Take Action to Protect your Privacy
Dear Logansport Savings Customer
As your community bank, we want our customers to know the facts, especially when it relates to concerning developments around public policy that expose your financial privacy.
The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. The proposal, if enacted, would require banks to report to the IRS detailed information on deposits and withdrawals of every customer account with a balance of $600 or more, regardless of tax liability.
This indiscriminate, comprehensive bank account reporting to the IRS may soon be enacted in Congress and would create an unacceptable invasion of privacy. We work for our customers and our community, not the IRS. This IRS bank account profiling is intrusive and compromises your privacy.
If you oppose such a proposal, we encourage you to contact your lawmakers at this link provided by the
American Bankers Association:.
President and Chief Executive Officer
Logansport Savings Bank