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Awarded contract·Henrico County·Virginia

Lock Box Services

Won by Wells Fargo Bank, N.A.$250kAwarded 11/13/2024Single Award
Contract source

Awarded vendors

  • Wells Fargo Bank, N.A.

Description

Henrico County’s Finance Department has decided to award a lockbox services contract to Wells Fargo Bank, N.A. The lockbox service will handle receipt, processing, and posting of payments on the County’s behalf. This award is communicated via a Notice of Intent to Award dated November 13, 2024, confirming the county’s selection of the vendor without any competitive bidding process disclosed. • Service Scope: Lockbox processing for county financial transactions. • Vendor: Wells Fargo Bank, N.A., sole awardee. • Procurement Status: Intent to award (sole source), no solicitation or bid details provided. • Financial Details: No budget or contract value disclosed in the documents. • Contact: Purchasing Manager Eileen M. Falcone, (804) 501‑5660, [email protected].

Attached files

Key dates

Intent to award
11/13/2024
Awarded
11/13/2024

Last updated

Details

Award type
Single Award
Procurement
Sole Source
Industry
Financial Services
NAICS
522320
Solicitation №
24-2730-7EMF

Contract value

$250,000

No monetary value is disclosed in the available documents. Based on typical county‑wide lockbox services, annual fees for a mid‑size county can range from $100,000 to $500,000 depending on transaction volume, service level, and integration requirements. Assuming Henrico County processes a moderate volume of payments, a reasonable ball‑park estimate would be around $250,000 for the initial contract period. This estimate accounts for setup fees, per‑transaction processing charges, and ongoing account management.

AI estimate from the award documents

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