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Homewood finance director presents Synovus Bank depository proposal; committee to consider formal vote Monday
Summary
Finance Director Lester Smith invited Synovus Bank to present treasury and fraud-mitigation services Jan. 6 and said the finance committee will ask the full council to approve Synovus as a depository at its next meeting; the committee discussed virtual-card programs, a smart safe, account consolidation and projected interest returns.
Finance Director Lester Smith told the Homewood City Finance Committee Jan. 6 he is asking the committee to recommend that the City Council approve Synovus Bank as a depository and treasury-services partner.
"We're asking the finance committee to recommend the city council the approval of Synovus Bank as a depository," Finance Director Lester Smith said. Synovus representatives Laura Clark, Jared Best and Annie Scott gave a detailed presentation on services the bank would provide, including a business-process review, fraud mitigation, payments management (virtual or "ghost" card programs), accounts-receivable tools such as a Smart Safe, and daily feeds to accounting software for faster reconciliation.
Synovus presenters said the bank would work with Homewood to document workflows, introduce dual-control checks on transfers and improve reconciliation so cash receipts are recorded daily rather than at month-end. "That process review can really help us ...…
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