08/26/2021: Concerning Proposal Taking Shape in Washington, D.C. – Do You Want To Be Heard?
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, D.C. If passed, the proposal would require financial institutions like ours to report a larger range of information about your account to the IRS.
This new reporting plan could force banks like us to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.
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.
Please let us know if you have any questions. We look forward to continuing to serve you and our community.
President & CEO, Seneca Savings