A. Within the unemployment compensation fund, there are three separate accounts known as a clearing account, an unemployment trust fund account and a benefit account. All monies payable to the unemployment compensation fund, upon receipt thereof by the department or its agent, shall be immediately deposited in the clearing account. Refunds payable pursuant to the provisions of this chapter may be paid from the clearing account or the benefit account upon warrants under the direction of the department. After clearance thereof all other monies in the clearing account shall be immediately deposited with the secretary of the treasury of the United States to the credit of the account of this state in the unemployment trust fund, established and maintained pursuant to section 1104 of the social security act, any provisions of law in this state relating to deposit, administration, release or disbursement of monies in the possession or custody of this state to the contrary notwithstanding.

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B. Except as otherwise provided in this chapter, monies in the clearing and benefit accounts may be deposited by the treasurer, under the direction of the department, in any bank or public depository in which general funds of the state may be deposited, but no public deposit insurance charge or premium shall be paid from the fund. Monies in the clearing and benefit accounts shall not be commingled with other state funds, but shall be maintained in separate accounts on the books of the depository.