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).

What is the difference between the Money Market Fund (MMF) and the Prime Fund (PF)?  The MMF allows you to deposit funds one day and withdraw the next day.  The Prime Fund requires funds be on deposit for at least 30 days.  The Prime Fund also requires a seven calendar day notice for withdrawal.  The MMF also has check writing privileges and accepts direct deposits.

How often do rates change? 
Rates change daily and are recorded on www.illinoisfunds.com and 1-800-947-8479 between 4:00 and 4:30 daily.

How do I open an account?
You may open an account by completing a one-page application located on our homepage (www.illinoisfunds.com), click on The Illinois Funds in the upper right hand corner, then on Open or Update an Account on the left side bar.  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 the receipt of application.  If you need an account opened quickly you may fax your application in but you must still follow-up by mailing in the original application.

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.  If you set up the procedures with the Springfield U.S. Bank 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 $100,000, 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.