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Bank Deducts Federal Tax out of Savings Acct

 
Can't Think Now

User ID: 1506634
United States
12/02/2011 08:27 PM

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Bank Deducts Federal Tax out of Savings Acct
I know I've kinda laid off watching TV and reading lately but....have I missed something? Today at work I reconciled our bank accounts and noticed that Wells Fargo has deducted FEDERAL TAXES out of our savings accounts. Has anyone else seen this? Did legislation pass that I missed? I was and still am dumbfounded.
Anonymous Coward
User ID: 3103996
United States
12/02/2011 08:28 PM
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Re: Bank Deducts Federal Tax out of Savings Acct
wtf
Anonymous Coward
User ID: 1534301
United States
12/02/2011 08:49 PM
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Re: Bank Deducts Federal Tax out of Savings Acct
bump
Vision Thing

User ID: 6233342
United States
12/02/2011 09:07 PM

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Re: Bank Deducts Federal Tax out of Savings Acct
What kind of tax? Self Employment Tax? Income Tax? Is it a business savings account? Do you have an outstanding bill?

Just curious questions is all. Sounds really screwed up!
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Can't Think Now (OP)

User ID: 1506634
United States
12/02/2011 09:09 PM

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Re: Bank Deducts Federal Tax out of Savings Acct
I guess I should say that it was posted just under the line for interest earned....so..... I'd say that is looks like the bank is now withholding federal taxes for interest earned. Another employee said that she had the same thing posted on her personal savings account. Is the government now taking taxes out of everyone's interest each month?

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