What is The Illinois Funds?
The Illinois Funds, created in 1975 by State statute (15 ILCS 505/17), is the State’s Public Treasurers’ Investment Pool, administered by the Illinois State Treasurer, offering another investment opportunity for custodians of “Public Funds” for “Public Agencies”.
Who can participate in The Illinois Funds?
Custodians of “Public Funds” may participate in The Illinois Funds. “Public Funds” and “Public Agencies” are described in (30 ILCS 235/1).
How often do rates change?
Rates change daily and are recorded on www.illinoisfunds.com and 1-800-947-8479 between 3:30 and 4:30 daily.
How do I open an account?
You may open an account by completing a one-page application (PDF). Complete the application, print it off, obtain all signatures and mail the original application to the address on the application. Accounts are usually opened within one day of receipt of application.
Am I required to complete the Wire Transfer Agreement?
If you only make withdrawals via ACH or by check, you do not need to complete the Agreement. If you need to make a withdrawal via Fed wire, the Agreement will have to be completed and submitted to US Bank before the wire withdrawal will be made.
Is there a required time for funds to be invested in the Fund?
No, funds may be invested one day and withdrawn the next. The funds would earn interest for that one day.
Can I have direct deposit into my Illinois Funds account?
Yes, most State of Illinois payments may be direct deposited into your Illinois Funds Money Market account. Identify which payments you would like direct deposited on your account application. You may also have payments from other sources direct deposited into your Illinois Funds account by submitting
your request to the paying entity.
How do I make deposits into my Illinois Funds account?
You may Fed wire or ACH funds directly to your Illinois Funds account. You may also deposit checks by mailing them to Fund Custodian, U.S. Bank in Springfield. You may make deposits at U.S. Bank branches throughout the state of Illinois.
How do I close an account?
You may close an Illinois Funds account by submitting a letter requesting the closure, signed by an authorized person. There is no penalty to close an account. Accounts may be closed at any time.
Is there a minimum balance requirement?
No, you may draw your account down to zero without the account being closed.
How many accounts may I have?
You may have as many accounts as you need. There is no fee for accounts.
Does interest compound?
Interest accrues daily and is posted to each account on the last business day of the month. Interest does compound monthly.
Are there any fees for transactions?
We have no charges for Fed wires or ACH. You may have a charge from your local institution. The Money Market fund offers free check writing up to 1,000 items per month. The Funds Custodian bank also furnishes up to 1,000 checks, free of charge, each year.
How safe are funds invested in The Illinois Funds?
The CDs purchased by the Fund are covered by FDIC up to $250,000, beyond that amount U.S. Government securities are held in a 3rd party Illinois State Treasurer’s custody account. Repurchase Agreements are fully collateralized by U.S. Government securities. We also purchase U.S. Government securities and U.S. Government Securities Money Market Funds. The Commercial Paper we purchase is rated A1P1 or equivalent and is monitored throughout the holding of the investment. You may read The Illinois Funds Investment Policy by clicking here.