Update on the IRS Reporting Proposal
The White House and congressional leaders last week outlined a new reconciliation package framework and released draft bill text that does NOT include the provision requiring financial institutions to report all account inflow and outflow of all banking accounts with $10,000 or more to the IRS annually. Dakota credit unions and financial institutions were vehemently opposed to the proposed language which was initially included as part of the president’s budget. The CUNA/League system responded with a bold advocacy strategy to push back against the provision when it was first proposed and has been leading the fight against this issue ever since.
Here is what we know: The White House was working with congressional tax policy committees to narrow the number of accounts covered by the policy, but the administration officially confirmed the idea has been dropped from the latest agreement.
New: Member-Friendly Guidance On How To Pay Bills Online
HOW DO I SIGN UP FOR E-STATEMENTS?
The instructions for signing up for e-statements are as follows:
- Sign into your account
- Select (Click On) the savings/checking account (or any other share/loan) you want to enroll
- Select “Settings”
- Select “Documents”
- Select “Enroll all accounts”
A: COVID-19 has pummeled the economy in an unprecedented way, and financial experts say the economic fallout of the pandemic is just beginning. But that doesn’t mean you need to start hoarding your money under your mattress. You don’t need to worry about the money you have at Highmark Credit Union. The country may be battling a raging pandemic and the economy might be barely limping along, but neither of these factors affect the security of your funds here at our credit union. As always, Highmark is federally insured up to $250,000 per single owner share by the National Credit Union Administration This means your money is protected here no matter what’s happening on Wall Street or to the global economy. The economy might be unstable right now and the immediate future of the country still unknown, but there’s one thing you can count on:Your money is secure at Highmark. To get the exact amount that your shares are insured for, based on the number and kinds of accounts you have, check out the link here, provided by the National Credit Union Administration.
Account Nick-Names: You can nickname your accounts through online banking so you can distinguish between multiple accounts across multiple membership numbers. You can nick-name accounts by clicking on settings and then hitting the rename link next to the current account name on this page.
Check re-orders: Currently you cannot request a check re-order while logged into your account. (We are working to get this option integrated). For now, please go to our homepage and click on tools and services then choose check re-order from the drop down list to re-order checks.
External Accounts: You can now transfer between institutions by setting up external account transfers. From the mobile app this is located under Menu>Settings>External Transfers add an account. From within your browser log in this is located under Transfers>External Accounts then +External Account. Initially it will take 24 to 48 hours to set up the account because two deposit test transfers must be verified before regular transfers can take place. You will enter the deposit amounts of the two small test transfers in the same spot you went to add the external account.
If you have further questions, or just need some assistance finding your way around the new app, please call us Monday -Friday 8:30-7:00 at 1.800.672.6365 or reach out here.