Banking

Providing efficient, accurate & timely banking services


Overview

The Banking Division manages the relationships with the Qualified Public Depositories that provide a variety of banking services to the State of South Carolina’s State agencies and universities to support receipt and disbursement of funds including specialized services for merchant payment cards and merchant card processing services. The Division performs the daily cash management functions using modern cash management products to implement best practices for effective cash management to maximize bank available operating funds available for investment beyond what is needed to support cash needs each day. The Division Monitors bank balances to ensure State Funds on deposit are protected with FDIC insurance coverage or are properly collateralized in accordance with State of South Carolina’s Code of Law. 

Quarterly Statement of Bank Balances

Statement of balances in the State Treasurer's office showing the bank in which funds are deposited at the close of business:

View 03/31/2017 Statement

Directives


Policies

 

Qualified Public Depositories

The Banking Division coordinates the designation of financial institutions that various state agencies and universities use for banking services. These financial institutions are referred to in the SC Code of laws as “qualified public depositories.”  Banking services pertain to functions related to both the receipt of funds and the disbursement of funds.  The State Treasurer has issued a policy relating to the designation of qualified public depositories.

Designation of a Qualified Public Depository

Electronic Disbursements

Various state agencies and universities disburse funds electronically. One of the disbursement methods utilized is Automated Clearing House (ACH) payments. Another term for ACH payment is direct deposit. The State Treasurer has issued a policy for agencies to follow regarding the effective date of ACH payments.

Effective Date of ACH Origination Files

PCI Data Security Compliance

State agencies and universities accepting credit cards must comply with the Payment Card Industry (PCI) Data Security Standard (PCI DSS).  The State Treasurer’s Office has issued a policy for agencies’ compliance responsibilities, as well as providing materials to assist agencies in their compliance efforts.

Compliance with PCI Data Security Standard

PCI Compliance Roadmap

Merchant Card Processing/Payment Gateways

The State has two statewide contracts for use by eligible entities desiring to accept merchant cards.  A contract with SunTrust Merchant Services LLC (STMS) pertains to the processing of card payments.  A contract with South Carolina Interactive (SCI) is an optional contract supporting card payments via a web portal. The State Treasurer’s Office has guidance regarding options available when a payment gateway is required.

Payment Gateway Solutions Assessment

Collateralization of Public Deposits

The SC State Code requires financial institutions accepting public deposits to secure the deposit of funds for amounts that exceed FDIC insurance coverage.  In the case of deposits of political subdivisions, the financial institutions have the option to pledge securities under either the dedicated method or pooling method. The Banking Division coordinates and monitors the collateralization process for banks depositing funds with the State Treasurer and for those banks utilizing the pooling method to secure deposits of the political subdivisions.

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