January 4, 2021
As Americans anticipate a second stimulus check, institutions have time to prepare for the inevitable. With this comes an influx of potential fraud scams targeting consumers and institutions. The top eight warning signs to share with customers are: 1. If you’re told by text there’s a second check; 2. Asked to verify or provide financial […]
Continue ReadingDecember 16, 2020
Now that the holiday season is shifting into high gear, many shoppers are turning to gift cards in an effort to purchase gifts for family, friends, neighbors, and coworkers. These are highly convenient gift choices that offer a high level of versatility for both the giver and the recipient. While an ideal option, it is […]
Continue ReadingNovember 16, 2020
As the COVID-19 pandemic continues, more and more people are becoming increasingly leaning towards shopping online rather than in-person at local retail outlets, such as department stores and malls. It has been forecasted that e-commerce sales will grow by 35% during the upcoming holiday season. While online retailers are quite excited by this turn of […]
Continue ReadingOctober 19, 2020
Teaching kids about money is one of the most advantageous things you can do for their future. As kids, we were often informed that money is not something that grows on trees. Many of us may have received a small allowance for our contributions to the household. Others may have received financial rewards for academic […]
Continue ReadingSeptember 14, 2020
While it is true that Section 31 U.S.C 5103 states that coins and paper currency outlined as “Federal Reserve Notes” are considered to be legal tender for public charges, debts, taxes, and other types of financial dues, many businesses are refusing to accept cash as a form of payment. In fact, there is absolutely no […]
Continue ReadingAugust 28, 2020
August, 2020 Somerville Bank has recently announced the addition of John Muncy to their Board of Directors. John is a prominent member of the New Lebanon community in which Somerville Bank opened its newest location in February 2020. Mr. Muncy obtained his Auctioneer license in 1987, been a licensed real estate broker since 1997, and […]
Continue ReadingAugust 17, 2020
Nearly half of all of the adults in the United States have claimed that they are experiencing adverse mental health complications as a result of the COVID-19 pandemic. Of these, the stress and worries of these individuals have been exacerbated over financial-based complications, such as not having enough savings, being placed out of work during […]
Continue ReadingJuly 20, 2020
Since the start of the COVID-19 pandemic, cashless payments have risen significantly. In fact, professionals are stating that the coronavirus is actually accelerating the trend towards a completely cashless economy. This is a direct result of the immense growth behind e-commerce and the unique fear of handling cash that could be potentially contaminated with COVID-19. […]
Continue ReadingJune 16, 2020
It is a well-known fact that since the year of 1933, not one depositor has lost even a penny of their money that is covered by the FDIC. Now, the FDIC is taking things a step further. They have created a calculation tool that allows depositors to determine if the accounts that they own at […]
Continue ReadingMay 18, 2020
Now that the world is in the midst of a coronavirus pandemic that involves a potentially deadly virus, the banks around the nation are placing the health of their customers, the communities where they operate, and their employees as a top priority. Considered to be an essential business, banks are taking every measure possible to […]
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