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Matthews Business Solutions LLC |
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FDIC Interim rule with request for comment.
It has been a long time since FDIC assessments have been an important issue but with the looming special assessment and the specter of continuing increasing assessment it is time to review some basic deposit discipline to avoid overpaying.
· RECIPROCAL BANK BALANCE ADJUSTMENT—This is not the same as the calculation for reserve purposes. Using the reserve calculation will cost you. · ACH POSTINGS—Use memo postings for payroll, pension, and other outgoing ACH payments that must be available on a specific date. Be certain not to post ACH transactions early. · PAYROLL & PENSION CHECKS—These checks are often mailed early to assure that they arrive on time. Here again, the checks should be post-dated to the proper date. Memo post when cut, and do not post to the DDA accounts until funds are actually payable.
These are just a few of the items that are likely to need attention. A rigorous review of all deposit related postings is clearly in order now. |
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FDIC ASSESSMENTS |
