The Cash Management Act directs the State Treasurer to take such actions as are necessary to ensure the effective management of public funds and assigns the State Treasurer the authority to represent the state in all contractual relationships with financial institutions.

Concentration account banking services – OST contracts with a financial institution, on a direct fee basis, to serve as the state’s concentration bank to handle the state’s banking requirements.  These services are obtained through a competitive process.  The current provider is Bank of America.

Lockbox and automated remittance – A lockbox is a cash management system whereby the state’s customers mail payments to a post office box near the contracted bank.  The bank collects the checks several times a day, processes the documents, deposits them into a state account, and informs OST of the amount of the deposit by phone, so the deposits can be moved into the state’s concentration bank.  These services are obtained through a competitive process.  The current provider is U.S. Bank.

Master depository services – Currently more than 50 financial institutions have an agreement with the State Treasurer to provide depository services to state agency offices throughout the state.  Per the agreements, money deposited into these accounts is moved to the state’s concentration bank, so that money in excess of immediate cash requirements can be invested by the Treasurer.

Merchant card services – The Office of the State Treasurer awards and manages the contract for the processing of merchant card transactions.  In addition, OST manages agreements with the major card issuers, including Visa, MasterCard, Discover and American Express, as well as the major debit networks.  These contracts are for state agencies that have received authorization by the Office of Financial Management to accept payment by credit or debit cards.  These services are obtained through a competitive process.  The current provider is Bank of America Merchant Services.

For more information, please contact Ryan Pitroff, Cash Management Outreach Coordinator at the Office of the State Treasurer:

Phone:  (360) 902-8917
Fax:  (360) 704-5117
Email:  outreach@tre.wa.gov