Independent Credit Card Banks are
subject to an additional fee based on receivables attributable to credit card
accounts owned by the institution. Your
bank has been identified as meeting the guidelines of an Independent Credit
Card Bank and should use the schedule below to compute this portion of the fee.
Pursuant to
12CFR 8.2(c), “Receivables Attributable” is the total amount of outstanding
balances due on credit card accounts owned by an independent credit card bank
(the receivables attributable to those accounts) on the last day of the
assessment period, minus receivables retained on the bank’s balance sheet as of
that day.
The assessment calculation is based on
the total receivables attributable as of JUNE
30, 2004. Payment of the assessment
fee is due by JULY 31, 2004. Payments received after the due date
will be charged interest at an annual rate of 1 %.
Please submit the Independent Credit
Card Bank fee in addition to the general
assessment shown on the previous page and follow the same instructions for
submitting payment.
|
If the bank’s total off-balance sheet
receivables attributable are: |
The
Independent Credit Card Bank Fee will be: |
|
|
Over (Million) |
But Not Over (Million) |
|
|
$ 0 |
$ 100 |
$
41,100 |
|
100 |
1,000 |
61,400 |
|
1,000 |
5,000 |
82,200 |
|
5,000 |
|
102,500 |
NOTE:
Independent credit card banks that do not have receivables attributable
to credit card accounts that they own, will not be subject to the independent
credit card bank fee.
IMPORTANT:
The surcharge applies to all components of an institution’s
assessment, including the independent credit card bank fee. Banks informed of composite CAMELS/ROCA ratings of 3, 4, or 5 as of
June 30, 2004, should add 50%,
100%, or 100% respectively over and above their regular independent credit
card bank fee.
|
The The Independent Credit Card Bank Fee Schedule and other information about assessments may be obtained via www.OCC.treas.gov the official OCC web address. Select “Subject Index”, scroll down to Assessments, and then select the desired information. |
Questions regarding the assessment process should be directed to
Revenue Accounting at (866) 874-5150 or BankAssessments@OCC.Treas.Gov