Payment Information

ACH Payment Requirements - See “Section VII– Payment Information, Line 15” on the invoice for the total amount due/(refund) for the quarter including any adjustments. Payment must be made via ACH Direct Debit only. Payments by check will be returned. On or before the Direct Debit date, your institution's authorized account must be funded for the amount due as shown on line 15 of the invoice. The invoice is available for downloading from FDICconnect at least 15 days prior to the debit date. Debit dates are 03/30, 06/30, 09/30, and 12/30. If the 30th falls on a non-work day (a Saturday, Sunday, or Federal holiday) the debit day is the prior work day. See the Upcoming Direct Debit Dates below. The alternate payment date of January 2 has been eliminated.

Refund - If your total amount in Section VII, Line 15, is a Net Credit (that is, a refund), the FDIC will issue your institution a Direct Credit via ACH instead of a debit, using the Routing Transit Number (RTN), Account Number, and Account Type currently on file with the FDIC for the Direct Debit.

ACH Changes or updates - Changes to your ACH information can only be submitted through our secure website, FDICconnect, by your institution’s FDICconnect coordinator or authorized user. Go to the section on FDICconnect for more information on submitting ACH changes.

Upcoming Direct Debit Dates are:
– Monday, March 30, 2009
– Tuesday, June 30, 2009
– Wednesday, September 30, 2009
– Wednesday, December 30, 2009
– Tuesday, March 30, 2010
– Wednesday, June 30, 2010
– Thursday, September 30, 2010
– Thursday, December 30, 2010

Payment for Merged or Acquired Institutions

• Some institutions have merged with, or assumed the deposits of, another FDIC insured member during the previous quarter. If your institution is the surviving institution, the invoices of any acquired institutions will be available to your institution on FDICconnect. Your authorized FDICconnect Coordinator(s) and/or User(s) will be able to download the invoices of acquired institutions by following the instructions in the FDICconnect section of this webpage. If an acquired institution does not appear on the surviving institution’s list of acquired institutions on FDICconnect, the surviving institution should contact the Assessments Section. Please have the details of your merger available – institution names, FDIC certificate numbers, and transaction date.

• The surviving institution’s RTN and Account Number currently on file will be used to satisfy the payment for the survivor and any acquired institutions as listed on FDICconnect. It is the surviving institution’s responsibility to: (1) ensure that ACH information is accurate on all invoices that the survivor is responsible for; and (2) ensure that funds are available equaling the combined total of all invoices.

• If an institution other than your own acquired some or all of the deposits of the disappearing institution, your institution might not be liable for the entire payment. If this is the case, please contact the Assessments Section.

Pro-rata Merger Payment

In a merger, if an acquiring institution files its Call Report or TFR using the Average Daily Deposit method of reporting, this institution will have an additional pro-rata merger payment on the invoice following the final invoice of the outgoing institution. For example:

Merger Date: May 1

Next Immediate invoice: June 30

• The next immediate invoice after the merger is the June 30 invoice based on March 31 Call or TFR data. This invoice is payment for the first quarter of the year. That is, it is payment for the quarter prior to the merger.
• Both the outgoing and the acquiring institutions filed March 31 Call Reports or TFRs. There are two invoices created and the acquiring institution is responsible for both invoices – its own invoice and the final invoice of the outgoing institution as described in the section above.

Next Following Invoice: September 30

• The next following invoice is the September 30 invoice based on June 30 Call or TFR data. Only the acquiring institution will have an invoice for this period. This invoice is payment for the second quarter. That is, it is payment for the quarter in which the merger occurred.
• The September 30 invoice of the acquiring institution is based on that institution’s Average Daily Deposits for the second quarter (April, May, June). The Average Daily Deposits would not include the deposits of the outgoing institution for the month of April since the merger did not occur until May 1. The September invoice for the acquiring institution will have a pro-rata adjustment charge for the acquired deposits for the month of April.

Penalties and Late Interest Charges

The FDI Act provides for a penalty for an institution’s failure to make an assessment payment on the due date. An institution that fails to timely pay an assessment of more than $10,000.00 is subject to a penalty of not more than 1 percent of the late assessment amount due for each day that the assessment is unpaid. A institution that fails to timely pay an assessment of $10,000.00 or less, is subject to a penalty of not more than $100.00 per day for each day that the assessment is unpaid. Penalties are computed from the day after the original payment (ACH settlement date) through and including the date of final payment settlement. For more information, please see FIL-43-2007.

Daily Interest is charged on changes to assigned risk category and to deposit data. Daily interest will be paid on overpayments and charged on underpayments resulting from either changes to an assigned risk category or changes to deposit data. The over/under payment and applicable interest will appear in the adjustment section of the next upcoming invoice.