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CPB COVID-19: Weekly Update 4-17-20
Welcome to our weekly customer newsletter.
It is encouraging to hear Lieutenant Governor Josh Green report this week that our collective efforts to flatten the COVID-19 curve have been effective and, as shown on this CNN map, Hawaii’s number of cases are among the lowest in the U.S. We are preparing for the road to recovery ahead of us and will continue to share with you resources and bank updates so we can work through these trying times, together.
For up-to-date information visit cpb.bank/COVID-19
Mahalo and stay well.
Economic Impact Payments are on the way
The first wave of economic impact payments has started to reach the bank accounts of millions of Americans. The IRS launched "Get My Payment", a tracking tool you can use to find out when you’ll receive your stimulus funds. This payment is automatic for most taxpayers who have filed returns in 2018 and 2019, and for most seniors and retirees. If you did not file taxes, see the "non-filers" section to apply for your payment.
To monitor when payment has reached your bank account, make sure you’re enrolled in online or mobile banking. If you expect to receive your stimulus payment by mail, you can conveniently deposit your check using mobile check deposit.
Mortgage Closings in the pandemic environment
During these extraordinary times, our mortgage team members have stretched their creative muscles to discover new ways to safely close transactions. With help from our escrow partners, we are able to sign closing documents in the car, in separate rooms, on the lanai, or anywhere that we can find a safe place to sign. We use masks and gloves, provide separate pens, and always keep a safe distance.
We are thankful for all our customers and appreciate your flexibility and patience as we think of new ways to best serve you. Consider Refinancing Your Mortgage
Self-service banking improvements for your convenience
We expanded our call center team to better respond to the increased volume of phone calls. However, wait times may still be longer than usual. We encourage you to take advantage of self-service options and have made improvements to make your banking experience better.
- ATM – Waived the surcharge fee so you can now use any ATM from American Savings Bank, Bank of Hawaii, First Hawaiian Bank, or Hawaii National Bank. We also waived ATM Transaction Fees for transactions done at any ATM.
- CD (Certificate of Deposit) – Waived the early withdrawal fee so that you can access funds in your CDs.
- Debit Card – Raised the spending cap limits to $10,000 should you need to use your debit card to access more of your funds.
- Mobile Deposit – Increased mobile deposit limits to $10,000 daily and $30,000 monthly.
Hawaii banks secure $1.6 billion for more than 7,500 local businesses through SBA Paycheck Protection Program
The Hawaii Bankers Association (HBA), a trade organization made up of FDIC insured depository institutions in Hawaii including Central Pacific Bank, announced on April 13 that in just over a week since the Small Business Administration (SBA) Paycheck Protection Program (PPP) application became available, Hawaii banks successfully secured SBA approval for loans to more than 7,500 companies totaling $1.6 billion. HBA estimates this funding will help to preserve more than 100,000 jobs statewide. Read more on our blog.
The PPP is a fully forgivable loan. The loan proceeds must be used to cover payroll costs and most mortgage interest, rent and utility costs over the 8-week period after the loan is made. In addition, employee and compensation levels must be maintained.
As of April 15, the SBA is not accepting new applications. We will announce when additional funding becomes available on our website at cpb.bank
Steps to secure your video conference calls
Video conferencing has become our lifeline to the world. During the week of March 14-21, video conferencing apps saw a record 62 million downloads (as reported by App Annie, a global provider of mobile market data). The rapid increase in users has also caught the attention of hackers who want nothing more than to disrupt your video call.
Since many of us are using video conferencing to connect with colleagues, family, and friends, our Information Security Department shared tips to secure your virtual meeting room, which can be read here.
Stay safe on video conference calls
We want to hear from you
It’s important for us to understand your concerns during this time, so we’ve created a survey that will help us figure out ways to better help you. It’ll just take 1 minute here.