Scammers are contacting taxpayers while pretending to be from the Michigan Department of Treasury, using out‑of‑state phone numbers. They may request payments or attempt to trick you into providing your bank account information. Always verify the source before sharing any personal or financial details.
Does a financial institution have any responsibilities connected to First-Time Home Buyer Savings Accounts?
Does a financial institution have any responsibilities connected to First-Time Home Buyer Savings Accounts?
No, the financial institution is not responsible or liable for any of the following: (i) designating an account as a first-time home buyer savings account, (ii) designating the qualified beneficiaries, (iii) tracking the use of money withdrawn, (iv) allocating funds among joint account holders or multiple qualified beneficiaries, (v) determining or ensuring that the account meets the requirements to be a first-time home buyer savings account, (vi) reporting or remitting taxes or penalties related to the use of the first-time home buyer savings account, or (vii) reporting any information to the Department of Treasury that is not otherwise required by law.