To check or not to check?

Bank executives weigh in on IRS proposal to monitor accounts with annual transactions of $600 or more

  • A proposed bill before Congress seeks to have banks inform the Internal Revenue Service of customer accounts with total annual deposits or withdrawals of $600 or more. Local and state banking officials have expressed opposition to the proposal. MONIQUE BRAND | DISPATCH RECORD
    A proposed bill before Congress seeks to have banks inform the Internal Revenue Service of customer accounts with total annual deposits or withdrawals of $600 or more. Local and state banking officials have expressed opposition to the proposal. MONIQUE BRAND | DISPATCH RECORD

    On the afternoon of Sept. 20, an email was sent to every First Texas Bank customer.

    The correspondence read: “At First Texas Bank, we care about you, your finances and your privacy. So, we felt it important to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal will require financial institutions like us to report the deposits and withdrawals of $600 or…