Deposit Insurance Assessments
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 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.