(1) The Treasurer of State, acting ministerially, may contract with a bank depository or investment depository to pay processing fees for handling funds of the State Treasury if it is deemed to be in the best interest of the State of Arkansas.
(2) The processing fees shall be paid by state warrant from appropriations to the Treasurer of State.
(3) Unless authorized by its contract with the Treasurer of State, a bank depository or investment depository shall not make any charge for handling funds of the State Treasury.
(4) A bank depository or investment depository shall not use compensating deposit balances to offset processing fees.
(5) A claim for a charge or processing fee in violation of this section is void.