October 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 […]
Continue ReadingApril 20, 2020
The fear surrounding the COVID-19 pandemic has created a fertile ground for the highly malicious. As is the case with any type of public-based crisis, the spread of the recently identified coronavirus has created a new group of malicious scammers. These individuals are targeting individuals who are awaiting the economic stimulus package for their family, […]
Continue ReadingMarch 18, 2020
Governor DeWine has made many executive orders in the past several days. However, the Employees, Officers, and Directors of Somerville Bank want you to know we are here for you as we always are. Your accounts at Somerville Bank are insured up to $250,000.00 and your retirement accounts are also insured separately up to $250,000.00, […]
Continue ReadingMarch 15, 2020
In 1933, the Federal Deposit Insurance Corporation – often identified as simply the “FDIC” – was created as a direct response to the failure of several banks during the Great Depression. Today, this corporation is known for taking measures to protect depositors. In fact, since the initiation of the corporation’s insurance in the year of […]
Continue Reading