News & Resources

IRS Proposed Legislation

New IRS Proposed Legislation that will impact your bank account data and privacy.

Savers Bank would like to inform our customers and our community about proposed legislation currently being considered in Washington and the impacts, if passed, it will have on you.

The proposal in Washington would require banks to report to the IRS on your deposit and withdrawals for personal and business accounts on all transactions of $600 or more. Under the proposal, Savers Bank would be required by the government to report your account information to the IRS. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and would create an unacceptable invasion of privacy for our customers.

We care about you and your privacy and want you to know about this potential change proposed by Washington policymakers. Act now by clicking the link below and complete the form that will be directly submitted to all relevant elected officials in your State to let them know you oppose this proposed legislation.

Rosemary Picard
President and Chief Executive Officer of Savers Bank

Again, as your community bank, we want our customers to know the facts, especially when it relates to concerning developments around public policy that exposes your financial privacy.

Thank you for being a valued Savers Bank customer.