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 file; institutions with only a main office are exempt. For most institutions, survey responses are required by July 31, 2011. Thrifts that filed the Office of Thrift Supervision (OTS) Branch Office Survey in 2010 are permitted an additional 15 days to file the SOD during the 2011 SOD cycle only. No other filing extensions will be granted.
Statement of Applicability to Institutions under $1 Billion in Total Assets: This financial institution letter applies to all FDIC-insured institutions.
New for 2011 – FDIC-insured thrifts will now file the SOD survey. The OTS Branch Office Survey will no longer be collected.
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 response.
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.
Institutions should review their current branch information on the FDIC's Institution Directory Web site at http://www2.fdic.gov/idasp/index.asp before completing the survey. If not addressed previously, branch information corrections may be submitted 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 Web site at http://www2.fdic.gov/sod/.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
Inactive Financial Institution Letters
June 15, 2011
SUMMARY OF DEPOSITS SURVEY Filing for June 30, 2011
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, 2011. 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 or Thrift Financial Report. For the 2011 SOD cycle only, thrifts that filed the Office of Thrift Supervision (OTS) Branch Office Survey in 2010 are permitted an additional 15 days to file the SOD. Publication of the survey data is dependent on timely and accurate filing by respondent institutions; therefore, no other filing extensions will be granted.
June 15, 2011 – Assign FDICconnect Privileges: Institutions may begin assigning SOD transaction privileges in FDICconnect to the person responsible for submitting the SOD.
Prior to filing the June 30, 2011 SOD – Conduct Branch Review:Institutions should review branch structural information on the FDIC’s Institution Directory Web site at http://www2.fdic.gov/idasp/index.asp. Corrections may be sent to the FDIC by e-mail to SOD@fdic.gov.
June 27, 2011 – Update Branch Information Online: Institutions may begin using the "Complete the Summary of Deposits" option in FDICconnect to enter revisions to branch structure information (branch names and addresses). Institutions using vendor software should refer to guidance provided by their software vendor on how to submit changes with the uploaded SOD survey. Institutions that have had last-minute structural changes should check with their software vendor about new features that will allow their list to be synchronized with the most up-to-date location information in FDICconnect.
July 1, 2011 – Submit Survey: Institutions may begin submitting their June 30, 2011, SOD survey.
July 31, 2011 – Filing deadline for most institutions.
August 15, 2011 – Filing deadline for thrifts that filed the OTS Branch Office Survey in 2010.
October 7, 2011 – Survey Results Published: The FDIC will make every effort to promptly publish the survey results for the public through the FDIC's Summary of Deposits Web site at http://www2.fdic.gov/sod/, but will do so no later than October 7, 2011. To be notified electronically when the 2011 SOD data and deposit market share reports become available, please subscribe to e-mail updates at 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. 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 and should be contacted directly for further information about their products and services:
DBI Financial Systems, Inc.
Fidelity Regulatory Solutions
Jack Henry and Associates, Inc.
Sofgen Americas, Inc.
Fed Reporter, Inc.
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 structure information with the survey, and edit SOD data in preparation for submission. Institutions may access the SOD survey site from the FDICconnect Web site 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 Call Report before filing the SOD survey to enable comparisons of deposit totals between the two reports.
Institutions should review the service type codes and the physical address, including the street address, city, state, zip code, and county, for all office locations to ensure consistency with United States Postal Service standards. Physical addresses and zip codes may be verified at http://zip4.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.
Before completing the SOD survey, institutions should review their current branch information on the FDIC’s Institution Directory (ID) Web site at http://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 "Find Offices," 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. If an institution's branch office information is incorrect or incomplete, the institution should notify the FDIC with the correct branch structure information.
Prior to June 27, 2011, institutions may e-mail corrections to the FDIC’s Data Collection and Analysis Section at firstname.lastname@example.org. If an institution chooses this method, then it must wait until the structure changes are reflected in the interactive filing option or request that its vendor software be synchronized with the most up-to-date information available in FDICconnect before filing its SOD survey.
Beginning June 27, 2011, 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 purchase and assumption, the name, city, and state of the other institution involved in the transaction and the effective date must be included in the e-mail notification or within the "comments" section of the survey.
Once the initial 2011 survey information has been submitted, institutions can amend deposit totals by accessing the SOD transaction within FDICconnect. Institutions that have previously filed using FDICconnect will also be able to amend 2010 deposit totals until September 30, 2011, after which no further changes to 2010 data will be permitted through this process. To submit amended data, institution users must be assigned SOD transaction privileges within FDICconnect.
For assistance on how to register for the Summary of Deposits option within FDICconnect, contact the FDICconnect help desk at 1-877-275-3342 (select option 5 on the banker's menu). For all other questions about the SOD survey, please contact the FDIC’s Data Collection and Analysis Section at 1-800-688-3342 or e-mail email@example.com.
Arthur J. Murton
Division of Insurance and Research