When you choose to bank with Wescom, you become a member-owner of the Credit Union. Along with savings and benefits, being a member-owner means that when you share your concerns with us, we actively listen and provide you with the most accurate information.
We heard from many of you and your concerns about the White House’s proposal that financial institutions be required to report additional account holder information to the Internal Revenue Service (IRS). Although the most recent legislation draft did not include the IRS reporting proposal, we are carefully monitoring the developments as the privacy of your account information is of utmost importance to us.
Under the proposal that was previously set forth to Congress, financial institutions would be required to report account holders’ annual deposits and withdrawals worth more than $10,000. While any income received through a paycheck is exempt, these new requirements would apply to savings, transactional, loan, and investment accounts. Although this effort is aimed at increasing taxpayer compliance and federal revenues, we share your concern when it comes to the privacy of your account information. If passed, this policy would have resulted in financial institutions turning over sensitive account details to the IRS that may not reflect taxable activity. This would leave the IRS with a great amount of personal financial data causing immense privacy and data security concerns. Additionally, financial institutions would provide the resources and assume reporting responsibilities – instead of the federal government.
We will continue to monitor this topic and keep you informed if new developments arise. We thank you for choosing Wescom for your financial needs and will continue to be active advocates on our members’ behalf to further protect your privacy.
Darren Williams
President & CEO
