What is a Cash Mob and Why do we do Them?

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Perhaps you’ve heard some buzz lately around Litchfield Bancorp’s Community Cash Mobs, but you weren’t quite sure what they are and why we do them. As part of our Locally Owned, Locally Grown campaign to help support local businesses and the communities in which we serve, we launched our Cash Mobs in 2018. A Cash Mob is a community event that people use to join together and support local businesses.

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Why surveying your customers is smart business

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Feedback is one of the most important things you can receive for your business. Without it, how would you know what your customers want, what they like, what they don’t like, and what you can improve on? Living in such a quantitative world – where everything can be measured-  why wouldn’t we use the data gathered from our customers to improve how we interact with them? Continue reading “Why surveying your customers is smart business”

I need cash – should I borrow from my 401K or my home’s equity?

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If you are looking for cash to invest in real estate, pay down high-interest loans, complete a home improvement project, or pay off an emergency medical bill, you might be wondering which the better option is: borrowing from your 401k or your home equity via a loan or line of credit. The answer depends on how you plan to use the money, how much money you need, and how long it will take you to pay it back? Continue reading “I need cash – should I borrow from my 401K or my home’s equity?”

I messed up my credit. How do I fix it?

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It’s something no one talks about. It’s right up there on the list of taboo items you don’t mention to other people, like your annual income and amount of debt you have or your credit score. The lower it is, the less likely you are to share that number with people. But you’d probably be surprised at how many people have made mistakes and witnessed the swan dive of their credit score. The important thing is to get it fixed as quickly as possible. Continue reading “I messed up my credit. How do I fix it?”

Limiting your credit card balances – How to pay off your credit cards when paying in full isn’t an option

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Everyone knows that you shouldn’t rack up credit card debit and you should only charge items/services that you can afford to pay in full when your monthly statement comes in. But for most people, it’s just not feasible. Emergencies happen, unexpected car repairs are needed, the list goes on and one. But maxing out your credit cards can have a sever impact on your credit score. Continue reading “Limiting your credit card balances – How to pay off your credit cards when paying in full isn’t an option”

401Ks – Potential ways to maximize your dollars for retirement

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Over the past 10 years, you may not have noticed but there has been a quiet revolution transforming the 401(k) landscape. As a result, you’re probably saving more consistently and investing in a smarter mix of stocks and bonds without even knowing it. Employers have also been increasingly automating financial moves that you might otherwise drag your feet on – it’s not exactly a fun Saturday night in! Be honest, do you really remember to boost your contribution percentage every year? Continue reading “401Ks – Potential ways to maximize your dollars for retirement”

Keeping up with Technology – the struggle is REAL!

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If you subscribe to our emails (you can sign up here), you’ve probably seen a lot of information over the past year about security updates, fraud alerts, and the ways in which Litchfield Bancorp is constantly making upgrades in order to better serve you and keep your information safe. It’s not an easy job to keep up with technology and its rapid pace, but it’s a necessity that we take very seriously here at the bank. Continue reading “Keeping up with Technology – the struggle is REAL!”

Creating a culture of caring is just good business!

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We often talk about how Litchfield Bancorp is “locally owned and locally grown,” and it’s the truth! For more than 165 years, we’ve been here helping businesses, individuals, and community organizations succeed. Continue reading “Creating a culture of caring is just good business!”

Beware of these Wire Transfer Red Flags

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We’ve all gotten the email from a long-lost relative, or poor soul in a foreign country who is in dire need of funds ASAP asking you to wire money.  This is just one example of Wire Transfer Fraud but cyber criminals are getting craftier and bolder.  On the rise are emails and phone calls from individuals disguised as “trusted people” from banks, credit card companies, and government institutions such as the I.R.S. Continue reading “Beware of these Wire Transfer Red Flags”