BidSC is an innovative and efficient means of investing in certificates
of deposit. The program is designed to provide eligible South Carolina
financial institutions with the opportunity to interactively compete for
State of South Carolina investment dollars every quarter.
Bids will be accepted online at www.BidSC.com every January, April, July
and October for funding at the end of that month. The auctions will begin
at 10:00 a.m. and end at 10:30 a.m. The State Treasurer will make
available $75 million for six (6) month certificates of deposit each
Registration and Entry to Auction
- Bidders must register with BidSC. To register, bidders should go to the
BidSC website. Upon registering, bidders will receive a BidSC password
and will be responsible for protecting the confidentiality of the
- Registered bidders must request and receive admission to an auction to
submit bids. The State Treasurer reserves the right to deny access to any
BidSC auction to any bidder, at any time and for any reason whatsoever, in
its sole discretion.
Certificate of Deposit Requirements
- 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 institution- including all
branch offices, per auction.
- The minimum rate will be determined by the Treasurer's Office
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 bids, the total of which may not exceed $5,000,000.00 per
auction. There is no limit as to the number of times a bid may be
- Settlement date is the last business day of the month in which the
auction occurs and will be displayed on the auction page.
- Maturity date will be displayed on the auction page.
Certificates of deposit in excess of insurance coverage by the Federal Deposit
Insurance Corporation (FDIC) or National Credit Union Administration (NCUA)
must be collateralized pursuant to South Carolina Code of Laws of 1976, as
amended, Section 11-13-60. Credit Union deposits in excess of insurance
coverage by NCUA must be collateralized in the same manner as required by
Section 11-30-60. Collateral must be pledged in an amount not less than
102% (105% for mortgage-backed securities) for deposits in excess of the
federal insurance coverage. Collateral must be delivered to a third party
institution prior to the State wiring funds on settlement date.
- A Collateral Agreement must be signed by each financial institution and
its depository and forwarded to the State Treasurer's Office. In the case
of a depository that is a Federal Reserve Bank or Federal Home Loan Bank,
the Collateral Agreement must only be signed by the financial institution,
then forwarded to the State Treasurer's Office. A copy of the Collateral
Agreement signed by the State Treasurer will be forwarded to the financial
institution. Only those securities listed in the Collateral Agreement
shall be pledged. A collateral substitution form must be provided to the
State Treasurer's Office for approval with each request for substitution
of collateral. For any issues regarding collateral or for a copy of the form
of Collateral Agreement, please contact the Office of State Treasurer at
- Winning bidders will be assessed a fee equal to .0225% of the principal
amount of the certificates of deposit awarded. Such fee will be payable
to Grant Street Group by ACH debit on the settlement date of the auction.
Completion of the ACH Debit Authorization on the Confirmation Page
represents winning bidders authorization for Grant Street Group to debit their
account. Failure to make timely payments of the Grant Street Group fee will
result in exclusion from subsequent auctions.
- 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 award per the instructions on the
Confirmation Page immediately after the auction ends.
- Interest on the certificate of deposit will be calculated on a daily
rate basis of 1/365 pursuant to Regulation DD of the Board of Governors of
the Federal Reserve System.
- Certificates of deposit will be book-entry in the name of State
Treasurer of South Carolina. The Tax ID number is 57-0882454.
- Transactions will be completed by wire transfer. The State Treasurer's
wiring instructions are as follows: Wells Fargo, Columbia, SC;
ABA #121000248, Account #2003233025543.
- Training on how to use the BidSC website can be obtained by calling the
Office of State Treasurer at 803-734-2641. There is no charge for the
- The State Treasurer reserves the right to reject any BidSC bid for any
reason at his discretion. The State Treasurer also reserves the right to
award a portion of a bank'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 error is
corrected and bid is resubmitted. Error messages will indicate the reason
for the error such as in the instance in which the bidder has entered a
bid that is lower than the minimum bid requirement.
- 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 certificate of deposit at the specified rate, amount and maturity, if
acceptable to the State Treasurer, as herein set forth. The bidder
understands that an award has not been made until posted on the Results
Page on the BidSC site. Discrepancies should be reported to the Investment
Division of the Office of State Treasurer at 803-734-2641 within 15 minutes of
the posting of the Results Page.
- In the event of a website failure, the auction will be attempted at the
top of every hour the day of the scheduled auction between the hours of
10:00 a.m. and 4:00 p.m. In the event that the auction is not completed
on the scheduled day, the next attempt will be 10:00 a.m. the next
business day. The State Treasurer will inform registered bidders of a
change in the bidding format via phone, fax, or e-mail.
Acceptance of Guidelines
- The Grant Street Group software, supplied by Grant Street Group, used in
connection with this website serves only as a medium through which the
BidSC 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 quarterly deposits.
Grant Street Group is not responsible for any defect or inaccuracy in the
Guidelines as they appear on the BidSC website.
- Neither the State Treasurer nor Grant Street Group is responsible for
technical difficulties that result in the loss of bidders' Internet
connection with BidSC, slowness in transmission of bids or other technical
problems. Neither the State Treasurer nor Grant Street Group is
responsible for individual computer failures. In the event of a computer
failure, bidders may contact the State Treasurer's Office at 803-734-2641 for
possible alternate bidding options.
- This website 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 website.
- Bidder accepts and agrees to abide by all terms and conditions specified
in the Guidelines.
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Please direct questions and comments to Auction Administrator