WASHINGTON - The government announced plans Tuesday to return $1.5 billion to banks overcharged for deposit insurance since June 1.

Refunds of premiums paid from June through September will be made Sept. 15 via an electronic credit to each bank through the automated clearinghouse network. The Federal Deposit Insurance Corp. also said it plans to send each bank an explanation of how its refund was calculated. The refund amounts to $1.49 billion in overpayments and $19.9 million in interest.

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