You are officially on your way to saving money
Congratulations on starting your savings journey! You have already taken the first step – which was opening your My Savings Goal Account. Remember to make continuous deposits into your account so that you can meet your savings goal and earn more with your new 1.99% APY* dividend rate.
What’s next?
Our online account representatives are already busy getting your new My Savings Goal account open and ready to go. Be on the lookout in your email inbox for an email from us detailing all of your account information. Once your account is open, you can begin transferring funds and saving money!
If you haven’t done so already, be sure to download our mobile app so you can keep track of your savings goal. In addition, we will send you periodic reminders. If you have any questions about your new My Savings Goal account, our contact center is open 7am – 7pm Mon-Fri. Or if you would like, you can email us directly at info@gcefcu.org.
Good luck!
Sincerely,
Your friends at GCEFCU
*Please allow 1-2 business days for account processing
Account Disclosures
| ACCOUNT TYPE | DIVIDEND RATE | ANNUAL PERCENTAGE YIELD | MINIMUM OPENING BALANCE | MINIMUM BALANCE TO EARN DIVIDENDS |
|---|---|---|---|---|
| Share Account | 0.25% | 0.25% | $1 | $500 |
| Advantage Checking Account | 0.05% | 0.05% | $50 | $2,500 |
| Christmas Club Account | 0.25% | 0.25% | $25 | $500 |
| My Savings Goal | 0.25% up to $5,000 | 0.25% up to $5,000 | $5 | $5 |
| Dollar Up Savings | 2.99% | 3.03% | $0 | $5 |
Dividends compounded monthly
Dividends credited monthly
Dividend Period is monthly
Balance Method is daily
Deposits exceeding $1,000 per month will be returned to the source account.
Truth in Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts.
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Rate information.
The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and the frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. A withdrawal will reduce earnings.
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Nature of Dividends.
Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
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Compounding and Crediting.
Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
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Balance information.
The minimum balance required to open each account is set forth above. Dividends are Calculated by the Daily Balance method which applies a periodic rate to the balance in the account each day. Any day the balance falls below the minimum required, no dividends will be earned for that day. Balances will be deposited into the members primary savings account on June 30 and December 31 of each year.
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Accrual of Dividends.
Dividends will begin to accrue on cash deposits on the business day you make the deposit to your term account. Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued but unpaid dividends will be paid on term share certificates; accrued but unpaid dividends for all other accounts will not be paid if you close the account before accrued dividends are credited.
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Transaction Limitations except for checking transactions.
During any month, you may not deposit more than $1,000 into your My Savings Goal account. Any deposits totaling over $1,000 will be returned to the source account. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the credit union.
- Fees could reduce earnings on the account. Click here for fee schedule.