Why isn't my element banner text visible?

Hi All, 

This is what my Figure-1column element looks like in the EDD:

Element (Container): Figure-1column
   General rule: Graphic, Figure-title*
   Automatic insertions
      Automatically insert child: Figure-title
   Text format rules
      In all contexts.
         Numbering properties
            No autonumber format.
         Default font properties
            Size: 3pt
         Pagination properties
            Keep with previous: Yes
   Banner Text: Banner Text

But when I import the EDD, there's no banner text in my Figure-1column elements. I did make sure to make sure that element banner text is checked in the View menu. What am I doing wrong?