Customer Alert on IRS Reporting Proposal
Budget proposal’s impact on your account
We care about you, your finances, and your account with our community bank, so we want to let you know about a concerning proposal taking shape in Washington. If passed, the proposal would require financial institutions like ours to report the inflows and outflows on personal and business accounts to the IRS.
As it stands today, banks only have to report cash or currency* deposits that exceed $10,000 to the IRS. If the new plan is passed, all deposits and withdrawals to and from accounts with a balance of $600 or more will be reported. Recent Independent Community Bankers of America polling conducted by Morning Consult found that 67 percent of voters oppose the proposal.
If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.
*Currency refers to any form of money that businesses in a certain jurisdiction will accept in exchange for goods and services