WSU maintains relationships with a number of financial institutions to fulfill its banking and investment needs. Banking needs include the typical commercial checking account functions: depository for cash, clearing agent for checks, originating and receiving ACH (automated clearing house) transactions and wire transfers, processing stop payments. Investment needs include asset custody and asset management.
- WSU’s primary provider of banking services is Bank of America (B of A), with relationship management and customer support delivered by B of A through its Seattle office.
- WSU uses US Bank as the local financial institution to provide processing for local check cashing and payroll-related transactions. Relationship management is provided by US Bank through its CUB and Pullman branches.
- Washington Federal furnishes depository and check clearing for WSU’s college bound program in Okanogan. Relationship management is provided by Washington Federal’s Seattle Office.
- Washington Trust Bank provides depository services for WSU’s participation in the Assets for Independence program and relationship management through its Pullman branch.
- Columbia Bank furnishes depository services to WSU’s IREACH staff in Seattle. Relationship management is provided by Columbia Bank’s Seattle Met Park branch.
- WSU participates in the state contract with Bank of America Merchant Services for merchant account and credit card processing services.
Investment Asset Custody
- WSU participates in the state contract with Wells Fargo to provide custody services for the securities invested on behalf of WSU by Western Asset Management Company.