Electronic Funds Transfer Policy

Policy

Winona County will process both incoming and outgoing electronic funds transfers when deemed prudent by the County Treasurer as the most efficient method of payment, receipt, or investment.

Source

Authorization for electronic funds transfer is given by the following Minnesota Statutes:

• 385.071 - Electronic Funds Transfer
• 276.02 - Use of credit cards for payment of real estate taxes
• 375.01 - Use of credit cards by county officials or employees
• 471.381 - Use of electronic transfer for payment of county's obligations

General Information

Electronic fund transfer is the movement of county dollars via the Federal Reserve System, from one bank to another. Winona County will utilize electronic transfer for the receipt of intergovernmental payments and other revenue when deemed practical. Winona County will utilize electronic transfer for payment of the county's obligations when deemed practical. All investments will utilize the electronic fund transfer.

Authorized Personnel

Electronic fund transfer will be initiated by the County Treasurer or in the absence of the Treasurer; the Deputy will initiate the electronic fund transfer.

Procedures

• Any county department requiring funds to be disbursed or received by electronic transfer will deliver all pertinent information to the county Treasurer.
• Receipt of funds: When funds appear in the checking accounts, a copy of the dollar amount is printed. The amount is verified and the code number given to the Treasurer's Office is put on the state run deposit. The deposit is forwarded to Finance to write a receipt.
• Disbursement of funds: Any electronic transfer of funds is to be setup with County Treasurer and the vendor. Various disbursements consist of state obligations, payroll and withholdings, insurance, and others.
• Investments are initiated by the Treasurer's office. Banks are called and when the investment is complete, verification will be sent by the bank holding the investment.