CHARLESTON ‐‐ State Treasurer John Perdue’s Office has improved the state’s ability to earn more on investments by electronically depositing checks with the Federal Reserve.

This week, Perdue’s office sent its first imaged cash letter to the Federal Reserve, a move that will earn the state thousands of dollars more over the coming months. An imaged cash letter is a computer file containing images of checks for deposit.

“We are continually seeking improvements in technology that will save taxpayers’ dollars,” said Treasurer Perdue. “This is another example of modernization that will benefit all parties involved and will produce more overall earnings for the state. Today’s financial world dictates that must keep at the forefront of change in order to be successful.”

In the past, paper checks that come to the state for deposit were taken each evening to the airport and flown to the Federal Reserve in Cleveland, OH. The electronic file will now be transmitted at the end of the business day.

The instant submission speeds up deposit times, increasing the amount of interest. Within this process is a procedure called “Check 21” which allows the state to convert certain checks to automatically clear bank accounts. This shortens the exposure time for checks and speeds up the deposit process.

“The Treasurer’s Office takes seriously its role as the bank of state government,” said Perdue. “Implementation of the latest advancement in cash collections shows that we are aggressive in our stewardship of the people’s money.”