BidWVauction is an innovative and efficient way
to invest in State of West Virginia time deposits. The program is designed to
provide approved State Depositories the opportunity to interactively compete
for State of West Virginia investment dollars
Approved State Depository
- To participate in the BidWVauction
program, a financial institution must be an approved State Depository
- And must have a branch bank in West
Bids will be accepted online at www.BidWVauction.com. Auctions for 6-month CDs and, on a limited basis, 1-year CDs will be held on the second Wednesday of certain months based on a pre-determined schedule. Please refer to the Schedule on the Home Page for the current listing of upcoming auctions.
The settlement date for the funding will occur on the first business day following the auction. The auction will begin at 10:00 a.m. and end at 10:30 a.m. prevailing Eastern Time. The West Virginia Board of Treasury Investments ("the BTI") will make funds available as noted on the BidWVauction website.
- Bidders must register with BidWVauction
by 3 p.m. prevailing Eastern Time at least two business days prior to the
auction. To register, bidders should go to the BidWVauction web site. Upon
registering, bidders will receive a BidWVauction password and will be
responsible for protecting the confidentiality of the password. Registration
is only required initially and not for each auction.
Entry to Auction
The BTI reserves the
right to deny access to any bidder, at any time and for any reason
whatsoever, in its sole discretion.
- The minimum bid is $100,000.00.
Bids may increase in increments of $100,000.00 to a maximum of $5,000,000.00
per parent institution per auction.
- The minimum rate will be equivalent to a U.S. Treasury security with a comparable term and will be displayed on the auction page prior to the auction. Bids below the minimum rate will not be
- Multiple bids from the same bidder are permissible. Each bidder may make up to five acceptable bids, the total of which (subject to approval limits) may not exceed $5,000,000.00 per parent i
nstitution per auction. There is no limit to the number of times any bid may be improved/updated.
- If qualified bids submitted in
the same auction by the same or different bidders result in a tie, the
first bid submitted prevails. Any change to a bid constitutes a new bid.
- Winning bidders must confirm
their awards before they can receive any funds per their instructions on
the Confirmation Page immediately after the auction ends.
- Winning bidders will be
assessed an annualized fee equal to .050% (.025% for 6-month auction) of the principal amount awarded. Payment will
be made to Grant Street Group by ACH debit two business days following the
auction. Completion of the ACH Debit Authorization on the Confirmation
Page represents winning bidder's authorization for Grant Street Group to
debit their account. Failure to make funds available for timely payment
of the Grant Street Group fee will result in exclusion from subsequent
auctions for six months.
- Settlement date is the first
business day after the auction occurs and will be displayed on the auction
- The maturity date for a given
auction will be displayed on the auction page.
- Certificates of deposit in excess of insurance coverage by the Federal Deposit Insurance Corporation (FDIC) must be collateralized pursuant to West Virginia code §12-1-4 and Board of Treasury Investments quality requirements.
- The amount of state funds on deposit in excess of FDIC insurance should not exceed ninety percent of the value of collateral pledged.
List of Acceptable Securities (for collateralization)
- Of the United States,
- Of the Federal Land Banks,
- Of the Federal Home Loan Banks,
- Of the State of West Virginia, or municipal bonds issued by political subdivisions of the State of West Virginia rated as to investment quality by a nationally recognized investment rating firm not less than AA or its equivalent,
- Federal Home Loan letters of credit or
- Other bonds or securities approved by the State Treasurer
Time Deposit Requirements
- Interest on the certificate of
deposit will be calculated on a 365 per diem basis using the actual number
of days ((principal amount times the rate) divided by 365 multiplied by
the actual number of days).
- Interest is payable at
- Time deposits will be
book-entry in the name of the BTI.
- Transactions will be completed
by wire transfer, which will include principal and interest collections.
The wiring instructions will be included on a maturity notice issued by
- The BTI reserves the right to
reject any BidWVauction bid for any reason at its discretion. The BTI also
reserves the right to award a portion of a depository's bid subject to the
minimum and multiple amounts described above.
- Each bidder must acknowledge that he or she has read amendments to the Guidelines in each auction and indicate their agreement with the amendment electronically in order to enter the auction.
- Submitted bids must also be
verified. The bidder understands that in verifying the bid, the bidder has
made a formal offer.
- Bids that generate error
messages are not accepted until the error is corrected and the bid is
resubmitted. Error messages will indicate the reason for the error such
when the bidder has entered a bid that is lower than the minimum bid
- The bidder understands that the
submitted bid may initially be a leading bid, but may be replaced by other
more competitive bids throughout the auction. Bidders will know immediately
if their bid continues to be a winning bid by updating their bids. A bid's
status when "in the money" may change at any given time due to
new bids by other bidders. It is the responsibility of the bidder to
update his or her bid status. There is no limit to the number of times a
bid may be updated.
- A bidder submitting a winning
bid is irrevocably obligated to provide the time deposit at the specified
rate, amount and maturity, if acceptable to the BTI, as herein set forth.
The bidder understands that an award has not been made until posted on the
Results Page on the BidWVauction site. Discrepancies should be reported to
the West Virginia BTI at (304)-340-1564 within 15 minutes of posting of
the Results Page.
- In the event of a web site
failure, the auction will be attempted at the top of every hour on the day
of the scheduled auction between the hours of 10:00 a.m. prevailing Eastern Time and 2:00 p.m. prevailing Eastern Time. If the auction is not
completed on the scheduled day, the next attempt will be 10:00 a.m. prevailing Eastern Time the next business day. The BTI and/or Grant Street
Group will inform registered bidders of a change in the bidding format via
phone, fax, or e-mail.
- The Grant Street Group
software, supplied by Grant Street Group, used in connection with this web
site serves only as a medium through which the BidWVauction auctions are
conducted. Grant Street Group is not liable or responsible for the terms,
rates, collateral or any other condition by which financial institutions
are awarded monthly deposits. Grant Street Group is not responsible for
any defect or inaccuracy in the Guidelines as they appear on the BidWVauction
- Neither the BTI nor Grant
Street Group is responsible for technical difficulties that result in the
loss of bidders' Internet connection with BidWVauction, slowness in
transmission of bids or other technical problems. Neither the BTI nor
Grant Street Group is responsible for individual computer failures.
- This web site is provided
"as is" without warranty whatsoever. Grant Street Group hereby
disclaims any and all warranties; including without limitation any implied
warranties of merchantability and/or fitness for a particular purpose.
- In no event will Grant Street
Group be liable for indirect, special, incidental, economic, cover,
consequential, tort or other damages (including without limitation damages
or costs relating to the loss of profits, business, goodwill, data or
computer programs, even if advised of the possibility of such damages),
without regard to the legal theory of such damages, arising out of the use
of or inability to use this web site.
- All references on the BidWVauction
website to Certificates of Deposits are synonymous with Time Deposits as
identified by the BTI.
Acceptance of Guidelines
- Bidder accepts and agrees to
abide by all terms and conditions specified in the BTI Guidelines.
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Please direct questions and comments to Auction Administrator