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How Commerce is responding to the COVID-19 pandemic.

Taking care of our customers and team members is our top priority. The COVID-19 pandemic is continuing to have an unprecedented effect on the daily lives of many. Commerce has been and continues to be diligent in monitoring the pandemic's impact, and the challenges we are all facing.

We are taking this very seriously and are taking steps to allow us to help protect your health and safety while continuing to serve you. Commerce branches are open to help our customers take care of their banking needs, up to capacity limits, following CDC guidance requiring masking, social distancing and enhanced cleaning. And we are ready to assist you if you are facing financial hardship.

We ask you to be on the lookout for suspicious email and text messages that try to convince you to share sensitive information such as username and password, or ones that may impersonate a company, charity, or government agency. Commerce will never ask you for your personal information or log-in credentials in an email or text message.

Commerce Bank is here for our customers – in good times and challenging times – and this situation is no exception. We appreciate your continued trust and the privilege to serve you.

We will continue to follow the recommendations from the Centers for Disease Control and Prevention. As the situation evolves, we’ll share updates here as we have them.
A third round of Economic Impact Payments was authorized by the Congress on March 10, 2021. This $1.9 trillion package, called the American Rescue Plan, is aimed at providing additional relief for individuals and businesses that have been negatively impacted by the coronavirus pandemic.

If you have already received a payment from the first two rounds of stimulus checks, then the IRS will deliver this third payment in the same way. Most Americans will receive the payment via direct deposit, but the IRS will send you a paper check if it does not have your bank details on file or if you closed the account the IRS has on file.

Here’s a quick summary of benefits of the third round of direct payments to individuals and how Commerce can help individuals get assistance from this relief program. For the latest details, visit the IRS website.
What this means for individuals: How Commerce can help:
One-time Economic Impact Payment check:

  • $1,400 per individual, $2,800 for joint filers and $1,400 per child. Adult dependents (ages 18-26) who can be claimed on someone else’s tax return will qualify for a payment in this round.
  • All “mixed-status households” with one or more family members who aren’t US citizens will be eligible for payment in this round.
  • The full EIP amount is available for those with adjusted gross incomes at or below $75,000 for individuals, $112,500 for head of household and $150,000 for married couples.
  • Reduced checks on a sliding scale are available for individuals making up to $80,000 a year, heads of household earning up to $120,500 annually, and married couples who earn up to $160,000.
  • Social Security recipients and those who received regular payments from the Railroad Retirement Board or the Department of Veteran Affairs are eligible to receive the benefit as long as their total income does not exceed the limit.
  • Payments are based on either 2019 or 2020 income, depending on when a taxpayer files their 2020 tax return.
Extended Unemployment Assistance:

  • $300 weekly jobless benefit supplementing state unemployment benefits
  • Duration extended through Sept. 6, 2021
  • The first $10,200 in unemployment insurance received in 2020 will be non-taxable for households with income under $150,000.
  • Contact your state unemployment office directly.
  • More information should be posted on the U.S. Department of Labor website.
  • If you are a Commerce Bank customer facing financial hardship due to the impact of the COVID-19 pandemic, please call us at 833-518-3458 to discuss your current accounts. You may experience an extended wait time due to high call volume. Your patience is appreciated.
Child Tax Credit:

  • Most eligible Americans would receive $3,000 a year for each child ages 6 to 17, and $3,600 for each child under 6.
  • This expands the existing child tax credit of $2,000 per year for children from birth through age 16.
  • Periodic payments of up to $300 per child per month will be sent via direct deposit from July through December 2021.
  • The amount will be gradually reduced for couples earning over $150,000 and individuals earning over $75,000 per year.
  • Direct deposit to your Commerce Bank account (if you have established this for direct deposit of tax refunds or Social Security benefits.)
  
Student Loans:

  • The version of the bill passed by the Congress on March 10 includes a provision to make any student loan forgiveness passed between Dec. 31, 2020 and Jan. 1, 2026 tax-free. Usually, forgiven debt is treated as taxable income.
  • If you have questions or are curious about your options, set up a consultation with a Commerce lending specialist.
Most people will not need to take any action to receive their payment. If you filed your 2019 or 2020 tax return and linked an account for your tax refund, the IRS will calculate and automatically direct deposit your payment into the account you provided on your tax return. If you receive Social Security benefits, via direct deposit, your payment will automatically go to that associated account, even if you didn’t file a tax return.

If the IRS does not have your direct deposit information, you may receive the funds via a check which will be mailed to the address they have on file. If you receive a check, you can deposit this into your account quickly and easily using our mobile app or ATM.

Based on our experience with the first and second round of Economic Impacts Payments, we believe payments by both ACH and check will be staggered by several days or weeks. Commerce Bank has no insight or information as to when any specific consumer will receive his or her payment. Likewise, we do not have any information about how much your payment will be, as each payment is dependent upon many factors, including number of dependents in your household and adjusted gross income.

We kindly ask you to refrain from contacting us to ask when your payment will arrive and how much it may be. We will only know these details once the payment has arrived, at which point the information will be available to you through Online Banking and our mobile app.
Most of our branch locations are providing drive-thru and lobby service, up to capacity limits as social distancing allows. Please visit our location finder for the latest hours of operation or to find an ATM near you.

Our Mobile App and Online Banking are available 24/7 to make deposits, transfer funds, make payments and more. They’re simple to use, and free.

Business customers have a few additional options to access their accounts, wherever and whenever is convenient to them: If you have questions or need individual assistance, contact our customer care center at 800-453-2265. You may experience an extended wait time due to high call volume. Your patience is appreciated.
Most branches have resumed normal hours to allow you to complete your banking needs. Please visit our location finder before visiting to check the hours of operation.

There are currently capacity limits for lobby access at most branch locations to allow for social distancing. Here’s how to make your visit go smoothly:
  • Commerce branches may allow access up to a maximum number of customers at any time to allow for social distancing. If the branch is at capacity, we will ask you to wait outside or in the comfort of your car. Customers are no longer required to have an appointment or call for entry into the branch.
  • All team members and guests are required to wear a face mask. No exceptions. We will provide you with one if needed.
  • If you feel that you are at a higher risk of infection, or are not comfortable wearing a mask, we ask that you use a different method to complete your banking needs. (Commerce drive-thrus, Online Banking, mobile app, ATMs or phone.)
  • Commerce Bank has increased efforts to make sure our branches are as safe as possible, including regular disinfection of work areas and equipment. All branches will have shields in the transaction and desk areas, and there will be floor stickers to ensure visitors stand 6 feet apart.
Thank you for your understanding as we work to keep our team members and customers safe and healthy while still providing you the services you need.

We’re here to help.

Commerce Bank believes that every financial situation is unique and deserving of a personal response. We understand that the current situation may cause financial uncertainty and can be very difficult for many of our customers.

If our customers are having financial difficulties due to job loss, reduced hours or other impact from the coronavirus – please know, we’re here for you.

If you are a Commerce Bank customer facing financial hardship due to the impact of the COVID-19 pandemic, please call us at 833-518-3458 to discuss your current accounts. You may experience an extended wait time due to high call volume. Your patience is appreciated.

Here are some of the ways we’re offering relief to our customers who have been impacted by the coronavirus pandemic:

  • Existing loan customers may be eligible for payment deferments.
  • Credit card accountholders may be eligible to skip payments and have late fees waived or refunded.
  • Credit card accountholders with long-term financial impact may be considered for a permanent workout payment plan with reduced payments and fees.
  • Existing, credit-qualified Commerce customers may be offered an unsecured installment loan with flexible income requirements offering flexible loan terms, first payment due date extension and fixed rate and payments.
  • Customers may request to have overdraft fees refunded.
  • Customers who have to use a different bank’s ATM may request refunds of the fee.
  • Customers who need to redeem their CD early due to financial hardship or because they were unable to get to the bank during the grace period may request to have the early withdrawal penalty waived.
  • Commerce Bank Mortgage is working with customers on payment plans and temporary forbearance options. Payment relief plans can be in the form of a reduced payment amount, or a suspension of payment in full, for the payment relief period.

We understand our business customers may be facing challenges during this unprecedented economic environment.

Our priority is to help you and your business succeed in good times and challenging times. We’re here to help.

Contact us to learn more about the ways we’re offering relief to our business customers who have been impacted by the coronavirus pandemic:

  • Existing business loan customers may be eligible for payment deferments.
  • Business credit card customers may be eligible to defer payments and have late fees waived or refunded.
  • Business customers may request to have overdraft fees refunded.
  • Merchant services customers that closed temporarily may have their monthly minimum fee and regular monthly fee waived for the months they were not processing.
  • Additionally, the SBA is offering direct financial support options including low interest loans of up to $2 million. These loans are provided directly from the SBA and are not affiliated with Commerce Bank. Learn more at https://disasterloan.sba.gov/ela/.
Our top priority is your safety. We have taken proactive steps to make sure our environment is as safe as possible.

  • We are monitoring the situation continuously and following the guidance and direction of the Centers of Disease Control and Prevention and the World Health Organization.
  • We have set capacity limits for the interior of our branches to minimize exposure of our customers and teammates to others and to allow for social distancing.
  • In our branches and offices, we are making additional efforts to disinfect work areas and equipment, and help our team safely handle cash.
  • We are encouraging anyone who is at high risk or who feels sick to stay home.
  • We’ve distributed our workforce to various locations, including many who are working from home.
  • We’re eliminating all business travel (foreign and domestic) until further notice.
  • We’ve replaced most in-person meetings with alternative means of communication like tele-, web or video conferencing.
  • Due to social distancing requirements, there may be instances in which a location will need to temporarily close. Please visit our location finder to check the status of a branch before visiting.
We have an ongoing series of articles on topics on how to keep your financial life on track through the weeks ahead. For the latest, click here.

For the latest information from official sources, visit:
Staying safe and healthy while working at home.

We’re helping keep you informed.

Taking care of our customers and team members is our top priority. Check out Ideas & Tips for ways to manage around COVID-19.

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