Agency Banking Services

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:

  • Performs a variety of financial transactions that concentrate money collected by all state agencies into the state’s servicing bank.

  • Coordinates anticipated cash flows and communicates this information to the Portfolio Managers so they can make accurate revenue forecasts and optimal investments.

  • Ensures that all financial activities are performed in a secure environment to speed up the safe movement of funds.

  • 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. 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 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 (http://www.azleg.state.az.us/ars/35/00315.htm) , the State Treasurer 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. The current contract expires in December 2019. The current contracts were extended using the first of the two one year extension options. The current extensions expire in December 2020.

 

Bidding for state banking services contracts is open to all qualified Arizona banks. Bank of America is the current servicing bank and Bank of America Merrill Lynch is the current Merchant Services provider for the Office of the Arizona State Treasurer. For state agency locations that are not in the proximity of a state servicing bank branch, the Treasurer’s Office also maintains a working relationship with Bank of the West, JPMorgan Chase, National Bank of Arizona, Wells Fargo, Union Bank and Zions Bank.

 

SERVICING BANK & MERCHANT CARD PROCESSING RFP #16-01
Servicing Bank & Merchant Card Processing RFP 16-01 amendment 1
Servicing Bank & Merchant Card Processing RFP 16-01 Q&A
Appendix A Description List
 

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Inside the Vault

Office of the State Treasurer Arizona

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