Safe, Sound and Informed

May 9, 2020

Dear Customer,

Like you, we are looking forward to a time when economic re-openings take hold throughout our state and communities. As we wait for the economy to re-open in full, our focus remains on continued safety and your financial well-being.

Be Careful, Be Aware, Be Safe
Fraudsters are continuing to prey on consumer fears.  Keeping you aware of the latest schemes is an important way we can help to protect you and your family.

As more people suffer financial hardship due to reduced hours or loss of jobs, scammers are likely to be contacting you threatening to disconnect vital services such as utilities or communications unless you pay them immediately. Legitimate businesses won’t threaten you, won’t demand payment in cash, gift cards or wire transfers, and they won’t ask for financial account numbers, your Social Security number, or account passwords.  Some people are even posing as charities, hoping to rely on your kindness to steal your money. Stay alert, and remember that BAC Community Bank will never ask you for sensitive data over the phone, email or text.

To guard against these scams, experts say to:

• Delete unsolicited email and do not click on links in them or download files.
• Don’t fall for online claims of remedies or vaccinations.
• Don’t react to threats by making payments with gift cards or wires.
• Validate that an email or call is not fraudulent by typing in a company’s official website address by hand or call an official number listed on a bill, statement or payment card.
• Get information only from trusted sites, such as the Centers for Disease Control at cdc.gov, the World Health Organization at who.int or from trusted news sources.  A collection of resource links from reputable authorities can also be found on our website at www.bankbac.com/covid-19.

Stay Connected with Digital and Traditional Banking Options
Online Banking and Mobile Banking keep you safely connected to BAC and in control of your money.  Use these services to deposit checks, transfer funds, track and categorize expenses, view balances and account history, pay bills and even send money to friends and family quickly and easily.

What’s more, you can still safely visit any BAC branch during normal business hours, or use other banking options such as the "Drive-thru Teller" or the quick and easy "Express Depository".  To make an "Express Deposit", simply open the Depository Box, and drop in your envelope.

We Are Here for You
We understand these times can be financially challenging and BAC offers a wide range of customized financial solutions to help.  We are doing even more to support your banking needs:

• In April and May, the number of debits required to qualify for Kasasa rewards have been reduced from 12 to 9 to coincide with decreased spending as a result of "shelter-in-place" orders.
• During May, limits on the number of withdrawals allowed from savings and money market accounts have been temporarily removed. Fees that apply when customers make excessive withdrawals have also been temporarily eliminated.
• If you opted in to the Overdraft Protection service and qualify for an increase, your limit has been automatically increased from $700 to $1,200.
• Mobile Deposit limits were increased to at least $3,500 for consumers and $5,000 for business accounts (and may even be higher based on your unique situation).

The Latest SBA PPP News for Our Business Customers: Forgiveness Preparedness
If you have a small business and received SBA PPP funds, your thoughts are now on preparing to apply for loan "forgiveness".  While some of the guidance on forgiveness is unclear at this time, we do know that businesses must be ready to document qualifying expenses. Here are a few tips which should make it easier to substantiate and maximize your loan forgiveness:

• Organize your documents:
  • Use a spreadsheet to track qualifying expenses.  See your progress in real-time and project where you will be at the end of the 8-week period. 
  • Use 3rd party documentation.  For example, if you use an outside payroll provider, save a payroll report showing gross wages paid coupled with your bank statements that reflect the payroll funds coming out of your account.
  • Keep an organized "paper trail" showing that PPP funds paid for qualified expenses.  Capture and store receipts from electronic payments and transactions as well as paper invoices.
  • If you have cancelled checks that match invoices, make copies to use as documentation along with the original invoice.
  • Track expenses through your accounting system with a unique general ledger identifier. For example, if you use QuickBooks, set up an additional "class" to record your qualifying expenses during the PPP loan period.
  • Keep track of hours worked for hourly employees. Maintain copies of timecards or pull a report from an electronic time-keeping system.  The hours should be tracked by week for the 8-week period.
  • If possible, scan and store all documents in advance and have them ready in PDF format to send to the bank electronically.
• Refer to the information provided by BAC on loan forgiveness.
• Use the Loan Forgiveness Estimator to calculate your expected loan forgiveness.

Thank you for your business.  It is a privilege to serve you.