3 Cures for your Tax Procrastination

Excited to hear that tax season opened right on schedule? Who isn’t, right? Are you filing your taxes today, or do you see the April 15th due date as a far and distant time?

If putting it off is your thing, you’re not alone. Last year, 14 million people submitted their taxes on the last day.¹ Even more people filed for an extension. Millions took their procrastination to the next level by filing at the last day of their extension.²

I can’t imagine why, but there seems to be a procrastination epidemic when it comes to filing taxes. With the behavior of millions at stake, there is only one possible cure. An easy to digest list of reasons to file early!

Vaccination for Identity Theft

Picture this. You wait to file, but still file before the due date. Instead of your return, you receive a notice from the IRS saying that a return has already been filed with your SSN. You’ve been a victim of tax-refund identity theft.

The IRS uses the elegant system of “first come, first serve” when it comes to filing under your SSN. You might unknowingly be in a race to file first. We’ve talked before about how protecting against data breaches needs to be the new normal. The big Equifax breach in 2017 leaked the info of 145.5 million people. For perspective, there are 243.3 million adults in the USA.³

Money Now or Money Later

The earlier you file, the sooner you get your return if you are expecting one. That’s extra money in your pocket. Are there studies that show that having money is more beneficial than not? Probably. Let’s assume there are. Getting your money earlier means you can get a head start on interest earning savings. For example, you can have more time to earn on a Certificate of Deposit. You can also establish emergency savings sooner. The math checks out. Having more earlier means having even more later.

Paying the Taxman

Even if you typically receive a return, you might be surprised to find that you owe this year. There have been a lot of recent changes to the tax code, including the withholding tables. Millions of people are discovering that they didn’t withhold enough.⁴ Whether you expect to owe or not, filing early will give you more time to figure out how you’ll pay. Otherwise, you could be in for a stressful surprise.

File early. File today. If you are expecting a return this year, you’ll need our routing number and your account number to direct deposit your return. You can find our routing number and instructions to find your account number below.

Our Routing Number:

302075694

Finding your account number in Online Banking:

1. Locate our account in the dashboard.

2. Your full account number is the number listed as MaskMICR. This includes zeros and the digit after your member number. (see #2 in screenshot below)

1. http://fortune.com/2018/04/19/14-million-people-procrastinate-file-taxes/

2. http://fortune.com/2018/04/19/14-million-people-procrastinate-file-taxes/

4. https://www.forbes.com/sites/kellyphillipserb/2018/08/04/report-suggests-more-taxpayers-will-owe-tax-in-2019-due-to-withholding/#1804a2c25f0f

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

Checking Comparison Chart

Compare Checking Accounts

Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer