The Treasurer’s Office is responsible for the procurement of banking services for Illinois government agencies, boards, and commissions in a manner that presents the most advantageous solution to their individual needs. This includes the receipt, custody and safekeeping all public monies of the State and ensure sufficient appropriations and sufficient fund balances are on hand for the payment of the State’s obligations.
Pursuant to this authority, the Treasurer maintains accounts with multiple financial institutions for the purpose of (1) accepting receipts in the form of coins, cash, checks, drafts, electronic fund transfers, electronic checks, credit card payments, debit card payments, and other similar payment instruments and (2) disbursing payments made by the Comptroller or State agencies.
The Treasurer’s Office maintains numerous accounts with external financial institutions to process deposits for check clearing, lockbox services, ACH transactions, depository and custodial services, and electronic payment transactions on the State’s behalf.
The Treasurer’s Office continually looks for more efficient solutions to meet the banking needs, of the agencies we serve. Some examples of these types of services include electronic check scanners, onsite cash vaults, and electronic cash letters.
The Treasurer’s Office contracts with financial institutions to obtain various banking services. In most instances, banking service providers must participate in a Request for Proposal (RFP) process. RFP’s are posted on the Treasurer's Procurement page.
To receive automatic email notifications when new RFPs are issued, sign up for the procurement notification system.
Data on Statewide Banking Activities
In fiscal year 2017, the Treasurer’s Office processed $139 billion in receipts and $139 billion in expenditures on behalf of the State of Illinois. To view more data on the Treasurer’s statewide banking activities, visit The Vault.
For questions about banking products and services, please email BankingWebsite@illinoistreasurer.gov.