Personal Accounts | Home Loans | Online Banking
Convenient Services | Trust & Investments

PERSONAL ACCOUNTS                                    

What type of bank is Greenfield Savings Bank?
Greenfield Savings Bank is an independent mutual savings bank. Established in 1869, we have a proud history of excellence and service to our depositors and the community at large.

Are my accounts at Greenfield Savings Bank insured?
Your deposits at Greenfield Savings Bank are fully insured. The first $100,000 is insured by the Federal Deposit Insurance Corporation (FDIC). All deposits above $100,000 are covered by the Depositors Insurance Fund (DIF). Of course, Greenfield Savings Bank is a strong, stable institution. None of our depositors has ever had to rely on the FDIC or DIF.

How do I balance my checking account?
1. Record all transactions made in person, on line, through ATM machines or the mail, and over the telephone, as they occur. This includes checks, deposits, banking machine withdrawals, transfers, payments, point of sale (POS) uses, recurring automatic payments, direct deposits, and any other account transactions that affect your balance. Keep all receipts from transactions you perform at your branch office or at a banking machine.

2. When your statement arrives, compare the transactions that appear on it to those recorded in your register. As you match up the entries, place a small check mark by each entry in your checkbook register and on the bank statement. You may want to use a pencil for this step, so that mistakes are easy to correct.

3. To match the ending balance on your bank statement to the balance on your checkbook register, follow these steps. Take your bank statement balance and subtract any checks or other debit transactions and service charges that you have recorded in your checkbook register, but are not reflected on the statement. Once you have that figure, add any deposits that are recorded in your checkbook register, but not reflected on the bank statement. The adjusted bank statement balance should match your checkbook register balance.

4. If the two figures do not match, check for these common mistakes. Look to see if you have any outstanding checks from two months ago. Be sure that you carried forward the correct balance when you began a new page in your checkbook register. Look at the difference between balances on the bank statement and your check book register. If you can divide this difference evenly by two, you may have added when you should have subtracted. Check your arithmetic.

If you can divide the difference between the bank statement and your check book register evenly by nine, you may have transposed numerals when you made an entry (i.e., $53 instead of $35). Check the figures in your checkbook register against those on your statement.

If the numbers still do not add up, go back over your work one more time. Did you forget to list an outstanding check? Did you miss an interest payment or service charge on the statement? Try again to balance your account. If, despite your best efforts, you still cannot, we are here to help. Call or stop by your local branch office.

HOME LOANS                                              

Does Greenfield Savings Bank have a first-time home buyer program?
Yes, we offer a Mass Housing program to help make home ownership affordable for low and moderate income home buyers. 

Why should I consider a Home Equity Line of Credit instead of some other loan type? 
Because it is the smart way to borrow money. Greenfield Savings Bank offers great rates, and the interest paid on a Home Equity Line of Credit is typically tax deductible (consult your tax advisor for details). In addition, it offers the convenience of converting your home equity into cash whenever you need it.

How do I determine the equity I have in my home? 
Start with the approximate value of your home: $_______
Multiply the approximate value by 80% (.80): $_______
Subtract your current mortgage balance: $_______
Then subtract other loans secured by your home: $_______
The resulting number is your Total Available Equity: $_______

What documents do I need to apply for a Home Loan?
Below is a list of the information you should collect and have ready when you apply for your loan:

Income Documentation: W-2 form(s) for the past year and a copy of your most recent paycheck showing your year-to-date earnings. Self-employed borrowers must supply their most recent Federal Income Tax returns with attached schedules. If applicable, one year of Corporate and/or Partnership returns are required. Retirees must have their social security or pension award letter.

If you would like us to consider income from child support, alimony, or separate maintenance, the following will be required: A one-year history of receipt with three years remaining on the agreement; a copy of fully executed divorce decree, if applicable; evidence of one full year receipt of payments.

Assets: To verify evidence of sufficient funds for closing, the following will be required:
The most recent statements (all pages) for all checking, savings, or other asset accounts.

Obligations: To verify financial obligations (debts) other than consumer credit accounts, provide a copy of the fully executed Divorce Decree indicating amount of child support, alimony, or separate maintenance payments, if applicable.

Property: Provide a copy of the fully executed offer to purchase, and the initial deposit check.

How do I access money from my Greenfield Savings Bank Home Equity Line of Credit? 
Getting money from your Equity Line of Credit is as easy as writing a check or making a withdrawal at any Greenfield Savings Bank branch.

What are Greenfield Savings Bank's loan rates?
Our loan rates vary and are based on several factors, including loan type, loan term, and value of collateral. Please call us at (413) 774-3191 to apply for the best type of loan to meet your specific needs.

Can you deduct my loan payment from my checking account?
Yes! To save you the hassle of writing a check each month, we can deduct your monthly loan payment from any checking or statement savings account.

What is an Adjustable Rate Mortgage (ARM)?
An Adjustable Rate Mortgage is a type of mortgage instrument in which the interest rate adjusts periodically according to a predetermined index and margin. The adjustment results in the mortgage payment either increasing or decreasing. A one-year ARM, for example, will have an initial interest rate for one year, and then adjust on the second year. It will continue to adjust annually over the life of the loan. With an ARM loan, you typically get a lower starting rate in exchange for taking a risk that rates may rise in the future. There is also a cap on how much the interest rate can go up or down.

What is a Fixed-rate Mortgage?
A Fixed-Rate Mortgage is a loan that has its interest rate and payment set for the life of the loan. The benefit is that you always know what your principal and interest costs will be, which takes out the guesswork when planning for the future.

What are closing costs?
Closing costs refer to the money paid by the borrower (or the seller) to effect the closing of a mortgage loan. This normally includes attorney's fees, title insurance, survey, and prepaid items such as taxes and insurance escrow payments.

What is a Down Payment? 
A down payment is the amount of money you have available to put down toward the purchase of a home. The down payment and the loan amount make up the purchase price of the home.

What sources can I draw from for my down payment?
Some acceptable sources for your down payment are savings accounts, money market accounts, the sale of real estate, stock liquidation, IRAs, 401(k), cash value of a life insurance policy, brokerage accounts, retirement accounts, and gifts.

What is a Good Faith Estimate (GFE)?
A Good Faith Estimate (GFE) is an estimate from Greenfield Savings Bank that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan.

What is an APR? 
APR stands for the Annual Percentage Rate, and is a measurement tool used to provide a standard basis of comparison of loans offered by competing lenders. The APR takes into account the loan's interest rate, closing costs, and other fees such as points.

What is the difference between my interest rate and the APR?
An APR lets you see the total cost of a mortgage, including closing fees and points over the life of the loan, not just the interest due.

When should I lock or float my rate?
You can lock a rate anytime after we receive and review your signed loan application and you have identified a property. The typical lock-in period is 60 days; once you lock in the rate, you must close your loan within 60 days. Once you lock in the rate, you cannot unlock it. If you decide not to lock in your interest rate, your rate will be locked five business days prior to your scheduled closing date.

How do I lock my interest rate?
During the application process, you may select and lock in the current rate for your specific loan, or you may call us anytime during the process to lock your loan rate.

What are points? 
Also called discount points, a point is one percent of the amount of the loan. Points are a one-time fee added to your closing costs, and generally result in a slightly lower interest rate on your loan.

Do I have a choice of points or no points, and how do I determine whether or not to pay points? 
Yes, you do have a choice. The basis concept of points is to pay a little more money up-front in order to save a large amount over the life of the loan. Each point will typically lower your loan's rate. Points are a good idea if you plan to be in your home for a long period of time.

What is an appraisal? 
An appraisal is a report by a qualified licensed Appraiser, setting forth an opinion or estimate of market value.

What is Title Insurance? 
Title Insurance is a policy issued to lenders or buyers to protect any losses because of a dispute over the ownership of a piece of property.

What is private mortgage insurance (PMI)? 
PMI refers to private mortgage insurance written by a private company, protecting the mortgage lender against loss as a result of a mortgage default. PMI is required when a down payment is less than 20% of the purchase price.

Why do I need to pay for a flood certificate? 
A flood certificate is required to determine if a property is in a flood zone, and if that will require the property to have flood insurance.

What will my monthly payment include?
Monthly mortgage payments include the loan principal, interest, taxes and mortgage insurance, if applicable.

What is my principal balance? 
The principal balance is the outstanding balance of the mortgage, exclusive of interest and any other charges.

What is an escrow payment? 
Escrow is the portion of the mortgagor's monthly payment held by the lender to pay for taxes and mortgage insurance.

What is a late charge? 
A late charge is an additional charge a borrower is required to pay as a penalty for failure to pay a mortgage payment when due.

CONVENIENT SERVICES                                    

What is Direct Deposit?
Direct Deposit is the fast, easy, and safe way to receive your pay or retirement benefits. It enables your employer to send your funds electronically, directly to your financial institution, where they are deposited into the account(s) you specify. It is available to anyone whose employer participates in the program, and is offered by most financial institutions.

What types of income can be Direct Deposited? 
In addition to employer paychecks, Direct Deposit can be used for many periodic payments. Social Security Income, Supplemental Security Income, Railroad Retirement Income, Civil Service Retirement Income, Veterans Administration Compensation and Pension, and Armed Forces and Federal salaries are all examples of the types of income that can be directly deposited to your account. Additionally, you can get Direct Deposit of certain types of interest, such as interest from earnings on savings accounts or certificates.

How do I sign up for Direct Deposit?
Signing up to Direct Deposit employer paychecks is simple. You can do it through your employer's Human Resource Department. They will need the account number you would like the funds to be deposited into, and the Greenfield Savings Bank's routing number, which is 211870799.

For other periodic payments like Social Security Income, Supplemental Security Income, Railroad Retirement Income, Civil Service Retirement Income, Veterans Administration
Compensation and Pension, and Armed Forces and Federal salaries, easy pay forms can be signed at any of our branches.

What is a Greenfield Savings Bank MasterMoney™ Card?
It is an enhanced ATM card that allows you to pay for purchases at more than 12 million locations accepting MasterCard®, and get cash at thousands of ATMs displaying the NYCE® or Cirrus® network logos.

What are the advantages of a MasterMoney Card?
The MasterMoney Card is the speedy way to pay. You get instant approval without writing checks. There is no need for credit cards, identification or lots of cash. Better yet, there are no annual fees, no finance charges and no credit card bills.

Does my MasterMoney Card work like a credit card?
Your new card can be used to make purchases anywhere MasterCard® is accepted: retail stores, supermarkets, travel agencies, airlines, etc. The amount of your purchase is deducted immediately from your primary Greenfield Savings Bank checking account, eliminating unwanted interest charges and monthly bills.

How do I use my MasterMoney Card?
It is simple to use, the same as a credit card. Present the card when making a purchase, and sign the receipt. At point-of-sale (POS) terminals like those located at gas stations and supermarkets, just run your card through the terminal and press the credit card button. If you press the debit button, enter your PIN. This transaction may be subject to fees. Either way, the amount will be withdrawn from the available balance in your Greenfield Savings Bank account.

How can I keep track of my purchases?
Keeping track of purchases is easy! You will receive a receipt with each MasterMoney Card transaction. Record each transaction in your checkbook register. Details of every transaction will appear on your monthly Greenfield Savings Bank checking account statement, along with your ATM withdrawals and cleared checks.

What if I want to return a purchase made with my MasterMoney Card?
No problem! The process is the same as when you return merchandise purchased with a credit card. Be sure you know the merchant's policy on refunds and returns that govern transactions.

Can I use my MasterMoney Card at Automated Teller Machines?
Yes. It does everything a regular ATM card does and more. You can get cash or do your banking at thousands of ATMs around the world. Other banks' ATMs may impose a surcharge. To avoid surcharges, use a Greenfield Savings Bank ATM or a SUM® ATM.

What accounts can I access with my MasterMoney Card?
MasterMoney Card transactions will be withdrawn from your primary Greenfield Savings Bank checking account. You may combine more than one account on your card. ATM transactions can be made from your Greenfield Savings Bank checking account or statement savings account.

Can each signer on my checking account have a MasterMoney Card?
Yes. All cards will be tied to your primary checking account.

Is there a limit on my card?
There is a daily limit of $500 for ATM withdrawals and a $750 limit for MasterMoney Card and POS purchases.

How do I activate my new card?
Use it at any Greenfield Savings Bank ATM and, when prompted, enter your preselected Personal Identification Number (PIN). Sign your new card and remember to destroy your old card.

What do I do if I forget my Personal Identification Number, or my card's magnetic stripe is damaged?
Just stop by any one of our convenient offices during normal business hours and we will be happy to reset your PIN or reorder your card.

How can I ensure the security of my MasterMoney Card?
Never give anyone your Personal Identification Number. Do not write down your PIN where it can be discovered. Prevent others from seeing you enter your PIN.

What do I do if my Greenfield Savings Bank MasterMoney Card is lost or stolen?
Call us immediately at (413) 774-3191, so that we can cancel the old card and send you a new one. If you call after business hours, you will be given a toll-free phone number to call to ensure timely reporting.

Whom can I call for more information?
You can reach us during business hours at (413) 774-3191, or stop by any of our branch locations. We will be happy to answer all of your questions.

TRUST & INVESTMENTS                                    

Must I have a trust to use your investment services?
Many of our clients choose trust arrangements because of the unique advantages they offer, however, you are not required to create a trust. If you prefer, you can put us to work on a less formal basis. All it takes is a simple letter of instructions, designating us to act as your investment agent.

What are the advantages of a trust?
With a trust you cannot only draw on our broad investment capabilities, but also arrange to have us perform any number of special services now or in the future. These personalized services could range from making payments of estimated taxes while you are traveling abroad to providing full personal financial management in the event you suffer an incapacitating illness.

You can also name one or more beneficiaries to receive the assets of your trust at your death. These distributions avoid probate. Or you can have your trust continue beyond your lifetime, serving as a source of continued income and support for your spouse, a child, or others whom you designate.

Is it difficult to set up a trust?
No. Putting us to work as your trustee takes two steps. First, you deliver the money and/or securities that you wish to place in trust. Then you give us your written instructions in the form of a trust agreement. The agreement, drawn up by your attorney, is signed by you (as creator of the trust) and by us (as trustee). That is all there is to it.

Trusts of this type are often called living trusts, to distinguish them from testamentary trusts (those established under the terms of a will). Living trusts created for the purpose of personal asset management are also known as revocable trusts, because the person who creates the trust reserves the right to cancel or revoke it.

Are trust services expensive?
No. Our fees are competitive with those charged by other trust and investment advisory firms.

How large must a trust fund be?
If you think of millions of dollars when you hear the word "trust," you are the victim of a widespread misconception. Today's trust institutions have developed ways to handle even relatively small trusts efficiently. In any case, we do not think in terms of fixed minimums. Instead, we ask ourselves, "is a trust the best way to meet this person's financial management needs?"

To find out whether a trust would be right for you, schedule an exploratory talk with one of our trust officers.

If I create a trust, can I keep control?
Certainly. Our clients usually control their trusts in three ways:
First, the trust agreement specifies that they may make withdrawals (or additions) at any time. Second, they reserve the right to cancel the trust. Third, they reserve the right to give us the new or different instructions by amending the trust agreement.

Can I make the investment decisions?
If you wish. Most of our clients look to us for objective, unbiased portfolio supervision because they lack the time or specialized knowledge to do all the necessary investment homework themselves. But you can delegate as much or as little investment responsibility as you want. After all, it is your trust.

For example, you might spell out our goals and requirements in some detail, leaving the selection of specific investments to us as trustee. Or you might start out by asking us to submit each proposed investment change for your approval until you are satisfied that we are interpreting your requirements accurately. Or you might ask us to submit recommendations while also researching some opportunities on your own. As you can see, with a trust you make the rules.

How much of a return will I get on my money?
That depends on your goals: current income, long-term growth to offset inflation, or some balance of the two, and on ever-changing investment conditions.

Historically, diversified portfolios of good quality stocks have produced a total annual return (dividends plus growth in principal value) averaging around ten percent. Bonds have produced somewhat lower returns overall, but they offer a higher level of current income than stocks.

As trustee our goal is to provide reasonably consistent returns over the years. We emphasize careful asset allocation, the selection of quality investments, and constant vigilance.

Are trust funds insured by the FDIC?
Trust funds are primarily invested in stocks, bonds or other income-producing assets. These trust investments are not bank deposits or obligations of, or guaranteed by, Greenfield Saivngs Bank. Trust funds are subject to investment risks, including possible loss of the principal amount invested.

Securities and other assets administered by a bank as trustee are held separate from the bank's own assets, under strict audit controls, and cannot be reached by the bank's creditors. Therefore, the need for FDIC insurance is generally limited to uninvested trust cash, such as income awaiting distribution. Under FDIC regulations, uninvested funds held or deposited by the bank as trustee for a revocable trust are insured together with other deposits of the trust's owner up to a total of $100,000.

EQUAL HOUSING LENDER | MEMBER FDIC | MEMBER DIF