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Payment
Information
ACH
Payment Requirements - The ACH amount on line
15 of the invoice is due Tuesday, June 30, 2009; any net refund
will also settle on this day. Please note:
- Payment
must be by ACH; check payments will be returned.
- If
your institution, or correspondent bank, has ACH filters in place,
the filters should be set to accept the FDIC assessment debit(s).
-
If
your payment amount is greater than $99,000,000.00; you will
receive multiple ACH debits. For example, if your payment
amount
is $350,000,000.53; then you will receive four debits (three
for $99,000,000.00 and one debit for the remaining balance
of $53,000,000.53).
Any failure to make prompt payment can result in civil
money penalties; please see the Penalties and Late
Interest Charges section
below.
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:
– 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
– Wednesday, March
30, 2011
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, then there will be an additional,
pro-rated assessment payment for the outgoing institution included
in the acquiring institution’s invoice for the quarter
in which the merger occurred.
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 Report 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
Report or TFR data. This is the invoice for the quarter in
which the merger occurred. Only the acquiring institution
will
have an invoice
for this period.
- 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 include a pro-rated assessment for
the acquired deposits for the month of April.
For more information, please see Section 327.6(b)(1) of the FDIC
Rules and Regulations.
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 (to compensate for the time value of money) is paid
on overpayments and charged on underpayments of assessments. The
overpayment or underpayment amount plus accrued interest will appear
in the adjustment section of an upcoming quarterly invoice for the
applicable institution. The interest rate charged for a quarter
is the coupon equivalent yield of the average discount rate set
on the 3-month Treasury bill at the last auction held by the United
States Treasury Department during the preceding quarter. For more
information, please see 12
CFR part 327.7
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