Coronavirus COVID-19 Readiness
posted
on Monday, March 16, 2020
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Community
Coronavirus COVID-19 Readiness
Here at First National Bank we take our customers' and bankers' health very seriously. We are committed to providing the very best customer service during the coronavirus outbreak. You can be confident you will have access to our banking products and your accounts at all times.
The U.S. community banking industry is among the best prepared in the world to withstand unforeseen events such as the coronavirus. First National Bank has a business continuity plan in place to protect our customers, our employees, and our communities.
Please read our full press release here.
ASSISTANCE FOR SMALL BUSINESSES
We at The First National Bank in Creston are aware of the economic hardships the COVID-19 pandemic may be having on your businesses. We wanted to make sure you were aware of the various programs* that you may qualify for and may want to take advantage of.
The following programs* are available:
1. Iowa Workforce Unemployment COVID-19 Benefits
2. COVID-19 Economic Injury Disaster Loan
3. Paycheck Protection Program (PPP), a Small Business Administration (SBA) Guaranteed loan through The First National Bank in Creston with possibility of being a forgiven loan.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations as well as individuals who are self-employed or are independent contractors, are eligible for PPP if they also meet program size standards.
Please review the attached information about the various programs*. Our offices are operating with limited lobby access by appointment only. If you have any questions, feel free to contact a loan officer at The First National Bank in Creston at 877-782-2195. We are here to help you!
Please continue to check this webpage for the most up-to-date information about assistance programs.
* Program information is accurate as of April 1, 2020. Terms and Conditions are subject to change. Member FDIC
IRA & TAX ADVANTAGE ACCOUNTS
Making Contribution for 2019 Tax Year | Since the IRS tax return filing deadline has been extended to July 15, 2020, the deadline for tax advantage contributions has also been extended. This means that IRA and HSA customers have until July 15, 2020 to make a contribution for the 2019 tax year.
Withdrawals | IRA customers under age 59 ½ can withdraw up to $100,000 from their IRA without a 10% IRS early withdrawal penalty. The customer will be responsible for reporting the distribution as an exception when they file their 2020 taxes and will still be responsible for paying regular income taxes on their distribution.
Minimum Distribution | IRA customers are not required to take their Required Minimum Distribution (RMD) for 2020. This includes Traditional IRAs, SEP IRAs and Beneficiary IRAs. Please contact a personal banker if you would like to waive your 2020 RMD.
If you have further questions on how the CARES Act could affect you financially, please speak with a tax professional.
ECONOMIC IMPACT PAYMENT
The CARES Act was passed in March, this $2 trillion economic relief packages will help provide assistance to American consumers and businesses struggling as a result of the Coronavirus pandemic.
The IRS Economic Impact Payment Information Center is a great resource to learn more about who is eligible for the Economic Impact Payments (also known as stimulus payments) and when your payment may be arriving. Click on the information center button below to learn more about how to get your payment and next steps:
The Economic Impact Payments are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
If you need to update or enter your bank account information on the IRS site to get your payment, you will need to know your account number (checking or savings) and First National Bank's routing number: 073901479.
For further questions, visit the Economic Impact Payment Information Center Frequently Asked Questions.
Impact Payment Information Center
If you haven't already:
Enroll in Online Banking Enroll in Mobile Banking
You'll be able to:
Open An Account Online | You can open a checking or savings account easily and securely right from your computer or phone. Open An Account Now.
Manage Your Accounts on the Go | View account activity and balances, pay bills, transfer funds and more.
Deposit Checks | Use ACH and direct deposit to ensure your paycheck or social security deposits remain secure and uninterrupted. Use Mobile Deposit to deposit checks into your account using your phone's camera.
Send & Receive Money Using Zelle® | a fast, safe way to send money to your trusted friends and family, right from your First National Bank mobile app.
Make Payments | Use BillPay, rather than writing checks to the same payee each and every month, you establish a payee list. Then each month it's just a matter of pointing and clicking on a payee and entering a date and amount that you would like to pay. You have the option of scheduling payments or setting up recurring payments. You have the control to make your payments when you want to.
Transfer Funds | Move funds between your accounts and schedule transfers.
ATMs | Our ATMs are available to you 24/7 and our MoneyPass® network makes hundreds of ATMS available throughout the country. To find a MoneyPass ATM, please use this link: https://www.moneypass.com/
We Are Here to Help
Contact us at 877-782-2195 for assistance in setting up any of our services. We are available from 8 a.m. to 4:30 p.m. Monday through Friday.
Our branch teams are available and ready to help you. We’ve ensured that our branches, include ATM screens and keypads, are cleaned daily with EPA-approved disinfectants and we have hand sanitizer available in our branches.
How are fraudsters and hackers using the outbreak
Fraudsters and hackers are using the disease outbreak as a tool for phishing, spear-phishing and social engineering to obtain customer financial information.
First National Bank offers many security features including:
Our bankers are closely monitoring the situation and, should developments warrant, we will reach out to you with updates. We understand the challenges the coronavirus presents, and our thoughts are with those who have been personally impacted. At First National Bank, we are following the recommendations of the Centers for Disease Control to prevent the spread of this virus and we hope you'll do the same.
If you would like more information, the BEST and most RELIABLE sources of information are the Centers for Disease Control and Prevention (https://www.cdc.gov/coronavirus/2019-ncov/) and the Iowa Department of Public Health (https://idph.iowa.gov/Emerging-Health-Issues/Novel-Coronavirus).