About the Program
- Funds are offered semi-annually (January and July) to every qualified Public Depositary in the State of Washington.
- Allocation of funds is based on financial institution's net worth as provided by the PDPC.
- All Certificates of Deposit (CD) are issued for approximately 181 days on a 365-day basis with simple interest paid at maturity.
- The rate will be set by OST using a spread, currently 15 basis points, over the auction yield of the 26-week Treasury Bill as determined at the first auction of the month in which the CD is issued.
- All information about proposed CDs is available on the OST website two to three business days prior to rollover date. Public Depositaries must respond by phone or email with any changes by 11:00 am two working days prior to the rollover date or the certificate will automatically renew at maturity.
- All money transactions are executed by OST via Automated Clearing House (ACH).
- All CDs will be in safekeeping at the participating bank.
New participants will need to contact OST with pertinent information, e.g., money transfer instructions.
If you are an existing participant and have not notified OST of any changes, your certificate will renew automatically at the rate posted. Interest on the maturing CD will be taken through ACH.
Note: If the offering amount of the CD has increased, and you wish to accept the higher amount or you have other changes, you will need to contact our office.
Related Documents
- Current Terms: Terms for the Surplus Funds CD Program
- ACH Debit/Credit Authorization Agreement: ACH Authorization Agreement