ALEXANDRIA, Va. (1/30/13)--Federal credit union operating fees is the topic of the National Credit Union Administration's most recent Letter to Federal Credit Union (13-FCU-01); the letter reminds of the agency's action in November that increased the fee for credit unions with more than $1 million by 0.24% and eliminated the fees for those with assets less than or equal to $1 million.
Included with the letter is an NCUA chart intended to help a federal credit union calculate the exact dollar amount of its operating fee. The chart also includes the NCUA web link to the online calculator. The letter also provides insight into the calculation method.
The letter states that federal credit unions with over $1 million in assets will be sent an invoice for the operating fees in March. The operating fee will be based on assets reported Dec. 31, 2012. At the same time, all federally insured credit unions will receive notice of any amount needed to adjust their National Credit Union Share Insurance Fund capitalization deposit to 1% of insured shares.
The NCUA will combine the operating fee and capitalization deposit adjustment into a single payment. That payment is due April 2013, the letter notes. The agency adds that for federal credit unions signed up to pay via Pay.Gov, no further action is required; payment will occur by April 30.
All others must send payment according to the instructions included with the invoice.
Questions regarding details of the letter should be directed to the NCUA's Office of the Chief Financial Officer at firstname.lastname@example.org