COVID-19 Coronavirus Information

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Economic impact payment information

The IRS has begun distributing electronic payments and paper checks, and both will continue in waves over several weeks. City expects to receive and process electronic payments once per week so that funds will be credited and available in your account on Wednesday morning. To check your payment status, please visit the IRS website and click "Get My Payment." 

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

For those who have not filed a tax return in the past two years or do not have direct-deposit information on file with the IRS, the agency has developed a tool to submit this information online. Please visit the IRS website to enter your bank account information to set up direct deposit.

New financial relief measures

The following financial relief measures were recently announced to assist those facing financial hardship due to the coronavirus pandemic.

Unlimited savings withdrawals and transfers

In accordance with guidelines provided by the Federal Reserve, City has suspended fees on withdrawals and transfers in excess of the typical monthly limit for both savings and money market accounts.

IRA and HSA contribution changes

Because the due date for filing Federal Income tax returns has been postponed to July 15, the deadline for making IRA and HSA contributions for 2019 has been extended to July 15, 2020. 

Retirement account rule changes

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows retirement account owners to take withdrawals for emergency costs related to the coronavirus pandemic and partially delay the tax consequences. Here’s how:

  • Retirement account participants can withdraw up to $100,000 for coronavirus expenses.
    Retirement savers who have been negatively impacted by the coronavirus crisis can now withdraw up to $100,000 from a 401(k), IRA or similar type of retirement account until Dec. 31, 2020, without being charged the usual 10% early withdrawal penalty. Those who are diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention or who have a spouse or dependent who tests positive for the coronavirus can take emergency retirement account withdrawals. Those who experience adverse financial consequences as a result of being quarantined, furloughed, laid off, reduced work hours or being unable to work because of a lack of child care due to the coronavirus pandemic are also eligible for the emergency withdrawals.

    Participants still will be required to pay income tax on withdrawals from traditional retirement accounts.

  • The income tax due on a retirement account withdrawal can be paid over three years.
    Income tax will be charged on emergency retirement account withdrawals from tax-deferred accounts. However, the CARES Act allows IRA holders to spread the income tax bill over a three-year period, beginning in the year the distribution is taken.

  • Savers have three years to put withdrawn funds back in a retirement account.
    Retirement accounts are subject to annual contribution limits, which can make it difficult to rebuild a retirement account balance after early withdrawals have been completed. However, those who take coronavirus emergency withdrawals can put the money back in a retirement account at any time during the three years after the distribution.

  • Retirees can delay taking required minimum distributions from retirement accounts in 2020.
    In 2020, the Secure Act increased the Required Minimum Distribution (RMD) age from 70 ½ to age 72, for persons born on or after July 1, 1949. 
    As part of the CARE package, retirees age 72 and older who don't need to withdraw money from their retirement account can skip their 2020 minimum distribution requirement.

Additionally, for tax years beginning after 2019, the Secure Act repealed the age restriction on contributions to traditional IRAs.  There is now no age limit for contributions, if the IRA holder is earning compensation (taxable income).

Branch availability and drive-thru access

The safety and well-being of our customers, employees and communities is of highest importance at City National Bank, and we are closely monitoring the evolving information related to the COVID-19 Coronavirus pandemic from national and state government authorities, the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO).

City is open for business! However, in accordance with recommendations from government authorities, the CDC and the WHO, lobby hours are limited to appointment-only for the protection of customers and employees. We are happy to serve you in our drive-thrus during normal drive-thru hours, by phone and through all digital channels. To set up an appointment or speak to a banker, call your local branch.

The following branches, which do not offer drive-thru service, are temporarily closed: 
Branches located inside Walmart and Kroger stores
Kings Daughters Medical Center, Ashland, Ky. 

Try our digital banking channels

For your convenience and safety, we encourage the use of City’s digital banking channels, including online banking, mobile banking, telephone banking, Automated Teller Machines (ATMs), Interactive Teller Machines (ITMs) where available, direct deposit and online applications. For assistance, or to learn more about these services, please click any of the links above or call our Customer Care Center at 888-816-8064.

We’re here to help

We understand that these challenging times can sometimes cause financial difficulties, and we’re here to offer assistance. 

Consumer and mortgage loan payment deferral program
If illness or workplace interruption related to COVID-19 impact your ability to make loan payments, we offer payment deferral options. Call 1-800-598-2489 to discuss your needs with a City associate. 

Suspending late fees on consumer and mortgage loan payments 
We have suspended late fees on consumer and mortgage loan payments through May 31, 2020, and this suspension may be extended as we continue to monitor the pandemic.

Assistance with Collections
If you have received a past-due notice for a loan payment or overdrawn account and would like to inquire about payment options, please call 1-800-598-2489.

Help for small business owners
The U.S. Small Business Administration has released a disaster relief assistance program for loan assistance. Additional information can be found at

Anything else?
Call your local branch to find out what your options may be.

Taking precautions

We take cleanliness and hygiene seriously all year round, but have recently ramped up efforts to help prevent the spread of germs. Our employees have been instructed to wash their hands frequently, use hand sanitizer in between hand washings and to stay home if they are not feeling well. We’re diligently following guidelines from the CDC and WHO on prevention, and strongly encourage customers to do the same.