Credit Report – A Basic Guide for Consumers

February 26, 2018

Credit Report

A credit report is a specially-designed statement that includes specific information about past and current credit activity which has a direct impact on an individual’s capability to receive loans, financing, and other types of monetary assistance.Credit reports are created by companies, bureaus, and/or consumer-based reporting agencies that specialize in collecting and storing financial-based information about […]

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Tax Season Tips

February 12, 2018

Doing Your Taxes

Tax season is in full swing.January 29th marked the first day that electronic tax returns were accepted by the Internal Revenue Service. This year alone, 155 million returns are expected to be filed. As a result of the immensity of this number, tax fraud is anticipated and heavily weighing on the minds of both consumers […]

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Understanding Increasing Credit Card Interest Rates

January 22, 2018

questions about interest rates

In 2017 alone, the Federal Reserve increased the interest rate not once, twice, but a total of three times. As a result of this fact, the interest rates associated with credit cards is expected to increase. “Credit is a system whereby a person who can’t pay, gets another person who can’t pay, to guarantee that […]

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The Advantages of Choosing a State Charter Bank

January 8, 2018

somerville bank logo large

At the start of the New Year, we here at Somerville National Bank acquired a State Charter. We are now pleased to announce that we are now Somerville Bank. Essentially, this means that we are authorized for the state, by the state and we are capable of engaging in most of the same functions as […]

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Somerville National Bank Converts to an Ohio State Chartered Bank.

December 27, 2017

Welcome to Ohio

Somerville National Bank’s Board of Directors announced that we have converted from a national bank charter to an Ohio state chartered bank and changed our name to “Somerville Bank.” The conversion is not expected to affect the our shareholders, customers, or employees in any way. All deposits will remain insured through the FDIC. The charter […]

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Consolidate Your Credit Card Debt with a Personal Loan

December 26, 2017

credit card bill

According to information released in November of 2017, the average household in the United States has $6,662 in credit card debt. In addition to this, it has been estimated that the consumer who uses a credit card for holiday shopping spends in excess of $1,000. As a result, many find themselves experiencing a massive amount […]

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Start Saving Now for a Credit Card-Free Christmas in 2018

December 18, 2017

Christmas Piggy Bank

According to the yearly consumer survey by the National Retail Federation, holiday spending in 2017 will increase from an average of $936 to an average of $967. That is a 3% increase from spending averages in 2016. Many individuals find that it is easier to utilize their credit cards during the holidays than to tap […]

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Save Money by Reading the Fine Print of No-Interest Offers

December 11, 2017

Save Money by Reading the Fine Print of No-Interest Offers

  It’s the holiday season and consumers everywhere are looking for great gifts at low prices! Do you have your eye on a large refrigerator/freezer complete with ice maker and filtered-water dispenser? Perhaps a large-screen 3-D TV is on the family wish list. Unfortunately, this is the time of year to remind people that the […]

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Add-Ons with Credit Cards – Should You Say “Yes”?

December 4, 2017

credit cards

In recent years, a large number of credit card companies have been engaging in the act of cross-selling add-ons. In most instances, these are identified as “protections” that assist the credit card holder in the event of a financial hardship, such as the development of an illness, experiencing job loss, or a death in the […]

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Top 5 Holiday Shopping Tips to Save You Money

November 27, 2017

save money for the holidays

It is a known fact that your bank account and your credit have the potential to get hit hard during the holiday season. According to the national survey conducted by Prosper Insights & Analytics, the average consumer spent over $935.00 during the 2016 holiday season. This total included food, postage, greeting cards, decorations, and gifts. […]

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