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COVID 19 Updates

Gratitude and Hope

April 16, 2020

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 PayTM 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.

DeVan Ard, Jr.

Chairman, President and CEO

CARES Act, Financial Relief and Employment Assistance

March 31, 2020

Much has happened over the past several days related to the COVID-19 pandemic response. The coronavirus stimulus package, the CARES Act, was signed into law, and nationwide social distancing guidelines have been extended to April 30. Yesterday, Governor Bill Lee, issued a Safer-At-Home Order for the state of Tennessee, urging Tennesseans to stay in place and restricting operations of non-essential businesses. As an essential business with a special responsibility to continue operations, Reliant’s commitment is to continue providing vital banking services to our customers and communities as we move through and adjust during these unusual times. We continue monitoring CDC […]

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CDC Self-Assessment Tool

March 20, 2020

The CDC has launched a new self-assessment tool that guides users through a list of questions to determine their risk of infection. If the user is determined to be at risk, they are connected to additional resources and medical professionals. Click here to access the self-assessment tool. CDC guidelines recommend calling your doctor if you think you have been exposed to COVID-19 and develop symptoms, including fever, cough or difficulty breathing. Symptoms may appear 2-14 days after exposure. To help prevent the spread of this virus follow these CDC guidelines: Avoiding close contact with those who are sick. Covering coughs […]

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COVID-19 Branch Operations Alert

March 18, 2020

During these unprecedented times, we are following CDC social distancing guidelines and taking proactive steps to help reduce the spread of the coronavirus (COVID-19). Please know the health and well-being of our customers, our employees, and our communities is our top priority, and we are closely monitoring the pandemic. Effective Friday, March 20, 2020, we will temporarily close all Reliant branch lobbies to appointment only. To schedule a branch appointment, please contact your local banker during bank business hours. Prior to scheduling a branch appointment, we ask you to let us know if you have traveled out of the state […]

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An Open Letter About COVID-19 [Coronavirus]

March 13, 2020

Dear Valued Customers, Reliant Bank recognizes the threat we all face regarding COVID-19, otherwise known as the coronavirus. Along with other organizations across the globe, we are approaching this situation with caution. We are here to help you understand and navigate these uncertain times. We expect the impact to be felt in multiple ways, including financial market volatility. Please know we are closely monitoring daily developments and have created a detailed plan to ensure the banking services we provide to you are not disrupted. First and foremost, we have put significant effort into ensuring that our employees are following CDC […]

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Following CDC Guidelines

We continue to follow CDC guidelines and take proactive steps to help reduce the spread of COVID-19. Some of these steps include:

  • All employees with the ability to work remotely are doing so.
  • Front-line employees are following CDC protocols and are encouraged to do what is right for them and their personal health circumstances.
  • Temporarily shifting branch business operations to drive-thru servicing, with in-branch visits by appointment only.
  • Providing a quick link on our website to the CDC’s Coronavirus Self-Checker, a self-assessment tool that guides users through a list of questions to determine their risk.  If the user is determined at risk, they are connected to additional resources and medical professionals.
CDC guidelines recommend calling your doctor if you think you have been exposed to COVID-19 and develop symptoms, including fever, cough or difficulty breathing. Symptoms may appear 2-14 days after exposure. We have asked all Reliant employees to help prevent the spread of this virus by following CDC guidelines:
  • Avoiding close contact with those who are sick.
  • Covering coughs and sneezes with a tissue – then disposing of the tissue
  • Avoiding touching eyes, nose and mouth
  • Cleaning and disinfecting frequently-touched objects and surfaces
  • Washing hands often with soap and water for at least 20 seconds
  • Staying home if sick – except to get medical care.
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