Choosing a Depository Relationship

Steps for an Agency to Identify a Depository for Daily Receipt of State Funds

  1. Determine which banks are in close proximity to your office location by reviewing the current bank relationship list or by having an understanding of your local market. 
     
  2. Receive approval from your agency administration to choose a bank for deposit purposes.  Do not contact the bank and establish a depository relationship without approval from Banking Operations.
     
  3. Contact the Specialized Banking Unit (SBU) at 919-814-3905 to notify Banking Operations of your intent to make deposits at that financial institution.  At this time, be prepared to indicate the date of your expected first deposit at this institution.

If the Bank is Currently on our Relationship List

  • SBU will contact the bank and request a new depository account in the name of the State Treasurer.  In most cases, each depositor should have a separate account from other depositors at the same bank.  This allows more transparency and prevents co-mingling of deposited funds between agencies
     
  • SBU will assist you with your order of deposit slips and will handle signature cards and any Night Drop Depository agreements (if appropriate and once completed by the individuals who have been designated to make these deposits).

If the Bank is NOT Currently on the Relationship List

  • The requesting agency should contact SBU to request the addition of this bank to the list of banks with which the Treasurer’s office does business.  This communication should include the bank name, the branch location and a local phone number for that institution.  In addition, the agency should tell SBU the date of their expected first deposit.
     
  • SBU will contact the bank and indicate that an agency has made a request to use that institution for deposits.  This contact is made via letter that directs that bank to the NC Department of State Treasurer website where the Guidelines for Official Depositories of State Funds is located.  If the bank accepts the terms detailed in the Guidelines and agrees to comply, the bank will submit  an acceptance letter back to SBU.
     
  • SBU will then work with the bank to open an account in the name of the Department of State Treasurer to accept deposits from the named agency requesting the relationship, as indicated above

For more information on opening a depository account with a financial institution, please contact the Specialized Banking Unit at 919-814-3905.  Please note SBU is not able to accept requests to open an account from a bank without a specific agency request.