• Coronavirus Response

    The safety and well-being of our customers and employees is the top priority at Bank Midwest. Please know that we’re taking additional precautions to prevent the spread of COVID-19.

    Banks remain essential services and we are available to help.

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    Consumer Resources

    Bank Midwest assistance

    Savings Withdrawal Limits Suspended
    Update April 24:  With lobbies closed and more transactions conducted online, the Fed eased regulations and no longer restricts the number of electronic withdrawals made from savings accounts. In response, Bank Midwest will temporarily suspend the limits on savings withdrawals made by Internet transfers, mobile transfers, telephone transfers, ACH, etc. through 12.31.2020.

    Service Fees Waived
    The following fees will be waived for deposit accounts during March, April and May:

    • Minimum balance service charges, monthly account and business analysis fees.
    • Debit card usage fees for Great Rewards Checking accounts.
    • Penalty for early withdrawal or redemption of these CDs or IRA CDs.

    If you need any additional financial assistance, please call us to discuss your unique situation, 888.902.5662.

    Federal Assistance

    Economic Impact Payments (stimulus checks)
    Consumers eligible for stimulus funds provided under the CARES act will begin seeing direct deposits in their accounts beginning mid-April. Use online or mobile banking to monitor your accounts for receipt of payment in your account. If you expect to receive a paper check by mail, the safest way to deposit your payment is by mobile deposit.

    • Check Payment Status  You’ll need to provide your SSN, Street Address, Zip Code and may need to refer to your 2018 or 2019 tax filing.
    • Enter Payment Info if you weren’t required to file taxes in 2018 or 2019.
    • IRS.gov offers additional details.

    Stimulus Funds via Prepaid Debit Cards
    Some consumers may receive the payment on a prepaid debit card. Prepaid cards will arrive in plain envelopes from “Money Network Cardholder Services.” The IRS plans to issue approximately four million EIPs via prepaid cards, versus the roughly 150 million already issued via ACH transfers. Learn more at IRS.gov.

    Tax Relief 

    IRA and HSA Contribution Deadline Extended
    Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA or HSA for 2019 is also extended to July 15, 2020.

    NOTE: Despite the IRA and HSA contribution extension, 5498 tax forms related to 2019 contributions will be mailed out the end of April, as usual, in accordance with existing legal requirements.

    U.S. Government (business & consumer info)
    Financial Help — FAQs

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    Be Safe

    Scammers are already playing upon the fears of this outbreak. Don’t be fooled. The Federal Trade Commission offers the following tips and more at: ftc.gov/coronavirus.

    • Watch out for phishing scams using fraudulent emails, texts, phone calls and websites to trick you into disclosing private account or login information. NEVER give your password, account number or PIN to anyone.
    • Do not click links in emails from sources you do not know.
    • Don’t trust emails claiming to be from the Centers for Disease Control and Prevention or other ‘experts’. Go directly to the source – https://www.cdc.gov/.
    • Ignore online offers for vaccinations.
    • Watch out for suspect donation requests. Don’t feel rushed or be pressured into only giving cash, gift card, or wiring money. Do your homework first!

     

    Fake Check Scams

    Tips from the Federal Trade Commission:

    • The check’s not in the mail – yet. Reports say that paper checks – for people without direct deposit – will start arriving in May at the earliest. So, if you get an economic impact payment, stimulus, or relief check before then, or you get a check when you’re expecting a direct deposit, it’s a scam.
    • The IRS will not send you an overpayment and make you send the money back in cash, gift cards, or through a money transfer. If you get an official-looking check for more than what you were expecting – say, for $3,000 – the next call you’re likely to get is from a scammer. They’ll tell you to keep your $1,200 payment, and return the rest by sending cash, gift cards, or money transfers. It’s a scam that will leave you owing money to your bank.
    • That’s not the IRS calling, texting, or emailing. Scammers are sending official-looking messages – including postcards with a password to be used online to “access” or “verify” your payment or direct deposit information. The IRS will not contact you to collect your personal information or bank account. It’s a scam.

      Source:   “Coronavirus checks: flattening the scam curve” published by the FTC, April 8, 2020.