Printer-friendly Version
Earlier this month, the FDIC issued Financial Institution Letter (FIL-33-2012),
stating that it has received a number of complaints from depositors
stating that insured depository institutions (IDIs) are charging them an
"FDIC Fee," "FDIC Assessment," "FDIC Insurance Premium," "FDIC
Insurance Charge," or similarly described fee for deposit insurance.
While IDIs are not prohibited from passing the costs of deposit
insurance on to customers, the FDIC discourages institutions from
specifically designating that a customer fee is for deposit insurance or
from stating or implying that the FDIC is charging such a fee.
According to the FIL, institutions that characterize fees in this
manner may (1) reveal information that could be used to determine an
institution's confidential supervisory ratings, (2) mislead customers
into believing that the FDIC charges IDI customers or requires IDIs to
charge customers for deposit insurance, or both.
IBAT encourages institutions to review their designation and
identification of fees in light of this letter from the FDIC and ensure
that those fees do not reveal confidential supervisory information or
mislead customers.
Staff contact: Shannon Phillips, sphillips@ibat.org, 512-275-2221