Lockbox Banking Services

The City of Framingham, Massachusetts is seeking a vendor to provide comprehensive lockbox banking services. The city issues residential utility bills quarterly, with about one-third of accounts billed each month, while commercial utility bills are issued monthly and general billings occur weekly. The selected vendor must receive, open, identify, and classify all transactions by payment type, ensuring all payments are processed on the same business day they are received. The scope of work requires the vendor to endorse all checks payable to the city and deposit them through standard banking channels into a designated city 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, increasing to twice per week during the busy season. City staff will provide this courier with payments received by mail or over the counter for transport back to the processing center. The contract period will span one year, and the performance of the work must take place offsite. Only onshore organizations based in the United States are eligible to bid. The city is looking for budget proposals to determine the cost of these services. Bidders must submit all questions regarding this opportunity no later than June 17, 2026.