Why you (and your members) need Form 8888

What is Form 8888 you say? It is the draft version of the new IRS direct deposit form for your tax refund! Currently, your basic 1040 just gives one line to fill the depository institution’s information on. Form 8888 will let the taxpayer designate up to 3 different FI’s to send their refund to.

I’ve talked about helping our members sock some money away, and with the current negative savings rate, all FI’s need to help their members/customers save. B of A has their keep the change program and Tarrant County CU has their change is good program. Many FI’s have Christmas club accounts, tax accounts, etc, but we need to help our members save money, not just give them some where to put it.

CU’s have an opportunity here to use 8888 and encourage their members to spend half, save half.