SAN JOSE, Calif. - (04/14/05) -- Technology CU said it has become oneof the first financial institutions allow members to instantlyimport their 1099 (dividend interest) and 1098 (mortgage interest)directly into Internet-based TurboTax program without the need ofmanual input. The $1 billion credit union is one of only twofinancial institutions to provide 1098 downloads of both firstmortgage interest and home equity loan interest. To use thisfeature, members simply click on the TurboTax logo located on thecredit union's newly designed website. When the member arrives atthe section in the TurboTax system, which requires dividendinterest and/or mortgage interest information, they enter theirTech CU member number and Online Banking personal identificationnumber.
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Chair Travis Hill said SVB showed banks can't always sell securities fast enough to cover deposit outflows, but acknowledged the "stigma problem" with discount window borrowing remains unsolved.
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Like the Olympics, the event is used to push and measure engagement and appetite for emerging checkout options.
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The bank is following in the footsteps of Goldman Sachs, which made a similar move in April.
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