Remitting & Reporting

COLTAF Banks are required to submit a remittance report once a month, no later than the 15th for the prior month’s earnings period. The remittance report must be completed using COLTAF’s standardized remittance report. Payment of interest must be made electronically no later than the last day of the month, following the month in which the interest was earned. For example, for the month of May, a bank must submit its remittance report no later than June 15th, and payment for interest earned in May must be paid no later than June 30th.

Failure to timely submit a remittance report is a violation of COLTAF’s rules. A financial institution with more than three late reports or payments within a 24-month period may be recommended for removal from the COLTAF program.