Form 8888 (again)
I want to put an IRS for in our statements.
Sounds kinda weird, huh. I want to put Form 8888 into our year-end statements (see original post here), which contains our 1099′s, and have it pre-populated with our routing number. Give the members a little instruction sheet, tell them what the form is, why they should use it, and the benefits of "savings half, spending half".
The form is still in draft form from the IRS, so we might not even be able to get an official version in time to print and stuff statements.
So what do you think? Will members like the convenience of having the form already populated with our routing number? Can we fill out IRS forms and give them to our members? Or would we better serve our members by letting them know what the form is, how to use and, and letting the go to the IRS site and download it on their own?
I think this is a pretty good idea on the face, but I wouldn’t waste the paper sending the document to the members. On your year-end form or cover letter, I would put something like “Expecting a tax refund?” with a blurb about the benefits of direct depositing it to the credit union, and maybe use a graphic with the section of the form that asks for the routing number (populated) while mentioning the form number. I’m sure fewer people are paper filing anymore, so telling members they can get the form at a branch would be better than using up the paper to send it out. I really like the idea of goading the members about it though.
Another thing I’ve already noticed this year is that the tax software companies are encouraging people to open an “instant IRA” when they file. Does your credit union offer IRAs that could somehow also be suggested?
One last thing…I’m not a lawyer, but I’d check carefully about any liability associated with helping members complete this form if they ask for assistance. It seems possible that trouble could arise if the staff are providing any more than the routing and account number as far as assistance.
Great point about the paper. I might be better just to have it at a branch. And I’m now lawyer either. I’m pretty doubtful we can get away with pre-populating IRS forms for our members for one reason or another.