Qualified Public Depositories
Two of the major characteristics of banks and savings associations are that they accept funds for deposit and use those funds to make loans or other investments. Many banks and savings associations are interested in increasing the amount of funds on deposit at their institution and the public funds market is a key area in which they can do so. In order to accept Florida public funds for deposit, a bank or savings association must have status as a qualified public depository ("QPD"). A QPD is defined as a bank or savings association that has:
- A branch office(s) authorized to receive deposits in Florida, has
- FDIC deposit insurance,
- Meets the requirements of Chapter 280, F.S., and
- Been designated by this office as a QPD.
QPD status is achieved by filing the required application materials with BCM and meeting certain financial condition standards. Please note that the statutory definition of QPD does not include credit unions and therefore credit unions are not eligible to serve as a QPD in Florida.
Please view the topics below for further information: