COVID 19 Updates

As we push through another week of the COVID-19 pandemic, hope is particularly relevant and necessary. The pandemic’s impact continues to affect our families, our businesses, our communities, and our way of life.

To those who are ill from the virus, we share our hope for a full recovery. We are inspired by the unwavering dedication of healthcare workers around the world who are caring for those in need, and we are grateful to so many others– from grocery store and pharmacy employees to postal workers and UPS drivers, who continue to serve us.

It is with special appreciation that we also recognize our Reliant employees who come to work each day to fulfill our commitment to you and continue meeting your financial needs. It is our goal to do everything possible to deliver the exceptional customer service you expect while keeping you and our employees safe.

Several features of the recently enacted CARES Act are rolling live this week, including:

Stimulus Checks

Check your online accounts for your stimulus check deposit. Last week, the first batch of stimulus payments were submitted to the Federal Reserve for ACH processing. A total of $81 million was transmitted over the weekend, with an effective payment date of April 15, 2020.  Payments are expected to process each Friday, and the IRS will soon have a resource available called “Get My Payment” that will allow taxpayers to track their Economic Impact Payment. According to the IRS, the website will be live mid-April at https://www.irs.gov/coronavirus/economic-impact-payments.

IRA Required Minimum Distributions and use of Retirement Funds

Individual Retirement Account (IRA) provisions are also part of the CARES Act and allow Required Minimum Distributions (RMDs) to be waived for IRA and 401(k) plans in 2020; however, you must contact your banker to request the RMD waiver. In addition, the CARES Act waives the 10% early withdrawal penalty for 401(k) distributions up to $100,000 for coronavirus-related purposes, retroactive to January 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over. These provision options require 401(k) plans to be amended with one of two choices on how the loans will work. Be sure to consult your tax advisor on these options.

IRA Required Minimum Distributions and use of Retirement Funds

Individual Retirement Account (IRA) provisions are also part of the CARES Act and allow Required Minimum Distributions (RMDs) to be waived; however, you must contact your banker to request the RMD waiver.  In addition, the CARES Act provides options to withdraw or borrow up to $100,000 for coronavirus-related purposes.  If you participate in a 401(k) Plan, or have assets in a former employer’s 401(k) Plan, the Plan’s recordkeeper will be able to advise on how to access your assets. Be sure to consult your tax advisor on these options.

As always, we remain committed to serving our customers and communities by providing essential financial services and account support. Reliant remains a strong financial institution on which our employees and customers can rely.  As an FDIC-insured financial institution, your funds on deposit remain safe and secure. Over the last 87 year – since 1933, no depositor has lost a penny of FDIC-insured funds.

We are well prepared to continue serving you through a variety of solutions that help you manage your financial needs without visiting a branch.

Digital and Alternative Banking

• 24/7 Mobile App – Account access connecting you to multiple banking services.
• Online Bill Pay – Web-based payment portal accessed via mobile app and desktop browser.
• 24/7 ATMs – Available at every Reliant Bank location and more than 32,000 surcharge-free ATMs nationwide through the MoneyPass® network.
• Tap-To-Pay – Apple Pay®, Google Pay^TM or Samsung Pay® via your connected Reliant Bank account. Use your smartphone to pay at participating merchants to avoid contact with high-touch surfaces.
• Debit Card/Credit Card – Remote purchasing capabilities if you are staying at home.
• 24/7 Telephone Banking – Access account functions directly from your phone.
• Online Banking – Desktop or mobile access allowing you to check balances, view statements, transfer funds, and other tasks.

Thank you for your business.

Be well.

DeVan Ard, Jr.

Chairman, President and CEO