Last week the compliance section jumped the gun in a story on the Federal Deposit Insurance Corp.'s new program to collect premiums by electronic debit.
As the story reported, the FDIC has implemented new rules requiring banks to pay deposit insurance premiums by quarterly debit. However, the agency merely tested the technology with the March 31 payment. Bankers still must pay premiums by check for the first quarter.
The first time the FDIC will actually debit banker accounts will be June 30.
For the March 31 test, the FDIC ran the process through automated clearing houses but did not actually take any money out of banks' accounts. The agency plans to contact the banks that had problems with the process.