As the public adjusts to social distancing, working from home and taking additional steps to slow the spread of the Coronavirus, focus is shifting from changes in daily routines to the long-term effects a worldwide pandemic may have on them and their community.

In an effort to eliminate confusion, allay fears and identify resources, Marine Bank answers the questions its customers are asking.

How can I guarantee my money is safe in my bank account?
Marine Bank accounts are insured by the FDIC (Federal Deposit Insurance Corporation), an independent agency of the US government that protects you against the loss of your insured deposits. The standard FDIC deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category and is backed by the full faith and credit of the United States government. 

How do I know if I my accounts are adequately covered?
The FDIC’s Electronic Deposit Insurance Estimator (EDIE) can be used to calculate the insurance coverage for your Marine Bank checking, savings, money market deposit account and CDs.  You can access it at https://edie.fdic.gov/.

The FDIC staff is available to answer your questions at 1-877-ASK-FDIC (1-877-275-3342) or https://ask.fdic.gov/fdicinformationandsupportcenter/s/ between 8:30AM- 5:00PM Monday-Friday.

Should I withdraw cash from the Bank?
Consumers are encouraged to continue to conduct transactions as they normally would. Credit and debit cards and other payment systems will operate as normal. The Federal Reserve System has and will continue to meet the currency needs of banking customers. Be assured that sufficient resources are available to handle customer needs.

Can the banking industry survive this pandemic?
As a result of the financial crisis of 2007-2008, bank holding companies have built up substantial levels of capital and liquidity in excess of regulatory minimums and buffers. As a result, the US banking sector is solid and well positioned to play a key role in helping the country recover from the effects of the pandemic.

What about Marine Bank specifically?
Marine Bank is strong with more than $286 million in assets as of December 31, 2019. The Bank maintains a Superior 5-Star Rating from Bauer Financial, an independent bank rating organization.

How can Marine Bank assist me or my business?
In our 23-year history, Marine Bank has weathered a recession and several life altering storms. Although this pandemic is different than anything we’ve experienced before, our local decision makers’ commitment to helping those impacted remains constant. Team Marine stands ready to assist and invites our customers who are suffering hardships as a result of the Coronavirus to contact their personal banker or 772-231-6611.

What other resources or programs should I be aware of?

SBA Disaster Assistance in Response to the Coronavirus
The U.S. Small Business Administration is offering Florida’s small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) low-interest federal disaster loans for working capital.  Learn more or apply online at https://www.sba.gov/disaster-assistance/coronavirus-covid-19.

The Paycheck Protection Program

The Paycheck Protection Program, part of the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides the Small Business Administration (SBA) with $670 billion for American small businesses impacted by the Coronavirus. Click here(Opens in a new Window) for more information. 

Florida Small Business Emergency Bridge Loan Program
The Florida Small Business Emergency Bridge Loan Program is currently available to any small business owners in Florida who experienced economic damage as a result of COVID-19. These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. Learn more or apply online at https://floridadisasterloan.org/.

Families First Coronavirus Response Act
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.  Click here to learn more.

Reemployment Assistance
Floridians whose employment has been negatively impacted because of mitigation efforts to stop the spread of COVID-19 may be eligible to receive Reemployment Assistance. Click here (Opens in a new Window) to visit the Reemployment Assistance Service Center.

Are Marine Bank’s Banking Centers open for business?
The safety and well-being of our customers and our employees remain Marine Bank’s highest priority.  We are closely monitoring the situation and making the decision to keep our banking center lobbies open on a day-to-day basis. Although our banking centers are currently open for your convenience, we are kindly requesting that all simple teller transactions be conducted via drive thru, online banking, mobile banking, telephone or ATM. If your transaction requires you to come inside, please note that we are limiting the number of people allowed in our lobby at one time. As a result, you may be required to wait outside until we can accommodate you. Also, we are taking extra time between customer transactions to wipe down contact surfaces. If we can assist you with anything including help in accessing online banking or using our Marine Bank mobile banking app, please contact your personal banker or 772-231-6611.  

What happens if Marine Bank closes its banking center lobbies?
If we close our banking center lobbies to further protect our customers and our employees, you will still be able to bank via the drive thru, online banking, mobile banking and ATM.  Your debit card will continue to work as will Apple Pay and Google Pay apps. You will continue to have access to any cash you need.  We will remain accessible by phone between 8 am and 11 pm at 772-231-6611.

What else should I be aware of?

Beware of Scams
Unfortunately, fraudsters are finding ways to take advantage of fears related to the coronavirus. Learn about the common scams and what you can do to protect yourself. Click here (Opens in a new Window) for tips to avoid coronavirus scams and protect your money.

Use credit cards, not cash
Using your personal credit card rather than handling money can provide peace of mind but it also allows you to make online purchases and avoid shopping at crowded stores. In addition, consumers that decide to stock up on essential items and spend more than usual in the coming months can recoup some of that expense, and get some extra time to pay, by using a rewards credit card.

What can I do to help my community?
First and foremost, stay healthy and protected by practicing good hygiene and social distancing, avoiding groups of more than 10 people, and staying home if you feel sick. In the meantime, Marine Bank encourages you to invest your money into our community by shopping local and buying local. 

What if I have additional questions?
We are committed to delivering the best in banking.  Should you need assistance or additional information, contact 772-231-6611 between 8 am and 11 pm EST. For additional information or updates on the Coronavirus, please visit www.coronavirus.gov (Opens in a new Window) (Opens in a new Window).