Search
Close this search box.

Avoiding Scams: Don’t Answer Calls From These Area Codes

Avoiding Scams:

Don’t Answer Calls From These Area Codes

Avoiding Scams: Don’t Answer Calls From These Area Codes

 

Robocalls have got to be one the most annoying inventions of the 21st century. Unfortunately, those phone calls can do a lot more than disrupt your dinner to send you running to the phone just to hear about an offer for an extended warranty on your car. Using sophisticated spoofing methods and dogged persistence, they can swindle unsuspecting targets out of hundreds, or even thousands of dollars, using nothing but a phone. In fact, according to data from Trucaller, Americans lost close to $30 billion to phone scams in 2020.

Technology has made it far too easy and cheap for scammers to place a huge number of robocalls in seconds. New robocall platforms can make up to 5,000 simultaneous calls a second for as little as a dollar. Even if only 10 of these phone calls have their desired effect on the targets, the scammers have pulled in a solid profit.

Here’s what you need to know about phone scams and how to avoid them.

Traffic pumping

According to federal law, rural carriers are allowed to charge wireless and long-distance carriers higher fees for calls to local subscribers. To earn a quick buck – or a few hundred – rural carriers partner up with chat lines, adult entertainment numbers and “free” conference call service providers, as well as other numbers that are based overseas. Their goal is to artificially inflate the call volume in the home area codes of the rural carriers so they, in turn, can bill the wireless and long distance companies an exorbitant amount of money and give the chat lines a kickback,too. This is known as “traffic pumping.”

The bad news for private consumers is that their wireless or landline provider will pass the higher cost structure onto them. Sometimes, the caller will be warned of a higher charge, but other times, the consumer will believe these calls are completely free – until the bill arrives.

Area code alert:

The 712 area code and the 218 area code are infamous for traffic pumping.

The one-ring scam

In this ruse, scammers use robocalling technology to call wireless numbers and hang up after only one ring. The scammers are hoping the target will be curious and careless enough to return the call. If they do, they will likely be calling a number in the Caribbean, which can cost them up to $30 a minute. A prevalent one-ring scam that originates in Japan brings that cost up to $50 a minute!

Whenever you receive a call from an unfamiliar number, it’s best to let it go to voicemail instead of picking up. Curious enough to return a one-ring call? First Google the number to see who the caller is. If it’s a scammer, you’ll likely find some warnings posted online when you look up the number.

Area code alert:
The FTC warns consumers about returning one-ring calls from these area codes:

  • 268–Antigua and Barbuda
  • 284–British Virgin Islands
  • 473–Grenada, Carriacou and Petite Martinique
  • 664–Montserrat
  • 649–Turks and Caicos Islands
  • 767–Commonwealth of Dominica
  • 809, 829, 849–Dominican Republic
  • 876–Jamaica

When an unfamiliar number comes up on your phone screen, you’re better off waiting for a voicemail to determine if you have a legitimate caller before calling it back. You can also Google the phone number itself. If the number is a scam, chances are good that others will have posted warnings about it online.

Protect your phone

If the robocalls are driving you crazy, there are steps you can take to limit the amount that reach your phone. First, place your number on the Do Not Call list. You can also reach out to your phone service provider to ask about robocall blocking functionality they may offer, though you may need to pay for this extra service. Finally, consider using a robocall-blocking app, like HiyaYouMail or RoboKiller.

Think twice before picking up the phone from an unknown caller, or returning a call from an unfamiliar number. Stay safe!

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

YIPOA Skid Steer

YiPoA Youth Center

AGCU is honored to partner with our friends at YiPoA, Youth In Pursuit Of Awakening

 

Yipoa CenterThe YIPOA’s ministry will include a recreational center for area youth with the mission of revival.

Josh and Erin Wirtmiller are the founders of YiPoA Ministry based out of Ozark, MO. Josh is a Developer for AT&T andCommunity Youth Pastor.  Erin serves as the assistant Youth Pastor and Event Planner.  Both have a heart for awakening students to

love Jesus & live out the gospel!  Pastor Josh and his wife Erin live in Ozark, MO with their son Kaiden and their daughter Kylee.

Learn more about YiPoA and their vision for Youth.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

COVID-19 Emergency Relief and Federal Student Aid

The COVID-19 emergency relief for federal student loans ends Jan. 31, 2022. Here, you can learn how to prepare for loan payments to begin again. You can also find information about COVID-19 relief, impacts, and resources.

On Aug. 6, 2021, the U.S. Department of Education announced a final extension of the student loan payment pause until Jan. 31, 2022.

The pause includes the following relief measures for eligible loans:

  • a suspension of loan payments

  • a 0% interest rate

  • stopped collections on defaulted loans

Don’t accept unexpected offers of financial aid or help (such as a “pandemic grant” or “Biden loan forgiveness”) without checking with your school to see if the offer is legit. Learn how to avoid scams.

COVID-19 and Federal Student Aid Info

Find information about the impact of COVID-19 on these topics:

Preparing for Repayment to Resume

Here are three steps to make sure you’re prepared for student loan payments to resume:

Once the payment suspension ends, you’ll receive your billing statement or other notice at least 21 days before your payment is due.

Contact your loan servicer online or by phone to find out what your payment amount will be when payments restart. Your loan servicer is your source for official, up-to-date information about your loan.

Frequently Asked Questions (FAQs)

 

Will auto-debit payments restart after payments begin again?

Your auto-debit payments may not restart automatically when payments begin again. Look for your status in the table below to see what you need to do to stay on auto-debit.

Status Result
On auto-debit before March 13, 2020 Your servicer will contact you before the suspension ends to confirm whether you want to stay on auto-debit. If you do not respond to these communications, your servicer will stop your auto-debit.
Signed up for auto-debit after March 13, 2020 Auto-debit payments will resume automatically on your first due date when payments begin again.
Opted out of the payment suspension and are signed up for auto-debit You don’t have to take any action to stay on auto-debit.
Have loan(s) in default Your auto-debit options may be a little different. Contact ED’s Default Resolution Group to discuss your auto-debit options.
Have Perkins Loans and are paying through auto-debit during the payment suspension You don’t have to take any action to stay on auto-debit.
Have Perkins Loans and are not paying through auto-debit during the payment suspension You are no longer signed up for auto-debit. Your loan servicer will contact you to let you know how to sign up again.

Contact your loan servicer if you have questions about your auto-debit or need to update your auto-debit banking information on file.

Will my payment amount change after the payment suspension ends?

It depends. If you’re on a traditional repayment plan, such as a Standard, Graduated, or Extended Repayment Plan, then your loan servicer may recalculate your payment amount when the payment suspension ends. Your loan servicer would base this recalculation on your current balance of principal and interest and your remaining repayment period.

If you’re on an IDR plan, your payment amount will return to what it was prior to your payments being suspended unless you’ve recertified since the payment suspension began.

Will the payment suspension cause me to take longer to pay off my loans?

My monthly student loan payment will be too high, and I can’t afford it. What can I do to lower it?

 

Additional Resources and Information

Federal Government Websites

Here are some sites that you or your school may find useful:

History of the COVID-19 Emergency Relief Flexibilities

  • On March 20, 2020, the office of Federal Student Aid began providing the following temporary relief on ED-owned federal student loans: suspension of loan payments, stopped collections on defaulted loans, and a 0% interest rate.

  • On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law, providing for the above relief measures on ED-owned federal student loans through Sept. 30, 2020.

  • On Aug. 8, 2020, the COVID-19 emergency relief measures were extended through Dec. 31, 2020.

  • On Dec. 4, 2020, the COVID-19 emergency relief measures were extended through Jan. 31, 2021.

  • On Jan. 20, 2021, the COVID-19 emergency relief measures were extended through at least Sept. 30, 2021.

  • On March 30, 2021, the COVID-19 emergency relief measures were expanded to federal student loans made through the Federal Family Education Loan (FFEL) Program that are in default.

  • On Aug. 6, 2021, the COVID-19 emergency relief measures were extended until Jan. 31, 2022.

This Q&A contains general statements of policy under the Administrative Procedure Act issued to advise the public prospectively of the manner in which the U.S. Department of Education (ED) and Federal Student Aid (FSA) propose to exercise their discretion as a result of and in response to the lawfully and duly declared COVID-19 pandemic national emergency. ED and FSA do not intend for this Q&A to create legally binding standards affirmatively determining any member of the public’s legal rights and obligations for which noncompliance may form an independent basis for action.

I Pour Life Season Of Giving

I Pour Life  – Season Of Giving

I Pour Life is a nonprofit focused on developing people and providing them with the tools they need to become self-sufficient.

Starting on November 1st, join us in a Season of Giving. AGCU has generously started it off with a $10,000 matching gift. We believe that through your giving, we can support the addition of many youth in the LifeStrengths program in Missouri and fund our positive youth development program in Ethiopia. Our hope throughout this Season of Giving is that, as our youth are refreshed, you will also find refreshment through your generosity and gift.

Change A Life Through Your Gift Today

Your donation gives a hand up to individuals locally and globally to help them discover their strengths and become self-sufficient.

i Pour Life - Season of Giving.

 

Each week in November we will be hosting a variety of different raffles that you can be a part of, all leading up to the global day of giving, #GivingTuesday! Stay tuned each week for details on each raffle and how to enter.

November 1st – 50/50 Raffle
November 7th – $100 Gift Certificate to Finley Farms
November 14th – 4 Tickets to Silver Dollar City
November 21st – TBD
#GivingTuesday – Tuesday, November 30th

Thank you for your continued support of our organization. We can’t wait to share the Season of Giving with you!

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

 

Holiday Gifts that teach about Money

Christmas Gifts to Teach Your Kids About Money

Give your children the gift of financial literacy this season

It’s important that you start coaching your children on the basics of financial responsibility early in their lives. Properly saving, spending, and investing money are crucial skills for all people to master — and the sooner you can teach them, the better!

Regardless of what age they are, your child can learn a lot from receiving a gift that encourages them to develop their financial competency. Even a low-priced gift can have a valuable impact on their future by strengthening basic financial skills. Here are some ideas for your holiday shopping list for the kids in your life.

A place to store their cash

 Holiday Gifts to Teach Your Kids About Money

Learning good financial habits starts with knowing how to properly save and track your money. For children who are just starting to receive an allowance and possess physical currency, Money Talks News blogger Brandon Ballenger suggests giving them a place to store their money.

“There’s the traditional ceramic piggy bank (which can be an art project too, if you pick a plain one),” recommends Ballenger in a Business Insider article, “but also ATMs for kids, money mazes, and cash registers.” Or, give your child the craft materials to make their own DIY savings box.

If your child is a teenager, they may be old enough to open a joint savings account with you. Give them some cash — or have them bring their own — and walk them through the steps of opening up a savings account to start depositing and withdrawing their money. You’ll need to be a co-owner of the account if they are a minor, but that will allow you to monitor their habits and provide guidance.

Money-themed games

Learning through play is an effective way to facilitate your child’s understanding and application of basic financial principles. On her website Mombrite, STEM education expert Betty Boiron shares a list of 10 great board games she recommends to parents who want to teach their kids skills like currency denomination recognition, counting money, making transactions, and saving for large purchases.

Of course, there are time-honored titles like Monopoly or Pay Day, but you can find even better games made for children and teenagers that have been published in recent years. Some that Betty recommends are Exact Change, Buy It Right, Money Bags, and Big Money.

There are also more complex games for teenagers on the market that challenge children to apply critical thinking skills to fictitious investments, making decisions that reap the most lucrative benefits. The classic game Acquire is still a great option, in which players make money by buying stock in, merging, and expanding corporations.

Educational toys for Christmas

Did you grow up playing with a toy cash register? Hands-on recreation and role-playing allow a child to familiarize themselves with money and practice basic concepts in tactile ways. The financial educators at Freedom Sprout recommend a variety of toys for children to practice money skills. These include sets of pretend money, a fake checkbook, and a toy cash register with a digital calculator on it. If your teenager is too old for such gifts, consider gifting them stock or opening a Roth IRA with them.

Whatever you decide to buy your child — or give to a friend’s or family member’s child — make sure you spend quality time alongside them as they use your gift. Toys, games, and books are useful resources for imparting knowledge and honing skills, but they’re not a substitute for attentive coaching and interactive instruction.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

7 Money Myths You Need to Stop Believing Now

7 Money Myths You Need to Stop Believing Now

7 Money Myths You Need to Stop Believing Now

How many money myths have you fallen for?

We all grow up hearing the same financial advice: Spend less, save more, and invest early. While these words of wisdom certainly ring true, there are many widespread money management tips that are actually false… or, at the very least, they shouldn’t be automatically accepted as iron-clad truths.

Outlined here are 7 money myths that might be causing you more financial stress than benefit.

Myth #1: Debit is always better than credit

Do you automatically reach for your debit card when making a purchase? While it’s true that paying for expenses with money you already have in your account is often the best choice, there is a time and a place for credit cards as well.

The real deal: Credit cards get a bad rap for the debt trap they represent, but they may be your occasional payment method of choice. First, many credit cards offer rewards in the form of travel miles, cash-back systems, and other bonuses. Second, building and maintaining a strong credit history is crucial for your financial wellness. The only way to achieve this is by using your credit cards and paying your bills on time. Finally, lots of credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items.

Myth #2: Buy a home at all costs

It’s part of the American Dream: Go to college, land the perfect job, get married, and buy a house, complete with a white picket fence and two cars in the driveway. And if you’re ready to buy a home, We’re here to help!

Unfortunately, though, too many people are fixed on that dream without realizing that owning a home might not be in their best financial interests.

The real deal: For many people, including those who are not yet ready to put down roots or who anticipate a career change that necessitates moving across state lines, renting a home or apartment might be the better choice. It can also be a financially expedient option if you live in a super-expensive area.

Myth #3: Investing is only for rich people

Investing is for people who drive luxury vehicles and have homes in three different states.

Or is it?

The real deal: Anyone with a small pile of money squirreled away can get a foothold in Certificates of Deposits, Money Market Accounts, or even the stock market. A smart investment strategy can be the best way to let your money grow and put you on the track to financial independence. If you’re a beginning investor, look into passively managed index funds for an easy way to start building your wealth.

Myth #4: My partner manages our finances, so I don’t need to think about money at all

Are you living in blissful financial oblivion, confident that your partner is managing your money?

The real deal: Every adult should have a handle on the family’s finances, regardless of their partner’s involvement. While it is fine for one partner to actively manage the family’s money, it is crucial for both partners to be aware of the state of the family finances and to be capable of managing household expenses and investments if something happens to a partner.

Myth #5: Credit cards will get me through any financial crisis

Why would I need an emergency fund? I have credit cards!

The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig yourself into a deep pit of debt. Thanks to interest, you’ll be paying back a lot more than you spend. You’re also more likely to overspend when you pay with plastic.

Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce, or illness. It’s best to build an emergency fund consisting of three to six months’ worth of living expenses so you’re completely covered for the unexpected.

Myth #6: I’m so young; I don’t need to think about retirement

Who can think about retirement when it’s so far down the road because they’re just starting a career? Besides, who can afford to save for retirement when they’re bogged down with more pressing expenses, like saving for a house and putting kids through college?

The real deal: There’s no better time to start planning and saving for your retirement than right now. The younger you start building your retirement fund, the less you’ll have to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable, stress-free retirement by maxing out your 401(k) contributions, and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic!

Myth #7: I have enough in my account to cover my expenses so I don’t need to budget

Budgeting is for people who are barely squeaking through the month. I have enough money; so why budget?

The real deal: Budgeting is for everyone. Without a realistic budget in place, those pulling in a salary in the high six digits can easily spend their way into debt. A budget will force you to make responsible money choices and to be fully aware of the state of your finances at all times. If you need help getting started on your budget, check out our Money Management tools in online banking and our app!

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

Financing vs. Leasing

Why is Financing a Vehicle Better than Leasing?

Since the majority of buyers don’t have enough money on hand to pay for a car in full, two of the most popular options for getting behind the wheel are leasing and financing.

Navigating the car buying process can feel overwhelming, confusing, and inaccessible for many people. One of the most complicated parts of the experience can be trying to parse out how to get the best deal on a car that suits your needs. Since the majority of buyers don’t have enough money on hand to pay for a car in full, two of the most popular options for getting behind the wheel are leasing and financing.

The difference between leasing and financing

Financing vs. LeasingAt first glance, both leasing and financing can seem like similar options, but there are a few critical differences. To put it simply, the process of financing a car is very much like paying off a home loan. You can secure a loan for the full amount of the vehicle from a third-party financial institution or directly through the dealership, then pay the loan back in monthly installments. Once you’ve paid back the loan, you own the car in full.

Leasing, on the other hand, is essentially a rental. You pay the dealership a rental fee to drive the vehicle for a set period, then return it at the end of the term.

Gain an asset

It may seem simplistic, but the fact that you’ll end up owning your vehicle in full at the end of your loan term is an essential factor to consider when choosing whether to finance or lease. In an article written by David Weliver for MoneyUnder30.com, several experts weighed in on the benefit of having a tangible asset at the end of a loan.

Allyson Baumeister, a member of the Texas Society of Certified Public Accountants, stated, “When you lease a car, you make payments for a specified period of time and then at the end of the term you have nothing to show for your money. You own nothing. However, when you buy a car, at the end of the term, you own a car.  You can keep that car indefinitely or sell that car for value.” Echoing that sentiment, Clare Levinson, a member of the National CPA Financial Literacy Commission, continued by saying, “With buying, eventually you will have paid off the car and no longer have the expense of the monthly payment,” whereas lease payments continue indefinitely.

Flexibility

The fact that you’ll end up owning your vehicle at the end of the loan term gives you the freedom to drive your car how you see fit, an option you do not receive with a lease. For instance, most lease agreements include mileage caps that limit how far you can drive your leased vehicle without racking up fees. Investopedia’s Daniel Kurt states that typical mileage limits are in the range of 12,000 to 15,000 miles per year, usually over a three or four-year term. If you drive for work or visit family frequently, a lease could end up costing you additional money per mile.

Beyond mileage caps, leasing puts restrictions on any customization — like a new sound system or radio — and any noticeable wear and tear. If you enjoy off-roading or want to use a leased vehicle on a worksite, you’re virtually guaranteed to get hit with a fine.

Furthermore, you can choose to trade or sell your car at any point during the duration of your loan. If you find that the vehicle is no longer suiting your needs, simply put the resale or trade value towards the remaining balance of your loan, and the cost of your next vehicle. You can return a leased vehicle, but since that violates the terms of the agreement, you’ll need to pay a termination fee.

Lower lifetime cost

One of the most common arguments in favor of leasing is that monthly payments are typically lower than they would be for a loan. Kurt corroborated this claim, but also mentioned, “If you’re thinking about the long-term financial impact, leases start to look less attractive.”

In his article, David Weliver broke down how paying less per month for a lease costs considerably more money in the long run. The basis for his stance hangs on the fact that at a certain point, you will no longer have to make payments on your loan. If you’ve taken good care of your vehicle, you can resell it for a profit. In his calculations, based on two identical 2014 sedans — one leased, the other financed — the driver of the financed vehicle would save roughly $6,500 over six years when compared with the driver of the leased model.

With very few exceptions, financing your car is a more secure investment than leasing. If you’re ready to begin looking for a new vehicle and have questions about our vehicle loans? Want to know about the application process? Contact us for more information or to schedule an appointment with a loan officer.

Curious about our rates?  View current loan rates here.

If you’re ready to apply, start your application now.

Interested in learning about AGCU’s vehicle insurance rates?

Take a look at AGCU Insurance and see if they can save you time and money on your insurance coverage.

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

Do you consider the Assemblies of God to be your church home?

AGCU expands membership eligibility to all 50 states!

 

Your Complete Guide to Secure Mobile Banking

Your Complete Guide to Secure Mobile Banking

Your Complete Guide to Secure Mobile Banking

 

In response to the rise of mobile banking scams, the Consumer Financial Protection Bureau (CFPB) recently published new guidance on unauthorized electronic funds transfers or EFTs. With more people using electronic banking as a holdover from pandemic times, consumers need to be aware of its vulnerabilities and protect themselves from scams. Here’s what you need to know about the risks of mobile banking and how to stay safe.

 

What are the risks of mobile banking?

Banking through your mobile device is quick, convenient, and efficient. There’s no longer a need to stop by the credit union on your way home from work to deposit checks, make a transfer or review your recent account history. Most banks and credit unions now allow you to do all that and more at any time and from anywhere, using your phone and a mobile banking app. To get started, simply download the free Mobile Banking app from the App Store or Google Play store.

Unfortunately, though, like all transactions over the internet, mobile banking has some inherent risks. First, hackers can break into a phone and an account to steal money and information. Also, phishing scams targeting people over the phone can trick them into sharing login information with scammers who may hack into the account. Finally, bogus emails and messages appearing to be from your credit union can lead you to install malware on your device unknowingly.

Mobile banking scams can be difficult to spot and are frighteningly prevalent. In fact, according to a report by data science company Feedzai, the first quarter of 2021 saw a 159% increase in banking scams over the last quarter of 2020. This is likely because the volume of banking transactions is returning to its pre-pandemic norm, and many of them are happening online.

How to bank safely online

Instances of online fraud may be mounting, but that doesn’t mean you need to give up the convenience of mobile banking. Follow these protocols for online safety and bank with high confidence:

  • Use a VPN to hide your IP address. A VPN (virtual private network) will give you a private network, even when you’re using public Wi-Fi, thus preventing scammers from tracking and hacking your mobile device. It’s important to note that some VPNs can work so well that your own credit union won’t recognize you, so be sure to choose one that provides each user with a designated proxy IP. This enables select accounts to recognize the user while providing protection from hackers.
  • Always choose multi-factor authentication. Most money apps will require this, but if your chosen app allows you to make this choice, be sure to say yes to multi-factor authentication.
  • Never share your password or save it to your device. All of your passwords should be confidential, but the password you choose for an online banking app must be top secret. Don’t share your password with anyone. Follow suggested guidelines for choosing a strong password, including alternating between uppercase letters, lowercase letters, numbers, and symbols, and choosing a unique password you don’t use elsewhere. Also, choose a security question that cannot be answered by searching through the personal information you post on your social media platforms.
  • Brush up on your knowledge of scams. It’s important to keep yourself updated on the latest banking scams and know how to recognize a scam if you’re targeted. Never answer a text or email that asks for your account details, even if it appears to be from your credit union. Maps will never ask for account details, passwords, or access codes. Finally, always be wary of unsolicited phone calls and banking alerts.
  • Protect your phone. With the wealth of sensitive information it holds, a smartphone should be protected just like a desktop and laptop computer. Consider installing an antivirus app on your phone as well as a location-tracking app so you can find your phone if it gets lost. Be sure to lock your phone after using it, log out of the mobile banking app when you are done, and always keep your phone in a safe place.

Mobile banking scams are on the rise, but by simply following the tips shared above, you can use your phone to bank with confidence, knowing your money and your information are safe.

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

Why We Urge You To Oppose A New IRS Reporting Proposal

Why We Urge You To Oppose A New IRS Reporting Proposal

 

As many of you have heard, Congress has been considering a proposal that would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of many members’ accounts above a certain threshold.

At AGCU, we care about your privacy and are committed to informing you when legislation is being discussed that could directly affect you. We are strongly opposed to the following proposal and while this is not currently in effect, we highly encourage you to join us in sharing your voice to reject this new IRS reporting provision.

As your credit union, this unprecedented access raises several concerns:

Your Privacy Matters to Us- Oppose IRS Reporting

  • This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
  • The government relies on old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.
  • This proposal could create an undue regulatory burden on some financial institutions.

While AGCU must abide by all federal regulations, we know your financial privacy is of utmost importance. As a member of AGCU, we encourage you to contact your US Senator and US Representative to voice your opposition today. Your voice matters!

We need to work together to stop the proposed provision that allows the IRS to access nontaxable deposit account information from credit unions and banks.

Tell your Representatives to oppose jeopardizing consumers’ personal finance privacy. Click Here To Take Action Now!

The Bottom Line:

Don’t jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks. 

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!