The selection of financial institutions as public depositories by state agencies and others designated as public depositors is governed by Chapter 34 of the Wisconsin Statutes . These procedures require that, to the extent possible, the current contracted state working bank be used for all services including, but not limited to, lock boxes, credit card services, electronic transfer services, contingent and petty cash checking and deposit accounts. Signature authority over accounts established at these public depositories is also governed by State Statute. The Secretary of the Board of Regents then submits to the public depository certification that the designated persons have signature authority. The institutions that comprise the University of Wisconsin System are, therefore, public depositors and must comply with the provisions of sections 34.045 and 34.05 with respect to public deposits.
Financial institutions are eligible to be designated as public depositories.
These proposals must first be reviewed by the Vice President for Finance or designee who will forward them to the Depository Selection Board. This process need not be followed for expanded accounts or minor changes in services within an existing contract. Upon approval of the Depository Selection Board, the proposal shall be submitted to selected financial institutions for competitive bidding. The UW institution is to make its selection based on an appropriately detailed analysis of the costs and benefits of each bid. The UW institution then submits its recommendation to System Administration, Financial Administration for review.