April 2015

Volume 3, Issue 8

Posted on 4/21/2015

The American Savings Promotion Act: How Will It Affect Your Institution?

Did you know that almost 40% of Americans do not have a savings account? During this time of financial uncertainty, a savings base that can be drawn upon in times of need is more critical than ever, but so many Americans do not have the recommended three months of expenses put aside. What can we do to change that?

 

On Dec. 18, 2014, Congress signed into law The American Savings Promotion Act, which amends several previous statutes and allows financial institutions the ability to offer promotional raffles to encourage customers to open new or invest in existing savings accounts.

 

Want to learn more?  Gabrielle Reed, associate trainer, with Gettechnical Inc. recently held a webinar to discuss the topic. For more information or to purchase, click here

 

CP2100 Has Arrived. Now What Do You Do?

What do you do when SSN, EINs and ITINs do not match? The IRS has issued CP2100s.  Your institution has been put on notice that names and TIN do not match.  Join Debbie Crawford on April 30th as she reviews the B Notice Process with your account holders.  What to do and what not to do.  Some of the items that will be covered during this program will include: 

  • What is a CP2100 and what is a 872 penalty notification
  • What to do if you have incorrect TINs
  • What to do if you have missing TINs
  • What needs to be in each B notice
  • The IRS matching process common errors
  • Notice 972CG, solicitations
  • How to document the process to avoid being fined
  • Preventative measures at the front line to never have this happen again
You will not want to miss this back of the house program on TIN and Name Match Process. For more information or to register, click here.

New Youth Savings Programs Guidelines
Does your financial institution offer savings accounts or programs to the youth of your community? Should you? The answer is yes. Several of the governing agencies in the financial community have come together to set guidelines and encourage the development and offering of both individual, and especially, school based savings programs for minors.
 
Join Gabrielle Reed on May 13th as she discusses many of the frequently asked questions about these types of accounts. For more information or to register, click here

Do you have a question or topic that you would like to see addressed in our monthly newsletter? If so, email us and let us know. Send questions and/or topic suggestions to info@bankersecampus.com.