Savings & Money Market Account Transaction Limits
May 5, 2020
The Board of Governors of the Federal Reserve System has temporarily amended its Regulation D, Reserve Requirements of Depository Institutions, to eliminate the six-per-month limit on convenient transfers and withdrawals from “savings deposit” accounts. The amendments are intended to allow depository institution customers more convenient
access to their funds and to simplify account administration for depository institutions.
As such, effective immediately and until further notice, accountholders can make an unlimited number of convenient transfers and withdrawals from their savings and standard money market accounts.
An Important Message from Our
Chairman, President & CEO
May 1, 2020
At this time of disruption and uncertainty, having a financial partner you can rely on has never been more important. As the reality of the pandemic continues to evolve and re-shape all of our lives in ways we could never have imagined, I’m reaching out to update you on how we are continuing to support our customers, employees, and communities through this time.
OUR COMMITMENT TO YOU
Our focus remains on prioritizing the safety of our customers and team members, ensuring business continuity, and taking responsible steps to help reduce the spread of the virus. As such, we have provided our branches with personal protective equipment such as masks and gloves. We continue to provide banking services at our locations that have drive-thru lanes. Although our branch lobbies are closed, we remain available by appointment-only for special services at most of our locations. If you require special assistance, please contact your local branch. Contact information is available at https://www.provident.bank/branch-locator.
I am proud of our dedicated employees who have come together from across the organization to help our small business customers. They have been working tirelessly to help customers understand the SBA Paycheck Protection Program (“PPP”) and assist them in applying for the funding they need to continue paying their employees and sustain their operations.
As you’ve probably heard, the response to PPP has been overwhelming. So much so that Congress recently passed legislation appropriating an additional $320 billion for the program. Due to the volume of requests we’ve received, we reached our lending limit, so we engaged Kabbage, a well-respected online small business lender, to continue accepting applications through June 30, 2020.
You can learn more and apply by visiting the Paycheck Protection Program page on the Provident Bank website. Please note, all processing and credit decisions are made by Kabbage. As such, the approval of your application is at the sole discretion of Kabbage. If you have questions you may email [email protected].
HELPING YOU STAY CONNECTED
During this difficult time, you can access your account 24/7 using our online banking, mobile app, or telephone banking to review transactions, check balances, make payments, deposit checks and more. We've recently launched a major upgrade to our online and mobile banking that makes it easier than ever to manage your account digitally. In addition, our customer contact center can be reached at 800.448.7768 or [email protected].
As always, if you are a consumer and are experiencing financial hardship, please call us. If your business has been adversely impacted by the pandemic, please contact your Relationship Manager.
SUPPORTING COMMUNITIES & FAMILIES
Our commitment includes lending a helping hand to those in need. The Provident Bank Foundation recently announced its major grant recipients for its first cycle of 2020. The Foundation awarded $182,000 in grants to 15 organizations, consistent with The Foundation’s three priority areas: Community Enrichment, Education and Health, Youth & Families organizations.
These grants provide funding between $5,000 and $25,000 to non-profit organizations throughout the New Jersey and Pennsylvania communities served by Provident Bank. Recipients of these grants include hospitals and healthcare-related service providers, schools and universities, and organizations that provide housing assistance, youth and family services, behavioral health support, and senior services.
As part of our community outreach efforts, Provident Bank has partnered with global education technology leader EverFi to provide financial literacy programs to high schools within the communities we serve. During this time, we recognize that while our schools are closed, many of you who are parents or caregivers are dealing with balancing work, childcare, and taking on the mantle of teaching. Through our partnership with EverFi, we are pleased to be able to offer free access to 20+ digital courses for students in grades K-12 on critical topics including financial education, mental wellness, compassion, digital wellness, prescription drug safety, and more. These resources are available for a limited time and can be accessed by visiting https://everfi.com/k-12/parent-remote-learning/.
THE ROAD AHEAD
As I’m sure you’ve heard by now, the region’s governors are working together on refining a plan to loosen the restrictions on the stay-at-home orders, with a goal of gradually returning to normal in phases. While we continue to learn more details of their proposal each day, we are developing our own strategy for how we will continue to provide you with the service you expect and the financial guidance you are looking for in safe, reliable and convenient ways.
This country has seen its share of difficult times and there’s one thing that holds true throughout our nation’s history – our resilience. Although these remain trying times for all, I am optimistic that we will adapt to a new normal and do the right things to enable us to emerge from this stronger than ever.
Thank you for your business and placing your trust in us. Please stay safe, and know we are always here for you.
Chairman, President & CEO
Important: Branch Hours Update
May 1, 2020
Branch hours at all Provident Bank locations are 10:00 a.m. to 4:00 p.m., Monday through Friday and 9:00 a.m. -12:00 p.m. on Saturdays: drive-thru service only - appointments may be made for select services at our branches.
The following branches are temporarily closed:
Important: COVID-19 Update
March 17, 2020
In response to the public health emergency and to curtail the spread of the Coronavirus (COVID-19), we will be limiting access to all of our branches until further notice. Access will be limited to locations that have drive-thru service. For locations that do not have drive-thru service, access will be managed on a limited basis. These limitations are intended to protect the health and well-being of our customers and employees.
Please be assured that you will continue to have access to all services available in our branches. For example, in the event that you require access to a safe deposit box located in one of these locations, please call your local branch to schedule an appointment.
Serving the financial needs of our customers continues to be paramount. We encourage you to access your account from home 24/7 using our online banking, mobile app or telephone banking. We continue to monitor new developments and guidance issued by the CDC, state and local health officials related to the current pandemic and will notify you if this situation changes.
We apologize for any inconvenience this may cause. Thank you for your patience and understanding as we take important steps to ensure the safety of our customers and employees.