Bank of America

The Florida Department of Corrections (FDC) is seeking a single-source procurement for comprehensive banking services specific to multiple departmental funds, including the Inmate Trust Fund, Revolving Funds, Court-Ordered Payments Fund, and Employee Benefit Trust Fund. The procurement is for a five-year (60-month) contract with Bank of America, targeting banking services that encompass processing electronic deposits and payments, issuing over 20,000 monthly checks, and maintaining a supply of blank checks. The contract serves Leon County and extends across Florida's statewide corrections infrastructure, which includes over 150 facilities. The procurement is specifically structured to leverage Bank of America's extensive Florida branch network of 522 locations, which facilitates timely cash deposits for departmental field offices. The solicitation (PUR7776 SS-25-040) was posted on November 20, 2024, with a proposal submission deadline of December 16, 2024. Key objectives include seamless integration with existing Inmate Trust and Court Ordered Payments Systems and maintaining continuous financial operational capabilities for the Department of Corrections.

The procurement appears to be a non-competitive, single-source contract exclusively with Bank of America, determined to be the sole vendor capable of meeting the department's specialized banking requirements. The department has justified the non-competitive selection based on the established relationship with the Florida Department of Financial Services, existing system integrations, and the critical nature of the banking services supporting corrections operations. The estimated annual contract value is $140,000, with a total five-year contract potential of approximately $700,000. No specific set-aside designations or disadvantaged enterprise requirements are noted in the provided documentation. The contract relies heavily on Bank of America's existing technological infrastructure and its proven capacity to support the complex financial transactions required by the Florida Department of Corrections. The procurement appears targeted specifically at maintaining the current banking relationship and ensuring continuity of essential financial services across the state's corrections system.