What you should know about the Coronavirus and banking
NBC has been serving its communities for nearly 90 years, and we will continue to do so. We are in uncharted waters, but the safety of our staff and customers is at the top of our priorities.
As we closely monitor reports from the Centers for Disease Control and Prevention, the World Health Organization and the Oklahoma State Department of Health, here are some things you should know. We will update this page often, so please check here for the latest news.
Click on each headline to expand.
NEW! Don’t fall for Coronavirus-related scams related to your economic impact payments
Thieves have already been busy trying to con you out of your $1,200 economic impact payment. Their efforts can lead to tax-related fraud and identity theft. The Internal Revenue Services, Federal Bureau of Investigation, Federal Trade Commission and other agencies all are compiling warnings and scenarios so people can be aware.
The IRS is warning that scammers may:
- Emphasize the words “stimulus check” or “stimulus payment.” The official term is economic impact payment.
- Ask you to sign over your economic impact payment check to them.
- Ask by phone, email, text or social media to verify your personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
- Suggest that they can get you a tax refund or economic impact payment faster by working on the taxpayer’s behalf. This scam could be conducted by social media or even in person.
- Mail you as a taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.
Taxpayers should be wary of emails, text messages, web sites and social media that request money or personal information. Here is how you can prevent theft:
- Don’t open surprise emails that appear to come from the IRS or click on attachments in them. Government agencies won’t call you to verify or provide your financial information. Go to IRS.gov or the website of the group supposedly calling you for the most recent information.
In most cases, the IRS will directly deposit stimulus checks into the account it has on file for you from your most recent tax returns. If it doesn’t have account information, the IRS will be mailed to the address on file, although you can provide your account information online at IRS.gov via a secure portal.
- If you are a retiree who doesn’t normally have a requirement to file a tax return, no action is needed on your part. If you are a senior, be especially careful; no one from the agency will be contacting you to provide any additional information by phone, email, mail or in person about these, including recipients of Forms SSA-1099 and RRB-1099. You will receive your payment automatically.
- In general, be suspicious of anyone offering you something that’s “too good to be true” or is a secret investment opportunity or medical advice. Seek out legitimate sources of information. For medical information, those trusted sources are your own doctor, cdc.gov, and your local health department. For financial information, go to ftc.gov or irs.gov.
Reporting Coronavirus-related or other phishing attempts
Those who receive unsolicited emails, text messages or social media attempts to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward it to email@example.com.
Taxpayers are encouraged not to engage potential scammers online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on IRS.gov.
NEW! What the Paycheck Protection Program can do for your business
We at NBC have been getting a lot of calls about the federal government’s relief program for small businesses known as the Paycheck Protection Program, which is expected to be administered by banks. As a certified SBA lender, we can assist with getting the relief you need for your business, even as the U.S. Treasury Department and the Small Business Administration have continued to tweak the program’s details right as it begins. Please contact your NBC banker or call any of our locations to discuss applying for a PPP loan or with any questions.
Here are details of the program:
The program kicked off Friday, April 3, the day that small businesses and sole proprietorships — generally, those with 500 or fewer employees — may apply for PPP loans. These also include private, nonprofit and veterans organizations affected by COVID-19. Independent contractors and self-employed workers can apply starting April 10. These funds are available through June 30.
Banks will be administering this program, which is designed to help your business keep workers on the payroll during the Coronavirus pandemic. The SBA will forgive these loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities. Forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.
As a small business, you can take out a PPP loan for two years at a 1% fixed rate, with payments deferred for six months. All banks are eligible to make these loans, but existing SBA-certified lenders are considered delegated authorities. As an SBA-certified lender, NBC falls into this category.
To qualify for the loan your business had to be operating as of Feb. 15 with employees for whom you paid salaries and payroll taxes. You also must verify the dollar amount of average payroll costs.
Financial institutions still need some guidance from federal agencies and regulators, the Oklahoma Bankers Association has noted. Banks still have a lot of questions about the steps the federal government needs from them to begin issuing the funds.
The good news is, like many Oklahoma's banks, NBC entered this pandemic from a position of strength and is well-equipped to help their communities. Call your banker at NBC Oklahoma to help you with this process or the main number to any of our locations. We are staying on top of the issues related to the Payroll Protection Program as they change frequently, and we will get you the answers to your questions for your business.
The Oklahoma Bankers Association also recommends the following five things businesses can do right now:
- Talk to your lender, if you haven't already. If you are experiencing or expect to experience cash flow problems, contacting your lender is the critical first step.
- Plan for the next three to six months, if you haven't already. Many businesses we've heard from have sufficient funds or access to capital for the first two to three months. However, we don't know how long the pandemic will last, so look ahead, both in terms of a potential lengthening of the pandemic and also in how you will handle recovery and re-opening of the business if you are currently closed.
- Be ready to produce required information quickly to help your lender with your application. All loan programs still require some information in order for the lender to underwrite the loan, including the ones created through the Coronavirus Aid, Relief and Economic Security (CARES) Act. Be ready to produce required documentation quickly to help your lender with your application.
- Don't panic and draw on lines of credit unnecessarily. There is plenty of liquidity in the system (unlike the financial crisis in 2008) so don't panic and draw on lines of credit unnecessarily. Just like banks are encouraging consumers to keep excess cash in insured financial institutions, keep the lines of credit intact until you absolutely need to access them. There may be costs associated with accessing those funds and if you don't need to incur the added expense, don't.
- Have patience. The banking industry wants to help you through these unprecedented times, but not all programs are in place yet, and even when they are, technology can cause hiccups or delays (e.g. systems crashing).
Get started by downloading the borrower form from the SBA. Check with us to make sure you are using the latest form as it continues to evolve.
Download a fact sheet from the U.S. Treasury Department.
When will I receive the stimulus check and other questions
The U.S. Treasury and the IRS are gearing up to distribute the economic impact payments in the next three weeks (mid- to late April). Most tax filers up to certain income levels will receive them with no action required. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
The IRS has a list of frequently asked questions that can give you more details about the payments. These include:
- Who is eligible for the economic impact payments?
- How will the IRS know where to send my payment?
- The IRS does not have my direct deposit information. What can I do?
- I am not typically required to file a tax return. Can I still receive my payment?
- How can I file the tax return needed to receive my economic impact payment?
- I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
- I need to file a tax return. How long are the economic impact payments available?
- Where can I get more information?
Click here for the direct link to the answers to these questions. Stay updated with the latest IRS news about COVID-19 and the Coronavirus: irs.gov/coronavirus
Changes in banking hours updated here
All of our bank lobbies are closed, but we are still working and ready to assist you with banking needs. Our drive-thrus are open at each location, but some have limited hours. If they differ from our regular hours found on this page, they are listed below:
- Our Altus Air Force Base location has limited its hours. The drive-thru will only be open from 2 to 3 p.m. Tuesdays and Thursdays. If you need to bank with us any other time, please use our Altus Sequoyah drive-thru at 101 N Sequoyah, or call us at (580) 477-1100 for an appointment.
All other locations have normal drive-thru hours while the lobbies are closed.
Ways to contact us or deliver items
Most of our lobbies are closed to outside visitors, but we are still working. Here is how to reach us:
- Altus: (580) 477-1100
- Enid: (580) 233-3512
- Kingfisher: (405) 375-4201
- Oklahoma City: (405) 748-9100
At most locations, deliveries can be made as usual. In Oklahoma City at North Penn, please drive around to the back (our west side), and ring the doorbell for someone to assist you. Thank you.
Bank easily anywhere
We are taking some steps at the bank to keep operating while limiting the spread of the virus. Our lobbies are closed to outside visitors until further notice. We'll continue to monitor the situation. If you would like to make an appointment please call the direct line for your location listed on our website here. Here are other ways that you can bank easily with us:
- Drive-thru: All drive-thrus except Altus Air Force Base are open during regular business hours to conduct all teller transactions. We have limited the hours the NBC Air Force Base location is open. See details under the "Changes in banking hours" section below.
- Telephone banking (24/7): Feel free to call our automated line at (800) 590-2580 to get information on balances, lost cards and specific location assistance.
- Online banking: Sign in to your account through online banking using the login button at the top of any page on our website. You’ll have access to account balances, transfers, bill payment, account statements and more.
- Mobile banking: Download our app for consumer or business to be able to reach all the applications available such as account balances, transfers, bill payment, mobile deposit and Zelle® (consumer only).
Important information will be updated through social media and our website. Thank you for working with us as we take these steps needed to ensure the safety and health of our employees and customers as we weather this storm nationwide. Despite our lobby closures, we are still open for business and ready to assist you with your banking needs.
We will continue to monitor the situation closely and evaluate other ways we can support you during this time.
Get assistance for your small business
We know the Coronavirus and COVID-19 situation has altered Oklahoma’s economic landscape. The state has declared an emergency, and the federal government is releasing aid and programs to help ease the impact. We want you to be aware of resources to help those who are harmed by the pandemic, and we want to encourage you to act quickly as the situation is fast-moving and fluid. We at NBC will support and help you as you navigate this new territory.
As of March 21, the U.S. Small Business Administration has declared that small businesses in all 77 Oklahoma counties were eligible to apply for relief under the Economic Injury Disaster Loan Program. The Oklahoma Department of Emergency Management is expected to notify all businesses who have reported through the state portal at damage.ok.gov. Here are the steps you should take as a business owner.
- Take part in the state survey. The first place that businesses should record any economic impact related to COVID-19 is damage.ok.gov. If you haven’t completed this survey, your area small business won’t be eligible for funds. The state is collecting this information to identify the Coronavirus-related economic impact on small businesses and private/nonprofit organizations and to support a request for an Economic Injury Disaster Loan declaration from the U.S. Small Business Administration. These impacts could include supply chain disruption, lost sales, employee layoffs, financial hardship, closure, etc.
- Consider an SBA loan. SBA’s Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives and most private, nonprofit organizations. These low-interest, working capital loans can help your business with fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. They are not intended to replace lost sales or profits or for expansion. Eligibility is based on size, type of business and financial resources. You do not need to go through a bank to apply. Instead, submit your application online at no cost at disasterloan.sba.gov/ela or request applications by calling SBA’s Customer Service Center at (800) 659-2955 or (800) 877-8339 for the deaf and hard-of hearing or by emailing firstname.lastname@example.org. For more details information, go online to sba.gov/disaster and see attached handout. The maximum unsecured loan amount is $25,000.
We believe you need to submit your application as soon as possible, and make sure it is complete so your application isn’t delayed due to missing information. For help filling out your loan form, search for a local partner near you by going online to sba.gov/local-assistance. As always, if you have additional questions, contact the NBC bankers in your city or through customer service at (800) 590-2580. In our nearly 90 years in business, NBC has gone through tough economic times before and remained a strong support for our communities and businesses. We will continue to be People You Can Bank On in these times as well.
Your money is safe in our bank
The Federal Deposit Insurance Corporation is warning of Coronavirus-related scams using its name, and we and the FDIC wanted to reassure you that your money is safe in a bank.
Even though NBC has closed its lobbies to comply with the Centers for Disease Control guidance on social distancing, your deposits remain safe in our bank, as does your access to your funds. We take pride in being People You Can Bank On, and our status as an FDIC-insured bank gives you extra protection. You can still bank with us through our ATMs, mobile applications, online banking services and our drive-thru service at each location.
Since 1933, no depositor has ever lost a penny of FDIC-insured funds. Today, the FDIC insures up to $250,000 per depositor per FDIC-insured bank, and these banks remain the safest place for customers to keep their money.
As the nation weathers this public health crisis together, there are some tools at the federal and state level that will help you protect your money and help your business get back on its feet in times of disaster. We’ll update this page as things develop, but please read on for a list of these tools, scams to watch for and other resources to help you.
Tools for you
- FDIC's Electronic Deposit Insurance Estimator (EDIE) is a tool that can help you determine deposit insurance coverage based on accounts you may already have with a bank or accounts they are considering opening. The agency recommends using this tool for questions about FDIC deposit insurance coverage.
- The Small Business Administration is providing low-interest disaster loans to help businesses and homeowners recover from declared disasters. More details about these loans and what to do in Oklahoma are on this page, including links, are under the heading "Get assistance for your small business." Apply online. Read more about the SBA’s efforts specific to the Coronavirus.
- The State of Oklahoma has a portal that you can use to report economic injury to your small business due to COVID-19. Find it at damage.ok.gov.
Additional reading from the FDIC
Be wary of scams related to the Coronavirus
As you protect your health from exposure to Coronavirus, protect yourself from scams that try to take advantage of your fears about getting sick with COVID-19.
To trick you out of personal information and your money, scammers may:
- Try to sell you fake products offering a cure.
- Appeal to your sense of charity and ask you to donate to fake causes.
- Compel you to click on fake websites or email attachments requesting secure login information.
- Pretend to send emails or texts from a medical or health organization with attachments containing malware.
- Impersonate medical supply companies with the supplies you need to prevent or protect infection.
- Offer you bogus investment opportunities.
- Don’t fall for any of these scams. Be as aware of these as you are of washing your hands, and make sure you are dealing with legitimate companies, organizations, websites and people.
We at NBC will never call you and ask for your username, account number, passwords and other security information over the phone. If you are unsure about any calls from us, please verify such requests by calling us back at your bank location or through customer service (800) 590-2580. You can also call us if you have a question about a possible scam.
Here is a list of things you can do to keep yourself safe from scams, especially as more of us begin working from home and relying on electronic communication.
- Don’t open unsolicited emails or click on links from people you don’t know.
- Don’t open attachments in any email unless you are sure of the source.
- Keep the anti-malware and anti-virus software on your computer up to date.
- Do not reveal any personal or financial information, especially passwords, to anyone via email.
- Watch for emails claiming to be from the CDC or experts saying that have information about the virus. For information about the Coronavirus, visit the CDC's Coronavirus website and the WHO's website.
- Ignore online offers for vaccinations and ads proclaiming to prevent, treat or cure this infection. Ask yourself whether you would hear about it for the first time through an ad or sales pitch.
- Don’t let anyone rush you into making a donation, and don’t give to people asking for donations in cash, by gift card or by wiring money. Research the sites asking you for one.
- Be wary about online promotions that claim the stock of a publicly-traded company is going to jump because they have developed a way to prevent, detect or cure COVID-19.
- If you’re working from home, secure your network and computer, follow your employer’s security practices, use strong passwords and dispose of sensitive information securely, such as by shredding.
SOURCES: Centers for Disease Control and Prevention, the Federal Trade Commission, the World Health Organization, U.S. Department of Homeland Security, the U.S. Securities and Exchange Commission and others.
The Centers for Disease Control and Prevention and the World Health Organization offer these tips to help keep you well and prevent the spread of the Coronavirus causing COVID-19. They are:
Wash your hands frequently. Regularly and thoroughly clean your hands with an alcohol-based hand sanitizer or wash them for at least 20 seconds with soap and water. Hand sanitizers should contain at least 60 percent alcohol. Cover all surfaces of your hands and rub them together until they feel dry.
Maintain social distancing. Maintain at least three feet of distance between yourself and anyone who is coughing or sneezing.
Avoid touching eyes, nose and mouth. Hands touch many surfaces and can pick up viruses. Once contaminated, hands can transfer the virus to your eyes, nose or mouth. From there, the virus can enter your body and can make you sick.
Practice respiratory hygiene. This means covering your mouth and nose with your bent elbow or tissue when you cough or sneeze. Then dispose of the used tissue immediately.
Stay home if you're sick. If you have fever, cough and difficulty breathing, seek medical attention and call in advance. Follow the directions of your local health authority.
Clean AND disinfect frequently touched surfaces daily. These include tables, doorknobs, light switches, counter tops, handles, desks, phones, keyboards, toilets, faucets and sinks. If surfaces are dirty, clean them first: Use detergent or soap and water prior to disinfection.
Stay informed. Follow advice given by your healthcare provider and medical experts.