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Borrower is approved for loan by bank.
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Borrower requests lower interest rate
through linked deposit program.
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Bank calls State Treasurers Linked Deposit
Office to discuss application.
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State Treasurers Office checks to see if
bank has depositary contract.
If no depositary contract is found, contracts are sent to
bank.
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Borrower completes and signs Missouri
Linked Deposit loan application.
Banker certifies application and forwards it to
treasurers office with Missouri Linked Deposit application.
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Applications are reviewed.
Banker is called or application is returned if there are
problems or questions.
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If application is approved, the linked
deposit rate is calculated and the application is forwarded to
Director of Investments for review and signature.
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Signed application is returned to Time
Deposit Coordinator (TDC).
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TDC checks bank’s collateral.
If collateral is needed, bank is contacted with the
amount and tentative date of deposit placement.
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Bank has sufficient collateral or
additional collateral is pledged.
See
Acceptable Collateral Policy
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Deposit is offered and placed if accepted.
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Funds are sent by ACH, followed by deposit
confirmation letter.
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Approximately 1 month prior to deposit
maturity, a maturity notice is sent to the bank.
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Bank can renew the deposit in full or
partial, or not renew. Deposit
history with any additional interest to be paid is due 3 weeks
after deposit maturity.
