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In these uncertain times, State Bank of Cross Plains promises to be a resource for accurate, current information. We understand that you may have questions about your finances, your accounts, and your options. We hope that this FAQ will provide you some clarity and insight, as we navigate through this challenging period together.
Economic Impact Payment
The checks will be printed on U.S. Treasury check stock and will appear similar to a tax refund check. The stimulus checks will contain language in the memo line of the check identifying it as a stimulus payment.
In the next few weeks, the IRS plans on creating a portal for the public to check the status of their payment. This portal will also allow those who have filed tax returns to enter their direct deposit information for an electronic payment, provided the check payment has not already been sent.
A payment confirmation will also be mailed to each recipient after the payment has been sent. This confirmation will include the amount of the payment and the payment method.
If you filed a 2019 or 2018 tax return and received a refund through direct deposit, the stimulus payment will be sent electronically to the same account as the tax refund. If the account is closed or is associated with an incorrect account number, the funds will be returned to the government. The IRS will follow standard procedure used for tax refunds for returned payments, meaning they will cut a check and send it to you in the mail. We do not know how quickly the IRS will be able to turn these payments around or when you should expect your check.
If you receive direct deposit of Social Security or Railroad Retirement funds, the stimulus payment will be sent electronically to the same account as those payments. If you receive those funds on a prepaid card, the stimulus funds will be available on the same card.
For a comprehensive rundown of all things pertaining to upcoming economic impact payments – including questions regarding eligibility, timing, and delivery method – please visit the IRS’s website: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
Visit this page on the IRS's website: https://www.irs.gov/coronavirus/economic-impact-payments to check your payment status, confirm your payment type and enter your bank account info for first deposit.
Mortgage, Loans & Payments
The pandemic is set to disrupt day-to-day life for a number of weeks – and possibly months. With most people now working from home and avoiding social spaces, you may be thinking about how you can cut down costs for services you’re no longer using. Review your subscriptions and ongoing discretionary autopayments, as these are often set up and forgotten about. Keep energy costs by wearing layers in colder weather and opening windows when the weather allows.
Further, assess whether it makes sense to remortgage/refinance; if you do, it may be to your benefit to pull out some additional liquidity. Finally, review your insurance costs, as there may be some savings opportunities there. Collectively, these small steps can result in big savings.
Your first call should be to the institution. Following that, we can work with you and the school to form a plan for the future.
Check with your realtor to determine what contractual obligations each of the parties has relative to offers to purchase that may have been executed. Review your status with your lender as well, to see if there is relief you can receive on the mortgages you have outstanding. Additionally, check whether your realtor may be able to provide virtual tours for interested buyers and continue to market through online channels.
Some 401(k) plans allow for hardship withdrawals – please check with your 401(k) administrator or tax advisor for qualifications and any tax implications this may have. The bank can help with loan-payment relief for up to three months initially, and then can review your situation after that point. Credit cards or available credit on Home Equity Lines of Credit (HELOCs) may provide some cash-flow relief for the short term.
Yes, in most circumstances, we can move forward with a mortgage loan application to refinance your current home loan. Please do what you can in the short term to keep your mortgage payments current, as this will increase the likelihood of approval. We are still waiting for some guidance from Fannie Mae and Freddie Mac on how to address the income of those borrowers impacted by recent layoffs, and will share information on that front as it becomes available. In instances where an appraisal may be needed, there may be some delay, due to the need to adhere to social distancing and the potential for community spread.
Borrowers impacted by the coronavirus may have up to three payments deferred, which will extend the maturity date of the loan by three months. Late charges will not be assessed for these three payments, nor will payments be reported as late to the Credit Reporting Agencies. Please contact Customer Support at (608) 798-2400 to be connected with a Personal Banker to learn more.
Credit card holders impacted by coronavirus may have up to three payments temporarily suspended without incurring late charges.
If the coronavirus has caused job loss, income reduction, sickness, or other issues, mortgage relief options are available for homeowners. Learn more from the guide to coronavirus mortgage relief options.
- Homeowners impacted by this national emergency are eligible for a mortgage forbearance plan to reduce or suspend their mortgage payments.
- Homeowners in a mortgage forbearance plan will not incur late fees.
- Credit bureau reporting of past-due payments of borrowers in a mortgage forbearance plan as a result of hardships attributable to this national emergency is suspended.
- After forbearance, we will work with borrowers on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
We have a number of calculators available on our website, including one designed to help you spend less.
If this is your first time using online or mobile banking, or if you simply have a question about either, please call our Customer Support line at (608)798-2400 or (855) 256-7328, and a representative would be happy to assist.
For some things, like refinances, you can begin an application right from your computer. At this point, mortgage closings are occurring in person, by appointment only. We are observing social distancing, and ask customers to do the same. Part of that means we will be refraining from shaking hands with customers.
Additionally, we are using new pens and cleaning all surfaces after each closing, and we’re reminding staff to wash their hands regularly and use hand sanitizer. Further, we ask customers who are feeling ill, or who may have been in contact with someone who has been ill, to contact us to reschedule their closing.
We are limiting in-person interactions, for your safety and that of our employees. If you have questions about your account(s), please contact us, and a representative or a personal banker will be able to assist you.
Public health experts believe the virus to be transmittable through “fomite” surfaces, including paper money, that have been touched by an infected person. Our staff is handling cash and other items with gloves, using sanitizer, and taking hand-washing breaks at least once per hour, if not more. We also have specially formulated solution that each office is using to clean things like door handles, and we have asked our cleaning crew to focus on hands-on items.
We plan for bad markets while in good ones. This allows us to able to take downturns in stride and, in many ways, be proactive, putting cash to work and buying when others are liquidating. We currently recommend resisting the urge to sell – after all, selling makes temporary losses permanent. Instead, remain focused on the long term.
Remember: We have faced multiple corrections (defined as stock market declines greater than 10%) over the past 50 years, and several bear markets (defined as stock market declines greater than 20%) as well. While painful, both corrections and bear markets are typically short, and are natural and necessary forces in regulating the markets. Keep in mind, too, that timing the sell and the buy perfectly is nearly impossible.
There is an end to this, though when that will be remains unknown. The good news is, current market volatility is not a result of a systemic issue, like with the financial crisis of 2008. This is a black swan event that is having a quick and strong impact on our economy, because it is taking the consumer out of the workforce and preventing them from spending money on goods and services.
The fundamentals of many companies should remain intact, but with an intense slowdown for the foreseeable future. That anticipated slowdown is what is driving stock prices down. Once more information becomes available, the economy is likely to see a rebound, and those can happen as rapidly as downturns. Accordingly, we are not advising clients to make drastic changes to their portfolios at this time.
To cushion the impact of market drops, many retirees find it helpful to have two or three years’ worth of living expenses available in liquid investments, such as savings accounts or money market funds. That way, if the rest of your investment portfolio loses even more value than it already has, you won't feel compelled to sell immediately and will have a better chance of being able to wait out the downturn.
Although some investment professionals believe that a V-shaped recovery in the stock market is likely, once the full extent of the coronavirus outbreak becomes clearer, betting on that bounce happening could translate to significant losses if it doesn’t materialize.
Additional Pandemic Resources
- IRS’s information regarding economic impact payments: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
- Wisconsin Department of Health Services: https://www.dhs.wisconsin.gov/
- Center of Disease Control and Prevention: https://www.cdc.gov/coronavirus/2019-ncov/index.html