Government Contract | Florida
Bank of America, N.A. Electronic Services

Bid Information

Bid Alert No: 00000422819

Bid Title: Bank of America, N.A. Electronic Services

Agency Bid No. Title: PUR 7776

Received Date: 11/20/2015

Close Date: 12/01/2015

Purchase Type: Not Stated

Delivery Point: Not Stated, Florida

Delivery Date: Not Stated

Special Notices: Bidder Preregistration


Specifications include, but are not limited to: When the Electronic Payments Contract was negotiated, Bank of America was providing bank account services under another contract (the Concentration Account Contract) at a lower cost to the state than the fee structure the bank would offer under a new agreement. The Department elected, with the acceptance of Bank of America, to use the account services under the Concentration Account Contract with its more cost-effective fee structure. The Electronic Payments Contract references the Concentration Account Contract for pricing of depository services and some services related to the processing of electronic checks which are necessary for the debiting and crediting of electronic check transactions processed through the Electronic Payments Contract. However, no pricing was established under the Electronic Payments Contract for the period after expiration of the Concentration Account Contract. The Concentration Account Contract will end on March 31, 2016, unless extended or renewed. This amendment will designate new Bank of America accounts to replace the accounts that are provided for under the Concentration Account Contract to allow for the continuation of the services after the date of termination of the Concentration Account Contract that are required by the Electronic Payments Contract. Due to the existing requirement in the Electronic Payments Contract for the resulting funds from electronic check processing to be deposited in a Bank of America account, it is not possible for the Department to acquire this service through a competitive procurement. For these reasons, the Department has concluded that a single-source procurement is necessary and appropriate

Bid Related Documents

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Product Code: 94625

Agency Information

Issuing Agency: State of Florida - Department of Financial Services

State: Florida

Agency Type: State and Local

Contact: Winston McGriff Purchasing Services, 200 E. Gaines Street, Larson Building, Tallahassee, Florida, 32399

Phone: 850-413-2070




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