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.
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.
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)
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