Banking Services
The State Treasurer’s Office serves as the state’s bank and records the receipt and disbursement of all state money. Every day the State Treasurer’s Office:
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Performs a variety of financial transactions that concentrate money collected by all state agencies into the state’s servicing bank.
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Coordinates anticipated cash flows and communicates this information to the Portfolio Managers so they can make accurate revenue forecasts and optimal investments.
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Ensures that all financial activities are performed in a secure environment to speed up the safe movement of funds.
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Incorporates innovative ideas and cost-effective technology to improve the financial services it offers to provide the accuracy, efficiency, security, transparency, and accountability demanded by both state agencies and taxpayers.
Banking Service Authorization
Pursuant to A.R.S. 35-315-F, state agencies interested in banking services must have the services authorized by the State Treasurer’s Office. The Request for Banking Services Form should be filled out and returned to banking@aztreasury.gov.
Agency Account Authorization
Pursuant to A.R.S. 35-315-F, Agencies interested in opening a bank account must have that account authorized by the State Treasurer's Office. The Request for Agency Bank Account Form should be filled out and returned to banking@aztreasury.gov. The approved copy will be returned to the account custodian.
State Employee Group Banking Program
The State Treasurer's Office has negotiated with several banks and credit unions to provide group banking services for State Employees. Group banking services provides free or reduced cost banking for state employees. Additional information about the services available from each participating institution is available.
Service Bank Contract and Current Banking Partners
Pursuant to A.R.S. 35-315, the State Treasurer's Office is responsible for awarding the servicing bank contract to a qualified bank presenting the highest value for banking services. The servicing bank contract is awarded for a term of three years with two one-year extensions. As of June 1, 2023, JP Morgan was awarded the contract and is the current servicing bank. The JP Morgan contract expires on May 31, 2026 with two possible extensions expiring on May 31, 2027 and May 31, 2028 if extensions are agreed upon.
For state agency locations that are not in the proximity of a state servicing bank branch, the Treasurer’s Office also maintains a relationship with Bank of America, Bank of the West, National Bank of Arizona, and Wells Fargo.
For current and past banking and financial request for proposals (RFP), please visit our RFP page HERE.
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