Lockbox Services

Overview

Financial, Legal, HR & Staffing

Lee's Summit, Missouri, United StatesPosted 29 days agoDeadline: May 4th, 2026

Fit Score

Settle Intelligence

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SUMMARY

The agency is seeking a qualified banking partner to provide comprehensive lockbox services for large-scale utility revenue operations in Lee’s Summit, Missouri.

KEY REQUIREMENTS

Must be a Federal or State Chartered financial institution
Must be insured by the Federal Deposit Insurance Corporation
Must carry a Standard Form 24 Financial Institution Bond in the amount of $5,000,000
Must have a CRS rating of satisfactory or better
Must be able to process, balance, and deposit receipts daily
Must provide high quality digital imaging of all receipts and payment records
Must maintain required insurance coverage including Commercial General Liability, Vehicle Liability, Workers' Compensation, Professional Liability, and Cyber Liability

BUDGET

Estimate

$50,000 – $150,000

CONTRACT DURATION

12 months

TIMELINE

Release Date: April 8th, 2026

Pre-Proposal Conference: April 23rd, 2026

Final Date and Time for Inquiries: April 24th, 2026

Proposal Due Date and Time: May 4th, 2026

Shortlist Announced for Oral Interviews: May 6th, 2026

Oral Interviews: May 11th-13th, 2026

Target City Council Award Date: June 2026

Anticipated Agreement Start Date: July 2026

QUESTION DEADLINE

April 24th, 2026

Issuing Agency

City Of Lee's Summit

Organization overview and procurement intelligence available on paid plans.

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DESCRIPTION

A government authority in Lee’s Summit, Missouri, is seeking proposals from banking institutions to provide lockbox services supporting its water and wastewater operations, which are projected to generate over $50 million in revenue during Fiscal Year 2026. Each month, approximately 40,000 water utility invoices are distributed, requiring robust and reliable lockbox processing capabilities.

Key responsibilities include daily pickup of receipts, prompt and accurate processing, balancing, and daily deposit of all receipts. The selected vendor must utilize secure transmission methods such as secured internet connection or direct dial-up for data transmissions. The provider is also required to supply high-quality digital imaging of all receipts and payment records and issue a daily written summary of electronic data interchange funds by 10:00 A.M. Any payment that exceeds the amount indicated on the remittance coupon must be managed according to agency policies, with the undeposited portion returned.

Additional requirements include periodic on-site audits of the lockbox operations related to the agency, provision of specifications for remittance envelopes and coupons, and the contract will span one year. Interested vendors must submit all questions by April 24, 2026, with a non-mandatory pre-bid meeting scheduled for April 23, 2026.

Source attribution

This Settle analysis is based on the issuing organization’s public RFP listing.