Committee approves short extensions for Bank of America merchant and lockbox services during RFP transition
The committee forwarded two Treasurer's Office amendments to Bank of America: a one‑year, ~$1.127M increase for merchant processing services and a 90‑day, ~$83K extension for lockbox/banking services to ensure continuity while the city transitions some services to JPMorgan Chase and completes an RFP.
The full story
The Budget & Finance Committee heard a joint presentation on two amendments to agreements with Bank of America from Amanda Fried (Treasurer's Office) and Tejal Shah. The first seeks a third amendment to the merchant processing agreement to increase the not‑to‑exceed amount by $1,127,020 to $9,127,020 and extend the term through Aug. 14, 2024; the second requests a 90‑day extension for banking services (lockbox and related functions) and an $83,000 increase while the Treasurer’s Office completes a transition and a new RFP.
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