Important Message from Chairman Ken Burgess
Dear Valued Customer,
At FirstCapital Bank of Texas, looking out for our customers’ best interests has always been a top priority. Since our start in 1998, we’ve committed ourselves to protecting our customers, building personal relationships, and keeping you informed regarding matters that could affect you and your banking services – which is why I want to inform you of an expansion of tax information reporting that’s been proposed by the Biden Administration.
The expansion is aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. The proposal, if enacted, would require all financial institutions – including FCB – to report to the IRS detailed information on all customers with inflows and outflows above $600 – whether it be a business account or a personal account. This includes deposits, withdrawals, loan payments, transfers, and more.
This proposed legislation not only conflicts with current privacy regulations, but it would also jeopardize the security of your personal financial information which was previously confidential. FCB would not have an option and would be forced to share your account information with the IRS.
As a community bank concerned about protecting your privacy, we invite you to contact your state representatives and let your voices be heard. To send a pre-written message to the Texas Delegation, you may click here.
FCB values our relationship, and your privacy will remain our top priority. Thank you for entrusting us with your finances.
Ken Burgess, Chairman
FirstCapital Bank of Texas