Outside Bank Acounts

An outside bank account is defined as an account operated by a state agency outside of the State Treasury. It consists of monies not due the State. The State Treasurer's Office is responsible for approving and monitoring these accounts as set forth in West Virginia Code §12-2-3.

The State Treasurer's Office monitors the use of outside bank accounts to help ensure all  funds deposited in financial institutions are properly collateralized to reduce the State's financial risk. All funds kept in outside bank accounts are collateralized under West Virginia Code §12-1-4.

The Outside Bank Account Policies and Procedures helps ensure compliance with West Virginia Code §12-2-3, which governs deposits of monies not due the state. These policies and procedures are published to provide a comprehensive guide to state agencies which have established (or need to establish) bank accounts outside of the State Treasury.

Outside Bank Account Policy and Procedures

For more information, contact:
Chris Casto, CPA, Cash Accounting Supervisor
304-340-1566

Forms:

Open Outside Bank Account Form

Close Outside Bank Account Form