Synovus helped Ruby Fielding, VP of Fiscal Affairs, refinance a bond and loan for Allen University that were up for renewal, with more favorable rates.
"It was a very complex transaction, but it worked out," Fielding says.
Allen University has some international students, and through Synovus, those students can pay their tuition via international wire transfers. The bank also helped the university open an interest-bearing rainy-day savings account, "a more creative way to help build some reserves," based on a casual conversation Fielding had with her banker.
Synovus also helped the university create business debit cards tied to expense accounts for the school's athletic teams. Previously, the university had to issue checks to advance the coaches money needed for athletic travel. The coaches might have to carry a significant amount of cash on the road, exposing the coaches and the university to greater risk. The coaches would then settle up, including returning any unspent cash to the school. Now, each coach has a debit card with his or her name on it, and they don't have to carry cash with them on the road. And when they file expense reports, cash doesn't have to change hands — they just file their receipts for what they spent on the cards.
"It solved a very cumbersome problem," Fielding says.
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