Answer: Interest earned on COLTAF accounts must be remitted monthly and electronically by ACH or wire transfer.

Explanation: COLTAF requires participating financial institutions to remit interest earned on COLTAF accounts via ACH or wire transfer. Monthly remittance reports must be submitted to COLTAF via the Secure Online Portal no later than the 15th of the month following the earnings period. Interest payments must be made no later than the last day of the month following the earnings period. So, for example, interest earned in May must be paid no later than June 30th and the respective remittance report must be submitted to the Portal by June 15th.

COLTAF encourages banks to remit interest via ACH. While wire transfers are accepted, COLTAF will not accept charges or deductions for interest remittances made by wire transfers.

ACH or wire remittance instructions are provided to financial institutions when they are approved to offer COLTAF accounts. If you need this information again, please contact COLTAF staff.