Financial Institution Letters
June 12, 2015
Summary of Deposits Survey
Filing for June 30, 2015
The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July 31, 2015. No filing extensions will be granted.
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter (FIL) applies to all FDIC-insured institutions.
- Institutions may use the FDIC's interactive SOD survey site (best suited for institutions with fewer than ten branches) or vendor software to prepare and submit their survey responses.
- Both the FDIC's interactive SOD survey site and vendor software require institutions to register for the SOD option in FDICconnect. Refer to the attached "FDICconnect and Summary of Deposits Registration Instructions" for additional information.
- Software vendors available to assist with the SOD filing are listed on page 3 of this FIL under "Electronic Filing Options."
- Institutions should review their current branch office information on the FDIC's Institution Directory website at https://www2.fdic.gov/idasp/index.asp before completing the survey. If not submitted previously, branch office information corrections may be included with the SOD survey.
- Instructions, survey results, market share reports, contact information, survey facsimiles, and access to FDICconnect are available through the FDIC's Summary of Deposits website at https://www2.fdic.gov/sod/.
- Collection of the SOD survey will be transitioned to the FFIEC's Central Data Repository beginning with the 2016 reporting cycle. Additional information will be provided to bankers and software vendors as this effort progresses.
Continuation of FIL-24-2015
- FDIC-Insured Institutions, including Insured U.S. Branches of Foreign Banks
- Chief Executive Officer
- Summary of Deposits Preparer
- General Questions: Data Collection and Analysis Section at firstname.lastname@example.org or 1-800-688-3342
- FDICconnect Technical Questions: FDICconnect Help Desk at email@example.com or 1-877-275-3342 (select option 4 for the FDICconnect Help Desk)
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at https://www.fdic.gov/news/news/financial/2015/.
To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions.
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1005, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
Financial Institution Letters
June 12, 2015
Summary of Deposits Survey
Filing for June 30, 2015
The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured branches of foreign banks. Institutions with branch offices are required to submit this survey to the FDIC by July 31, 2015. Institutions with only a main office are exempt; however, they will be included in the survey results based on the total deposits reported on their June Call Report. Publication of the survey data is dependent on timely and accurate filing by respondent institutions; therefore, no filing extensions will be granted.
Comprehensive reporting instructions for the 2015 SOD survey are available on the FDIC's Summary of Deposits website at https://www2.fdic.gov/sod/.
2015 SOD Timeline
Prior to filing the June 30, 2015, SOD Survey – Conduct Branch Office Review: Institutions should review branch office structure information (branch office names and addresses) on the FDIC's Institution Directory website at https://www2.fdic.gov/idasp/index.asp. Institutions may submit corrections with the SOD survey if not submitted previously.
June 8, 2015 – Assign FDICconnect Privileges: Institutions may begin assigning SOD transaction privileges in FDICconnect to the person responsible for submitting the SOD survey.
June 15, 2015 – Update Branch Office Information Online: Institutions may begin using the "Complete the Summary of Deposits" option in FDICconnect to enter revisions to branch office structure information. Institutions using vendor software should refer to guidance provided by their software vendor on how to submit changes with the uploaded SOD survey. If your bank has had last-minute structure changes, check with your software vendor about the features that will allow your list to be synchronized with the most up-to-date location information in FDICconnect.
July 1, 2015: Institutions may begin submitting their June 30, 2015, SOD survey.
July 31, 2015: Filing deadline for 2015 Summary of Deposits.
October 1, 2015 − Survey Results Published: The FDIC will publish the survey results on the FDIC's Summary of Deposits website at https://www2.fdic.gov/sod/ no later than October 1, 2015. To be notified electronically when the 2015 SOD data and deposit market share reports become available, please subscribe to email updates at https://www.fdic.gov/about/subscriptions.
Electronic Filing Options
Institutions must be registered users of FDICconnect and must assign SOD transaction privileges to the person responsible for submitting the SOD survey. New FDICconnect users must first register with FDICconnect. Refer to the attached FDICconnect and Summary of Deposits Registration Instructions for additional information.
Institutions have two options for filing electronically:
Using Vendor Software to Prepare a File for Upload to the FDIC – Institutions that use vendor software to prepare the SOD survey will be able to upload their completed survey information directly to the FDIC through FDICconnect.
The following vendors have developed software to assist with the SOD filing. Institutions should contact these vendors directly for further information about their products and services.
|Axiom Software Laboratories, Inc.||(212) 248-4188|
|DBI Financial Systems, Inc.||(800) 774-3279|
|Fed Reporter, Inc.||(888) 972-3772|
|FIS Compliance Solutions||(800) 825-3772|
|Jack Henry and Associates, Inc.||(800) 688-9191|
|Lombard Risk||(973) 648-0900|
|Wolters Kluwer Financial Services||(800) 261-3111|
Using the FDIC's Interactive SOD Survey Option – The FDIC's interactive SOD survey option is designed for institutions with a small number of branch offices. This option permits an institution to print worksheets, submit revised branch office structure information with the survey, and edit SOD data in preparation for submission. Institutions may access the SOD survey site from the FDICconnect website at https://www2.fdicconnect.gov/.
Data Accuracy and Validation
Institutions must ensure that all information submitted for the SOD survey is accurate. The FDIC recommends that institutions submit their June 30, 2015, Call Report before filing the SOD survey to enable comparisons of deposit totals between the two reports.
Before completing the SOD survey, institutions should review their current branch office information on the FDIC's Institution Directory (ID) website at https://www2.fdic.gov/idasp/index.asp (or go to www.fdic.gov --> Industry Analysis --> Bank Data & Statistics --> Institution Directory). From the ID home page, click on "Locations," enter the bank's certificate number or institution name, then click on "Find." The list of branch offices will be presented in state and county order.
Institutions should review the service type codes and the physical address, including the street address, city, state, ZIP code, and county, for all branch office locations to ensure consistency with U.S. Postal Service standards. Physical addresses, including ZIP codes and counties, may be verified at https://www.usps.com/zip4/. Institutions should not use post office boxes, mailing addresses other than the actual physical address, street names without actual numbers, intersections, or any other general locations when filing their branch office location information.
If an institution's branch office information is incorrect or incomplete, the institution should notify the FDIC with the correct branch office information.
Before June 15, 2015, institutions may email corrections to the FDIC's Data Collection and Analysis Section at firstname.lastname@example.org. If you choose this method, then you must wait until the structure changes are reflected in the interactive filing option or request that your vendor software be synchronized with the most up-to-date information available in FDICconnect before filing your SOD survey.
Beginning June 15, 2015, corrections to structure data should be entered using the FDIC's interactive SOD survey site or vendor software and submitted with the completed SOD survey. If an institution corrects branch office information because of a merger or branch office purchase and assumption, the name, city, and state of the other institution involved in the transaction and the effective date of the transaction must be included in the email notification or within the "comments" section of the survey.
Once the initial 2015 SOD survey information has been submitted, institutions can amend 2015 deposit totals by accessing the SOD transaction within FDICconnect until September 18, 2015. Institutions that have previously filed using FDICconnect also will be able to amend 2014 deposit totals until September 18, 2015, after which no further changes to 2014 data will be permitted through this process. To submit amended data, institution users must be assigned SOD transaction privileges within FDICconnect.
2016 Summary of Deposits Changes
Please be advised that the FDIC will be transitioning the collection of the SOD survey to the FFIEC's Central Data Repository (CDR) beginning with the 2016 reporting cycle. The CDR has provided a robust process for the collection of Call Report data for nearly ten years, and incorporating the SOD into the CDR will provide significant benefits in the way that SOD data are collected, validated, and managed. Additional information will be provided to bankers and software vendors as this effort progresses.
For help registering for the Summary of Deposits option within FDICconnect, contact the FDICconnect Help Desk at 1-877-275-3342 (select option 4 for the FDICconnect Help Desk). For all other questions about the SOD survey, please contact the FDIC's Data Collection and Analysis Section at 1-800-688-3342; if you know your assigned analyst's direct number, you may contact them directly. You also may request assistance by email at email@example.com.
Division of Insurance and Research