West Virginia Pledge Collateral System

The West Virginia State Treasurer’s Office is responsible for ensuring public funds deposited in financial institutions are properly collateralized. The Pledge WV Collateral System is an online program developed by the Treasurer’s Office aimed at streamlining the management of pledged collateral for securing public deposits.

How the Collateral System Works

Public Depositors are required to place funds in a financial institution that is an approved designated state depository. The System provides a centralized portal for financial institutions to upload their public fund account balances on a monthly basis. Additionally, on a monthly basis, the Treasurer’s Office uploads a report of all pledged collateral from its Safekeeping Agent. The Treasurer’s Office compares public fund account balances to the pledged collateral to ensure proper collateralization in accordance with WV State Code. As an added benefit, public depositors will have access to the system in order to monitor collateralization of their deposits.

Public Depositer

Deposits Funds in Financial Institution

Financial Institution

Uploads Public Fund Balances Monthly

Treasurer’s Office Ensures Public Funds Properly Collateralized

Reports Pledged Collateral Monthly

Treasurer’s Office Safekeeping Agent

WV State Treasurer’s Office

The Treasurer’s Office is responsible for ensuring public funds deposited in financial institutions are properly collateralized. The WV Security for Public Deposits Act authorizes public deposits made by the State or any political subdivision be held at an approved designated state depository and collateralized per WV Code §12-1B-5 and §12-1B-7. The Treasurer’s Office has developed the Pledge WV Collateral System to administer and monitor collateral pledged by financial institutions.

Financial Institutions

Financial Institutions must be a designated state depository (DSD Approved List) and ensure that all public funds are properly collateralized. Financial Institutions may choose the Dedicated Single Bank Method or Multibank Pooled Method. Financial Institutions report public fund balances, monthly, via upload to the Pledge WV Collateral System. Collateral will be held at the Treasurer’s Office’s safekeeping agent, Truist, in the benefit of the WV State Treasurer.

Note: During the onboarding process, Financial Institutions may only choose the Dedicated Single Bank Method until all Financial Institutions are enrolled and properly using the system.

Financial Institution ENROLL

Public Depositors

Public Depositors can monitor their deposits and collateral pledged via the Pledge WV Collateral System, ensuring any balances over FDIC insurance are properly collateralized. The Public Depositor must enroll in order to view their balances.

Note: A Public Depositor may not use a financial institution on the Treasurer’s Office’s Restricted Financial Institutions List.

Public Depositor ENROLL

Let’s Get Started

Financial Institution

Enrolls in Pledge WV Collateral System

Financial Institution ENROLL

Receives System Application and Account Request Form & Emails Completed forms to Treasurer’s Office

Treasurer’s Office sets up Financial Institution User Account

Treasurer’s Office staff will collect and upload Bank Account information from Financial Institution via the INITIAL UPLOAD TEMPLATE

MONTHLY, by the 5th Business day, uploads balances via the MONTHLY DATA UPLOAD TEMPLATE to the Pledge WV System

Pledges, releases and substitutes collateral, as needed, to Treasurer’s Office’s Safekeeping Agent, Truist

Public Depositor

Enrolls in Pledge WV Collateral System

Public Depositor ENROLL

Receives System Application and Account Request Form & Emails Completed forms to Treasurer’s Office

Treasurer’s Office sets up Public Depositor User Account

Monitors balances to ensure properly collateralized

ANNUALLY, by July 31st, Submits an ATTESTATION FORM to Treasurer’s Office certifying account balances as of June 30th.

Win-Win

Good for financial institutions.

Simple and Streamlined

Reduces Administrative Burden

Cost Effective

Good for public depositors.

Protection of Deposits

Establishes Best Practices

Peace of Mind

Disclosures+

Please note: It is the responsibility of the individual financial institution and public depositor to ensure funds are being collateralized at the appropriate amount before choosing either the dedicated method or the pooled method. For example, certain federal funds may require a certain amount of collateralization of funds based on information you may have received with the funds or as a condition to receive the funds. For more information, the WVSTO suggests consulting any outside agreements you may have with the entities from which you received funds or to contact the entity directly from where you receive funds. The WVSTO will not be liable for any damages, liabilities, or harm that may occur from the insufficient or inaccurate amount of collateralization required for funds held at the financial institution on behalf of the public depositor.