THIS DOCUMENT AMENDS SECTION 5.6 OF THE GLC BANKING SERVICES RFP
Section 5.6 (Escrow Accounts for Retailer and Licensee Security Deposits) of the GLC Banking Services RFP notwithstanding, banks may offer whatever escrow procedures and functionality they desire. However, agreement between the GLC and any bank regarding escrow procedures and functionality are required before a final award may be made to the bank. If the GLC and the bank that is the tentative winner cannot agree on escrow procedures or functionality, the GLC may terminate negotiations with that bank and remove that bank from further consideration; and move to the next highest scoring bank
In addition, please see below for approximate volumes of the escrow accounts used by GLC:
Escrow Account Totals:
Traditional Lottery = $7.6 Million
COAM = $14.9 Million
TOTAL COMBINED ESCROW = $22.5 Million
Sub Account Totals:
Traditional Lottery = Approx. 352 sub accounts
COAM = Approx. 5,805 sub accounts
TOTAL COMBINED SUB ACCOUNTS = 6,157
Check Data:
Check Requests Per Month = 75 – 100 (Traditional & COAM combined)
Escrow Deposits Per Month = 75 - 100 (Traditional & COAM combined)