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#1278616 - 11/02/09 08:25 PM
T T & L Payments ????
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Diamond Poster
Joined: May 2005
Posts: 1,813
Giant side of TX
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We just had a customer inform us that they attempted to make a TT&L payment at B of A (business has multi accts at diff banks in town) & they were informed they did not accept TT&L Pmts any more. B of A told the customer, that Jan 1, 2010 all banks will stop taking TT&L payments ?????????This is news to me - - - - Did I miss something ???????
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My opinions are just that, and might be worth what you paid for them.
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#1279006 - 11/03/09 02:58 PM
Re: T T & L Payments ????
ktac MITCH
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Diamond Poster
Joined: May 2005
Posts: 1,813
Giant side of TX
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Bump - anyone?
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My opinions are just that, and might be worth what you paid for them.
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#1279012 - 11/03/09 03:09 PM
Re: T T & L Payments ????
ktac MITCH
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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Sorry, luckily we have not accepted TT&L's for years now, so cannot help you.
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I don't repeat gossip, so listen closely...
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#1279112 - 11/03/09 04:09 PM
Re: T T & L Payments ????
#Just Jay
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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With the ability to use the Web for tax deposits, it no longer makes sense for many businesses to use TT&L coupons.
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John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#1279250 - 11/03/09 05:22 PM
Re: T T & L Payments ????
John Burnett
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Diamond Poster
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
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The original post quoted BofA that all banks will stop taking TT&L payments 1/1/10.
Does anyone have a cite for that?
Al
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Al Miller, CRCM Opinions expressed are my own and not necessarily shared by my employer.
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#1279735 - 11/03/09 09:23 PM
Re: T T & L Payments ????
Al Miller
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Platinum Poster
Joined: Apr 2007
Posts: 953
Tejas
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We still accept TT&L and do not ahve any plans of stopping. I wish we did - it is the biggest pain to maintain. The TT&L Plus system is the worst interface ever invented.
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#1284815 - 11/10/09 08:44 PM
Re: T T & L Payments ????
Milby
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100 Club
Joined: Jul 2009
Posts: 218
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We are also still accepting paper TT&L payments with no plans to stop, although it would be wonderful if customers would consider the electronic options we have been suggesting.
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#1414448 - 07/13/10 07:20 PM
Re: T T & L Payments ????
Juby
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100 Club
Joined: Apr 2003
Posts: 202
Hills of TN
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I obtained a notice from the Dept of Treasury that beginning Jan 1, 2011 - all FI's must stop accepting TT&L payments. I am trying to find out more information - not just a press release....anyone have anything more? http://www.ustreas.gov/press/releases/tg644.htm.
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#1414470 - 07/13/10 07:54 PM
Re: T T & L Payments ????
madukes
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100 Club
Joined: Apr 2003
Posts: 202
Hills of TN
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We want to stop too - but, some of our relationship bankers feel that it's still a service to smaller businesses because they can make their payment and deposits at the same time.
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#1414481 - 07/13/10 08:05 PM
Re: T T & L Payments ????
Tryin-2-Comply
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Platinum Poster
Joined: Jul 2001
Posts: 708
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After 12-31-10 it's not a question of service. Your ops center will not have anywhere to send them. The EFTPS website has good, free marketing materials. The process to sign up on-line is extremely easy. Customers that don't have Internet access, can mail in their application and then conduct activities via phone. They can schedule tax payments ahead of time, get direct confirmation that their payment is received-its a no-brainer. Tell your RBs its the 21st century and the govt is trying to rid itself of paper.
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#1414495 - 07/13/10 08:18 PM
Re: T T & L Payments ????
Comply 101
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100 Club
Joined: Apr 2003
Posts: 202
Hills of TN
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To me a press release does not provide enough support that this is going to happen - seems more like a want rather than a have to.
I'm looking for hard evidence that it is a requirement of FI to stop accepting them.....not just a news release
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#1462144 - 11/01/10 07:33 PM
Re: T T & L Payments ????
Ford
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Georgia Plum
Unregistered
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My understanding is it's a done deal. We will not be accepting any more paper coupons after 12/31/2010.
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#1462336 - 11/02/10 01:28 PM
Re: T T & L Payments ????
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10K Club
Joined: Jun 2004
Posts: 19,858
Pulling people out of the ditc...
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it has not passed yet, but Fed is no longer providing AOCs to banks or customers, meaning that whether it passes or not, people will be forced to migrate to EFTPS or FRETA.
This was a labor intensive business that likely banks did for no charge, so it will be good to transition from a manual process.
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Providing alternative truths since the invention of time
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#1462441 - 11/02/10 03:50 PM
Re: T T & L Payments ????
HappyGilmore
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100 Club
Joined: Sep 2004
Posts: 205
FL
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We also received notification several months ago about the pending changes. Last month we learned that all employers that were currently paying federal taxes with a paper federal tax coupon, would be receiving a packet from the IRS about the changes that would also include a pre-enrollment in the EFTPS. Don't know when or if the customers received that - haven't heard. We ordered (at no charge from the IRS) a pamphlet "The Secure Way to Pay Your Federal Taxes" and have placed them at the teller windows along with a sign about upcoming changes for customers who use the Federal Tax Deposit coupon. Treasury's Financial Management Service also had a webinar that was pretty informative. I would think it would still be available for viewing.
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#1462478 - 11/02/10 04:20 PM
Re: T T & L Payments ????
SunnyFL, CRCM
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Georgia Plum
Unregistered
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Here's what we got from FRB
From: Alexandrea.M.Jackson@stls.frb.org [mailto:Alexandrea.M.Jackson@stls.frb.org] On Behalf Of TTL_Plus@stls.frb.org Sent: Wednesday, October 27, 2010 2:00 PM Subject: Federal Tax Deposit (FTD) Coupon Processing to End 12/31/2010
A proposed rule (IRS REG-153340-09) will require employers that now pay taxes with a Federal Tax Deposit (FTD) coupon (IRS Form 8109) to transition to another payment method, after December 31, 2010. The public comment period for the proposed rule ended September 22, 2010, and a final rule is being prepared for publication. The information below outlines the operational impact to your financial institution as a Treasury Tax and Loan (TT&L) participant submitting FTD coupons via an Advice of Credit (AOC) on behalf of business customers. KEY dates affecting your TT&L operation. December 31, 2010: The last day financial institutions can accept FTD coupons.
January 3, 2011: The last day financial institutions can submit an AOC representing the dollars collected from FTD coupon payments. At 5:00 p.m. ET, the functionality for submitting AOCs will no longer be accessible in the TT&L Plus application.
February 28, 2011: The last day financial institutions can submit AOC adjustment requests.
Communications were sent to TT&L Plus users at your financial institution with additional information regarding these changes outlined above. Follow-up communications concerning the elimination of FTDs will continue throughout the transition. Communications were also sent to taxpayers, detailing pre-enrollment in the Electronic Federal Tax Payment System (EFTPS), a free service from the U.S. Department of the Treasury. Your financial institution can stop accepting FTD coupons before December 31, 2010. As you already have a trusted relationship with customers who submit FTD coupons, we ask that you immediately start encouraging them to transition to an alternative method to submit their tax payments. If you have questions about the information contained in this correspondence, please call the Treasury Support Center at (888) 568-7343 or e-mail TTL_Plus@stls.frb.org.
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#1462680 - 11/02/10 07:18 PM
Re: T T & L Payments ????
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100 Club
Joined: Jan 2009
Posts: 108
IL
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Agreed with Georgia and Sunny- We have recieved countless emails and memos about this, both from our operations department and from the FRB- We were even told if we did accept a coupon after Jan 1, 2011 then the bank would be fined and the teller fired.
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Sometimes we expect more from others because we would be willing to do that much for them.
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#1462746 - 11/02/10 07:58 PM
Re: T T & L Payments ????
madukes
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Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
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we stopped accepting TT&L payments at our branches on 4/5/10. Letters were sent to our customers in February and info for signing up for EFTPS was made available on our website We stopped as well.
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My opinion is mine only- not my employer's!
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#1462984 - 11/03/10 01:18 PM
Re: T T & L Payments ????
J2C
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10K Club
Joined: Jun 2004
Posts: 19,858
Pulling people out of the ditc...
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although the provision allows for certain payments under $2,500, with no new forms being generated, they really want everyone to convert
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Providing alternative truths since the invention of time
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#1463162 - 11/03/10 04:42 PM
Re: T T & L Payments ????
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Diamond Poster
Joined: Nov 2009
Posts: 1,331
Hoosier Country
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My understanding is it's a done deal. We will not be accepting any more paper coupons after 12/31/2010. We also just created the notices to let everyone know that we won't be taking any more tax payments as of 12/31. Our notices provide the customers with details on how to register for the online tax payment service.
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CRCM + CAMS = certified compliance nerd
Opinions expressed in these threads are my own and not my employer's.
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#1463190 - 11/03/10 05:15 PM
Re: T T & L Payments ????
Bob The Banker
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10K Club
Joined: Sep 2002
Posts: 13,965
TN
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Bob - correct.
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My Opinions Only
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#1463214 - 11/03/10 05:37 PM
Re: T T & L Payments ????
Bob The Banker
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10K Club
Joined: Jun 2004
Posts: 19,858
Pulling people out of the ditc...
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So as I understand, banks will not longer be able to accept TT&L payments. There isn't another method we receive the payment by or anything, point blank, no TT&L payments at banks. Correct? Not exactly, your customer can originate the payments via your ACH program if you have one, or come in to send via FR-ETA same day wire
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Providing alternative truths since the invention of time
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