You may have heard the news about a proposal being considered in Washington that would require banks and financial institutions to report inflows and outflows of cash from personal and business bank accounts to the IRS.
At least one local banking institution - Community National Bank and Trust of Texas – has notified customers and urged them to contact their senators and congressman about the proposal.
In an email to customers Wednesday, the bank said under the proposal, Community National Bank & Trust of Texas would be required by the government to report your account activity to the IRS.
The bank said they care about you and your privacy, and want you to know about this potential change proposed by Washington policymakers. We encourage you to take action by contacting Congress about this unprecedented invasion of privacy.