Cash Collection Lockbox Services 3 Year Contract (Expires 6-30-2027) Addendum 2
| Agency: | City of Providence |
|---|---|
| State: | Rhode Island |
| Type of Government: | State & Local |
| Category: |
|
| Posted: | Apr 4, 2024 |
| Due: | Apr 8, 2024 |
| Publication URL: | To access bid details, please log in. |
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Procurement #: 44341>
CITY OF PROVIDENCE, RHODE ISLAND
Department: Providence Water
RFP Title: Cash Collection Lockbox Services (Exp. 6/30/27)
Opening Date: 04/22/2024
Addendum #: 2
Issue Date: 04/04/2024
The purpose of this addendum is to Answer to vendor questions.
Providence City Hall
25 Dorrance Street
Providence, RI 02903
PROVIDENCE WATER
ADDENDUM #2 - Cash Collection Lockbox Services (Exp. 6/30/27)
Page 1 of 3
#1) Providence Water’s PO Box is located in Providence with daily pick-ups of mail.
Do you have legacy ownership of your current lockbox? If so, is it relinquishable from
your current bank/lockbox provider?
The lock box #1456 is owned by Providence Water. Our current vendor has permission to access
our mail. Those rights will be transferred to Washington Trust should Washington Trust win the
bid.
In which Providence post office is it located? What is the zip code?
The Post Office is located on 2 Exchange Terrace Providence RI. The zip code is 02903.
#10) Daily Messenger for the delivery of reports, correspondence and unprocessed items?
How do you currently receive this delivery?
The courier service – our present vendor uses – delivers us the correspondence and unprocessed
items from our current vendor.
Do you use your own Fed Ex account to receive any of these items?
No. Providence Water does not use their own Fed Ex to receive these items.
#15) Remote Deposit – for depositing checks received at Providence Water’s Office – must
have same day cash availability.
#16) Ability to reconcile – on line – Remote Deposits.
Do you use RDC with your current lockbox?
Yes, we do use RDC with our current lockbox vendor.
Do you currently have your own scanner and maintain its service?
Yes, we presently use an EPSON TMS1000. Model 2236A. We purchased this from our current
vendor.
PROVIDENCE WATER – ADDENDUM #2
Page 2 of 3
What are the anticipated balances in the lockbox account?
Presently, our current lockbox vendor does not require Providence Water to maintain a specific
dollar balance.
Do you use compensating balances to offset lockbox fees?
Presently, Providence Water does not use compensating balances to offset lockbox fees.
Should, Washington Trust, want to bid both with a compensating balance and without, please
clearly indicate each price on your Bid.
The Pricing Sheet States “Flat Monthly Fee for all Services including Daily Carrier Services”,
can we submit 2 pricing options, is that acceptable to submit?
Yes. Providence Water will accept more than one pricing option from every bidder. Please clearly
indicate the price associated with each option.
1. Please provide a copy of your monthly analysis to include volumes, balances and
pricing.
a. If analysis cannot be provided with the requested items above, please
provide the average monthly balances.
The monthly average for Calendar Year 2023 was $2,787,533. The monthly averages are:
January
February
March
April
May
June
$2,608,838
$2,691,788
$3,733,880
$2,620.846
$3,966.575
$2,374,285
July
August
September
October
November
December
$2,237,090
$3,283,483
$3,220,199
$2,961,139
$1,521,234
$2,231,088
2. On the deposit account services section of the RFP, please explain the 27,253 volumes
in the lockbox deposited items. Is that amount all checks? If it includes volumes other than
checks please explain.
The 27,253 represents an estimated average of the number of items, our current lock box vendor,
processes each month. The figure includes all items processed through the lockbox and payment
wholesalers.
PROVIDENCE WATER – ADDENDUM #2
Page 3 of 3
3. As there is an onboarding process from the time of award to going live, is there any
flexibility in the start date?
Presently there is no flexibility in the start. Providence Water’s existing contract, with our present
vendor, expires 06.30.24.
4. At what point in the account receivable process are you processing ARC?
ARC payments are processed the day received. Our present vendor deposits them into our
account the day they receive them, both via mail and remote deposit.
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