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Use the FNBSM Mobile Banking app to deposit checks, pay bills, transfer/send money, chat with a banker and check balances.
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To assist you with the changes happening due to Covid-19 we have compiled a list of commonly asked questions to keep you up to date on the latest changes.
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Your security is our number one priority!
With the crisis occurring in global politics, we are at heightened risks for cyber-attacks. We want our clients to know how seriously we take financial security. In an age where most losses occur online as a result of cybercrimes, we have continually invested in a security infrastructure that will help keep your money “Safe at First”. Because protecting your finances is our top priority, we provide the highest levels of security, monitoring, encryption, and firewalls. We monitor our IT Systems 24 hours a day for 365 days a year! We don't stop there! Given the critical nature of the risks facing online security, please know that we have increased our vigilance and will be adding additional security measures to secure our financial systems even further.
Here are some tips on how to better protect yourself at home.
- Industry security experts recommend the use of a stand-alone computer to perform cash management activities if possible.
- Ensure that any computer you use has the latest versions of anti-virus and that all the required operating system security patches are installed and kept current.
- You can also add additional layers of protection by ensuring that your account passwords are at least 8 characters long and are comprised of a mixture of upper and lower case characters and symbols. The longer the password, the harder it is to crack. Never use the same password with multiple accounts.
- If you need help keeping track, try using a password manager such as LastPass or 1Password.
- Another tip which will help you minimize your risk of getting victimized, is to exercise caution when surfing the web. Only visit sites that are known to be safe.
We've provided supplementary ideas that you can consider as additional security layers to protect your assets even further.
Please refer to the following webpage for all your available options: https://www.fnbsm.com/security-center. We work hard to ensure that your accounts are "Safe at First!". For more information or to enroll in the enhanced security options, please contact our Security & Cash Management Professionals at 305-667-5511.
Cryptocurrency Brochure
Before you use or invest in cryptocurrency, FNBSM wants you to understand what makes it different from cash and other payment methods, and how to spot cryptocurrency scams. The brochure “Cryptocurrency, What it is and How it Works” from the Florida Department of Financial Services- Consumer Protection Services, will provide you valuable information and government resources if you engage in cryptocurrency transactions and need to file a complaint, the brochure also describes the risk associated with these transactions”.Critical Fraud Alert - Keeping Your Money Safe
We were alerted by authorities of the latest sophisticated scam of Social Engineering. In fact, the criminals will ‘spoof’ the phone number of a bank, so to the client, it may look like the bank is calling. The caller represents themselves as a banker. Clever and cunning, they use scare tactics, to trick you into providing sensitive information. Then within minutes, money is withdrawn from your account!
If you do not feel comfortable with someone claiming to be from the bank calling, hang up immediately, and contact the bank directly. Never provide any sensitive information that the bank should already have. Be careful when sending money out with Zelle; once it is sent, it is gone and cannot be stopped. Make sure that you know and trust to whom you are sending money. Watch out for phishing attempts via email where a cybercriminal will send an email posing as a legitimate service that you may have registered for and asks you to divulge financial information or log into online banking. In the past week, I have personally received several texts supposedly from Target, Walmart, or Amazon claiming there was a problem with payment information. They send a link hoping that you will provide payment information. Just like that, your money is gone!
"The criminal quickly goes through a password reset process and asks the victim to read out loud the one-time-code sent to reset the password. Armed with a set of new credentials, they log into the victim’s mobile banking account; at this point, the user is already locked out of their account. The criminal enrolled to Zelle, asking the user to provide a second one-time code, and then went ahead and made payments of a few thousand dollars from the victim’s account."
The moral of the Story: don’t ever give out your private 7-digit verification passcode!
- Never provide any sensitive information that the bank should already have no matter who contacts you.
- Never provide your personal and private 6 Digit Verification code that is sent to your mobile device. This is for your eyes only.
- If you receive a 7 Digital Verification code without attempting to log into online banking contact the bank immediately.
- Never use the same password that you use on other websites for your online banking. Use a unique and strong password for your banking accounts.
- If sending money through Zelle only send to people you know and trust, remember it's like paying in cash!
- Regularly check your banking account to make sure all transactions are correct. You can even setup text alerts that will advise you if there has been any money movement.
- Only connect to known Wi-Fi networks; beware of network names that have typos or extra characters. Do NOT use public Wi-Fi services.
- Be cautious of email phishing and do not click on links for emails that you do not trust, recognize, or expected.
Holiday buying cybersecurity tips
- Keep all devices up to date with basic security measures to lessen your chance of becoming the victim.
- Only connect to known Wi-Fi networks; beware of network names that have typos or extra characters.
- Use strong, unique passwords on all accounts. This is a good time to update passwords!
- Be safe on all social media; don't overshare and take the time to review your privacy settings on the platforms you use.
- Keep an eye on your bank accounts and monitor your credit report regularly.
- Be careful with messages regarding shipping changes. Always use official channels to stay updated.
- Watch out for holiday greeting cards that may not be the sender you think! Don't open these unless you're certain you can trust who they came from.
- Keep devices in view (or know where they are) throughout the course of all holiday travel.
- Pay close attention to the websites you visit and shop on. It's safest to only use those you trust.
- Be wary of ads, giveaways, and contests that seem too good to be true. These run rampant during the holiday season!
2021 Economic Outlook Webinar

2021 Economic Outlook Webinar

Enjoy the video and please reach out to your FNBSM banker to discuss your options further. We are here to assist you every step of the way. Whether that be with your private banking, financing, investment, trust or estate planning needs.

Preparing for a safe return to school Webinar
Right now, parents struggle with many issues to address as they prepare to have children attend school, either in person or in a virtual world. This program brings together three experts from medical, school administration and social aspects in order to provide practical and timely guidance for parents as they navigate these uncharted and turbulent waters. Our panelists shared their insight on how to help children cope with online learning this school year without having the structure and socialization of a traditional school environment.
Payroll Protection Program Most Recent Changes:
Owner Compensation and Self-Employed Individuals: You will recall that in our presentation on the loan forgiveness application process we highlighted and stressed that within the PPP forgiveness application Schedule A, the SBA excluded “owners” from Table 1, which listed all the employees of the business. At the time it was unclear why.
Interim Final Ruling 20 (IFR 20) now clarifies why and it has to do with establishing a “cap” on owners’ compensation. The SBA explains that in keeping with the spirit of the CARES ACT, Congress did not intend for this program to create a “windfall” for business owners. Therefore, through Interim Final Ruling 20, the SBA has established a maximum forgivable compensation for a business owner and self-employed individual.
For borrowers that will use the 8-week Covered Period, the amount of forgivable compensation for a business owner will be $15,385.
For borrowers using the 24-week Covered Period, the amount of forgivable compensation for a business owner will be $20,833.
Notwithstanding, these fixed amounts and under BOTH scenarios, the maximum will be the lesser of 8/52 of 2019 compensation (24/52 of 2019 for the 24-week Covered Period) or the amounts indicated above.
There was also clarity provided for owner benefits (payroll costs). For self-employed individuals, as well as General Partners, health insurance and retirement benefits are not to be included in payroll costs as they are part of “compensation” and subject to the caps indicated above.
In the case of owner-employees, health insurance is not to be included in the forgiveness amount and the retirement benefit contribution is limited to 2.5Xs the 2019 contribution.
Alternative Covered Period Limited to Weekly or Bi-Weekly Payrolls:
You will recall that to minimize disruption in how businesses managed their payroll, the concept of an Alternative Covered Period was introduced when the forgiveness application was first introduced. At the time there did not appear to be any restrictions on which businesses could elect to use an Alternative Covered Period. With the most recent changes, it seems that the SBA is limiting the use of an Alternative Covered Period exclusively to those companies with weekly or bi-weekly payrolls. This means that if your business pay cycles are any other than weekly or bi-weekly, you are going to have do some more computations to align your forgivable costs with the Covered Period.
A “Simplified” Forgiveness Form:
For those businesses that can avail themselves of certain Safe Harbor provisions or who have not adversely affected either the number of employees or reduced wages by more than 25%, there is an abbreviated forgiveness form that you may use. Factors to consider for the EZ application; you can use the 3508 EZ Form if any of these 3 statements are TRUE:
- You are self-employed, an independent contractor, or a sole proprietor who had NO employees at the time of the PPP loan application and you did NOT include any employee salaries in the computation of the average monthly payroll when you applied for the PPP Loan.
-or-
- You did not reduce any employee annual salary or hourly wages by more than 25% during the Covered Period or the Alternative Covered Period when compared to the period Jan. 1, 2020 through March 31, 2020. Here an employee means anyone who during any payroll period in 2019 earned less than $100,000 annualized.
AND
You did not reduce the number of employees or the average paid hours of employees between Jan. 1, 2020 and the end of the Covered Period or you can avail yourself of the Safe Harbor exemptions. The Safe Harbor exemption allows you to exclude any employees that were reduced if you were unable to rehire individuals who were employees on Feb. 15, 2020 by Dec. 31,2020 or you were unable to hire similarly qualified employees for the unfilled positions by Dec. 31, 2020.
Another exemption allows you to exclude the employee from your computation if the employee was offered to be restored to Pre-Covid hours and he/she refused. Remember that documentation is important in these situations.
-or-
- You did not reduce any employee annual salary or hourly wages by more than 25% during the Covered Period or the Alternative Covered Period when compared to the period Jan. 1, 2020 through March 31, 2020. Here an employee means anyone who during any payroll period in 2019 earned less than $100,000 annualized.
AND
Your business was unable to operate during the Covered Period at the same level of business activity as before Feb. 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to Covid-19.
So, when should you apply forgiveness?
With the change from 8 weeks to 24 weeks covered period, a December 31, 2020 vs. June 30, 2020 Safe Harbor date, and the many allowable exemptions for excluding reductions in FTE (Full Time Equivalent employees) there really should be no reason why the vast majority of businesses that received PPP would not be entitled to full forgiveness.
There is talk in Washington D.C. that Congress is entertaining a “blanket” forgiveness for all PPP Loans less than either $250,000 or $150,000. It is expected that this may occur by the end of July. A blanket forgiveness would greatly reduce the work of gathering the information, making the computations and applying for forgiveness. It would certainly also help the banks reduce their review and approval requirements significantly.
With all this said, we believe that a good target date to start accepting PPP Forgiveness applications and documentation for our clients is August 17, 2020. This will ensure that we have given Washington an opportunity to act on behalf of our small business community and ensure that we are able to have a smooth and complete forgiveness process in place for our clients.
At First National Bank of South Miami our goal is to provide you with the maximum amount of information to make this process as efficient and simple for you. These government programs tend to be confusing and complex. Remember that we do not offer accounting, legal nor tax advice and you should always seek assistance from your accountant or lawyer for specific concerns that relate to your business.
SBA PPP Calculator
CARES Act Zoom Conference Series
Are you ready for the CARES Act provisions?
Download our mobile app available for iOS and Android:1
Learn more about the SBA Payroll Protection Program (PPP) and other loan assistance programs

What Is the Paycheck Protection Program
You can apply for your Paycheck Protection Program loan as early as Friday, April 3, 2020.

Be on the lookout for SBA Fraud Attempts
Social Engineering Based on Stimulus Covid-19
Operational Changes
- Increased ATM withdrawal limits
- ATM fee waivers
- Increased mobile deposit limits
New Branch Hours of Operation
- Coral Gables and Doral offices closed.
- South Miami Lobby and Drive-thru weekday hours: 9am to 4pm
- Please call ahead or schedule an appointment online prior to visiting South Miami lobby for better service.
- The Falls office weekday Drive-thru hours: 9am to 4pm. No access to the lobby.
Branch office hours of operation changes:
Special message from our COO Veronica B. Flores
• Business Continuity. We have maintained a preparedness and continuity program for many years, and we will continue to update it to account for the changing challenges presented by COVID-19 and the needs of our clients. We are operating at full capacity and we will continue to provide uninterrupted and high-quality service using the technology and protocols we have put in place.
• Business Impact. More than a month ago we launched a task force with our senior officers to address issues arising from COVID-19, and to provide proactive business guidance for affected clients.
In this difficult and unprecedented time, the safety and well-being of our employees, clients, and communities remain our highest priority. Our thoughts are with all those directly impacted by the coronavirus, especially our health care professionals who are on the front line of this health crisis.
Special message to our clients
Coronavirus
We are closely monitoring the evolving circumstances related to the Coronavirus (COVID-19). A dedicated task force has been created and meets daily to review the most current guidance from the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and state and local authorities and make proactive adjustments to our preparedness and response plan.
Employee Wellbeing
We have established a company-wide reporting process to identify any employee with emerging symptoms consistent with the flu or Coronavirus and take immediate actions to reduce exposure to other associates. Business and personal travel of our associates is being monitored. We will impose a CDC-recommended self-quarantine for those returning from locations of concern.
Business Continuity
Client Business Continuity Plan Reviews
Market Jitters
COVID-19 has been an important contributor, albeit not the sole contributor, to the turmoil on Wall Street. We continue to see a rise in the number of cases and a corresponding increase in deaths. We are seeing most major governments taking decisive actions including restricting travel and entry. We recognize that there is no imminent vaccine and that test kits are at a premium. The elderly and the infirm are being asked to “stay-home” and to stay away from large groups. All of us are being asked to reconsider travel within confined quarters, like cruise ships.
Travel and Tourism
The cruise industry has seen the greatest impact and has been the most visibly affected by the virus as we see ships turned away from ports of call and some having to wait out the incubation period to ensure that they have contained the virus. Trips are being cancelled and not many people are booking new cruises. We have our leaders warning against taking cruises, particularly if you are a senior citizen or have health conditions.
Supply Chain
115,000 people have been confirmed to have contracted the COVID 19, and there have been nearly 4,000 confirmed deaths. Those are today's (March 10) numbers based on Johns Hopkins interactive map on the reported cases of coronavirus.
Productivity and Spending
With so much concern over the virus individuals and companies are recommending that when someone feels cold or flu symptoms to stay home. Also, families are no doubt undoubtedly concerned and thus staying home more and going out less.
Remaining Calm
While it may be hard to do, even as you read this, let allow us get you there. Our Bank works with investors and not speculators. We are Wealth Managers and not brokers. As a result, we take a long-term view of the markets and profess having a financial plan, utilizing an asset allocation model that aligns with your investment objectives and risk tolerance, and re-balancing your portfolio periodically. For those clients that follow this long-term strategy, here are some perspectives and recommendations that should help you breathe a little easier.

COVID 19 and other Virus epidemics
This is not the first time this has happened. We have experienced many epidemics that have affected our economy. But time and again, once the issues were quantified the market consistently recovered and often within 6 months. In fact, only the HIV / AIDS epidemic took longer to recover.
Time in the Market
We believe that "Time in the Market" trumps "Timing in the Market", and this is why we continue to advise our clients to:
2. Periodically review your financial plan with a Certified Financial Planner.
3. Work with a Wealth Strategist to develop an investment strategy that fits your long-term goals.
4. Meet periodically (at least annually) with your Wealth Strategist and Financial Planner to discuss performance as well as any changes in your Needs, Wants or Wishes.
5. Trust your Wealth Strategist to re-balance your portfolio as necessary to meet your investment objectives.
This may still not answer all your questions and some factors may still be somewhat confusing. It’s important that you are comfortable and satisfied with your investment strategy. If you still have concerns or would simply like us to address your specific situation, we recommend that you call us. We are here to help you through these and all times.
2 This is not a commitment to lend