October 25, 2021
At First United Bank, we typically do not engage our customers regarding political issues. However, one of our Founding Principles is INTEGRITY, which means we do the right thing. Period. With that being said, we think it’s important that you have all the facts about government actions that could affect your financial privacy.
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 all business and personal deposits, withdrawals, loan payments and transfers in the amount of $600 and higher.
We encourage you to voice your opinion on this proposal to our elected Congressional leaders. Click here to be directed to the Texas Bankers Association website to send a pre-written letter to members of Congress to let them know that your privacy is important to you.
As your financial partner and neighbor, we feel strongly that it’s part of our duty to look out for your best interest and do our best to provide you with information that could affect your financial privacy.
Thank you for trusting First United Bank—The Spirit of West Texas.