Looked for tax documents for the account on-line, and get:
“No tax documents have been issued to you.”
Also, no 1099 was sent in the mail.
On the account, the payment shows up as:
“11/19/2019 CUSTOMER INCENTIVE PAYMENT $200.00”
Meanwhile, a family member signed up for a Chase savings account and received a $225 bonus, which was reported on a 1099-DIV as interest income.
Could the Union Bank payment be interest income like the Chase bonus? If so, aren’t they supposed to create a 1099-DIV for any interest over $10 by law? Or is it considered a different type of income? How should this $200 be reported?
Thank you.
