Lockbox Banking Services

The City of Framingham, Massachusetts is seeking a vendor to provide lockbox banking services to manage its utility and general billings. The city issues residential utility bills quarterly, with about one-third of accounts billed monthly, while commercial utility bills are issued monthly and general billings occur weekly. The selected vendor must process all payments on the same business day they are received, which includes receiving, opening, identifying, and classifying transactions by payment type. The scope of work requires the vendor to endorse all checks payable to the city and deposit them through standard banking channels into a city-designated bank account. The vendor must re-deposit checks returned for insufficient or uncollected funds at least once. Additionally, the vendor must provide courier service between the lockbox processing center and the City Treasurer and Collector’s Office once per week, and twice per week during the busy season, to transport payments received by mail or over the counter. Eligible bidders must be onshore organizations based in the United States, and the performance of the lockbox processing work will take place offsite. The contract period will span one year, and the city is looking for proposals to determine the budget. Bidders must submit all questions regarding this opportunity no later than June 17, 2026.