OCC Encourages Banks to Promote EITC Awareness

To increase use of the Earned Income Tax Credit by qualified working families, the OCC promoted EITC Awareness Day on January 25. With only 80 percent of eligible taxpayers claiming the EITC, the OCC encouraged banks to educate their local communities about the credit. In addition, the OCC suggested that banks provide low-cost products and services to enable tax refund recipients to automatically deposit their refunds; encourage the use of tax refunds in bank-sponsored savings match programs; and sponsor IRS volunteer income tax assistance programs.

“The Earned Income Tax Credit is a valuable tax break that can help the financial outlook of hard-working, American families,” said Comptroller of the Currency Joseph Otting. “I encourage all eligible taxpayers to take advantage of this benefit.”

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Kate Young

Kate Young is a senior editor at the ABA Banking Journal and editor of ABA Bank Marketing.