We are actively monitoring the public health situation related to COVID-19 to ensure that we are well informed and ready to serve you during this difficult time. We continue to put the safety and well-being of our customers and employees first.
All branches are open during normal business hours for teller line transactions and town tax payments (Newtown and Monroe). Services including account opening and maintenance, safe deposit box visits, notary services, wire services, lending and Newtown Investment Solutions*, will continue to be available by appointment only. Please contact our Customer Service Center at 800.461.0672 or email@example.com to make an appointment.
Guidelines for visiting our branch lobbies:
We encourage you to continue to use our drive-up windows, ATMs and other banking options available to you including Online Banking, Mobile Banking, and Telephone Banking services
Suspension of Savings and Money Market Transaction Limits
The Federal Reserve Board recently announced an interim final rule amending Regulation D (Reserve Requirements of Depository Institutions) to remove the six-per-month limit on withdrawals or transfers from a savings deposit account to another account or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party. The interim final rule allows depository institutions to suspend enforcement of the six transfer limit and to permit their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.
As a result of these regulatory changes, Newtown Savings Bank has elected to immediately suspend the pre-existing limit on these types of withdrawals and transfers. This temporary revocation of the limit is effective immediately and will remain in place until September 30, 2020. During this time period, you may make unlimited transfers and withdrawals from your savings and money market accounts without incurring excess debit fees.
Economic Impact Payments
The Federal Government created a stimulus plan to provide assistance to individuals struggling as a result of the coronavirus pandemic. Please visit the IRS Economic Impact Payments Information Center) for additional information.
Individuals who received tax refunds via direct deposit for their 2019 or 2018 tax returns will receive an electronic Economic Impact Payment directly to their account. Those who will receive their payment in the form of a check may deposit it into your account using our Mobile App or at one our ATMs or branch drive-up windows.
What happens if I have a negative balance when a federal government stimulus payment is deposited into my account?
Economic Impact Payments are being issued to ensure recipients have the means to provide for basic necessities such as food, medicine and housing, during the current public health emergency. Newtown Savings Bank is committed to ensuring these payments are made fully available to our customers to use as intended.
If your Newtown Savings Bank checking or savings account has a negative end-of-day balance on the business day prior to the effective date of your stimulus payment deposit*, a temporary credit** will automatically be made to your account within a few days of the stimulus payment deposit to provide you with the ability to access and use the full amount of your Economic Impact Payment funds. If a temporary credit is applied to your account, you will receive a notification by mail with additional details.
* “Stimulus payment deposits” include an electronic credit of Economic Impact Payment funds made to your account by the IRS or the receipt of a check issued by the IRS that you deposit to your account at the Bank.
** Temporary credits will be provided as described above for stimulus payment deposits made by July 31, 2020 and will not exceed the amount of your stimulus payment.
A Message from the IRS: The IRS urges taxpayers to be on the lookout for scam artists trying to use the Economic Impact Payments as cover for schemes to steal personal information and money. Remember, the IRS will not call , text you, email you or contact you on social media asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
IRAs and HSAs
IRA/HSA Contribution Deadline Extended – The Treasury Department and Internal Revenue Service extended the filing deadline for 2019 income tax returns from April 15, 2020 to July 15, 2020. Additionally, the deadline for making a 2019 contribution to an IRA or an HSA has also been extended to July 15, 2020.
Required Minimum Distributions (RMD) Not Required for 2020 – The Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in March 2020 contains provisions which allow an individual to suspend their 2020 RMD from Traditional IRAs, Inherited IRAs and SEP IRAs.
If you are currently receiving scheduled RMDs and wish to suspend your 2020 RMD, contact Customer Service at 1.800.461.0672 or send us a secure message through online or mobile banking. If you want to receive your scheduled 2020 RMD or you are not currently set up for scheduled payments no action is required.
Please consult a tax advisor if you have already taken your 2020 RMD to discuss your options or if you have any questions about the suspension of your 2020 RMD.
Mortgages and Consumer Loans
We recognize the many challenges COVID-19 is creating for our customers and communities and we are here to help.
Paycheck Protection Program (PPP) Loan Forgiveness
Effective August 10, 2020, the Small Business Administration (SBA) has opened the Paycheck Protection Program (PPP) Loan Forgiveness Application portal. Newtown Savings Bank customers can now begin the forgiveness application by clicking the button below:
PPP Loan Forgiveness Application
If your PPP loan is $150,000 or less, you may want to consider holding off on applying for forgiveness as a new bill called The Paycheck Protection Small Business Forgiveness Act has been introduced into the Senate that would allow forgiveness by submitting a one-page attestation form.
While the bill has not yet been passed, indications are positive that it will be. We will keep you informed as more information becomes available.
If you have any questions regarding your PPP Loan Forgiveness, please contact us at PPPQuestions@nsbonline.com
Before we begin accepting applications, you are encouraged to review the following documents released by the SBA:
The Small Business Administration is offering disaster assistance low interest rate loans to small business customers in Connecticut. To find out more visit the SBA site https://www.sba.gov/funding-programs/disaster-assistance.
Newtown Investment Solutions
Our team of financial advisors are available and ready to help with any questions you may have on your investment accounts. Please call 203.426.4440 ext. 3148 and we will be happy to assist you.
*Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA / SIPC) . Newtown Investment Solutions is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
Donations to Front Lines (so far $32,000)
Stay Alert and Keep Your Information Safe
In times like these, online scams and other fraudulent activities may be on the rise. Cyber criminals attempt to take advantage of fears surrounding the Coronavirus by setting up websites to sell bogus products, and using fake emails, texts, and social media posts to try to obtain your personal information and take your money. Check out the Federal Trade Commission’s article about Coronavirus Scammers or learn more about protecting yourself from fraud on our Security and Privacy page.
Reliable Sources of Information
Since 1855, our commitment to our customers and our community has been unwavering through good times and bad, and we will continue to be here to support you during these uncertain times. We wish you safety and good health!