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As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.

One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.

 

Click to Contact your Representatives to stop this invasion of your privacy!

 

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FAQ

What is a Certificate of Deposit?

A Certificate of Deposit (CD) is a savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. When you open a CD, your money is on deposit for a specific time period. For agreeing to keep it on deposit for a specified time period, you earn more than you would in a regular savings account. If you cash it in before its maturity date, you pay a penalty.

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