options.
Please refer to the Proforma provided as “Exhibit A”for pricing details.
H.How do you lock in and maintain our banking fees into your billingsystem?
What steps are taken to assure accurate billing each month per the final agreement rates.
Synovus submits pricing in our billing system to match the pricing proposal negotiated and we can
match the expiration with the contract window.
I.DescribetheProposer’sabilitytomakecashavailablebefore,duringandafteranemergency:
Your relationship manager can work with the City to identify a location that can fill your request and
help coordinate a pickup.
J.Describe your Emergency Disaster Plan and assistance available to the City. Include time to restore
based on type ofdisaster.
At Synovus, securing our customers' information is a priority and commitment we take seriously. We
operate in a highly regulated environment and comply with various regulatory and statutory
requirements. Due to the nature of our business and in the best interest of securing all our customers'
information, we do not share our business continuity plan, disaster recovery plans and exercises,
practices, technologies, and confidential company information. Synovus utilizes multiple layers of
overlapping controls and processes to ensure banking services are readily available to support
customers ongoing operations. This includes but is not limited to the following:
1.Systems are scheduled for automatic backup, and processes are in place to monitor backup for
successful completion
2.Data recovery processes are tested periodically
3.Redundancy is designed within key systems and processes to allow for automatic failover and high
availability of services
4.Monitoring and alerting systems are in place to allow for proactive monitoring for potential
degradation and availability issues
July 12, 2024Page 74
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
5.Each Synovus business unit updates Business Impact Assessments (BIAs) and Business Continuity
Plans (BCPs) annually. The BCPs document roles and responsibilities, critical business processes,
dependencies, third-party relationships and criticality, Recovery Time Objectives / Recovery Point
Objectives, and upstream / downstream impacts. Plans and associated call trees are updated
regularly and are tested at least annually
6.Synovus maintains business continuity and emergency communication systems that are available
and utilized during network outage and emergency response events such as hurricanes and winter
storms
7.Applications are risk assessed and documented disaster recovery plans are updated regularly and
tested at least annually for higher risk systems
8.Ongoing due diligence and monitoring is performed on vendor-hosted or vendor-managed
applications and/or processes. Third-party disaster recovery plans and business continuity
programs are reviewed regularly as part of the Third-Party Risk Management program
K.PositivePay:
Detail if payee match is part of positive pay.
Payee Positive Pay gives an even higher level of fraud protection by requiring the payee’s name to
be included in the issue file. If we receive any checksthat are not in the issue file or do not match
data in the file, we present them to you for “pay/no pay” decisions. This service extends to the
teller line, preventing checks from being cashed in Synovus banking centers.
When addressing positive pay, address procedure for verification when City is closed for business.
Positive Pay Process and Time Windows
For Check andACH Positive Pay, if there is a discrepancy with a presented item (posts to account), an
exception will be identified. Exceptions are delivered to the City via Synovus Gatewayby 10:00 AM ET
each business day. Each “User” who is authorized to make pay/no pay decisions can set up alerts that
will notify them when there are exceptions to be decisioned. The City’s pay/no pay decisions must be
completed by 2:00 PM ET each day. Synovus Gateway can be accessed using a computer, tablet, or
mobile phone to complete positive pay decisions.If a decision is not made on an exception during the
decision window, then the default decision of no-pay is applied. Exception items are “next day”
decisions.
16.City Employee BankingServices
Please describe if your organization offers any type of benefits to employees working for the City of
Sunny Isles Beach.
Banking Solutions
Synovus offers a variety of banking products and services to the City's staff. We are open to meeting
with your employees and ascertaining their needs and working with them to add value to their
banking needs.
Financial Literacy Programs
Raise the Banner is Synovus’ new financial literacy program. Leveraging our financial expertise and
our passion for service, we will Raise the Banner for financial education in the communities we serve.
July 12, 2024Page 75
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
The focused initiative will make it easier for team members to providefinancial education throughout
our footprint. It will also complement our existing market-driven outreach and established
Community Reinvestment Act efforts.
Our 2024 Raise the Banner Goals are to teach at least 500 financial literacy classes, empower more
than 7,500 individuals, log 2,000 financial literacy volunteer hours and to partner with 250
organizations, nonprofits, and schools.
Synovus Bank team members can partner with the Cityin providing a range of financial literacy
centered around investing, economics, finance, and Banking. We currently use the following
curriculum and learning tools to provide financial education to various organizations:
FDIC’s Money Smart – a financial education program that can help people of all ages enhance
their financial skills and create positive bankingrelationships.
MoneySmartforYoungPeople;MoneySmartforAdults;MoneySmartforOlderAdults;and Money
Smart for Small Business.
Synovus’PersonalResourceCenter,Synovus.com,thatprovidesinformationonmanagingyour
finances; investing; homeownership; and financial safetyand security.
Synovus’ Mortgage Basics eBook to help first-time homebuyers. The eBook answers questions
related to buying a home(downpayments,closing costs, mortgageloans,etc.)andeventellsthe
readerhowtoget prequalified for a mortgage before starting to shop for ahome.
ABA’s Teach Children to Save - a free national program sponsored by the ABA Foundation, that
organizes bankervolunteersthroughout the year to helpyoungpeopledevelopsavings habits
earlyinlife.
Check Cashing
City of Sunny Isles Beachchecks drawn on Synovus Bank may be cashed, at no cost, by the payee at
any Synovus banking center. Payees must provide valid identification and be physically present to
cash checks.
17.Isthereanydisclaimerofliabilityrequiredforuseofyourwebbasedproducts?Identifyproducts and
response foreach.
Please refer to Synovus’ Treasury Management Master Services Agreement provided as “Exhibit L”.
18.Security of Web Based Applications (Related to Banking Services) (Do not include products related to
Merchant Services for thisquestion)
For each product available identify the product and detail the requested information as it relates to each
Web Based Application proposed for the City to use.
Web Based Application
Name of Product:Synovus Gateway
What application is this used for?Synovus Gateway is a digital business banking, easy-to-use cash
management tool that provides real-time transaction capabilities and powerful business insights to
manage cash flow.
A.Does session inactivity cause a sign-off? After howlong?
July 12, 2024Page 76
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Yes, after 15 minutes.
B.How are form entries protected against common attacks like SQL injection, buffer overflow, Cross-
site scripting,etc.
Forms are protected against SQL injection, buffer overflow, and XSS via Content Security Policies
put in place by the software developer.
C.What web server software are youusing?
Microsoft - for security reasons details about the software cannot be shared at this time, additional
information can be provided later.
D.Whatinternetbrowsersisyoursoftwarecompatiblewith?Arethereanyexceptionsorlimitations?
Edge, Chrome, Firefox and Safari are supported.
E.Describe procedures to test and install manufacturer’s security patches whenissued.
For security reasons details about the software cannot be shared at this time, additional information
can be provided later.
F.Do your web based applications conform to “Open Web Application Security Project” (OWASP)
Standards?http://www.owasp.org.
Yes. The digital banking platform software conforms to the OWASP Top 10 vulnerability standards
as part of the Secure Software Delivery Lifecycle Policy.
Name of Product:Positive Pay
What application is this used for?Account Protection and Reconciliation online services enables clients
to protect their business from the threat of Check and ACH fraud through Positive Pay.
A.Does session inactivity cause a sign-off? After howlong?
There are two levels of inactivitytimeout in the platform:
Session Inactivity: the amount of time that elapses without activity before the end user is
prompted to refresh the session or risk being logged out.
Fixed Session Lifetime: the maximum amount of time that a session is allowed to be active,
regardless of activity levels. Once this time has been reached, the session expires, requiring the
end user to login again.
B.How are form entries protected against common attacks like SQL injection, buffer overflow, Cross-
site scripting,etc.
Forms are protected against SQL injection, buffer overflow, and XSS via Content Security Policies
put in place by the software developer.
July 12, 2024Page 77
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
C.What web server software are youusing?
Microsoft - for security reasons details about the softwarecannot be shared at this time,
additional information can be provided later.
D.Whatinternetbrowsersisyoursoftwarecompatiblewith?Arethereanyexceptionsorlimitations?
Edge, Chrome, Firefox and Safari are supported.
E.Describe procedures to test and install manufacturer’s security patches whenissued.
For security reasons details about the software cannot be shared at this time, additional information
can be provided later.
F.Do your web basedapplications conform to “Open Web Application Security Project” (OWASP)
Standards?http://www.owasp.org.
Yes. The digital banking platform software conforms to the OWASP Top 10 vulnerability standards
as part of the Secure Software Delivery Lifecycle Policy.
Name of Product: Remote Deposit Capture
What application is this used for?Solution facilitates remote deposit capture for paper check deposits.
A.Does session inactivity causea sign-off? After howlong?
Yes. Access thru Gateway (App 1).
B.How are form entries protected against common attacks like SQL injection, buffer overflow, Cross-
site scripting,etc.
Forms are protected against SQL injection, buffer overflow, and XSS via Content Security Policies
put in place by the software developer.
C.What web server software are youusing?
Microsoft - for security reasons details about the software cannot be shared at this time, additional
information can be provided later.
D.What internetbrowsersisyoursoftwarecompatiblewith?Arethereanyexceptionsorlimitations?
Edge, Chrome, Firefox and Safari are supported.
E.Describe procedures to test and install manufacturer’s security patches whenissued.
For security reasons details about the software cannot be shared at this time, additional information
can be provided later.
F.Do your web based applications conform to “Open Web Application Security Project” (OWASP)
July 12, 2024Page 78
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Standards?http://www.owasp.org.
Yes. The digital banking platform software conforms to the OWASP Top 10 vulnerability standards
as part of the Secure Software Delivery Lifecycle Policy.
19.If our agency anticipates using an armored carservice.
Please detail the armored car procedures with your institution.
Armored Courier Services
Synovus can work with the Citythroughout the implementation process to document workflow of
deposits to understand best use of services to include armored car services and other smart safe
solutions to enhance security and create efficiencies for the City. Synovus has existing relationships
with multiple vendors to assist the Cityin obtaining a contract for courier service. Armored courier
services are contracted between the Cityand the armored courier company.
Cash Processing Services- Commercial Cash Pickup and Deposit Processing:
Cash deposits are picked up by an armored car service. The cash pickups are regularly scheduled
at times agreed upon between the armored car service and the customer.
The armored car service transports the cash to a regional processing center for deposit into a
Synovus Bank account.
Cash only deposits receive next business day credit, for same day credit, the Citywould need to
workwith armored courier to ensure delivery by 10 am cutoff. Bulk coin deposits receive credit
in 2 business days.
On-site smart safes can be utilized to minimize courier runs and expedite cash deposit
credit. Currency is fed into a bill accepter on the machine and deposits are electronically
transmitted to the bank. Funds in the safe are extracted and couriered to the bank on an agreed-
upon frequency, however credit is given even while the deposits reside in the safe.
Cash Processing Services - Commercial Change Order Services:
Coin and currency in any denomination and quantity are ordered conveniently by internet.
The armored car service delivers the coin and currency to the specified location securely and on
time.
20.Qualifications and Experience ofStaff
Proposertoprovideindetailqualificationsandexperienceofthespecificstafftobe assignedtothe
City’s account, to demonstrate their ability to effectively perform the services outlined. Managers and
other project staff may only be changed with the express prior written permission of the City of Sunny
Isles Beach. The City of Sunny Isles Beach retains the right to approve or rejectreplacements.
For each individual, attach a resume or qualifications summary that includes the following
information:
Description of the individual’sbackground
Description of individual’s work experience including all pastemployment
July 12, 2024Page 79
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Government Solutions Team
Synovus understands how important it is to the Citythat its banking partner has experience with
government entities. With our diverse customer base and deep staff knowledge of government needs,
the Citycan be rest assured that Synovus’ Government Solutions Group will be the right fit.
Andy LaFear – Primary Relationship Manager
Government Solutions – Relationship Manager
Office: 904-347-7068
AndyLaFear@Synovus.com
Andy LaFear joined Synovus Bank during the summer of 2021 as the Vice President, Relationship
Manager of Government Solutions for the State of Florida. Andy has more than 27 years of banking
experience, most of which has been dedicated to government, higher education, and not-for-profit
clients. He began his career in the Corporate Trust Industry as a Trust Officer and later a New Business
Development Officer in the Corporate Trust arena. Andy opened up the Regions Bank Corporate Trust
Jacksonville, Florida, office in 2006. Since 2007, Andy has been developing new business, in Florida,
with governments, higher education institutions and not for profits.
Andy earned his bachelor's degree, in Finance, from Florida State University. Andy also earned his
MBA at the University of North Florida. He has been active with the TaxSlayer Gator Bowl as a scout
for the past 6 years. Andy has also been on his local YMCA’s Advisory Board for the past 7 years. Andy
has also been a Board Member of the Multiple Sclerosis N. Florida Chapter. He has also served on the
Investment Committee for the Duval County Public School District.
LeeAnn Kirwin
Government Solutions Group Director
Office: 239-552-1879
Cell: 239-287-5263
LeeannKirwin@Synovus.com
LeeAnn Kirwin joined Synovus in April of 2012 and is currently serving as the Bank’s Vice President,
Director of Government Solutions. Prior to this, she was a Commercial Relationship Manager with
Synovus, handling exceptionally large comprehensive loans and depository customers. LeeAnn has
had specific experience with local branch management including cash vault processing, treasury
management implementation and training, credit underwriting, loan review, internal audit, and
customer service center management.
She holds a Bachelor of Arts from Florida Southern College and is a graduate of the University of
Florida – FBA Florida School of Banking. LeeAnn has coordinated many of the governmental client
conversions such as Hillsborough Area Rapid Transit (HART), Collier County Tax Collector, Clarke
County School District (GA) and City of Apopka to name a few.
July 12, 2024Page 80
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Amanda DeBoer
Wholesale Relationship Associate
Office: 239-368-4022
AmandaDeboer@Synovus.com
Amanda DeBoer began her banking career at Synovus in March of 2006 and is currently serving as
the Government Solutions’ Wholesale Relationship Associate. Prior to her current role, Amanda
fulfilled various positions within Synovus while completing her Bachelor of Arts in Psychology with a
minor in Business Management, at Florida Gulf Coast University. Amanda will assist in servicing the
City in a secondary capacity should Andy need assistance or is not available.
Treasury Solutions Team
Matthew Farzanrad
Senior Treasury Management Consultant – Government Solutions
Office: 407-204-3341
MatthewFarzanrad@Synovus.com
Matthew joined Synovus in April 2022 as a Senior Treasury Management Consultant for Government
Banking Solutions. Matthew is responsible forthe delivery of Treasury Management solutions to new
and existing customers across the Synovus footprint.
Matthew has more than 17 years of banking experience and most recently served customers in
Central Florida, Florida West Coast, and National Clients as a Treasury Management Consultant for
City National Bank of Florida. Prior to that he was a Treasury Management Consultant for Wells Fargo
Bank. Matthew earned his Bachelor of Science in Finance from the University of Florida. Matthew
enjoys volunteering for Junior Achievement and can be found at any local sporting event with his son.
Frank Nguyen
Senior Treasury Management Consultant Associate
Office: 678-578-1930
FrankNguyen@Synovus.com
Frank Nguyen joined Synovus in September 2021. He has 18 yearsof experience in Commercial Real
Estate Treasury ManagementImplementation, and Client Service Consultant field. He began his
banking career in 2003 with First Union Bank. As a Client Service Consultant in Commercial Real Estate
division, Frank served as a primary point of contact between his clients, Treasury Management Sales
Teams and Relationship Managers. He also served as Team Lead, provided leadership, training, and
coaching to new and existent colleagues on new systems, compliance, policy, and procedures. He has
extensive banking knowledge, especially in treasury management.
Frank received his education at Seton Hall University and holds a Bachelor of Science degree in
Religious Studies with a minor in Philosophy.
July 12, 2024Page 81
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Matthew Mulkey
Treasury Payment & Solutions – Onboarding Representative Sr.
Office: 770-303-4267
MatthewMulkey@Synovus.com
Matthew came to Synovus Bank from Bank of America 11 years ago. Originally in our Customer Care
Center, he was promoted to our Priority Customer Care assisting our high wealth customers and
Priority Business Customer’s. Matthew was on the original team assisting customers with the new
Gateway Portal when it came online and remained on that team through the migration of all
customers to the new portal.
Matthew brings 20+ years of Customer Service with him as well as more than 12 years of banking
experience.
Merchant ServicesTeam
Randy Walkwitz
Merchant Services Advisor III, Synovus Merchant Services
Office: 623-388-7589
RandyWalkwitz@Synovus.com
As an influential and dynamic executive, Randy Walkwitz brings to the table an impressive 28-year
tenure in the payments and Merchant Services industry. Prior to his pivotal role in the transition of
Synovus Merchant Services to an in-house operation in 2020, Randy made his mark as the President
of an Independent Sales Organization (ISO) and as a sales executive at the esteemed First National
Bank of Omaha. Driven by a fervent passion for client empowerment, Randy excels in unravelling
the complexities of merchant processing, sharing industry-leading practices, and driving the
implementation of efficiencies.
21.List of ProposedSubcontractors/Subconsultants
Theundersignedproposerherebydesignates,asfollows,allmajorsubcontractorswhomtheypropose
to utilizeforthemajorareasofworkfortheproject.Theproposerisfurthernotifiedthatall
Subcontractors shall be properly licensed and shall be required to furnish the CITY with a Certificate of
Insurance in accordance with the contract general conditions. Failure to furnish this information may
be grounds for rejectionoftheproposer’sproposal.(Ifnosubcontractorsareproposed,state“None”
onfirstlinebelow.)
Name and Address of SubcontractorScope of Work/Phase(s)
None
July 12, 2024Page 82
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
22.ProfessionalReferences
The Proposer shall provide reference letters for five (5) verifiable clients with a minimum of three (3)
municipalities/local governments, for projects of similar scope as outlined in this RFP. Please ensure
the contact information provided is up to date and accessible. Failure to furnish this information may
be grounds for rejection of the proposal.
Name of Firm, City, County, or Agency
Town of Pembroke Park, FL
Contact:
David DiLena, Finance Director
Telephone No:
954-966-4600 #232
Email:
financedirector@tppfl.gov
Scope of Work:
Full servicebanking: including ACH, Wire, RDC, Positive Pay,
Premium reporting, ZBA
Name of Firm, City, County, or Agency
Village of El Portal, FL
Contact:
Harry Taubenfeld, CFO
Telephone No:
305-795-7880
Email:
cfo@villageofelportal.org
Scope of Work:
Full service banking: including RDC, Positive Pay Premium
Reporting
Name of Firm, City, County, or Agency
Town of Longboat Key, FL
Contact:
Susan “Sue” Smith, Finance Director
Telephone No:
941-316-6882
Email:
ssmith@longboatkey.org
Scope of Work:
Full service banking: including ACH, Wire, Positive Pay, RDC,
ZBA, premium reporting
Name of Firm, City, County, or Agency
Pinellas Suncoast Transit Authority
Contact:
JulieLupis, Financial/Accounting Manager
Telephone No:
727-540-1815
Email:
jlupis@psta.net
Scope of Work:
Full Servicebanking: including ACH, RDC, Positive Pay,
Premium reporting, Enhanced imaging services
July 12, 2024Page 83
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
Name of Firm, City, County, or Agency
Contact:
Telephone No:
Email:
Scope of Work:
SignatureandDate
Title/Company Andy LaFear, VP Relationship Manager, Synovus Bank
July 12, 2024Page 84
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
10.Exceptions
List any exceptions to be taken to the scope and/or Terms and Conditions within this RFP.
Synovus does not have any exceptions to list.
July 12, 2024Page 85
City of Sunny Isles Beach RFP 24-06-01
Banking Services - Synovus Bank Submission
06/27/2024
McGriff Insurance Services, LLC
404 497-7500
3400 Overton Park Drive SE
Suite 300
Atlanta, GA 30339
XL Specialty Insurance Co.
Synovus Financial Corp.
P.O. Box 120
Columbus, GA 31902
LSQCW3LX
AErrors & OmissionsELU192725-233,000,000
09/30/202309/30/2024
Financial Institution Bond including Cyber
Liability
Contract #305-792-1707
City of Sunny Isles Beach – Purchasing Division Purchasing Manager
18070 Collins Avenue
Sunny Isles Beach, FL 33160
Page 1 of 1
91831775!}!TZOPGJO.12!}!35.36!.!Ntus!Dfsu!.!HM-BM-VN-XD!}!Fmj{bcfui!Psgjmb!}!703803135!23;68;19!QN!)QEU*!}!Qbhf!2!pg!2
Uijt!dfsujgjdbuf!dbodfmt!boe!tvqfstfeft!BMM!qsfwjpvtmz!jttvfe!dfsujgjdbuft/
you specifically consent to the disclosure of such information or any other
information about you in connection with the performance of the Services, the enforcement of any of our rights or
exercise of any of our remedies hereunder, in compliance with our security programs, or as otherwise permitted
or required by applicable law, legal process or by any regulatory or supervisory agency to which we may be
.
Not
in limitation of the foregoing, we do not warrant that the Services or the Web Sites will operate without errors, or that any or
all of the Services or Web Sites will be available and operational at all times.
Customer agrees that in the event any fine, penalty or other liability (collectively “Fines”) is imposed or assessed
by NACHA against Bank as a result of the violation of any of the Rules, should such violation result from any
action or inaction on the part of Customer or any violation by Customer of any provision of the Master Service
Agreement, this ACH Addendum, the Synovus Gateway Addendum (as applicable), or of any provision of the
Rules, then, unless otherwise prohibited by the Rules, Customer shall immediately upon notification by Bank
reimburse Bank for the full amount of all such Fines. If Customer fails to immediately reimburse Bank for the full
amount of such Fines, Bank, in its sole discretion, will have the right to debit Customer’s ACH Account or any
other account maintained by Customer with Bank or any affiliate of Bank for the full amount of all such Fines.
In addition to the Customer’s indemnity obligations under the Master Services Agreement and the Synovus
Gateway Addendum (as applicable), Customer agrees to indemnify the Indemnified Parties and hold the
Indemnified Parties harmless from and against any loss, liability or expense (including attorney’s fees and
expenses) imposed, won, threatened against or suffered by Bank resulting from or arising out of any claim or
court or administrative action by any person or entity contending that Bank has breached any warranties or
representations made by (or deemed to be made by) Bank under the Rules or otherwise in any situation in which
any warranty or representation is made by Customer to Bank hereunder or under the Rules or otherwise which
Bank is relying upon, in whole or in part, in processing any Entry or Entries initiated by or on behalf of Customer.
By way of example only, and without in any way limiting the generality of the foregoing indemnification, Customer
agrees that if a Receiver or an RDFI questions the authorization of any Entry initiated by Customer, and Customer
fails or refuses to provide to Bank originals or copies of authorizations required to be maintained by Customer
under the Rules within five (5) Business Days after request therefor by Bank, then Bank shall be fully authorized
to credit the amount in question to such RDFI or Receiver and Customer shall immediately reimburse Bank for
the full amount thereof, or, in the sole discretion of Bank, Bank may debit the ACH Account of Customer or any
other account of Customer with Bank or any affiliate of Bank for such amount and give notice of such debiting to
Customer not later than three (3) Business Days after the date on which Customer’s ACH Account is debited.
Adding Payees
Payment Set-Up.
Bill Pay Service Information
Payments
before
Recurring Payments
Estimated Payment Arrival Dates
Cancelling a Payment
Exception Payments
Stop Payments
Returned or Failed Payments
Description of E-Bills
Information Requirements
Activation
Authorization to Obtain Bill Data
Notifications
Cancellation of E-Bills
Non-Delivery of Electronic Bills
Accuracy and Disputes
Your Obligations to Payees
License.
Proprietary Rights.
User Conduct.
No Commercial Use or Resale.
Society for Worldwide Interbank Financial
Telecommunications
Synovus shall not be liable for any expense, loss
or damage arising out of or in any way relating to any ambiguity, in Synovus’ sole opinion, in Wire
Transfer Requests given to Synovus. Synovus’ liability is limited solely to direct money damages
actually incurred by Customer in an amount not exceeding the greater of (a) Synovus’ fees and charges
for the Wire Transfer Service during the month in which such acts or omissions occurred, or (b) the
amount, if any, (i) of any Wire Transfer that exceeded the amount specified in the applicable Wire
Transfer Request, (ii) a Wire Transfer Request executed by Synovus, the authenticity of which has not
been verified through the use of the Security Procedures, or (iii) a Wire Transfer by Synovus to an
account or transferee not specified in the applicable Wire Transfer Request (if such an excess or
incorrect transfer occurs, Synovus shall credit Customer’s account as of the applicable payment date).
Not in limitation of the
foregoing, Customer hereby releases Synovus from, and hereby agrees to indemnify and hold the Indemnified Parties
harmless from and against, any and all damages, costs, and expenses (including attorneys’ fees), arising from:
Wire Transfers performed in accordance with directions given by any Authorized Representative;
Any error or delay in a Wire Transfer caused by any agent used by Synovus, including, but not limited to, any
Federal Reserve Bank;
Synovus’ decision not to complete a Wire Transfer if Synovus is unable to verify instructions after seeking such
verification;
Synovus’ decision not to make a Wire Transfer if the applicable Account does not have a balance of actually and
finally collected funds sufficient to cover the amount of the transfer; or
If the Wire Transfer is prohibited as a result of a court order, garnishment, tax levy, or if for any reason Synovus
reasonably believes that execution of a Wire Transfer might result in an unauthorized or erroneous transfer or
might otherwise cause Synovus to suffer a loss.
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸
¸