Each depositor insured to at least $250,000 per insured bank

Payment Information

Payment Requirements

• Payment must be by ACH as authorized on the invoice; payments by check 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).
• ACH debits are sometimes bundled together. A debit amount might need to be unbundled in order to identify the FDIC charge.
• ACH Changes or updates 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.
• Only negative confirmation of payment is provided; that is, your institution is contacted if your ACH debit rejects. We will telephone your institution immediately upon notification of nonpayment. Any failure to make prompt payment can result in civil money penalties; please see the Penalties and Late Interest Charges section below.
• If your total amount due 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.

• FDIC Assessment:  The net FDIC amount is a payment for a previous quarter. For accounting guidance, please see the table below.

• FICO: The FICO amount does not represent a payment that covers a specific time period. Rather, it is a charge that must be expensed but not necessarily over any time period. See FICO for more information.
• FDIC Special Assessment (collected on September 30, 2009): Under generally accepted accounting principles, the full amount of the 5 basis point special assessment on each insured depository institution’s assets minus Tier 1 capital as of June 30, 2009, should have been accrued as a liability (accrued expense payable) and an expense (other noninterest expense) in the quarter ending June 30, 2009. The accrual of this expense should not have been spread over the second and third quarters even though the assessment was not payable until September 30, 2009. The Special Assessment was computed with Tier 1 Capital as reported on the June 30, 2009, Report of Condition which should have included the accrual.
• FDIC Prepayment Amount (collected on December 30, 2009): The prepayment credit remaining balance that appears on the Summary Statement of Assessment Credits in the invoice packet is the amount that should have appeared on the institution’s General Ledger balance as the  prepaid asset as of end of the prior quarter.  Just as the invoice is payment for a prior quarter, the remaining prepayment credit balance shown on an invoice is as of the end of the prior quarter.  For example:

  The prepayment credit remaining balance that appears on the Summary Statement of Assessment Credits in the December 2010 invoice is the amount that should have appeared as the institution’s General Ledger balance for the prepaid asset as of September 30, 2010.  This amount less an estimate of the fourth quarter 2010 insurance premium should appear as the institution’s General Ledger balance as of December 31, 2010.

Invoice Payment Dates

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