Over the past few months we have faced new challenges to how everyday business and life occurs.  In response to these challenges we are offering additional support to our customers.  Our efforts will remain focused on ensuring the personal safety of our employees and customers as we continue to deliver the services you count on.  

Effective March 30, 2020 through June 30, 2020:
  • No overdraft fees to consumer (non-business) customers with bounce protection who are overdrawn $100 or less*
  • No transfer fees for consumer customers enrolled in overdraft protection
  • No excessive withdrawal fees on saving and money market accounts that are subject to withdrawal limits**
  • No early withdrawal penalties on withdrawals of up to $5,000 from CD or IRA*** accounts
  • EZ-Deposit Mobile (deposits made using the CB Mobile App) limit is increased to $15,000 per month. Higher limits may be considered upon request based on individual needs
*Citizens Bank does not encourage overdrawing your account. **Accounts remain subject to conversion to a non-interest bearing transaction account based on continued excessive withdrawals per the account agreement. ***IRAs are subject to IRA withdrawal limitations as per your IRA agreement and excess withdrawals may be subject to tax penalties, consult your tax advisor.
Available through June 30, 2020 unless otherwise noted:

  • Customers negatively affected by COVID-19 may be eligible for SBA loan payment deferrals or other relief under the approved federal legislation or Citizens Bank programs. Contact you Citizens Bank lender to discuss available options
  • No late fees will be assessed on loan payments
  • Eligible credit cards and non-real estate consumer loans may have access to deferred payment options specific to their account
 
Citizens Bank played a decisive role in helping businesses in our communities gain access to the SBA Paycheck Protection Program (PPP).  To date we have assisted over 1,900 small business customers acquire more than $171 million in relief funds. In addition there are many other loan options available to consider:
 
COMMERCIAL, SBA & USDA LOANS OPTIONS INCLUDE:
  • Working Capital
  • Inventory Loans
  • Business Expansion or Acquisition
  • Owner Occupied Real Estate
  • Equipment Loans
  • Business Credit Cards
  • Lines of Credit
  • Rural Area Loans
  • Small Loan Advantage Program
Businesses qualifying under certain SBA requirements are eligible for 7a loan programs. For additional information, complete the Contact Us form or call 866-882-2265 and ask to speak with a Citizens Bank Commercial Lender.

In light of the current events Citizens Bank encourages customers to take advantage of the alternate banking solutions available to help reduce the risk of coming into contact with the virus.

  • Online & Mobile Banking
    Access and manage your accounts safely and securely from anywhere
    • View Balances
    • Pay bills
    • Transfer funds
    • Send money via person to person payments
    • Open new accounts
    • Manage Debit MasterCard(s)
    • Deposit checks using EZ-Mobile deposit
  • Digital Wallet
    Securely pay for purchases using contactless payments (Apple Pay, Google Pay or Samsung Pay).
  • ATM Services
    Drive up ATMs are located at all Citizens Bank branches and offer an array of services
    • Cash withdrawals 
    • Balance inquiry
    • Transfers between linked accounts
    • Tri-Cities branch locations cash and check deposits with EZ-Deposit ATM service (which can accept up to 30 checks or 50 cash notes in a single bulk deposit)
  • Drive up windows are available at all Citizens Bank Branches
  • Customer Support Center
    Our friendly associates in the customer support center are available during business hours (8:30am-5:00pm M-Th, 8:30am-6:00pm Fri. and 9:00am-12:30pm Sat.) to answer your questions.  Simply  call 866-882-2265 or email customerservice@citizensbank24.com for assistance

At Citizens Bank we want to help make sense of all the options available under the CARES (Coronavirus Aid, Relief and Economic Security) Act.  Though the bill is expansive and identifies a variety of issues facing our economy, we wanted to share the areas believed to be the most important to our communities. These are just a few of the provisions laid out in the CARES Act.  When making decisions involving taxes, you should always consult with a tax professional. 

Assistance for Individuals and Families:

  • Expanded Unemployment Assistance
    • Individuals receiving unemployment insurance will get a $600 increase in benefits for four (4) months
    • Access to an additional 13 weeks of unemployment benefits through Dec. 31, 2020, for those who remain unemployed after state benefits expire. The increased benefits will not count toward any income limits under Medicaid or Children's Health Insurance Programs
  • Federal Income Tax Deadline Extended
    • Individuals have until July 15, 2020, to complete and file their 2019 tax returns
    • The Treasury Department extended the 2019 IRA contribution deadline to equal the date a taxpayer files their 2019 return during the extension period
  • Recovery Rebate Cash Payment
    • Eligible U.S. residents are to receive payments up to $1200 for each adult, as well as $500 per child (under the age of 17). Most individuals are eligible provided they are not a dependent of another taxpayer (income limitations apply)
    • The amount of recovery rebate a taxpayer receives is based on information reported on the taxpayer’s 2019 tax return (or 2018 if the taxpayer has not yet filed a 2019 return). For individuals who did not file a return in either 2018 or 2019, the IRS will use the individual’s 2019 Social Security income
    • Within 15 days of payment, the IRS will send each eligible taxpayer a letter to a last known address with details of the amount, date and method of payment, along with a number to contact if the taxpayer did not receive the payments. Full details are available at irs.gov or for individuals receiving social security bennifits at home.treasury.gov
  • Retirement Accounts
    • The 10% penalty on early distributions from qualified retirement plans has been waived for up to $100,000 of coronavirus-related distributions occurring in 2020. A repayment option was established to allow taxpayers three years to repay the withdrawal without regard to the annual contribution cap. These distributions are still subject to federal income tax. However, the taxpayer can elect to allocate the taxable income over a three-year period
    • Waiver of the Required Minimum Distribution (RMD) for 2020 retirement plans and IRA's. This also includes RMDs due in 2020, but attributed to 2019
    • The maximum qualified Retirement Plan Loan was increased from $50,000 to $100,000 for the duration of 2020
  • Mortgages and Housing
    • Individuals with mortgages that are backed by the federal government may request their payments postponed. The borrow must affirm financial distress due to COVID-19. 
    • A foreclosure moratorium is in place that prevents the initiation of any foreclosure process on federally backed mortgages for at least 60 days beginning on March 18, 2020. 
    • As it pertains to evictions, for 120 days after CARES Act enactment, covered landlords will be prohibited from initiating legal action to recover possession of a rental unit or to charge fees, penalties or other charges to the tenant related to such nonpayment of rent if landlord’s mortgage is insured, guaranteed, supplemented, protected or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program or the Violence Against Women Act of 1994
  • Student Loans and Education 
    • Federal student loans receive suspension of payments automatically though September 30, 2020.  In addition, there will be no accrued interest or penalties during this time frame
    • There are several additional provisions related to education. For more information we recommend you consult with the administration at your respective school

Assistance for Businesses:

  • Small Business Loans 
    • Many businesses are now eligible for disaster relief loans from the Small Business Administration.
    • Under the CARES Act, businesses may qualify for loan payment deferral or special loan programs.  For the most up-to-date information regarding these programs visit sba.gov
  • Additional Benefits
    • Options to delay employer payroll tax payments during the effective dates of the CARES Act, employers qualifying for SBA loan forgiveness may not be eligible
    • Temporary adjustments on the rules regarding net operating losses
    • The limitation on business interest deductions is temporarily modified from 30% to 50% in most business models
    • Adjustments to the Tax Cuts and Jobs Act (TCJA) to allow businesses to write off costs associated with improving facilities immediately instead of depreciating the cost over the life of the building

Citizens Bank does not provide tax advice.  This is a limited summary designed to provide helpful information to our customers and communities. Contact a tax advisor to discuss your situation. Contact us if you have any questions regarding your accounts, retirement plans or business needs. We will help connect you to a specialist that can provide guidance regarding your situation.