BANK CUSTOMERS: OPPOSE IRS REPORTING PROPOSAL
The U.S. Congress is currently negotiating next year’s budget bill. As a revenue raising option, the bill could include a new system of information reporting that would jeopardize the security of your personal financial information. Specifically, there is a proposal that would require financial institutions to automatically report your private account information to the IRS every year. This includes deposits, withdrawals, loan payments, transfers, and more.
Every American has a reasonable expectation of financial privacy. This proposal would jeopardize that right. Furthermore, the Fourth Amendment to the U.S. Constitution protects us from unreasonable searches and seizures unless probable cause exists. There is no probable cause justifying the automatic reporting of your personal financial information to the government. In America, our justice system mandates that we are innocent until proven guilty. However, if this proposal passes, the IRS is assuming Americans are guilty of tax evasion, and we must prove that we’re not.
Texans in Washington, D.C. need to hear how you feel about this proposal! Send your House member and Senators Cornyn and Cruz an email TODAY opposing the IRS Reporting Proposal.https://www.texasbankers.com/TBA/Advocacy/Grassroots-Center/Grassroots-Action-Center/TBA/Advocacy/Grassroots_Action_Center.aspx#/
Identity theft occurs when someone uses your personal information such as your name, Social Security number, credit card number or other identifying information without your permission to commit fraud or other crimes. Identity theft is a serious crime.
People whose identities have been stolen can spend months or years – and their hard-earned money – cleaning up the mess thieves have made of their good name and credit record. In the meantime, victims may lose job opportunities, be refused loans, education, housing or cars, or even get arrested for crimes they didn’t commit.
The Federal Trade Commission has an excellent website explaining identity theft, tips on minimizing your risk, and actions to take if you become a victim of identity theft. We encourage you to visit the following Federal Trade Commission web sites to minimize your risk of this growing crime.
Your community bank suggests these simple steps to prevent Identity Theft.
Never divulge your personal information unless YOU initiate contact with a company or person you trust. But remember, in order to serve your banking needs and comply with federal anti-terrorism laws, your banker is required to have your social security number.
Don’t carry around more checks and credit cards than you need.
Use a shredder when discarding canceled checks, credit card applications and receipts or other financial information.
Never leave your purse or wallet in the car, even if it is hidden.
Contact your bank immediately if suspicious withdrawals or transactions appear on your account.
Don’t put your credit or debit card account number on the Internet unless it is encrypted on a secure site.
If your credit card statement doesn’t arrive on time, contact your credit card company to make sure no one has stolen your statement and is making unauthorized charges in your name from another location.
Bank employees will never call to verify your account number.
Don’t carry your social security number in your purse or wallet.
Don’t put outgoing credit card payments in a home mailbox. Hand them to your postal carrier or deposit them at the post office.
Check your credit reports at least once a year.
Never write down PINs and Passwords.
Be careful at ATMs and when using your ATM, debit, or credit card. “Shoulder Surfers” can get your PIN and gain access to your account.
325 E. Southlake Blvd.
Southlake, TX 76092
PH: (817) 912-3444 FAX: (817) 912-3445
North Ft. Worth
3500 Golden Triangle Blvd.
Ft. Worth, TX 76244
PH: (817) 898-6333 FAX: (817) 898-6334
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