Missouri Bank WARNS Customers About Biden’s “Bank Account Profiling” Law - Granite Grok

Missouri Bank WARNS Customers About Biden’s “Bank Account Profiling” Law

The Missouri Bank warns Customers

A bank in Missouri took to Facebook recently to warn its customers about a law that is part of Biden’s “American Families Plan.”  The law is regarding banking and how it affects every single person in the United States:

The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers.

So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent.

Two things are an issue here – the Biden Administration wanting to SEE ALL OF THESE TRANSACTIONS, and the COST to implement and report on this for the banks.

The only people who will pay the price are CONSUMERS, especially those who can least afford it.

Our personal banking transactions, if LEGAL, are NONE OF THE GOVERNMENT’S BUSINESS.

If the government believes something is illegal, they can seek a warrant to get the information regarding transactions they may need. It’s called DUE PROCESS.

The Missouri Bank clearly believes that its customers’ privacy is far more important and wanted to alert them of the violations that the Biden Administration is seeking to impose:

We work for our customers and our community, not the IRS. We encourage you to join us IMMEDIATELY in telling Congress that proposed IRS bank account profiling is indiscriminate and intrusive for our customers. #KeepMyBankPrivate

Biden wants the IRS to monitor ALL BANK ACCOUNTS where $600 transactions occur. This is literally almost EVERYONE in the United States. Whether you’re getting a paycheck or paying your rent or mortgage, at some point, most likely at least once a month, you will have transactions at or above the $600 amount.

Democrats claim it’s to monitor people who are somehow “avoiding” pay as much in taxes as they should be, according to the IRS.

And how will Biden do it? By forcing taxpayers to pay for THOUSANDS MORE IRS EMPLOYEES!

Biden’s plan is about CRUSHING American families and almost every Democrat in Congress, including New Hampshire Senators Jeanne Shaheen and Maggie Hassan; and New Hampshire Congressional Representatives Chris Pappas and Annie Kuster, support this blatant invasion into our privacy.

Below is the post from The Missouri Bank. Hopefully, other community banks follow suit:

https://www.facebook.com/TheMissouriBank/posts/4380641302001211

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