As we continue to actively monitor the impact of COVID-19 (Coronavirus) we hope to keep our customers and staff as informed as possible. Live updates will be posted on this page, as well as our social media accounts, as they occur.
Financial Institutions are considered essential businesses. Please read below for details about the accessibility and restrictions of our services.
Greenfield Cooperative Bank's Plan for Reopening Lobbies
Effective Monday June 1, 2020, all the Bank’s branch lobbies will be re-opened for public access. We will require everyone to follow safety standards set by the state, including face masks for staff AND customers (except children under age 2), use of hand sanitizers, and following proper social distancing. Before any transaction is completed, tellers will ask each customer to pull down their mask for a second to do a “security camera” smile. This is to record who was in the lobby as additional security for all customers and staff. The bank has posted signage and will limit the people in our lobbies to ensure proper social distancing.
From May 20 to June 1st: GCB will continue to operate with drive up and ATM and online/mobile banking access only. Public access to the lobbies will be by appointment only during this period (subject to following the rules below) for things like safe deposit box access, notarizations and account maintenance issues.
Effective as of June 1st, 2020: All our branch lobbies will open for limited public access. This means we will limit the number of people in our lobbies for all banking services. Anyone who comes into our lobbies must follow safety standards.
IRS Direct Deposit of Stimulus Checks
This week banks will be receiving the first batch of the so-called “Stimulus Checks” (by electronic direct deposit) for all qualifying recipients. The government is sending $1,200 to single Americans (depending upon your income levels). According to the IRS website married filing jointly persons will receive $2,400 for the couple, and an additional $500 per child is paid to those with dependents under age 17. Please note that the IRS has the final say on rebates. We don’t know if the IRS has you on their list for a rebate, we can only tell you if we have received it for you.
Programs for New and Existing Small Business Customers
SBA Paycheck Protection Program - For those of you who have not yet applied for or considered a Paycheck Protection Program (“PPP”) loan, as of this afternoon the Small Business Administration (SBA) announced that there is still almost $100 billion in funding available nationwide. This means there is still time to get an application in for a PPP loan. GCB would like to help you benefit from this emergency loan fund, but you need to take the first step to apply. Please note that if you have already received a PPP loan (from any SBA approved lender), you are NOT eligible for any additional PPP loans.
PLEASE DO NOT SUBMIT the application form over your regular e-mail which is not secure.
Programs for Existing Customers
GCB "Payment Holiday" - Existing GCB customers who have a portfolio loan at GCB are able to defer making their monthly payments coming up in May and June for up to 60 days. For eligible customers who wish to “Opt In”, there will be a simple form to complete. The payments usually due for May and June would simply be added to the back end of the loan term. Customers would then not have to make those payments until the end of the original term. The term would be extended 2 months to allow those payments to be made at the end of the original term.
If you have a fixed rate Federal National Mortgage Association (FNMA) loan that is serviced by GCB, we regret we are unable to offer this program at this time. We are contacting FNMA to see what might be available and will notify the public if circumstances change.
PLEASE NOTE customers who took part in the program for April & May 2020 (instead of May /June 2020) are not eligible.
Branch Hours and Access
There will be no public lobby access in our branches until after June 1st (subject to any further government actions). As of May 20th meetings with customers will be by appointment only. Please call to schedule an appointment.
All Drive thru-teller, ATM services, and Night depository services remain available normal hours. (Please note that Shelburne Falls has no drive thru service and the lobby is closed. There is a walk-up ATM and a Night Depository available in the vestibule). Businesses needing to obtain change and cash should call their branch and we will prepare a package and exchange at an agreed upon time.
Mobile and online banking, including remote deposit, remains available 24 hours a day, 7 days a week. Telephone Banking is available during normal business hours and 24 hour telephone transfers are available with no fee to you.