Just by deciding to deposit more of its money in state banks, West Virginia has picked up an additional $139,000 since it began holding online certificate-of-deposit auctions last year. The initiative, BidWVauction, seeks to invest the state's money into the West Virginia economy while obtaining the highest-possible rates of return. The online auctions allow banks across the state to bid on the amount of interest they are willing to pay for use of the state's money--the last auction's interest rate started at 5.05 percent. There are six auctions held annually, and banks can bid in increments as small as $100,000 and as large as $5 million on six-month and one-year CDs. BidWVauction is the first such initiative of its kind in West Virginia; 12 other states have undertaken similar auctions. From May 2006 to present, the state's Board of Treasury Investments has conducted six auctions, awarding state banks $154 million in deposits through the process. The state only invests $25 million in CDs with state banks in each auction, but State Treasurer John Perdue hopes to soon increase that to $50 million.