Payment Information

ACH Payment Requirements - See “Section VII– Payment Information, Line 11” 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 11 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 Direct Debit Dates below. The alternate payment date of January 2 has been eliminated.

Refund - If your total amount in Section VII, Line 11, is a Net Credit/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.

Direct Debit Dates are:
– Monday, June 30, 2008
– Tuesday, September 30, 2008
– Tuesday, December 30, 2008
– Monday, March 30, 2009
– Tuesday, June 30, 2009
– Wednesday, September 30, 2009
– Wednesday, December 30, 2009
– Tuesday, March 30, 2010

Payment for Merged or Acquired Institutions

• Some institutions have merged with, or assumed the deposits of, another FDIC 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.

• Your institution’s RTN and Account Number currently on file will be used to satisfy the payment for your institution and any acquired institutions. Please ensure that funds are available equaling the combined total in Section VII, Line 11 on each invoice.

• If an institution other than your own acquired some or all of the deposits of the disappearing institution, your institution may not be liable for the entire payment. If this is the case, please contact the Assessments Section at 800-759-6596, option 2. Please have the details of your merger available – institution names, FDIC certificate numbers, transaction date, and dollar amounts.

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. An 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.