Protect Your Privacy! Stop the IRS from Looking at Your Account

Take Action: Tell Congress to oppose new IRS reporting provisions

Credit unions are closely monitoring an onerous tax provision being considered in a proposed $3.5 trillion “Build Back Better Act” reconciliation package. One measure for this legislation that has been discussed is a proposal by the Treasury Department to require financial institutions to report additional account holder information in an enhanced annual I.R.S. Form 1099-INT.  The House Ways and Means Committee completed its markup of draft infrastructure legislation without the troublesome IRS reporting provision. However, negotiations on the legislation are ongoing and it could still be added before this bill becomes law.

There have been some changes to the proposal but it would still require credit unions and banks to report the inflows and outflows of funds to accounts that have $10,000 or more flowing through over the course of the year. Whereas the Form 1099-INT currently reports taxable activity, this new reporting requirement would not reflect any taxable activity. Instead, what the administration hopes the IRS would be able to do is to use this enormous data grab to identify unreported taxable income. But it’s not clear how the IRS will use this data to accomplish its goal. Further, the federal government’s history of keeping this type of data secure is dubious at best. There may be some exceptions for payroll and Social Security income, but that would only make the process more complicated and costly.

What is certain is that if it is enacted, this proposal will increase the already high compliance burden on all financial institutions. It will also fundamentally change the nature of the information depository institutions are required to report on their account holders, creating new concerns regarding data security and privacy.

Credit union associations have issued an action alert calling on credit union leaders to oppose new reporting provisions that would require financial institutions to report additional detailed account holder information. All consumers are encouraged to take action and contact your members of Congress today, in opposition to this potential IRS reporting provision. Use this ready-to-send form to send your message!

Natco Receives Dora Maxwell Award

Natco Recognized As First Place State Level Recipient

Indiana Credit Union League announced that Natco Credit Union was selected as the first-place winner of the Dora Maxwell Social Responsibility Community Service Award for Indiana in the asset size of $50 million to $250 million.

Dora Maxwell was a credit union pioneer who worked with numerous organizations to improve the living standards of the poor and needy. Many years ago, the Dora Maxwell Social Responsibility Recognition Program was established to encourage involvement in community projects and activities.

Each year, credit unions across Indiana have the opportunity to compete with other credit unions in their asset category for the Dora Maxwell award. This year, we submitted an entry based on our Volunteer Individual Tax Assistance (VITA) program offered through Natco Community Empowerment Center (NCEC). The two-person staff of NCEC found innovative and transformative ways to provide safe alternative methods for collecting tax information and providing finalized returns. During the most recent tax season, they prepared and submitted a total of 1158 returns totaling $1.5 million in Federal refunds and $185,000 in State refunds. By offering this free service, individuals and families saved nearly half a million dollars ($497,940) in fees*. When spent locally, businesses in our area and our economy were stimulated.

On September 10th, Natco Credit Union was recognized as the first-place state winner in the $50 – $250 million asset category. Cindy Duke, CEO, Sherry Dillon, Director of Administration and Innovation and Doug Macias, Community Development Officer accepted the award during the Indiana Credit Union League Convention. As the first-place winner, our entry was forwarded to CUNA (Credit Union National Association) for the national competition.

Natco Receives Dora Maxwell Award

photo of someone texting on cell phone with a laptop in the background

Book an Appointment with a Natco Expert

We are making it easier to meet with a Natco expert for certain appointment types.  You decide how and when we meet.

Available methods include by virtual meeting, by phone or in person.

Currently, you can book and appointment to:

  • Open a New Account
  • Apply for an Auto Loan
  • Apply for a Credit Card
  • Apply for a Personal Loan
  • Apply for a Home Equity Loan
  • Get a Free Credit Score
  • Money Management (NCEC)
  • Job Seeking Assistance (NCEC)
  • Connect to Resources (NCEC)

We invite you to book an appointment the next time you need one of these services.

Our institution is rated 5-stars by Bauer Awarded September 2021

Bauer Rating for the 2nd Quarter of 2021

We are excited to receive a 5-star rating for the 2nd quarter of 2021 from BauerFinancial!

Each quarter BauerFinancial rates banks and credit unions across the country.

BauerFinancial is an independent organization. Bauer performs its own, independent analysis on the data supplied and supplements that with historical and other data to assign comprehensive star ratings. Banks and credit unions are evaluated using the same strict barometer.
A 5-star rating represents superior and therefore, an institution that is recommended by Bauer.
Form 1040, tax check and money

Tell Congress to Oppose New IRS Reporting Provisions

You’ve likely heard about legislation that would require credit unions and other financial institutions to report to the IRS how much money has gone into and out of accounts with a balance of more than $600. Theoretically, they think that having this information could help the IRS collect an extra $463 billion in taxes over 10 years. Because this is a violation of consumers’ personal financial privacy and there are significant data security risks, credit unions and their members should not support the proposed new IRS reporting requirement.

TAKE ACTION NOW: It is important that you take action now to let your Senators and Representatives know that you oppose it. We’ve made it easy to contact your representatives NOW!

Complete this form.

photo of member with her new vehicle

REAL FREEDOM from Buy Here/Pay Here Member Story

When Ashley’s Envoy broke down, she pulled it into the Natco lot. Because it was after hours, she called and left a message that the tow truck would be in the next morning around 9:00. Upon checking the messages, an email was sent to staff letting them know the vehicle would be picked up but what happened next what truly an example of great member service.

A staff member made a courtesy call to Ashley to talk with her about the vehicle and options we could provide. If the repairs were more than she was prepared for, could we help ease her financial burden by providing a loan to get it fixed? If the repairs were extensive, had she considered purchasing another vehicle?

By 9:30, we had reached Ashley and learned she and her husband had planned to go to a Buy Here/Pay Here lot because they felt that was their only option. This is often a misconception people have and where we were able to provide a better solution!

Ashely was pre-approved for an auto loan the same day. This gave her the freedom to shop for a vehicle she wanted and the power to negotiate the purchase price! Within two days, Ashley found a vehicle. Because she was pre-approved and had the ability to shop wherever she wanted, she got a better deal and was even able to purchase a warranty through Natco to help give her peace of mind.

What started as a stressful week with a broken-down vehicle, ended with this Natco member enjoying her new vehicle by the weekend. Talk about RIGHT TIME, RIGHT SUPPORT and REAL FREEDOM!

If you feel Buy Here/Pay Here is your ONLY option, we want to talk with you too! Apply for a pre-approved auto loan now or give us a call.

photo of member with her new vehicle

Happy Earth Day with a globe and leaves growing out

Earth Day is April 22nd

You’ve heard it time and again: ‘Go paperless!’

With Earth Day approaching on April 22, doing your part to help make our planet a better place can be as simple as enrolling in e-statements. From reducing the number of trees harvested for paper and saving energy on printing, to cutting costs associated with shipping and keeping paper out of landfills, there are numerous environmental benefits of e-statements

In addition to decreasing your “paper trail,” and carbon footprint, e-statements are a safer way to receive your account details over a paper statement. No more filing away statements and no more shredding outdated documents – just easy, 24-hour access to your financial information when you need it.

This Earth Day, celebrate your contribution to our planet by signing up for e-statements. 

image of man standing a a fork in the road. one is a sunny path and the other is a stormy path.

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