Agency Managed Bank Accounts

Agency Managed Bank Accounts

 

Commercial bank accounts, which are bank accounts maintained outside of the State Treasury, are regulated by a number of state laws. Transactions related to bank accounts must be recorded on the appropriate fund by completing a YB or Y8 in MAGIC.

Periodically, DFA will send a list of approved bank accounts to agencies. The agency will review and verify that the information is correct or indicate changes needed. The agency’s executive director or designee will sign the list and return to DFA. DFA will make changes or deletions as requested by the agency and approved by DFA’s executive director or designee and the State Treasurer or designee.

Some relevant code sections for agency managed bank accounts are below:

  • Per Section 7-7-59, Miss. Code Ann. (1972), agencies may request authorization to open a bank account to serve as the depository for self-generated funds or custodial funds not required by law to be deposited in the State Treasury.
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  • Per Section 7-9-12, Miss. Code Ann. (1972), agencies may request authorization to open a bank account to serve as a collection or clearing account for funds required by law to be deposited in the State Treasury.

 


Bank Account Request Form

Application to Establish a Fund

 

Please remit request for new bank accounts to the following:
to: ofa_agencybanking@dfa.ms.gov