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Burns Hargis, Bank of Oklahoma Vice President, Treasurer Meacham and Oscar Jackson, Cabinet Secretary of Human Resources and Administration, hold an image of the PayCard used for state employees payroll, a project that is increasing efficiency and convenience.
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Banking Services
Oklahoma statutes require that all money collected be deposited daily with the State Treasurer. The statutes also designate the State Treasurer’s Office as the disbursing agency of the state. Each agency maintains an account with the State Treasurer where this activity is recorded. The State Treasurer’s Office maintains and administers numerous agreements with banks, credit unions, credit card processing companies, and other companies which handle or process financial transactions, making these services available to state agencies.
The State Treasurer’s Office is responsible for receiving electronic payments made to the State as well as disbursing electronic payments for state agencies. The State Treasurer’s Office facilitates the electronic transfer of funds to a payee’s bank account and from a payor’s bank account via the Federal Reserve’s Automated Clearing House (ACH). This process saves time, it reduces risks, and it is the most efficient and cost effective way to process electronic transactions. Use of the ACH network requires compliance with rules promulgated by the National Automated Clearing House Association (NACHA), and applicable local ACH associations. The provisions of service agreements with various financial institutions and the ACH rules have been taken into consideration in establishing our requirements and procedures, such as required authorization information, record retention, processing deadlines, funds availability and exception resolution.
Many state agencies have expanded the payment options they make available to the public to include credit and debit cards. In addition the state now requires that employees, with few exceptions, receive payroll via direct deposit to their bank account or via direct deposit to a stored value card referred to as the Oklahoma PayCard. In order to address these deposit and disbursement needs, the State Treasurer’s Office maintains and administers various agreements for processing merchant credit, debit and other stored value card transactions.
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