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County of Fairfax, Virginia
ADDENDUMDATE: April 10, 2020ADDENDUM NO. 3
TO:ALL PROSPECTIVE OFFERORSREFERENCE:RFP2000003090TITLE:Banking Services and Lockbox Services DATE/TIME (Revised):April 28, 2020
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Banking services refer to the various financial products and services provided by banks to individuals and businesses, including checking accounts, savings accounts, loans, and investment services. A lockbox is a service provided by banks to securely collect and process payments. It allows businesses to receive payments directly into a bank account without handling them manually, thus streamlining cash flow.
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To fill out banking services and lockbox forms, gather all necessary financial information related to the usage of these services. Provide accurate detailing of transactions, account numbers, and relevant contact information. Follow any specific guidelines provided by the bank or regulatory body regarding the format and required documentation.
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The purpose of banking services is to facilitate financial transactions, manage money, and provide tools for saving and investing. The lockbox service specifically aims to enhance efficiency in payment processing, reduce the risk of fraud, speed up access to funds, and improve cash flow management for businesses.
What information must be reported on banking services and lockbox?
Information that must be reported typically includes the total amount of transactions, date of each transaction, the nature of services utilized, any fees charged, and tax identification details. Additionally, detailed records of incoming payments and associated client or customer information may also be required.
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