Business Customers: 

Small Business & Commercial Banking Customers

• Unlimited number of transfers and withdrawals are now allowed from your money market and savings accounts. 
• Liberty Bank’s small business and commercial banking customers are eligible for various types of loan payment assistance, including but not limited to immediate loan payment deferrals, interest only payments, further credit extensions or other forms of assistance.
• Small business and commercial banking customers who are experiencing financial hardship should call the Customer Service Center at 1.888.570.0773 to discuss these relief options.
• As always, Liberty will work with their small business customers if they need any assistance in pursuing other options they may be eligible for, including opportunities through the U.S. Small Business Administration (SBA) or other existing programs.

Additional Assistance for Customers

• If Liberty customers seek other assistance not listed above, call the Bank’s Customer Service Center at 1.888.570.0773. The Liberty team is ready to take your call and find solutions to fit your needs at this critical time.

More information about financial hardship relief

Personal Customers:

Consumer Lending Customers

• Liberty Bank consumer loan customers are eligible for various types of loan payment assistance, including immediate loan payment deferrals. For more information, call Liberty’s consumer loan team at 1.800.354.8950.

Credit Card Customers 

• Customers with Liberty Bank credit cards are eligible for financial relief, including fee waivers for late fees, over limit fees and rush card requests. Contact Cardmember Services at 1.800.558.3424.

Consumer Banking Customers

• Customers may be eligible for certain fee waivers. Call Liberty’s Customer Service Center at 1.888.570.0773 for help.
• Customers can request increases in debit card limits and remote deposit check limits. Call Liberty’s Customer Service Center at 1.888.570.0773 to make the request.
• Unlimited number of transfers and withdrawals are now allowed from your money market and savings accounts. 

IRA and Retirement Plan Changes in the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress and signed into law by the President contains a few provisions regarding rule changes for retirement plans that you should be aware of:

• Required minimum distributions (RMDs) are suspended for 2020.  All RMDs are suspended, including those for inherited IRAs as well as traditional IRAs of those over 70 ½.
• Due to the tax return filing deadline for 2019 income tax returns being extended to July 15^th, 2020, the deadline for making a 2019 contribution to an IRA (or HSA) is also extended to July 15^th.
• Please be advised to consider carefully about whether to take advantage of this suspension and to consult with your tax professional.  If you have already taken your 2020 RMD, you have the option to keep it or return it to the IRA.
• Additionally, the 10% penalty for taking early distributions from qualified retirement plans, including IRAs and 401(k)s has been waived.  This wavier applies to distributions taken between January 1, 2020 and December 31, 2020.  Up to $100,000 of distributions avoids the penalty.

Additional Assistance for Customers

• If Liberty customers seek other assistance not listed above, call the Bank’s Customer Service Center at 1.888.570.0773. The Liberty team is ready to take your call and find solutions to fit your needs at this critical time.

More information about financial hardship relief