GTE Financial Has Top CD Rates, Nationally Available


Update: According to the GTE Financial promo page, "This offer expires Friday, October 27th, 2017 at 5pm EST."

Deal Summary: Share Certificate Specials – 6-month (1.56% APY), 12-month (1.76% APY), 18-month (2.32% APY), 24-month (2.48% APY), 30-month (2.78% APY), $100k minimum, new money required. APYs 25 bps lower with $500 minimum.

Availability: Easy membership requirement by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

Florida-based GTE Financial is offering limited-time Share and Jumbo Share Certificate Specials, with very competitive rates. New money is required for both the Share Certificates ($500 minimum) and Jumbo Share Certificates ($100k minimum).

The Share Certificate Special landing page gives you “the skinny” on this promotion, including the following:

1. Open a new Promotional Share Certificate starting October 3, 2017. (Go to 'Open Additional Checking/Deposit Account' and make sure to choose a Share Certificate that has the word ‘Promo’ or 'Promotional' in the name).

2. Move your money from another Financial Institution to a new Promotional GTE Share Certificate to qualify for this special Yield (money already deposited at GTE is ineligible).

5. We’ve included the Add-on feature to all Promotional Share Certificates! That means, you can add money at any time during your term, in as little as $20 increments.

6. There’s no cap to how much you can deposit during this special (Typically there is a $6,000 cap).

GTE Financial also has an FAQs page that’s highly detailed. The “What if it’s a large sum that I am looking to move over?” section addresses the issue of transferring large amounts.

If you apply and open a Promotional Share Certificate online, it will walk you through the funding process. However, there are limits to how much you can deposit using the online experience. If you are looking to make a deposit into the Promotional Share Certificate over $5,000, we recommend making a deposit at a GTE Financial location or a Shared Branching location.

The Members Advantage program, which can add an additional 25 bps on certificates, does not apply to this promotion.

Because we’ve increased our Yields for this special promotion up to 1.25% APY, you will be unable to combine other APY and deposit offers.

The fine print on the promotion page explains the Early Withdrawal Penalty.

If you decide to make a withdrawal on the Promotional Share Certificate, you would forfeit up to 90 days earned dividends for 6 and 12 month terms. For longer terms, you would forfeit up to 180 days earned dividends.

Thanks to the DA reader who emailed me about these great rates.


Headquartered in Tampa, Florida, GTE Financial’s field of membership (FOM) permits almost any U.S. citizen or resident alien to join.

Easy membership: Joining GTE Financial’s non-profit educational financial club, CU Savers (one-time $10 membership fee), qualifies for credit union membership.

Residency: Individuals who live, work, worship, or attend school in the following Tampa Zip Codes are eligible to join - 33602, 33603, 33604, 33605, 33606, 33607, 33609, 33610, 33619.

Employment: Employees (and their immediate family members) of a Community Partner (SEG) qualify for membership.

Relationship: Immediate family members (spouse, child, parent, sibling, stepparent, stepchild, grandparent, or grandchild) of a current Credit Union member is eligible for membership.

Joining GTE Financial and/or opening a Share Certificate can be done online, or in person at any of 23 Florida branches located in Brandon, Clearwater, Crystal River, Hudson, Lakeland (2), Lutz, New Port Richey, Ocala, Plant City, Sarasota, Seffner, Seminole, St. Petersburg (2), Tampa (7), and Temple Terrace.

Credit Union Overview

GTE Financial, has an overall health grade of "B" at, with a Texas Ratio of 12.78% (above average), based on June 30, 2017 data. In the past year, GTE Financial has increased its total non-brokered deposits by $67.29 million, an excellent annual growth rate of 4.1%. Please refer to our financial overview of GTE Financial (NCUA Charter # 196) for more details.

GTE Financial’s predecessor, Peninsula Telephone Employees Federal Credit Union (PTEFCU) was established in 1901. While GT&E purchased Peninsula Telephone Company in 1935, the PTEFCU name remained in place until 1958, when it was changed to GTE Federal Credit Union. In the 1990s, GTE Financial was the first Florida credit union (and the second in the country) to implement a successful debit card program. The Credit Union rebranded in 2012, and is currently Florida’s seventh largest credit union, with nearly 255,000 members and assets in excess of $1.8 billion.

How the Share Certificate Specials Compare

When compared to the similar length-of-term CDs tracked by that are available nationwide, GTE Financial's Jumbo Share Certificate Special APYs currently rank first or second, regardless of minimum deposit.

The above rates are accurate as of 10/11/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: Orlando CD rates, Tampa CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Kaight   |     |   Comment #1

JKL   |     |   Comment #2
It looks like if you are not near a branch to open in person the most you can transfer online is $5000.
Chickenfoots   |     |   Comment #3
Tempting offer, but I am slightly shy of the 100k minimum. Can I borrow 20k, Ken? I promise you that I may possibly pay it back someday.
PEP   |     |   Comment #4
I just joined, easy process and they didn't charge me the $10 to join the CU Savers. However, it doesn't appear you can open the jumbo 30 month certificate on line. Only the lower balance one at 2.53%. The jumbo can only be done through the mail (they send you the application) or at a branch. I still did the other one though.
Anonymous   |     |   Comment #7
This is a tempting deal! I have the 1st United 36-mo 3%, add-on CD now. The reason I would consider opening this would be to have another place for funds. The old saying "all your eggs in 1 basket" is another good reason to open this one.
Sylvia   |     |   Comment #8
#7, these deals are not superior to 1st United's. However, if you want to ladder funds, terms of 18 to 30 months look to be solid options.
thowellIII   |     |   Comment #5
I saw the rate this morning and have spent a few hours today going through the process of opening a CD--I was going to post once I had all the information, but Ken posted here first. Overall, my impression from the process: The jumbo CD is a new product for GTE Financial and there is an associated learning process.

A few additional notes/details from conversations with CSRs:
1. The wait time for phone calls has been long all day (15 minutes)--there is a callback option;
2. An alternative is the online chat option, which I found to have shorter waits--the CSRs on the online chat are quite helpful (even when they do not have the answer, they are checking with those who are able to answer the questions);
3. There does not seem to be a limit on the number of these CDs, as long as you're bringing in new funds. So, if you want to have a ladder of 3, 4, or 5 of them at 6 month or 12 month intervals, you appear to be able to open them.
4. The add-on feature means that if you want to open the regular (non-jumbo) CDs, the $5000 maximum transfer should be a relatively small issue: The add-on feature means you can open the accounts and then add more. You would lose a few days interest, but that may be worth it to have the CD open.
5. If you want to open a jumbo CD, as noted above, you need to get into a branch OR a shared branching network (available nationwide). More importantly, though: It appears that you will need to fill out an additional form for opening a jumbo CD. You can either get it online or it is possible that GTE Financial might email it. After completing the form, you will need to send it back along with a copy of your ID. It appears that you can email these documents, although there does not appear to be a secure server option to do so. Note that the document does not ask you to list the term of the CD or even give a place to indicate that you're opening a CD).
6. Joining the credit union online is fast/easy. After doing so, I was able to log on to my account right away and see my member number and account number for the savings account.
7. But, when I went to a shared branch credit union, the teller was unable to see my savings account--they could see that I was a member. Apparently, GTE Financial had to first activate the share account into which you would deposit the funds. (I was able to do so after calling--but that did take a while on hold). The CSR informed me that there may be a $3 fee for shared branch transactions.
8. After the deposit and submitting the documents, the new account department will review and communicate back to get the additional information needed (presumably the information that is not on the form). GTE anticipates that it may take 1-2 business days (although if there are many applications coming in, that time period could increase, I suspect).

Given how thorough the information on opening the regular (non-jumbo) CDs is on the web page, I suspect that much of the above experience has to do with not having had every detail for the jumbo CD worked out ahead of time. I would not let the hassles stop me from opening a jumbo CD if I was looking to place $100,000 or more because the rates are quite attractive.
Sylvia   |     |   Comment #23
Regarding point #7, fee schedule shows a $3/day charge for shared branch transactions. In its tips on avoiding fees, the CU says deposits made at free CO-OP ATMs are no charge. No so if you hand your check to a branch associate.
thowellIII   |     |   Comment #45
I don't find a $3 fee for the rates offered outlandish or a deal breaker. It is, however, not typical for CUs using the shared branch network. I'm also not sure that an ATM would have worked under the circumstances (waiting for GTE to activate an account that I could see online). That said, adding a bit to a deposit to account for any unforseen (or, in this case unread) expenses does make sense.
Sparky   |     |   Comment #67
"It appears that you can email these documents, although there does not appear to be a secure server option to do so." The CR sent me a secure email that will permit me to securely email my ID and other required documents.
Sperry8   |     |   Comment #6
But if one wants to ACH in from another bank (e.g., Ally) are they still capping the limit at $5k? Usually I've found these sorts of limits do not apply when pushing/initiating at another bank.
anonymous   |     |   Comment #9
I went online to join the credit union, open the required savings account, and get a non-jumbo promotional CD. At the end of the process, I received a message that a credit union representative will contact me. So, for whatever reason(s), I have a pending application.
rhutnik   |     |   Comment #10
What is the most competitive offer here? Does it make sense to open a 30 month $500 CD and add in as you can/want? How has the joining process been, other than what has already been described so far? I've been hesitant to open up CDs (I'm a student) other than things like Ally's No Penalty and the NavyFed 5 month 3%, but if the minimum is only $500 for 30 months guaranteed this seems like a great place to park some money. Even better to ladder it as described as above or open up a few of these accounts (though I'm not sure if that will help with the EWP if you really needed to withdraw early, might just help in management of the accounts).
Crooked H>
Crooked H>   |     |   Comment #11
threw 500 in the 30 mo. promo for a hedge against rates going lower ...noticed they had a 60 month ira deal for 2.84% with members advantage what ever that is ...whats the poop on this one ?
Kaight   |     |   Comment #12
I'm sticking by what I wrote in Comment #1. This is a good deal.

But I'm willing to concede there are some annoying wrinkles for those wanting to go for the big money.
It's a shame they rolled this deal out before they ironed it out.
Att   |     |   Comment #13
Annoying wrinkles keeping me away.
Kaight   |     |   Comment #14
I am respectful of your thinking. I jumped in nevertheless. Here is why:

*Fastest $150 I ever made. While not poor, I do not leave money lying in the street. Their credit card funding tops out at $5000 and I have the 3% Alliant CC deal going on.

*The insurance aspect mentioned up thread by an earlier poster. This is owing to the add-on feature. I may never need this insurance, and right now everything is pointing in the other direction. But the $500 cost is so low I cannot say no . . . . especially considering the credit union is picking up $150 of that while paying me interest, and paying my $10 admission fee to boot.

The big money aspect is, indeed, annoying. But I'm content for now to schnarf up a few monetary crumbs while gaining membership for free along with a bit of insurance.
Anonymous   |     |   Comment #16
I hope this isn't a dumb question. Is there any chance that using CC funding could go through as a cash advance, which would invalidate the CC rebate and incur a fee? In my case, it's a Chase Visa CC.
Kaight   |     |   Comment #17
Not a dumb question at all. Yes, that is always a possibility . . . . ESPECIALLY with a "big bank" card like one from Chase.  As for me, I'm hoping for the best and having a little fun.


The way most people deal with possibility of transaction posting as an unwanted cash advance is to telephone bank and request reduction of your cash advance limit to a safe amount, most often $0 or $1 or $10 or whatever is the smallest number the bank's system allows.
alan1   |     |   Comment #18
It's not a dumb question, and yes, there is a chance. According to Doctor of Credit:
"When you open a new savings or checking account, some banks give you the option of using your credit card for the initial deposit. On this page we’ve got a number of data points for which banks (and credit cards) count as cash advances and which don’t."

I don't know when the article was written nor how accurate it is.
RickZ   |     |   Comment #21
I opened a $5K CD at GTE and funded it with my Citi Dividend card - I have the cash advance limit on that card set at $0. The transaction has posted on my Citi account page and I confirmed with Citi that it is coded as a purchase and not a cash advance (if it went through as a cash advance it would have been rejected). I only get 1% back with my Citi Dividend card - I would have preferred to use my Fidelity Visa card which pays 2% but the cash advance limit on the Fidelity card cannot be lowered (it is set at 25% of my credit limit). It probably would have coded as a purchase with that card also but I didn't want to take a chance.
deplorable 1
deplorable 1   |     |   Comment #35
Sweet! I have the Citi 2% double cash card so I'm going to use this. What is the max you can fund with the card? $5,000 or more?
deplorable 1
deplorable 1   |     |   Comment #43
@RickZ: So it is confirmed that GTE codes this transaction as a purchase and not a cash advance?
Anonymous   |     |   Comment #20
I also opened the account this morning. It was a simple process, & I didn't have to pay the $10 admission fee.

I have decided to take the 30-mo (2.78%) with the $100K new money. So I waited on the phone 8-10 min for a Rep to find out how to proceed. This gal told me I could write a check for the funds & snail mail. I should include my membership # & a note telling them just exactly what I wanted, & also include a tracking # from the PO.

So here's hoping I don't have to start over after GTE Financial receives my check..
Anonymous   |     |   Comment #24
I just received a call back from the Rep who gave me the instructions to proceed with my check to open the Share Certificate Special. She had more instructions: now I must fill out an Account Ownership Designation form & enclose a copy of Drivers Lic. along with the check. This was mentioned earlier on this site.

Actually, it was very nice of this Rep to make a return call to inform me of this change.
Sparky   |     |   Comment #26
Where can I obtain an "Account Ownership Designation" form.
Kirkland   |     |   Comment #29
once you open an account for $5 you will select a username and password, then log on and go to everythingelse tab, resources, forms... to get the account owner designation form... Still there is no online form to select what term jumbo certificate, or any details... you have to go into a branch or you must mail instructions I believe
Sparky   |     |   Comment #33
Thanks very much for your assistance. I wouldn't have found the form on my own. I plan to send the form along with a copy of my driver's license to GTE's main branch at 711 E Henderson Ave., Tampa, FL 33602. I'll also be enclosing a check and a letter describing what promo term I'm requesting. I suppose I'm going to have to gamble that the offer stays in effect until my letter arrives.
Sparky   |     |   Comment #37
@ Kirkland et al. Please disregard my comment about mailing to 711 E. Henderson. The GTE site designates PO Box 172599 for "general mail" and PO Box 172539 for Payments/Deposits". That's why the chat agent advised you to use the latter address.
Kirkland   |     |   Comment #28
On the Jumbo Certificates, Do you know if you can receive a monthly interest check, also will they mail you a check at redemption time? With no form to fill out are you just assuming they will get the details, etc. correct? Any worry that it is rated B?
Sylvia   |     |   Comment #42
Kirkland (#28), looking at their fee schedule, I'm guessing checks would not be free, assuming they're available. While fee schedule has no direct mention of this, GTE does specify many services that come with fees, including $6.00 for an "official check."
Kirkland   |     |   Comment #30
Also what address do you mail check to? chat told me and insisted twice it was PO BOX 172539 but their website has a different PO Box listed as 172599. Which is correct?
Anonymous   |     |   Comment #39
A Rep told me to mail my check & form to 711 Henderson Ave, Tampa. I mailed all the info tonight, so I hope it works out.
???   |     |   Comment #44 to clarify post #30

Sparky | 1 hour ago | Comment #37
@ Kirkland et al. Please disregard my comment about mailing to 711 E. Henderson. The GTE site designates PO Box 172599 for "general mail" and PO Box 172539 for Payments/Deposits". That's why the chat agent advised you to use the latter address.
Kirkland   |     |   Comment #31
and will special jumbo certificate rate still be available by the time the snail mail check is received in Tampa?
Jill   |     |   Comment #25
Hard credit inquiry or soft inquiry?
deplorable 1
deplorable 1   |     |   Comment #51
Nice $150 bonus for opening a CD. What credit card is giving 3% for regular purchases?
Kaight   |     |   Comment #52
As I indicated in Post #14, I'm doing the Alliant 3% CC deal at present and, indeed, for the next ten or eleven months. A 3% across-the-board reward, with no maximum, is a decent reward. Locating prudent spending opportunities is a challenge, so this GTE Financial situation was a happy find.
MadameX   |     |   Comment #15
CD specials can't be used in IRA's.
Jill   |     |   Comment #19
Do they perform a hard credit inquiry/or pull soft inquiry when you apply for membership and open an account?
RickZ   |     |   Comment #38
Just saw ... unfortunately it's a hard pull.
Bozo   |     |   Comment #22
The way things are going (hopefully in a positive direction), I have decided to adopt the following strategy:

(1) When my 11 month 1.9% after-tax CD matures next August (of 2018), I will plop the proceeds into my Alliant savings account (at 1.15% or whatever);

(2) I will then patiently await the "hot deals" here at Ken's blog, and have the ammunition;

(3) I will not commit all at once;

(4) I will attempt to avoid "buyer's remorse".

It's a long story, but the 11-month after-tax CD is basically a legacy. It used to be a USAA CD at 3.8%, for a seven-year term, which matured (sadly) a few months back. Now, we'd like to get it back throwing off some monthly cash flow, but the odds are daunting.
deplorable 1
deplorable 1   |     |   Comment #36
@Bozo: I warned you about those long 7 year CD's. Who knows we may get even better deals in the months ahead. Did you miss out on that 3% 36 month CD @ United? If you did you must be kicking yourself right now. I hope you are not near those fires, it looks like the apocalypse on the news.
rzelman   |     |   Comment #27
What are the limits of NCUA insurance?
rzelman   |     |   Comment #74
$250K per individual, the same as FDIC per CSR.
nobody   |     |   Comment #32
Don't like the overall reviews on the institution or their health rating of "B"
Kaight   |     |   Comment #48
This is a valid concern under either of two scenarios:

1. Your plan is to place on deposit an amount of money in excess of the NCUA insured limits

2. You solemnly believe, beyond doubt, there is possibility the NCUA is going belly up

In either instance you are wise to remain well clear of this deal. Course the NCUA is not likely to turn turtle unless the USA itself does so, something within the realm of possibility given this nation's current and future debt. Thing is, when (if) the US collapses we all will have much larger concerns than the NCUA.
rzelman   |     |   Comment #69
Are the limit of NCUA the same as FDIC?
Kaight   |     |   Comment #70
Yes for the most part. But remember Google is your lifelong friend where such questions are concerned.
deplorable 1
deplorable 1   |     |   Comment #34
That's what I'm talking about! I'm hopping in on this add-on CD for $500. I only wish I had $100,000 laying around but it's all tied up in other CD's @2%, 2.28%, 2.32%, 2.5%, 3% and yes even 5% APY.
deplorable 1
deplorable 1   |     |   Comment #40
I called Citibank to see if funding a CD with the double cash card would result in a purchase or a cash advance and they told me that it all depends on how it is coded on the other end. Does anyone know how GTE financial codes these transactions? I don't want to get stuck with a cash advance fee on $5,000! Yikes. I asked them to set the cash advance limit to $0 and they said that would lower my credit line substantially which is a no go as this is my default spending card.
Kaight   |     |   Comment #46
Do not allow yourself to be bullsh***ed by a big city bank undeserving of your business in the first place. Your cash advance limit and your credit limit are two entirely separate things. Lowering your cash advance limit should not impact your credit limit in the least. If your "big bank" ties the two limits together to somehow enhance their bottom line, you need to change banks pronto!!

There are instances where a credit provider will simply not allow alteration (i.e., reduction) of a cash advance limit. But tying that to a credit limit threat is unvarnished BS.
deplorable 1
deplorable 1   |     |   Comment #49
@Kaight: Yeah that sounded fishy to me too. I always have a problem with Citibank customer service when I get someone from India(English speaking). Something gets lost in translation even though I'm being crystal clear with my questions. I think it's the after hours crew.
Kaight   |     |   Comment #50
After further review, I was being too tough on the rep with whom you spoke. A bank like Citi probably does have a rule tying together credit limit and cash advance limit, one being defined as a fraction of the other. Point is, there is no NEED for such a rule, which is a BS rule. But that is the fault of the idiots running Citi, not the fault of some poor schlub rep in Bangalore.
anon   |     |   Comment #41
Do they ask for a copy of Social Security card to become a member?
Kaight   |     |   Comment #47
No. At least not so far.
deplorable 1
deplorable 1   |     |   Comment #53
Ok I just opened this account and CD with my Citibank 2% card for $5,000 so $100 bonus plus 2.53% APY. The CSR said that they code the credit card funding as a purchase so crossing my fingers and hoping for the best. You do not have to open a checking account to fund and add additional deposits to the CD. A share account $5 is all you need. They even let me join for free as the pay the $10 membership fee for you! According to CSR additional deposits can't be made by cc funding :( So almost a 5% yield on the first $5,000. You can login right away but the CD doesn't show up instantly just the share account and number. They say that they will be contacting me within one day to finalize account opening whether that is be email or phone they didn't say. Thanks Ken for posting this great CD deal!
Kaight   |     |   Comment #55
Good for you and well done. A hundred bucks is a hundred bucks. You have to have fun with this small potatoes, sure thing, stuff. It's only a hundred bucks, but there is NO RISK and NO TAX! You can play with the fat cats in the stock market casino, but there IS risk and a bit of tax as well, along with a fair share of stress when things go south. Back in '08 and '09 friends lost between a quarter and one half of their net worth. That's not fun . . . . and such a loss can cause stress. Your hundred will buy an ample number of delicious McDonald's hamburgers. Who needs more!
deplorable 1
deplorable 1   |     |   Comment #58
@Kaight: Well I'm also doing this with Bank of America's 0% no fee balance transfer for 22 months free money. So I'm guessing the 3% cash back on your credit card is a limited special for opening the card for the first year only? Kind of like how the Discover IT offers double cash back for the first year which includes the 5% cash back categories. I actually earned 10% last year on the Discover IT card by using it just for the 5% bonus categories. Then I use my Discover bonus cash to get gift cards at a discount $20 for $25 for a additional bonus. Funny that so called financial advisers are still telling folks to cut up their credit cards when if you are smart they are one of the best financial tools out there.
Kaight   |     |   Comment #62
Yeah, the Alliant deal is only for a year. After that it drops to a 2.5% reward with a $59 annual fee. Not sure I will still be carrying the card after year one. Have to see what other deals are out there at that time.
deplorable 1
deplorable 1   |     |   Comment #76
The annual fee is probably a deal breaker for me. I have like 20 credit cards and $0 annual fees. The Citi 2%(double cash), Chase freedom and Discover IT cards all have no annual fees. Those are my 3 favorites.
deplorable 1
deplorable 1   |     |   Comment #54
One additional note on this CD. On the website it says that they removed the max cap for the promotional CD's only so I am assuming that there is no cap on this CD as well which makes this a even better deal.
deplorable 1
deplorable 1   |     |   Comment #56
This is from the FAQ's on the GTE website:
During the special, there is no cap on how much you can deposit into the Promotional Share Certificate! And with the Add-on feature, available for all the Promotional Share Certificate terms of 6, 12, 18, 24 and 30 months, you can make ongoing deposits versus one overall deposit. The regular Share Certificate cap is $6,000.
So basically the sky is the limit on this one!
Kaight   |     |   Comment #57
Long time followers of Ken's work understand the likelihood add-on CDs may not remain so throughout their lifetimes, notwithstanding early promises to the contrary. Sometimes I think we realize this better than some of today's CU officers. When these things age out to become short term, the fixed interest rates become MUCH higher than rates offered by other short money opportunities. As an example:

In the fall of 2019 the present 2.78% deal will have roughly six months to go and will still be paying 2.78% interest. Where else you gonna find that kind of return on (what is effectively) a six month CD? See what I mean?

So what do they do?  They use the NCUA 30-day notice rule to clip the wings of the add-on provision.  Nobody should be surprised or particularly upset when and if such as this happens down the line.
deplorable 1
deplorable 1   |     |   Comment #59
Well I guess I'll be dumping more cash in there real soon as some of my other CD's mature then. Hopefully 2.5 years down the road finding 3-4% on a CD will be commonplace.
Anonymous   |     |   Comment #60
Knight, you seem to have the answers to our questions. I do plan to add more money to this add-on CD in the near future. That CD I have that matures in early Nov will go right into this 2.78%. (if nothing better comes along)

I should say, if this deal doesn't expire before my snail mail check arrives on Monday. I mailed all the info & DL 10/12, so it should be there 10/16. There was debate earlier about the correct address to send everything, so that could also be a problem.
Kaight   |     |   Comment #61
They are telling me the deal will be around at least several more days, so you should be OK. Of course these things NEVER come with a guarantee of availability.


We rate chasers take our chances, just like always.  We are, after all, wild and crazy galoots.  
Anonymous   |     |   Comment #64
Hope you're right about this deal being around for a few more days!

I just logged into my new acct with GTE Financial. I used my CC to charge the $5.00 to open the Savings Acct. Yesterday the acct showed $0 & today it shows $5. So those of you that charged a large amount on your CC, has it posted on your account yet?
Kaight   |     |   Comment #65
Your post is not helpful because you do not say when you used your CC to charge the $5.00.

In my case, I charged the max yesterday and the money continues not to be showing in my GTE account. I was told they would telephone me before putting the charge through. Of course you never know whether or not that is accurate. But as of this post, they have not telephoned me and they also have not credited my GTE account. So we shall see what happens.  I am seeing the CC charge at Alliant, but only so far as a pending transaction, not yet as an actual charge to the card.
Anonymous   |     |   Comment #68
I charged the acct yesterday 10/12, and today 10/13, the $5. is posted to the GTE Financial.
deplorable 1
deplorable 1   |     |   Comment #66
Not yet but it usually takes a couple of days for credit card transactions to post. I just hope it posts as a purchase and not a cash advance or I will have to pay my bill in full immediately. I figure it was worth a shot. This is the first time I have tried to fund a bank account/CU with a credit card so this should be a learning experience.
Nope   |     |   Comment #63
Looks like a big hassle to open anything over $5K......and don't like the "B" rating. Forget it.
Kaight   |     |   Comment #72
Thumbs up.  Love you to death. Wish everyone agreed with you. Life would be so much easier!!
deplorable 1
deplorable 1   |     |   Comment #77
@Nope: Yeah but who cares when you can just add money later and fund it with a credit card and earn cash back rewards to boot. If I had $100,000 liquid I would have just done the 2.78% deal like Kaight did. Plus this is only a 2.5 year CD which make this even a better deal than that 3% 3 yr. CD was IMO.
Kaight   |     |   Comment #71
Wow. GTE website down at this hour. They must be getting HAMMERED!!  Hope is fading just a bit for ever getting this deal.  Oh, well.  Congrats to all those who were successful.
deplorable 1
deplorable 1   |     |   Comment #78
@Kaight: Not too surprising given the term of this deal though.
Anonymous   |     |   Comment #79
I think we all need to wait until Monday 10/16, before we give up hope on this deal. Many folks seem to be waiting for a call from GTE Financial. My DL, Forms & Check are all in the mail, so I'm not waiting for that call.
Zemo999   |     |   Comment #73
Sorry if this is a dup - the first time I posted this, it doesn't seem to have 'taken'. Altho perhaps there's a time lag or vetting - but I wanted to get my experience with this great deal out there, so:
This might be thought of as a small addendum/update to Thowellll's detailed comments from Oct 11th.
On that date, I spend 2 hours on the phone with a rep who really didn't know what they were talking about in regards to the 18 month 2.32 APY CD. Mostly, I spent the time suggesting to him how we could work out various issues, with him agreeing "Yes, that would work." to most of the ideas I had on how to make this as non-onerous as possible. But only to have him tell me after, literally 2 hours of this, that it looks like to fund the account, given the $7500 (his figure) limit on ACH transactions, I'd have to go there in person to hand them a check for $100k or more at one of their branches to fund the CD. Previously, he had said that I'd need to mail them a paper check (how quaint.) I was going to report back here that at this small bank it's strictly 'amateur hour', and don't waste your time. I figured I'd call back the next day and ask if they'd be willing to give me a round-trip airline ticket to one of their branches so I could deposit funds in person :-)
However, I did call back on the 12th and it was a day-and-night experience. The woman I spoke with was knowledgeable and helpful, sorry about the first experience, and said they've finally got ways to work out the kinks in the system that people had been experiencing. Namely, that one opens a share certificate accounts (it's like a savings account, I guess), after which I did get an email asking me to confirm that I had opened the account, etc., which only took a response by email to verify. From there, I can wire in funds to that account, and if I've got at least $100k with which to open the 18 month Jumbo CD, I can open that CD account online - altho I've found that online runs into snags, and she agreed with me that if there was trouble to call them and they'd walk me through it. I am about to set up a wire for the funds. (They charge $10 for an incoming wire (again, how quaint) but that cost is negligible in my mind for the return you're getting. I'll just have to see how it goes from here, but it sounds like it may be quite doable.
The add-on feature sounds great - you can add any amount, as many times as you wish, to the CD account to get 2.32APY on those funds, too. The same with the accrued interest if you just let it accumulate to the account, or, you can export it to another account/institution if you wish. I'm all for just letting it accumulate. It's not quite the perfect place to park funds while waiting for that 3% CD that Ken speaks of, and the AgFed perfect solution of a high yield no penalty CD closed preemptively without notice (darn - I missed that by about a day.) But this is close, given how high the APY is. My only concern is that they'll close the offer before I can set everything up, given that I'll be exporting funds by wire from another institution, and it looks like part of their process is to have one of their agents call you sometime (hopefully, the 1-2 days they say) for further possible verification. But so far, so good. The 2nd rep obviously changed my mind for the time being about this being too much of a Mickey Mouse operation to dive into. The health rating that Ken gives it of 'B' is not great, but hopefully they can stay afloat for 18 months.
rzelman   |     |   Comment #75
First time dealing with a CU for me. So far the process to open a jumbo18mo CD is going OK. Joined online as a saver for free and funded the $5 minimum and uploaded DL online. Chat CSR advised me that I could fund the balance of the CD by going to a local COOP affiliate here in WA or by wire once the account is confirmed. Waiting to receive a call from them in order to proceed to the next step. 2.32% rate for 18 mo will be hard to beat even if the Fed raises rates in Dec.
Kirkland   |     |   Comment #80
I decided to take a chance on this even though rated B cause it is my home state and i have read Tampa area is thriving... even though some other areas they are located in are not so hot. i opened my $5. account yesterday and mailed my documents today after clarifying further questions.. sent a letter of detailed instructions, license copy, account designation form, and a jumbo check and I went for the 24 month jumbo paying 2.45% rate monthly and they said over the phone that there was no charge to send monthly interest to me. I don't plan on adding and therefore am not opening a savings account, just the certificate. There is only a 7 day grace period on redemption. Also confirmed that NCUA insurance is up to $250k. Even if they close the deal early next week, I believe (hope) they will honor the rate for those checks that arrive in mail within a day or two if mailed before deal closes. I do agree with those that said the 18 month term is the best deal.
Sylvia   |     |   Comment #81
Kirkland (#80), having a savings account would give you a place for them to transfer interest, along with CD balance at maturity, if you choose not to roll over CD. As soon as money posts, you'd be able to extract it electronically, avoiding delay and hassle of dealing with paper checks.
Kaight   |     |   Comment #82
Well, my charge card five grand is now showing in my account. It shows as available. But when I try to transfer a few bucks to my member savings their system throws an unexplained error.

They promised me I would receive a telephone call before the money went into my account. That telephone call never happened.

Perhaps things will be better tomorrow.
MadameX   |     |   Comment #83
With the just released 12 month inflation rate at 2.2% and the November iBond rate at 2.48%, these CD's don't look at good as they did yesterday.

They're still a decent alternative to storing cash into savings accounts. The add-on feature makes it easier to just dump money into them over the course of time.

The sweet spot for me is the 30 month $500 buck minimum at 2.53%. I've got some CD's coming-up over the next few months that may find GTE as their new home.
anonymous   |     |   Comment #84
Has Ken ever advised us to avoid credit unions with a health rating of B?
Kaight   |     |   Comment #85
No mere poster here, including especially myself, can speak for Ken. He is one of the most knowledgeable people in the country where banking is concerned. Period.

That said, and speaking only for myself, I do not believe Ken has ever offered any such counsel. I do believe he would agree that, when depositing funds into a lower rated bank or CU, it is more important than ever to observe fastidiously, and to carefully remain within, FDIC or NCUA insured guidelines.
Kaight   |     |   Comment #86
I did it!!

I have an unhealthful amount of fun with this small money stuff. What can I say? I enjoy too much nontaxable free money. :-)

Anyway, I always know when my CC statement is about to close, since I charge a lot of stuff the next day.  Nevertheless, I charged the five grand at GTE a day before a more prudent person would have done so, a day before my statement closed. Imprudent? Yeah, I know. Because doing things this way creates a race condition to where you don't know whether the charge will hit the card next day, or whether instead it will not and you will get an extra month to pay off the charge.

Well, my CC statement closed a few hours ago and I was lucky; the GTE charge did not hit. So now I have an extra month to use the five grand before having to pay off my GTE deposit CC charge. Life is good . . and fun. And I also scored over a hundred bucks, unrelated to GTE, for paying my taxes last month. Unlimited 3% cash back rewards are also fun.

Now descending into the silly:

Ken needs to publish a list of the top fifty (or whatever number works) banks and credit unions allowing the highest dollar credit card funding of new accounts. I would definitely consider opening some new banking relationships . . . at $150 or more a pop tax free . . . if only I knew where the opportunities were!!

Credit card funding of new accounts rocks!  But my best, imperfect, recollection is that sadly a $1000 ceiling is far more common that GTE's generous, possibly even sui generis for all I know, $5000 ceiling.
Anonymous   |     |   Comment #87
Yes, Kaight, I do exactly the same thing with my CC closing & charging. My CC always ends around the 20th of the month. I charge "big time" right after the CC closes. Unlike you, I do not get a 2-3% bonus with paying off my CC balance each month. But, I do get mileage credit & I always fly AA First Class. Life is Great!
Anonymous   |     |   Comment #88
But, Kaight, Please let me or all of us know where you get the 3% rebate?
Kaight   |     |   Comment #91
It's the Alliant Visa Signature card during their one year introductory promotion interval. After one year the reward drops to 2.5% and there is a $59 annual fee. Course you have to be an Alliant member to obtain the card, but I think many people here are already Alliant members. Ken usually writes well of Alliant.
Anonymous   |     |   Comment #92
Thanks Kaight. I'm going to check into this.. I imagine you will drop this card after the first year, before they add the $59. fee.
deplorable 1
deplorable 1   |     |   Comment #89
@Kaight: I was thinking about the same thing. There are a few websites that have compiled some data points on this subject.
Back in the glory days of 0% no fee balance transfers when banks were paying 5-6% in savings/MMA's banks were actually paying cash bonuses of like $200(tax free!) for completing balance transfers. That was on top of the interest you would earn for 12-18 months.
There is a credit card that pays 3% all the time in categories that you select. The Huntington voice card. I set mine to utilities and earn 3% cash back on phone, cellphone, gas, electricity,internet,cable(I don't have cable but it works on it). Also $0 annual fee. I found this while getting a $200 bonus for opening a checking account with no direct deposit requirement. Apparently you need to be a Huntington bank customer to get it. The funny thing is that you can close the bank account and actually keep the credit card open though.
Kaight   |     |   Comment #93
That is impressive stuff. Shows how far behind I am. Those people were literally YEARS ahead of me!! Still though, even today free money, which is also TAX free, remains fun. Why is it so much more fun when you pay no tax? Can anyone explain that?
deplorable 1
deplorable 1   |     |   Comment #96
@Kaight: For me it is very satisfying to beat the banks at their own game while also beating uncle Sam at the same time. What can I say I consider it a challenge kind of like a game of chess where one wrong move could be the difference between winning and losing. Funny story: I was trying to get a credit balance refund check for around $100,000 once. So I call the credit card CSR to request a check or ACH transfer. The guy at the other end tells me that he knows what I'm doing by making interest off the balance transfer. He then tells me that they(the credit card company) isn't making any money off of me! Like I took out a loan from the mob or something. So I ask him If I am breaking any laws. He tells me not technically. So I politely reminded him of regulation z or 12 CFR 226.11 which states that they have to return the credit balance within 7 days. He was trying to go all Joe Pesci on me to scare me or something. I ended up getting the cash though.
Zemo999   |     |   Comment #90
Ah, this is becoming really frustrating, as it's the 3rd time I've tried to post comments about my experience in trying to open the 2.32% 18th month Jumbo CD with GTE - I keep 'publishing' it here, but so far it never 'takes' and so can't be seen by anyone, right? Maybe this time is the charm:

This might be thought of as a small addendum/update to Thowellll's detailed comments from Oct 11th.
On that date, I spend 2 hours on the phone with a rep who really didn't know what they were talking about in regards to the 18 month 2.32 APY CD. Mostly, I spent the time suggesting to him how we could work out various issues, with him agreeing "Yes, that would work." to most of the ideas I had on how to make this as non-onerous as possible. But only to have him tell me after, literally 2 hours of this, that it looks like to fund the account, given the $7500 (his figure) limit on ACH transactions, I'd have to go there in person to hand them a check for $100k or more at one of their branches to fund the CD. Previously, he had said that I'd need to mail them a paper check (how quaint.) I was going to report back here that at this small bank it's strictly 'amateur hour', and don't waste your time. I figured I'd call back the next day and ask if they'd be willing to give me a round-trip airline ticket to one of their branches so I could deposit funds in person :-)
However, I did call back on the 12th and it was a day-and-night experience. The woman I spoke with was knowledgeable and helpful, sorry about the first experience, and said they've finally got ways to work out the kinks in the system that people had been experiencing. Namely, that one opens a share certificate accounts (it's like a savings account, I guess), after which I did get an email asking me to confirm that I had opened the account, etc., which only took a response by email to verify. From there, I can wire in funds to that account, and if I've got at least $100k with which to open the 18 month Jumbo CD, I can open that CD account online - altho I've found that online runs into snags, and she agreed with me that if there was trouble to call them and they'd walk me through it. I am about to set up a wire for the funds. (They charge $10 for an incoming wire (again, how quaint) but that cost is negligible in my mind for the return you're getting. I'll just have to see how it goes from here, but it sounds like it may be quite doable.
The add-on feature sounds great - you can add any amount, as many times as you wish, to the CD account to get 2.32APY on those funds, too. The same with the accrued interest if you just let it accumulate to the account, or, you can export it to another account/institution if you wish. I'm all for just letting it accumulate. It's not quite the perfect place to park funds while waiting for that 3% CD that Ken speaks of, and the AgFed perfect solution of a high yield no penalty CD closed preemptively without notice (darn - I missed that by about a day.) But this is close, given how high the APY is. My only concern is that they'll close the offer before I can set everything up, given that I'll be exporting funds by wire from another institution, and it looks like part of their process is to have one of their agents call you sometime (hopefully, the 1-2 days they say) for further possible verification. But so far, so good. The 2nd rep obviously changed my mind for the time being about this being too much of a Mickey Mouse operation to dive into. The health rating that Ken gives it of 'B' is not great, but hopefully they can stay afloat for 18 months.
Kaight   |     |   Comment #94
Received telephone call from very nice GTE rep earlier today. She was most helpful. They obviously are doing their best in the face of very large response to this Promo CD offer.

Probably most important message is rep said end of deal is not in sight; not yet. This agrees with input I have had from other contacts there, though this morning's conversation is for me the most recent. The signal was that if you "get 'er done" by mid week you will be OK. Of course we all know these deals can close abruptly and without notice. So don't hang me, or the rep, if this is wrong. Nothing is for certain. But this is hopeful.
Anonymous   |     |   Comment #95
This is good news to me! Glad you got that call from a GTE rep.

Since I'm hoping my info arrives in their office by mail 10/16, and they process it, I'll be ok. The one problem that bothers me is the fact that several of us got different mailing addresses. But, all those addresses should be good for GTE Financial. I mailed with a tracking #, so I'll call Monday to check it out.
deplorable 1
deplorable 1   |     |   Comment #97
For those who got the jumbo $100,000 2.78% 30 month rate. I was wondering exactly how soon the $100,000 must be deposited to the account. I was thinking it would be great If I could open it with a credit card for $5,000 and then trickle the rest in at $5,000 per transfer until I have $100,000 in there.
Sinbad   |     |   Comment #101
Wishful thinking, but a blind squirrel finds a nut every so often! Myself I'm looking for a max CD. I'm not giving any other particulars because only a nut job on the Internet would do so.
Kaight   |     |   Comment #102
Deplorable 1, I asked your question, at least I think this is your question, when the rep telephoned me. I asked if I opened below $100,000, and subsequently increased the balance to where it exceeded $100,000, would my interest rate then automatically be adjusted upward to the 2.78% APY jumbo promo rate. Answer was: "no". Answer was: if you want the 2.78% APY rate, you must open your CD with a minimum of $100,000.

Please bear in mind this was only a single rep.  Experienced rate chasers know input from only a single rep might be correct . . . or it might not be correct. Also, I neither challenged what I was being told nor did I ask the rep to check with a supervisor. The answer was not sufficiently personally pivotal for me to do that. You should not hesitate to call GTE and ask your question of them. Also you should use the online chat feature, a great contact mechanism, to ask your question. That will give you three data points. If they turn out all to be the same, then you probably must open at $100,000 to get the 2.78%.
deplorable 1
deplorable 1   |     |   Comment #109
@Kaight: During the application process for the 30 month non jumbo 2.53% CD I saw the option to open the 30 month jumbo 2.78% CD online. So I was assuming that you could fund it with a credit card for $5,000 initially in order to lock in the 2.78% rate. Then mail in the rest of the forms and documents to complete the process and add the rest of the money later(within a specific time frame). When I logged back in to try this the option to open the jumbo CD online disappeared! Like the rest of you guys I would wan't to make sure I'm actually getting the 2.78% rate before mailing $100,000 in or doing a wire transfer only to find out later that I missed the promo and just locked up $100,000 at the lower normal rate of 1.5%(their regular 30 month yield). They need to let you open the account first and then ACH in the funds just like the other certificates. This going through snail mail is like going back to the 80's.
RickZ   |     |   Comment #114
deplorable 1 (#109), For what it's worth, I'm an attorney. I've dealt with this exact situation a number of times myself. It is important that you include a note (and of course keep a copy) with your application and check that explicitly says that you only want to open this CD if the rate remains at 2.78% or higher and that if the rate is lowered or if the terms of the CD are changed then you do not authorize them to open the CD and you want them to return your check. A wire transfer has less risk because there is minimal lag time involved, but it still may be prudent to send GTE an email or faxed letter stating your instructions prior to sending the wire. Hope that helps!
Bozo   |     |   Comment #123
RickZ (re comment #114), I have done the same on a number of occasions. With so many financial institutions yanking their "hot deals" of late, it is always wise to condition a deposit on an understanding of the rate and term. My wife thinks I'm paranoid; I just point out I'm a retired attorney. Retired attorneys are always paranoid.
MadameX   |     |   Comment #136
To get around this problem I don't instruct them to open a CD. I just have them dump the money into a savings account.

Then I either open the CD online using those funds - or, call them up to get it done. I've had a couple of close calls with some of these specials. Especially, IRA's.

If the rate's changed, then I have to move the money somewhere else. This of course loses interest. But, at least I've got control of the situation.

I suppose voiding a check would take less time than moving the money around. So, they would be less interest lost.

So far, the only time I've had to void a check was when an IRA transfer got lost in space. That took weeks to straighten-out. And, talk about losing interest!
NYCDoug   |     |   Comment #98
Attempting to join, online, Saturday night [too late?] get insuperable error message
(cannot resolve by trying other browsers, restarting, etc):

Multiple LenderID in Session
Please close out of all your internet browser tabs and the current browser window, and reopen the application in a new browser session

A (temporary) glitch -- from overload? Or . . . ?

Error message occurs after clicking "Join" at this link:

UPDATE: But this link seems to be working [so far]:
anonymous   |     |   Comment #99
I believe GTE is doing system maintenance Saturday night.
That info was posted on their primary web page (
Should be completed sometime hopefully early Sunday.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #100
A recent jumbo CD application experience summary follows, including some possible
questions for DA readers:

1st CSR experience (9/13)

Has any out-of-state DA reader successfully securely uploaded documents for a
jumbo CD application so far?

I was first told by a very nice, and seemingly knowledgable, CSR this was (now) possible and
that I'd be provided an appropriate secure link to do so once I established membership and
was ready to request a jumbo CD. According to her, snail mail was no longer necessary.

She also indicated that once the promo jumbo CD 'approval process' was complete I
could open it myself online, funding it from primary savings.

Contrary to what a second CSR told me (see further exposition below) she also agreed
the CD could be funded via external ACH 'push' to primary savings as other DA readers have
speculated, although there are clear promo time-sensitivy advantages to doing a wire or even
better CO-OP deposit. I expressed reservations that the CD account would not understand that
funds in primary savings had come from an external source, as required by the promo
conditions, but she assured me it would correctly figure that out. (I'm not fully convinced yet!)

Details of how the jumbo CD acount approval process proceeds and expected duration were not
provided but she seemed to indicate I should place funds in share savings account ASAP.

2nd CSR experience (9/14)

Unfortunately, after subsequently setting up online membership, I called back in to request the
jumbo CD and was informed by another CSR that out-of-state applicants were absolutely not
permitted to securely upload documents. Snail US mail return only!

Furthermore, her supervisor had explicitly instructed her team that $100k+ checks were
NOT acceptable. She claimed out-of-state jumbos require CO-OP deposits.

She also warned that, once they receive the snail mailed documents, processing takes an
additional 7-10 business days.

She was very adamant, and seemingly somewhat annoyed, on these points, clearly contradicting
my 1st CSR experience and what other DA readers have related. She said all she could do for
me was submit a 'ticket' and that someone would eventually email the necessary info to get

No guarantee of rate lock during the 'proposed process' was offered.

I was also unable to ascertain at what point in the process the CO-OP jumbo deposit funding
must be made available. I'd prefer not to have $100k+ idling in 0% primary savings for
potentially SEVERAL WEEKS TOTAL before anything happens or I'm forced to retrieve funds
from a failed deal timeout! A mailed check deposit would probably avoid this issue, were it still
permitted. (And I'm not fully convinced it isn't based on the 1st CSR conversation!

Prospects for a successful mid-week completion utilizing this methodology seem almost NIL.

I'm inclined to try for a 3rd CSR or perhaps online chat on Monday, though this is
becoming rather time-consuming. :(

Trying to convince myself I'm still having fun at this!
Kaight   |     |   Comment #103
Well, first of all, kudos for being a month ahead of all the rest of us. I've done my best on this deal, but I've only been at it for several days. No way in he!! did I see this deal coming a month ago. You are amazing!

That said, I have successfully uploaded at least one document, being able thereafter to see it appear in my account. But, again, that was only in the past several days. I had never even heard of GTE back in September!!  Hence I'm completely at a loss trying to comment on uploading problems they might back then have been experiencing.

I can observe they appear to be endeavouring to smooth out their processes in the present, or so it seems to me, anyway.  My impression is these efforts have come in response to difficulties some would-be customers have experienced since Ken announced this deal, and are unrelated to anything that was happening last month.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #104
Kaigt: I'm not really amazing ... Just suffering from great stress and sleep deprivation, spending far too much time attempting to figure things out. What a 'hobby'! Apologies for several typos. Corrected experience dates are 10/13, 10/14. What document did you upload and was it under the category something like 'application status'? Were you instructed to do so after GTE reached out to you in response to a CD application? Regular or jumbo?, and are you out-of-state? I was told by the 2nd CSR the snail mail document return restriction only applied to out-of-state jumbo applications. Probably too bad I didn't have my membership yet in place when I spoke to the 1st CSR. I suspect this apparent policy disconnect between personnel might have been easily sidestepped at that critical juncture!
Kaight   |     |   Comment #105
OK. Understood. Well, I successfully uploaded a copy of my driver's license. A couple of other uploads I attempted appear to have failed.

The unknown:

I do not know whether my D/L went into my account automatically, or whether instead it is there thanks to human intervention. You hope for the former, but all too often you are confronted with the latter. In hot deal situations like this, need for human intervention casts sand into the gears, slowing progress significantly. This is because, with so many of us applying, there simply are not enough human beings on the team to handle the overload. We all must hope for the best.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #106

Scanning earlier posts it appears you did the non-jumbo. That possibly explains
why you were directed to do the secure upload link method in the first place, in lieu of snail mail.

But if anyone has managed to accomplish this secure upload method with a jumbo application, consistent with what my 1st CSR claimed is now possible, hopefully they'll chime in.

Curiously, I've noticed there's an option in online banking under the 'application status' section to directly upload documents to your account, in theory bypassing the intermediate external link process and possible need for human intervention to get it finally placed in your account. I've seen and utilized this capability on numerous other similar financial institution online software interfaces. But here I suspect the feature isn't yet fully integrated with GTE's current workflow process.

Too bad! :(

Anyway, thanks for helpful feedback!
Kaight   |     |   Comment #108
Confirmed. I so far have done only the $500 "insurance" CD. I think this is a no-brainer for many of us, the $500 buy-in being ridiculously cheap. At that price one cannot engage in too many such insurance add-on CD situations because one never knows, going forward in time, which will endure and which will not endure. The fact we are actually earning interest on our "insurance premium" just sweetens the deal even more. Course as the buy-in "premium" ascends, such situations become progressively less attractive. But $500? Heck, add-on CD insurance does not come at much lower cost than that!

Am still looking very hard at the "big money" CD, with decent likelihood I will participate. If it happens it will be wired funds. I was advised GTE has waived their $10 incoming wire fee during this promotion, which is a help. I think they are doing everything they can to work with us and see us through this process as painlessly as possible.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #117
Yes, also did the $500 "insurance" thing. Totally agree with your assessment! That application has gone into "pending" status and GTE hasn't gotten back yet regarding document submission. We'll see next week if I'm offered the secure upload route as you were. I'm anticipating that since it appears the issue is only (possibly) triggered by out-of-state jumbo apps.

A $5k buy-in with a cash back CC, as others have mentioned, was also 'interesting' although my measly 1% reward CC isn't as attractive as for others.
3 yr average APY ~(3.53 + 2.53 + 2.53)/3 =2.86%. Still 8 basis points over jumbo rate, though! Figure excludes 0% balance transfer leverage possibility, as others have noted. But added management complexity seems unattractive, particularly if ultimately going for big $$ jumbo and the $5k would reduce the max possible jumbo amount by same to avoid exceeding NCUA limits unless one is willing to add beneficiaries and/or go joint account category.

The $10 GTE wire fee waiver is certainly helpful. But you'll likely still get hit for another ~$20 or so fee unless you qualify for a 'special relationship' fee waiver at the sending institution.

ACH transfers are typically fee-free on both send/receive ends (Haven't verified this with GTE but didn't spot anything in their fee schedule). But you must have funds in an originating institution that allows high $$ transfer limit. Once you establish an external link at the ACH 'push' institution, transfers can typically be completed in 1 day. But initially establishing the link requires another day or two.

If you have a nearby local CO-OP shared branch, funds can be transferred almost
instantaneously! Typically there's no fee but evidently GTE may be an exception. A rep warned there might be a $3 fee deducted from your GTE primary savings or could possibly be assessed in cash on the spot depending on your local shared branch policies. Even with this small fee you still avoid the larger typical $20+ fee at sending institution so it's still a great deal! So, provided your jumbo funds are available elsewhere in an account permitting high $$ limit check writing, you're all set. If you don't already have the additional $3 above the basic $5 amount in your GTE primary savings, just be sure to add it to the CD check deposit amount and you should be safe.

Also, possibly unlike ACH and Fedwire transfer services which only operate weekdays, if your CO-OP branch location is open you might be able to conclude a weekend transfer. (I haven't actually verified this yet, and it also might depend on local branch policy.) If any readers have experience, please post!)

In my experience, local CO-OP, when available, is really the way to go.

Best of luck with whatever approach you finally settle upon!
thowellIII   |     |   Comment #124
The $3 shared branch fee was assessed by GTE after the funds were received. (It was a weekday transaction.) The funds posted to GTE, but the jumbo CD is still not open two business days later but a CSR did confirm that all the documents have been received (via email--although not a secure server).
Sparky   |     |   Comment #140
I deposited my funds for a 30 month promo CD through a shared branch this morning and then called a CSR @ x40535 to get instructions on how to email my Ownership Designation Form and DL. She sent me a secure email that I used to send her the documents by reply email. She also opened my CD on the spot since the funds had already been posted to my share account. It was a very successful transaction.
rzelman   |     |   Comment #113
I was able to upload my DL through the application portal on 10/13. I will try chat tomorrow to see where to go from here to secure the jumbo CD as my conversation with the first CSR led be to believe that I could f/u at my local CO-OP. After reading the above comments that may be too simplistic and wishful thinking but at this point I am only out the $5 that they requested to fund the saving account.
deplorable 1
deplorable 1   |     |   Comment #110
@Out-of-state so Out-of-luck?: "I expressed reservations that the CD account would not understand that funds in primary savings had come from an external source, as required by the promo
conditions, but she assured me it would correctly figure that out. (I'm not fully convinced yet!)".
This is a very good observation and a great question!
This isn't just a concern for jumbo CD's either. What about add-on funds? If we say ACH transfer money to the regular share savings(which is what they tell you to do) and then to the CD they could claim that this isn't "NEW" money as it came from a GTE account. This would make the additional deposits earn the lower non promo rate of 1.5%. How exactly are they able to distinguish the "new money" when it is being transferred from a GTE account? I'm going to have to either call or do a online chat to get these details all worked out.
MadameX   |     |   Comment #107
Just noticed on their schedule of fees that they have a $50 fee for outgoing IRA transfers.

That's a first!

And, a poison pill for opening an IRA at this place.

What a joke.
Anonymous   |     |   Comment #111
I just checked my snail mail tracking # & found my letter was now in Tampa. So, there is no way that GTE will not receive my DL, Check & Info they requested by 11/16. (or maybe another glitch happens)

Now, the next situation is that we have 3 folks that were informed of a different address in which to mail our stuff. Mine was mailed to 711 E Henderson Ave. (could be a problem) Some I read went to a PO box.

I can log into my savings account with a $5.00 balance. So we'll see what happens tomorrow.
Kaight   |     |   Comment #112
Not too worry. You're good. Let me tell you a story:

I well recall Express mailing a very time sensitive item to a financial institution. Cost approached twenty bucks. Item was addressed to their physical address. So what happened?

Post office casually delivered my Express Mail item instead to the financial institution's PO Box. They ignored the address on the item itself.  The lesson?:

Post office will always deliver to the address requiring the least work on their part. The address you might actually have used is irrelevant. So what's the takeaway?:

It's not a problem depending on time of day mail is sorted at destination post office. If they do not sort your item, and place it into the PO Box, before that PO box is picked up by the credit union, then your item will not be received by GTE until the next day. That is what happened to me with my Express Mail item. It arrived and was sorted the day after I mailed it, but not until after the PO box had already been picked up. BTW, I have never, from that time until the present, used Express Mail "service" again. You want a time critical item delivered next day? Pay extra for and use FedEx or UPS overnight services. Period.


Some financial institutions clean out their PO boxes more than once each day, though most do not.  To learn if a financial institution has additional PO box pickups you must inquire.
Kaight   |     |   Comment #115
For whatever help it might be to others, I today was able successfully to upload two additional documents into my account record. Both are documents I had tried, and failed to be able, to upload just a couple of days ago. In the case of one document today it only went in on my second try.

Based on my personal experience alone, I would describe their upload facility as intermittent in terms of its functionality. But it is an easy, straightforward, process, so making additional tries is not a huge challenge.

As for me, I'm pleased they now have the documentation they require to allow opening of my big money CD. I only wish I had made my extra tries earlier on, a few days ago. My second effort today was just on a whim. I should have remembered: "If at first you don't succeed, try, try again".
anonymous   |     |   Comment #116
I'm out of state. I opened the savings account, but didn't see any option to specify
that I wanted the promo account. My DL was uploaded successfully. I received
an email saying a rep would call me within the next day (no one has). As far as directing
them not to open the account unless the rate is still the promo rate, I don't think they have
an email address. Has anyone seen one?
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #118
Open Share Certificate. That transfers to 'Welcome to GTE's Online Application Center". Under 'What would you like to do today" click on "Open an additional Checking/Deposit account". That transfers to a new screen. On that screen, under 'PRODUCT SELECTION' click on (Select) "Certificate Account". You'll then see a menu of both promo and non-promo certificates and associated rates from which you can select. Be sure to only select a promo cert on this list
if you're going to actually apply!

However, if you want to get a jumbo ($100k+) promo cert you must initially phone in to request the jumbo application process. Jumbos aren't available directly in online banking by default, but
according to recent conversation with CSR, they might now appear in the online menu after DL and other documents have been submitted. That total (new?) process is very unclear to me
at this point!

For those applying for jumbos totally via US mail a request could probably be included to specify promo-rate conditional opening. I'm not sure if that's necessary but seems like a good idea to play it safe.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #119
Open Share Certificate". Then follow the rest of instructions in truncated post #118 above.

Also, my membership application experience differs from yours. I was NOT asked for DL upload and no indication was given I'd be contacted by a rep in the future to request anything else.

I spoke with a CSR who claimed DL uploads are only required for out-of-state jumbo CD applicants, but not for primary membership! Did you do membership online first or did you initiate that process by a phoned in jumbo CD request?

Curious at what point you were prompted to upload a DL and how the instructions to do so were provided? Did you need a special external web link or were you able to do it directly within online banking by selecting "Accounts -
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #120
Open Share Certificate". Then follow reading beginning at Post #119. Hope this revision makes it through.
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #121
Okay, I'm getting desperate! I think a pair of symbols I used in previous posts describing GTE menu pulldown selection is being intercepted by DA web interface causing my posts to be pre-truncated! One more time, here's what post #119 should begin with:

To find the promo certificates, login to GTE online banking and from the top menubar select Accounts --- Open Share Certificate". Then continue with post #119. Yikes! Hope this finally works!!
anonymous   |     |   Comment #122
I wasn't prompted to upload my DL, but I did it to save time. Now, when I log in,
I get immediately transferred to the upload documents page. No option to
open any share certificates!
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #125
Ouch! That's frustrating!!
I contemplated doing that too but held off since I was aware there were issues with jumbo CDs and wasn't sure I was proceeding correctly. I did apply for a non-jumbo "insurance" CD, as others have been doing. So on my CHECK APPLICATION STATUS page I now see both primary regular share savings (status "approved") and a secondary 30 Month Promo Add-on Share Certificate (status "pending"). Under the "Actions" column there are "View Documents" icon buttons and if you click on either one, you'll transfer to an "APPLICATION DOCUMENTS" screen that shows any documents you've uploaded, and also includes an "Upload document" underlined link. I assume you originally clicked on "View Documents" for the primary savings account and then clicked on the "Upload document" blue text to upload your DL? And now when you login are you being transferred to that same "APPLICATION DOCUMENTS" page with the "Upload document" blue text? That page also contains two buttons: "check Application Status" and "Home". Also in the upper right hand corner of this page I see "Home" and "Logout" buttons. If you see "Home" buttons try clicking on them and see if that doesn't get you back to the normal login page you're expecting! If that succeeds then from there you should be able to get to the certificate page by following my previous response post instructions.

Also, there might be a chance you're seeing another popup dialog box with a grey colored top border labeled "Upload document" with "Save" and Close" buttons at the bottom. If that's the case, the "Home" button in the uppermost right side of the page will be locked out until you click the "Close" button or dismiss the "Upload Document" popup window by clicking the X at right of grey title bar.

If none if this works, try to post back with a description of what the upload document page looks like to you and perhaps someone can further assist!
Out-of-state so Out-of-luck?
Out-of-state so Out-of-luck?   |     |   Comment #126
Oops, clicking on the home button gets you to the "MY ACCOUNT HOMEPAGE" which shows the screen "Welcom to GTE's Online Application Center". Below it says
"What would you like to do today?" Click on "Open an additional Checking/Deposit account" and you'll see the certificates. However, it doesn't appear you can get to the root login page! Normally you would get to that by backspacing your browser page but things are now out of sync. Not sure if there's a way to get around this or if you'll have to contact someone at GTE online banking to reset. I'll poke around and see if I can come up with an alternative...
deplorable 1
deplorable 1   |     |   Comment #127
Well I went to login this morning to check if the CD was opened yet with the same login I have used multiple times now and it tells me that my login credentials are incorrect! I'm wondering if the website is just down or in maintenance mode. Anyone else having problems logging in?
deplorable 1
deplorable 1   |     |   Comment #128
I had to change my username and password I was somehow locked out of the system. The CD is still not funded nor did the transaction show up on my credit card yet. I do see the $5 for the share account listed as pending though. I hope this deal lasts long enough for everything to clear.
Kaight   |     |   Comment #129
Read your post and tried to log in. No problems. Was into my account instantaneously.
Kaight   |     |   Comment #130
A nice outcome to report this AM. The $5,000 deposit, where I used my CC last week, finally settled into my charge account last overnight (Sunday night into early Monday morning). The charge is clearly showing as a purchase, not as a cash advance. Life is good.
deplorable 1
deplorable 1   |     |   Comment #131
@Kaight: Thanks! That is indeed good news. The CSR told me that additional funds can't be added with a credit card just the opening deposit. This seems to be the norm for credit card funding at all financial institutions that support it. What is your understanding about additional deposits to the CD? I was told to do a online transfer to the regular share account and then to the CD. If you look at the FAQ's though it clearly states:
What does it mean that the money has to come from another financial institution?
With this promotion, to earn the APY special, once you open your new Promotional Share Certificate at GTE, simply make a deposit into your new Promotional Share Certificate from another financial institution to qualify! Money that is already at GTE Financial in another deposit account, for example, a GTE Checking or Savings, will not earn the higher Yield.
Then we have:
How do I make a deposit into my Share Certificate?
Once your account is opened, please remember to first move money over to a GTE deposit account from another financial institution for ongoing deposits. This can be done with a withdrawal then a check or cash deposit into a GTE Account at an ATM, GTE location or using the GTE Mobile App with Deposit2GO. You can also set-up an external transfer in Online Banking. Then, complete a simple transfer in Online Banking from a deposit account like a GTE Checking or Savings Account into the Promotional Share Certificate to earn even more. The higher APY is only available for new money brought in from a different bank.
Then to make it even more confusing this:
How do I move money from another financial institution?
First, open your Promotional Share Certificate. You can also open a Promotional Share Certificate at a GTE location. At the time you open the Promotional Share Certificate, you will be able to choose how you fund the account. You will need a minimum deposit of $500 to open a Promotional Share Certificate. You can choose between a Credit or Debit Card (just make sure it’s not a GTE card) or transfer funds from another financial institution by providing the account number and routing number as well as the bank name and state. [You will not want to fund using the ‘Transfer from a GTE Federal Credit Union Account’ option.] In order to earn the APY special, the money will need to come from a different financial institution. The highest amount you can fund online is $5,000. If you’d like to deposit more, simply visit a GTE location!
Is it just me or do these statements conflict with each other? Specifically this line [You will not want to fund using the ‘Transfer from a GTE Federal Credit Union Account’ option.] Isn't this the only way to add money to the CD?
Kaight   |     |   Comment #132
Gosh that's a lot of stuff you have copied and pasted there. I really did not read most of it. Look, here is what you need to know:

While it is true you cannot use a CC to add to a CD, you are allowed to use a CC to fund new CDs.  ;-)

Also, relax regarding all your "new funds" concerns. GTE will know if they are new funds. Basically, if the funds have shown up recently, they are "new funds". Disallowed, for example, would be breaking of an existing GTE CD with the intent of re-using those same funds to open a promotional CD. You would not be allowed to get away with that because the funds would not be new.
Anonymous   |     |   Comment #133
I just spoke with GTE chat line. I was checking on my Certified Mail tracking #, which shows it has arrived in Tampa & in transit. The Chatter said it hasn't arrived & to check back tomorrow. She asked about the size of the check I mailed $100K. Of course I will not wait until tomorrow, but I'll try again later today. Also she said it may take a couple days for the mail to be opened. BAD NEWS!
Kaight   |     |   Comment #134
Wow, that surprises me. I would not have guessed. However, your mailing having been received today will doubtlessly guarantee your getting the deal. Might be worth asking them to back date everything once they finally open your mailing. Nothing to lose, worst that can happen is they say "no".
Anonymously   |     |   Comment #135
Open account online on Oct 13 anOpen account online on Oct 13 and received welcoming call on Oct 16. Information obtained
Jumbo Certificate Info
1. Can be opened only with CST
2. Trust Accounts permitted
3. Process….deposit funds into GTE saving Account….GTE CSR will open Jumbo and transfer funds from savings to certificate and will be considered new mones
4. Deposit into GTE Savings Account can be made via ACH push, pull, wire and through shared branching. If Shared branching is used GTE charges $3 fee/day which is being waived for this promotion
5. No limit to adding funds after certificate is opened. Mature date term of certificate is extended from the date of the last deposit
6. Routing number is 263182794
7. Any funding by CC is coded as a point of sale by GTE but some customers have reported CC company coded it as cash advance
FWIW funding via Ally was painless....with next day deposit.

I was told for non jumbo certificates the total max add on is limited to $6000...not per add on but total. Don't know if this is true tho.....maybe some can confirm
Anonymous   |     |   Comment #137
You say, Mature date term of CD is extended from the date of the last deposit. I don't think this is correct. When you open the CD, the term is stated at that time & I don't think you can change the date.
anonymous   |     |   Comment #142
You are correct.....the CSR provided incorrect information on two counts. Added deposits do not extend the maturity date and (2) the 6K max add on limit does not apply to promotional certificates.
anonymous   |     |   Comment #138
did anyone successfully join gte & open a Non-promo cd without any cust rep help? that is, do it completely online? if so, how did you do it (in what sequence/order)?
for instance, did you join online first, sign up for online banking, & then open cd (after getting member#)? OR did you join & open cd at the same time?
did you pay to Join using a credit card or ach or coop? did you pay for CD using a credit card, ach, coop? did the initial cd money go directly to the cd, or did it go to savings acct first & then to cd?
when did you get your member & savings acct numbers?
per comment #135, hope this isn't true/changeable end-date?: Mature date term of certificate is extended from the date of the last deposit?
anonymous   |     |   Comment #139
meant to say, did anyone successfully join get & open a Non-Jumbo cd
Kaight   |     |   Comment #141
Well, that was easy! First and foremost, thanks to Ken.

Second, for information and by way of explanation, I have no practical access where I live to shared branching. Nevertheless:

My jumbo was opened effortlessly and quickly. GTE did a really good job . . . it was fasssssst!

OK, I spent the twenty bucks and wired the funds. The $20 went to AgFed, not to GTE. Best twenty I ever spent. Cash money talks. Loudly! Simply could not be more pleased.

Still have two other, far smaller, unopened GTE accounts "waiting in the wings".  They show as "pending".  Betting GTE is swamped with small money accounts. Am sure they will get to me when it is my turn. But the big fat hippo account is open and running and earning interest so I'm a happy camper.  Even got a great midweek day of maturity!  Life is good.


OK, so you say it's not 3% or more.  Well, it's not five years either!  This is a splendid deal.  And it's even an add-on for goodness sake.  Where else you gonna find this deal!?


For whatever help it might be to others, I have done virtually everything using GTE's online chat feature.  It is very, very good . . . at least IMHO.  I don't think I telephoned them a single time, though they did call me once.  I had a great many issues and questions, but the people manning GTE chat were available virtually without delay and had answers to everything.  GTE must put their best people on their chat response team . . . . or so it seemed to me, anyway.  The chat function is available daily until 6:00 pm ET.
Sylvia   |     |   Comment #143
Kaight (#141), where are your "pending" accounts appearing? I applied for membership & some CDs last Thursday online, specifying external account & routing #s for funding by ACH. I see no record of those CDs anywhere. Since the funding of my savings account from the same source and method occurred today, I followed up by phone and live chat, only to be told that it could take a few days.
Kaight   |     |   Comment #144
OK, Sylvia, let me see if I can help:

First, log into your account.

Next, mouse over "Accounts", see the drop down menu, and click on "Open Share Certificate"

After the page loads, see where is says "Track the status of my deposit account application" and click that link

The page which comes up contains everything a human being needs to know about their GTE accounts status, both for accounts already opened, which are labelled as "approved", and also for accounts applied for but not yet open . . . . which display as "pending"

Hope this helps
Sylvia   |     |   Comment #145
Kaight (#144), got it, thanks! They do appear as pending.
Kaight   |     |   Comment #147
You are welcome. Always happy to be of service.
Appster   |     |   Comment #148
Did you upload your DL online? I also originally had it pending but I called GTE and told them that I uploaded my DL, the did something on their end, gave me my account numbers and walked me thru logging in to my actual acct. I was able to see all account numbers online.
Sylvia   |     |   Comment #154
No, I've not been told that DL's required for non-jumbos generally or my account specifically. Welcome call came today while I was away. No mention of DL in message either, just an invitation to call back w/questions, although rep left me an invalid extension to do so.
Appster   |     |   Comment #146
Opened regular share acct ($5) and and 30 month promo add-on certificate ($500) on Thursday. Did this as insurance in case I wouldn't be able to open jumbo promo cd. Uploaded DL online. Called GTE Friday, they verified uploaded documents and walked me thru setting up login to my acct. After login I was able to see Members acct, regular share acct and 30 month promo add-on certificate, all with zero balances. This morning balances appeared: $5 in regular share acct and $500 in certificate. Initiated wire transfer from my bank for 100k to GTE regular share acct, money were withdrawn from my bank acct around 1:30 pm. Around 3:45 pm logged in to GTE and wired money were already in my regular share acct. Started online chat and they converted existing 30 month promo add-on non jumbo cd to 30 month promo add-on jumbo cd after adding amount needed for jumbo cd (they told me on Friday that they can do it). My bank charged $20 for wire transfer and GTE charged $10 for incoming wire. Similar experience to what Kaight described. Fast and easy and money earning interest already vs sending check, waiting for it to clear and go to acct. Originally planned to make a deposit thru Co-op branch but had a feeling it will take several days for money to get to my acct. Another concern was how long they will run this promo.
Kaight   |     |   Comment #149
You did a great job, Appster. Congrats! Only one tiny thing for you, and it is good news:

GTE, during this promo deal, has waived their customary $10 incoming wire fee. Yes, I realize you were charged the fee. I was, too. I'm not jumping up and down. Plan is to offer them a day or two to refund the fee on their own. If the refund does not materialize I will contact them through chat and request a $10 refund, which I'm sure will happen quickly.
Appster   |     |   Comment #156
They waived membership fee, but I didn't see anywhere that they will waive $10 incoming wire fee. I will try same thing.
anonymous   |     |   Comment #150
Are you (and others) who write about logging in to your account referring to the "log in to track your application" process (

OR to the "Login to Online Banking" (

Thank you.
Kaight   |     |   Comment #151
When I answered Sylvia, above, I was referring to logging in to online banking.


Gosh, that big, long, link you tried to post blew up Ken's entire page! 
anonymous   |     |   Comment #152
I'm having a problem copying & pasting the link for the "log in to track application" page. Apologies (and ignore the URL for that page in comment #150). The URL for "Login to Online Banking" in comment #150 is correct.
Appster   |     |   Comment #153
"Log in to online banking" which is different than "Log in to track your application". It required separate set up.
Sylvia   |     |   Comment #155
You can track status of new account apps through online banking.
anonymous   |     |   Comment #158
Thanks to all for your speedy responses.
Kaight   |     |   Comment #157
Posting this as random information which might be of interest to some individuals:

You may open multiple GTE promo CD accounts. You may even open multiple GTE promo CD accounts having the same term! I will say no more, at least not yet, so please do not inquire.

A word to the wise is sufficient. ;-)
Anonymous   |     |   Comment #161
Kaight, I knew if anyone would have success gaining these Promo CD's, it would be you.

If I had it to do over I would have wired the funds to GTE. But, I ACH'd the funds into Alliant Checking & mailed the $100K check, DL & other form to GTE. You won't believe that my letter shows still in transit. So, my best bet will be talk to Chat tomorrow because I see they are gone for the day.

I have been away from my house all day & I expected to get in the house & find my funds deposited, but "didn't happen".
Kaight   |     |   Comment #167
I'm very sorry to learn you are experiencing this problem, which I take to be a USPS problem. While I know USPS difficulties can crop up even with tracked items, such problems are rare in my experience. In my opinion you made no mistakes. But you might have had some bad fortune.

Can you copy and paste here the last few entries in your tracking data? It might give me a better clue as to what is going on. Even without that I can offer a small insight:

It does not happen often. But when the USPS miss sorts a tracked item, most often, tracking data appears to freeze. Time passes but you see nothing new. Said another way, the USPS is not at all eager to make their errors known. Case in point:

I live a great distance from CA. I sent a relative there a Xmas gift in form of a tracked first class package the size of a thick letter. Item reached infamous SoCal Bell Gardens sort center ("where letters go to die") after several days. Bell Gardens is nearby to my relative's home, but . . . . . item never reached destination post office and tracking went silent for three or four days. Thereafter I got a scan in Maryland!!!!!!!!!!!!!!!!!!!!!!!!!! Item had been miss sorted in Bell Gardens center, routing it to MD.  MD PO turned it around and back to Bell Gardens after several more days and after Xmas. I think the final delivery was after New Year's Day.

I hope you do better than that. There is probably a large sort facility serving the Tampa region. You need a good sort there to route your deposit to the local post office serving GTE.  You can oftentimes know by the zip.  Hope you get that good final sort.  I have never had a USPS item go awry once it reaches the correct local post office.

USPS war story

Postal automation is fun!  I did a CD deal some years back that required deposit be posted by a certain date.  I needed more time to get funds together to cover my check.  But I had to mail check by the date required by terms of the deal.  I researched the postal bar code I knew automation would use to route my letter.  Then used whiteout to modify that code, being careful to get the check digits correct, purposefully mis-routing my letter to FLORIDA!!  As I knew they would, PO in FL re-routed my letter back north to financial institution.  But the error I purposefully injected by changing the bar code delayed delivery several days.  Ended up with mailing date postmark within terms of the CD deal, but also with delayed delivery I needed to have funds available to cover the enclosed check for my CD.  It all worked out.  Today, though, postal automation is even more sophisticated.  I'm not sure that ruse would work now, but it was fun at the time and I netted a good CD.
Anonymous   |     |   Comment #173
I checked my USPS tracking again this morning. It says, there has been a delay in transit. Yesterday it said, package would arrive 10/16, 9am-8pm. It now says arrival 10/17, 9am-8pm. Another USPS story to add to disaster stories.

I began this episode to gain the 30-month Promo 2.78% CD, the first day we saw it advertised on Ken's site. Others are setting back with the money logged into their accounts.

I offer congratulations!! Someone said the offer might last this week, but will I make it?
Kaight   |     |   Comment #174
Not enough information there for me to evaluate. I need at least to know location of most recent solid tracking scan. However:

I have confirmed with GTE that promo CD deal will endure through end of day today, 10/17. Beyond that they will not make a commitment.
Anonymous   |     |   Comment #175
My tracking scan shows the letter arrived in Tampa Saturday. I drove into town to the Post Office. They checked the tracking # & told me the same thing that I received from tracking. A delay in transit, but she also said that there was confusion on the zip code. (I used the address given to me by chat)

Then I called a GTE rep & told him my story. He said he would put a note in my account about the delay & I should be ok in getting the CD. He is also checking on the mail situation & will get back to me soon.
deplorable 1
deplorable 1   |     |   Comment #162
Got it and a great idea too particularly with cc funding! ;)
anonymous   |     |   Comment #159
A rep told me today that the jumbo share certificate rate of 2.78% is guaranteed for seven
calendar days once you open an account.
DCGuy   |     |   Comment #160
Wow! 158 comments for a 2.78% 30 month CD rate. I remember when I got a 11.5% 30 month CD rate over 30 years ago. I wonder how many comments that would have garnered? Back then, probably little because money market rates were around 10%.
Sylvia   |     |   Comment #163
DCGuy (#160), the majority of comments are on executional details — how to do what, when. GTE has not exactly been stellar and proactive in its communications. Seeing as Ken has found promos for them only in 2017, 2012, 2007 and 2006, with prior ones generating few if any comments, I’m chalking comment volume here up to GTE inexperience in handling high-impact promos. Thankfully, we have DA readers like Kaight who have generously stepped in to fill the void. DA community rules!
Kaight   |     |   Comment #168
I well remember buying tax free "trip trip" (rated AAA by both services) insured muni bonds paying 10+%. Gosh were they sweet, even many years later after interest rates has descended significantly and my bonds were still paying that high rate tax free.

Of course that was then, this is now.  :-(
WhoKnows   |     |   Comment #170
When I tell people (retirees) I have 3.3% CD's they look stunned. To a person not one has any idea how to search for and find "better rates". The savings population has been fully conditioned by the FED to accept low rates. The imbalance between the savings market, wall street and fiat money is a harbinger for disaster. Unfortunately, savers will most assuredly be on the short end.
Att   |     |   Comment #171
Hurts as my 5% muni bonds are being called. I still have one muni that is paying 5.75% that will most likely be called in 2019 which is the first call date.

Bonds are no longer paying a dollar above par when called.
alan1   |     |   Comment #164
I've been following this thread, and have been surprised that no one (as best I remember) has expressed interest in the short-term CDs (especially the 6-month CD), if you use a credit card that gives rewards and treats the transaction as a purchase. The rate on the 6-month CD is 1.30%; so you'll get a semi-annual return of 0.65% (taxable). If you use a credit card with a 2% cash back reward, you get an additional 2% upfront (non-taxable). That's a 2.65% return over a 6-month period (and that's assuming that your credit card reward sits in a non-interest bearing account). That's an annualized yield of at least 5.30%, most of which is tax free. And, if you also get a 30-month CD, then at the end of the 6 months, you might be able to dump the proceeds from the 6-month CD into the 30-month add-on. If GTE won't allow that, you might be able to add money to the 30-month CD from an external account; then pull the proceeds from the 6-month CD when it matures. Or pull at maturity, and subsequently add to the 30-month CD from an external account.

Am I missing something?
xyz   |     |   Comment #165
set it and forget it ?
alan1   |     |   Comment #166
xyz (#165) -- I'm not clear on what you mean. If you mean, open the CD and forget about it until maturity (and you may not mean that), I don't think that's a good approach for an add-on CD. It may be a fine approach for a regular CD (for example, not everybody is looking for CDs with low early withdrawal penalties; buy and hold is a lot simpler). But for an add-on? I don't get it. But I may just have misunderstood your comment.
xyz   |     |   Comment #169
I just meant that your play may be too much tracking, planning, ect. for some to game an interest rate. Though your suggestion is best bang for the buck.
alan1   |     |   Comment #178
Please note comment # 176, below. GTE might no longer be coding credit card funding as a purchase.

Thank you, SharH, for informing us of your conversation.
alan1   |     |   Comment #172
There've been lots of comments re the process of joining the credit union and opening/funding the accounts. Does anyone know anything about getting funds out of GTE when a CD matures? With most credit unions I've dealt with, it's easy to have the funds go into the savings account and then push or pull the money to an external account. But there are exceptions.
SharH   |     |   Comment #176
I envy those whose $5,000 funding was coded a purchase. That may not be the case anymore. I talked to their Share Certificate Specialist today and she said they are being coded as a cash advance, should not have been coded as a purchase (except for $5 membership account), so my credit card was declined - Chase thought it was fraud anyway. So now I have lost valuable days and will have to set up external links since I do not want to incur the cost of a wire transfer or use snail mail. If you see a problem with your account, I would call them rather than wait for them to call you, and speak with their promotion specialist as the rest of their employees, even one of their managers, were not able to give me correct information. Theyalso were not able to tell me when their promotion will end as they are looking to hit a target amount. Hopefully, I will be able to open the Share Certificate in time, but it is a slow process when you are not already a member.
Nothing   |     |   Comment #177
Years ago, using the credit card was the only way to get cash on the road is/was a win/win, client got cash (sometimes with a discount), bank/retailer got to meet quota for cc use, etc. Chase has no ability to say what is fraud!
deplorable 1
deplorable 1   |     |   Comment #180
Now I'm getting worried. My share account was opened but the $5,000 for the credit card has yet to be charged. I received a call from them yesterday with 0 details only a message to call them back with a extension. When I called back today I get a answering machine. I tried online chat which only seems available if you don't log in to your account. The chat CSR tells me that I have to call in and he can't help me and that the chat is for new customers just signing up!?! Now I'm waiting for a call back.
Sylvia   |     |   Comment #182
deplorable 1 (#180), you can chat from within online banking. Look for icon on top right. I tried it on 2 occasions. Answers they gave me were very generic.
deplorable 1
deplorable 1   |     |   Comment #210
The online chat is working now while logged in. It must have just been down that day.
Sylvia   |     |   Comment #181
SharH (#176), what about dropping check at shared branch? I think others above have said they're waiving $3 fee. Your check would show immediately in savings, allowing for funding of CD. I specified transfer from external account. Three business days later, money is still sitting in external account, CDs remain pending. I was quoted 2 days yesterday, 2 to 5 days today by chat. They could not even say if transfer was initiated. Shared branch would have been a better option.
SharH   |     |   Comment #190
No shared branches near me that I have a relationship with.
Appster   |     |   Comment #191
You don't need to have relationship with a shared brunch. You can make a deposit at any Co-op brunch if there is one near you. Just search for shared brunches on GTE site or just google "Co-op credit union branches"
alan1   |     |   Comment #207
Thank you, Appster! A "shared brunch." Sounds great to me Best CU perk ever.
Appster   |     |   Comment #208
LOL. Shared brunch at shared branch, compliments of GTE
SharH   |     |   Comment #225
Thank you for that information. I was able to fund and complete the opening of my CD yesterday using a shared branch. The branch even had a nice array of cookies lol.
Appster   |     |   Comment #186
I setup external link in GTE acct few days ago. GTE suppose to make two deposits to my external account and those deposits have to be verified after they appear in external acct. They didn't appear in my external account yet. You can also setup external link in your outside account. Depending on bank it might be faster. I setup GTE as external link in my Ally bank and they had option to log in to my GTE acct during setup and then external link was approved immediately. You can push money from your external acct to GTE regular share acct. Also you can try to make a deposit at Co-op branch. If you worry about timing and if you are planning to invest more than $500, you can deposit $500 at Co-op branch and push another $500 from your external bank (if you will be able to set it up without trial deposits) and see which one will get to your GTE acct faster. You need $500 min to open promo cd.
thowellIII   |     |   Comment #179
Kudos to the staff at GTE for working to address every wrinkle as it comes up! I would anticipate that all the staff have been putting in extra long days this past week.

Here's the update on my experience since comment #5. After making the deposit at the shared branch, there was a fee deducted for the shared branch service by GTE (but that fund was reversed the next day without any request by me--that was a pleasant surprise--and in line with what others have posted).

The $5 that I arranged to be transferred to GTE had posted already and was transferred to the Member Owner Share account. Also, both a $10 debit and credit posted (for the CU Savers Membership fee)--again, a pleasant surprise that GTE was picking up the fee that is in line with what others have posted here.

I sent the additional form and ID along with CD opening instructions via an email option that a CSR gave to me during a chat--so GTE had all the material by the end of the day on Wednesday. On Monday, the certificate was open (but the deposit is dated as of Wednesday--the day that I deposited the funds through the shared branch system). Again, a nice surprise that they made the effective date the one that I put the funds into the account and got them the paperwork, rather than the date at which they were able to finish processing the paperwork.

This morning, I had additional funds arrive at GTE from an ACH that I had set up with an external account (pushing the funds into GTE from the other financial institution). When I went online to transfer the funds from the GTE savings into the certificate, I wasn't able to see how to do so. I opened an online chat and was informed that the ability transfer for these CDs has not yet been made available on line because they are a new product. (Not stated, but another possibility--the "new money only" restriction might make it necessary for some level of human oversight/intervention.) The CSR offered to take care of the additional deposit over the chat function and--viola!--the additional deposit is now in the CD.

Yes, there have been a few steps and bumps along the way, but every time, GTE has made the customer service decisions that leave me feeling satisfied. The CSRs have left a very good impression so far (and I like the way that the online chat feature works).

One question remains for me once we are a bit further along. If somebody has more than one of these promotional CDs and one of the certificates matures, can that person use those funds to add to one of the promo CDs with a later date? The principal of those CDs did originate outside of GTE before the promotion started; however, it is not bringing additional new money in. From a technical perspective, I would think it would be reasonable for GTE to say that you can't count the same money as new money twice.
Sylvia   |     |   Comment #184
Your question was addressed in the FAQs. The answer is no. Funding must come from "a different financial institution." At maturity, it would be considered money at GTE already, i.e., not new money.
Anonymous   |     |   Comment #183
I'm happy to report that GTE Financial has open & funded the Share CD Special 30-month 2.78% with the add-on feature. My Share Special CD is opened 10/17/07.

I snail mailed a Certified Mail Receipt letter with tracking # 10/12. The letter contained a Check $100K, ID, Application Form & letter of directions. I was told it would arrive 10/16, but there was glitch with the transit in Tampa. I was starting to worry because I thought they might close out this CD before my instruction letter & money would arrive.

All is well now & I am thankful. Hope this Special works out for more of you folks.
Kaight   |     |   Comment #185
Angst here regarding credit charge vs. cash advance might not, in some instances, be well founded. If you are a person who actually uses the cash advance (CA) feature of your credit card, I cannot help and you might, indeed, be vulnerable. But for others:

Some banks/credit unions allow setting of your CA limit either to zero or to a vanishingly small number, completely independent of your credit limit. Do so if it is permitted.  Failing that, you must watch closely for any CA charge, call your provider immediately, and dispute the charge vigorously. Another good idea, if you are unable to extinguish the CA feature of your card, is to telephone your provider in advance and ask to have placed into your card record a note saying you never use or authorize CA and wish to have rejected any and all attempts to obtain a CA from your card by anyone. That will not stop a CA from going through, but it will help when you call to dispute the CA.

If you discover an unwanted or unauthorized CA charged to your card, it is important to telephone your provider ASAP.  This is because your call, in some instances, can cause a hold to be placed on the charge which means interest will not accrue.
Kaight   |     |   Comment #187

I'm going to provide my own data point and I would be grateful for input from others. Please post application date and time of your oldest CD not yet opened or acted upon. Here is my data point:

I applied for a GTE CD last Saturday, October 14th, around 9:00AM, which has not as yet been approved or acted upon and remains in "pending" status.

That is my oldest application still awaiting action by GTE. What's yours?
Sylvia   |     |   Comment #192
Kaight (#187), what's more relevant is funding status on subject CD. Do you have money in savings to open CD? I applied for multiple CDs on Oct. 12, specifying external xfer. They're still pending. Money has yet to move from external account. In my last chat, I was told xfers could take 2 to 5 business days. When I called to get confirmation of xfer initiation, my calls got disconnected as CSR had me on hold to check, both times.
Kaight   |     |   Comment #194
Thank you, Sylvia. I didn't think of that. In my case the money is sitting in my savings account, waiting to be withdrawn to open the CD. And as I indicated, that has been the status since last Saturday morning.

We know they are slammed. I hope others post so we can get some idea how far behind they are.
Sylvia   |     |   Comment #195
Others with money in savings have said they got theirs opened/funded upon calling. Hold times before they pick up have been running about 20 minutes. If you've got the time, call.
Kaight   |     |   Comment #196
Understood. But that's not really my objective. It's only a $500 account. Am trying to get a feel for how slammed they are because I have other accounts pending which are of more importance to me.
Appster   |     |   Comment #209
If you have money in your saving account just log in to your GTE account, start chat (there is usually no waiting) and they will transfer money to you cd in 5 min. No need to call.
deplorable 1
deplorable 1   |     |   Comment #188
Ok I just got a call back from GTE and luckily I was at home. They did open the share account only but not the CD even though the files for the CD were in their system. They found the forms and opened the CD for me on the phone. The CSR charged my credit card for the $5,000 and it now shows up as pending. They said that they put it through as a purchase and not a cash advance. The CD now shows up as promotional 30 month certificate on the GTE site. I also asked about additional deposits getting the promo rate. They said that once the promo CD is opened the rate is locked and all transfers into the CD from that point on receive the promo rate. So it is best to actually call in and make sure the CD gets opened correctly.
deplorable 1
deplorable 1   |     |   Comment #189
I also just confirmed that they only allow $5,000 ACH transfers even if they are initiated at another bank. Instead of adding funds to this CD I may as well just open another with a credit card then and earn another 2% on the $5,000 as Kaight had suggested. A very strange restriction on incoming funds that I have never encountered before. Oh and it is worth mentioning that their ACH transfers are fee free as well.
Sylvia   |     |   Comment #193
deplorable 1 (#189), I don't think you got good info on $5K restriction from outside. Institution where xfer is initiated sets the rules. The only way GTE would be able to enforce that would be to reverse transfer after it comes through.
thowellIII   |     |   Comment #197
I can confirm that you can transfer more than $5k from outside through ACH as I have done so and added the amount to the CD.
alan1   |     |   Comment #198
I was writing this and comment #197 appeared. Based on that comment, GTE's
FAQ is inaccurate and/or poorly written.
From the Share Certificate Special FAQ. After the section on "Can I make deposits into the Share Certificate whenever I want?", comes:

How big does the deposit need to be?

During the special, we are now allowing ongoing deposits via the Add-on feature as low as $20 into the Promotional Share Certificates, versus a minimum of $100 on our existing, regular Share Certificates. The minimum to open a Share Certificate is $500.

If you'd like to make a deposit more than $5,000, please visit a GTE Financial location. There is a $5,000 limit for Online Banking transactions.
deplorable 1
deplorable 1   |     |   Comment #204
I got this info from a online chat so I assumed that it was correct. I think they have many new employees right now to handle the increased traffic. The guy who called me back and couldn't seem to find my CD was a new employee. While on the phone his supervisor walked in and pointed him in the right direction on their computer system to find my application that I had submitted earlier. It seems hit or miss with correct information over there depending on who you talk to and how long they have been there.
SharH   |     |   Comment #199
Thanks for letting us know. I don't think this credit union is going to work for me.
anonymous   |     |   Comment #200
Has this happened to anyone else? On Tues, 10/16, my application was approved, and the Regular Share Account and my non-Jumbo Promotional CD were opened (funds are not yet in the accounts.) The two accounts showed up in onine banking on that date. On Wed., 10/17, a third account showed up -- "Member Owner Share", showing the last 4 digits of my GTE membership number, listing a zero balance and an available balance of minus five dollars. The "date opened" for that account is 10/16, same as the other two.

I'll call tomorrow, but I'd appreciate any comments re this third account. Thanks.
Nothing   |     |   Comment #201
Get your facts and dates straight, too
anonymous   |     |   Comment #202
sorry -- the relevant dates are Mon. 10/16 and Tues., 10/17. My apologies.
deplorable 1
deplorable 1   |     |   Comment #203
@Anonymous: They split the share account into 2 accounts. The member owner share which just represents the $5 share of the credit union and the regular share account that is used for transfers and deposits. This confused me at first as well because I thought one of them was the CD. The CD shows up separately as well as any other accounts.
anonymous   |     |   Comment #205
Thank you. Please let me know if my understanding is correct. When my accounts are actually funded, the "Member Owner Share" account will have a five dollar balance. with zero dollars available. The "Regular Share Account" will have a zero balance. If I want to add to the promotional CD, I can transfer money from an external account to the "Regular Share Account", and then transfer those funds to the CD.

Thanks again (and thanks to the credit union's employees who are enabling us to open these accounts, and working mightily to work around problems created by the CU's systems, procedures, and confusing/inadequate information on the website). When the CD promotion ends, I hope many of us write to the CU's top management to let them know of the outstanding efforts of GTE workers.
deplorable 1
deplorable 1   |     |   Comment #206
That sounds exactly right to me. Also you could use their transfer system as well to ACH in up to $5,000 to the "regular share account" and then to the CD. Either way the new money will be earning the promotional rate once the CD is opened. I'm still unsure about the $5,000 cap on incoming deposits from third party banks from what other posters on here have said.
Anonymous   |     |   Comment #211
I was wondering if any of the bloggers - lawyers and retired lawyers -- have any comments about the Beneficiary Designation for payable on Death Account Form for this CD, particularly sentence reading "GTE shall be exempt from all liability for payment to beneficiary or beneficiaries of any sums from this account upon proof of death of all account holders."

So what exactly does that mean? If account holder dies and beneficiaries and contingent beneficiaries also die, where does the money go? Also, what if the CU pays someone who wrongly says they are one of the beneficiaries listed? Is GTE exempting itself from all possible wrongdoing on their part?
Anonymous   |     |   Comment #212
Good question.

I plan to obtain the Pay-on-Death forms & mail them back to GTE. I only added my spouse on the original Beneficiary Designation Form to get this Special CD opened. I will add my 2 sons on the POD forms. If I add more money later to the CD, it will help for the Insurance limit.

I also opened the Savings with the small deposits from Alliant CU & they are verified now. This will help if I want to ACH money from Alliant CU to Savings Acct. Then call & have GTE move the funds to my Special 30-month, 2.78% add-on-CD.
alan1   |     |   Comment #213
I'm a retired lawyer, though that doesn't give me any special insight into the sentence. It looks quite clear to me. If 1) GTE is provided with proof of death of all account owners and 2) pays the money in the account to the named beneficiaries, then 3) GTE isn't liable for any claims someone may make against the dead owner(s) or the estate(s) of the dead owner(s) or the beneficiaries or GTE for paying out the money. 

Heirs, creditors, estates, beneficiaries, etc. can fight it out -- GTE has no liability.

The sentence only deals with the circumstances listed in it. It doesn't apply to other circumstances (such as paying money to someone who is not a named beneficiary, or paying money to a named beneficiary without proof of death of all account owners.)
Anonymous   |     |   Comment #214
Many thanks for your insight! What you suggest makes sense.
alan1   |     |   Comment #215
Thank you. Just to be clear -- _I_ am not saying that GTE doesn't have (or does have) liability under the stated circumstances. _According to the sentence you quoted_, GTE is saying it has no liability.

And I have not read the entire agreement. Look out for "Notwithstanding the provisions of paragraph 18b(4)(c)(ii), the party of the first part...", etc., etc.
Kaight   |     |   Comment #216
This has been a really great CD deal. But all good things must come to an end. Any bets as to how much longer this will endure?

My guess (and it's no more than that) is that end of this week will mean end of this deal. But Saturday? I dunno.
rzelman   |     |   Comment #217
A note to those who are funding their CDs via wire transfer. A knowledgeable CSR called today advising me to wire the funds into the savings account as opposed to directly into the CD account. They will then perform the transfer internally as they have been encountering problems with the direct wires. Also found out that to set up online access do not go through the application portal or try to login in without first clicking the small lettered "enroll in online banking" that is located underneath the log in box. Trying to log in otherwise led me to the dead ended upload a document page.
GTE Bait
GTE Bait   |     |   Comment #218
FWIW, I was told by phone today by a Branch Manager, helping out on the front lines with the deluge, that the offer would end once GTE met its goal of $50 million. And -- disconcertingly -- that the add-ons would end, as well.

I'm still struggling to get three accounts (one each for myself, relative & friend) minimally funded with $500~$5,000 (harboring the naive hope that the add-on period will persist for weeks, nay months, if not years). All accounts are at different stages in the process, with two of the three scheduled fundings (on the archived application form) currently reading "$0.00" . . . Not sure what to make of that; have yet to receive an answer to an online (internal) inquiry

The third account, opened by me to assist my father, is in some sort of abeyance -- perhaps with their fraud department. A GTE rep called him the other day to verify the account, but they apparently argued with each other and then (per my dad) GTE hung up on him. Still trying to get that all sorted out . . . It seems, as of tonight, that the Branch Manager with whom I spoke today didn't get this fixed, despite my sending over power of attorney documents. Will attempt to iron things when they open again tomorrow.

Don't know how much time any of us have left. GTE is closed-mouthed about how close they are to their goal. But if the manager is to be believed, then we at least know their game . . .
Zemo999   |     |   Comment #219
You know, what drives me nuts about GTE is that they're offering 'Major League' CDs (Particularly the Jumbos, which I (hope to Hades) I have opened successfully. I do have an account number for that, and the requisite amount of money. But their Customer Service is *soooo* uneven, one ends up trying to deal with and make sense of what can truly be a "Mickey Mouse" operation. (Perhaps they are too close to Disneyworld, and that's the problem ;-)
Anyway to the point: I've had 4 conversations with these folks in course of trying to open CD accounts, get them opened as "POD" and to properly designate beneficiaries across accounts. As I've documented elsewhere, the first conversation was with a rep who knew absolutely nothing, and had to go away to try to find the answers to the simplest questions, resulting in a 2 hour drag-fest/on-hold phone call, with the rep lastly telling me that oops, looks like I'd have to be there in person, with a paper check, to deposit the requisite amount for a Jumbo. That turned out not to be true, as the CSR woman I spoke with the next day knew the important procedures by heart, such as wiring in the funds to my open, 'savings' Share Certificate was the way to transfer the money. The 2nd competent rep, whom I spoke with yesterday, was young, but knew his stuff, and moved the process along. HOWEVER, I expressed concern about making all this effort and worrying that before we could complete the process, GTE would decide that the promo was no longer offered - which has happened to me elsewhere. This rep said that the offers for promo CDs, both Jumbo and promo but non-Jumbo, would run through November 30th, relieving me greatly.
But when I read (see this particular part of the thread) 'GTE Bait' saying that a Branch Manager had said that once GTE reaches its goal of 50 million, they will not only end the offer, but renege on the terms offered - i.e., that one can add any amount during the life/term of the CD, I'm again concerned. I called today (without that info about the Branch Manager) and again it was strictly 'Amateur Hour' - the woman I spoke with sounded like she was about 18, and about as mature. Her 'handle' listed her as some kind of 'student representative'. That would make sense to me, as she, like the first rep I spoke with, had to go away for each and every simple question and put me on hold for 5-10 minutes each time. At the beginning of the conversation, I asked if I might speak with a supervisor - she said none were available, and I did express my doubts about her knowledgeability, which turned out to be well founded. After tolerating an hour of her floundering about, she wanted to conference in a 3rd party, a CSR whom she said had 'more experience'. Were that it was adequate: The '3rd party' gave some answers to my questions that didn't make sense - such as the forms I was told were required by me to fill out, were done by her on the phone, so don't worry about things like making sure each account had all 3 beneficiaries I named - she already took care of that. At the end of another 1/2 hour, she said she'd send me the account number of the non-Jumbo promo CD I opened with $500 (she also mis-stated the amount needed to open a Jumbo CD. I never got any such email, as promised. I will need to go back tomorrow and hope I get another competent CSR.
What's puzzling me, and I'd appreciate anyone who might comment on this: If a rep gives me information, such as the offer is good through November 30th, (and that contradicts what GTE Bait was apparently told), does GTE have any liability for their CSR's giving out wrong information? Can I make an issue of that, were it to happen, or am I at fault/foolish for believing what an authorized CSR told me? Thanks in advance for any info others might provide on that.
Ah, I've come back to add this info:  Looking at the Account Disclosure form, upon which my Jumbo CD account number is written - thus it is the document which both verifies that I own such a CD and the terms of that CD, it says the following, which I would certainly think is a 'guarantee' of sorts - you can't change what is essentially the terms of a 'contract' at will, without any consequences, can one?: i.e, "Add-On Share Certificates For the 12 Month Add-on Share Certificate Certificate the minimum deposit is $100, with up to a combined maximum limit of $6,000 per primary owner per calendar year. The 12 Month Youth Add-On Certificate allows for funds to be added in amounts of $25 or more up to a combined maximum limit of $6,000 per primary owner per calendar year. Deposits may not be made to any other account except at maturity. The Promotional & Jumbo Add-On Certificates also allow for deposits of $20.00 or more throughout the term of the share certificate, with no limit.."
Would that not guarantee that unlimited 'add-on' funds deposited during the term of the CD cannot be denied?
Kaight   |     |   Comment #221
Sure, I will comment:

They will not be responsible for bad information they give you. And if this deal is still available on November 30, 2017 I will eat my hat.

You are experiencing WAY too much angst on this whole deal. Relax. Do not try to dot every "i" and cross every "t" now when they are slammed. Wait until a week or two after the deal closes when things have quieted down. And stop telephoning them. You can too readily reach dummies that way. Use their excellent chat contact feature, instead, and work with their best people with no waiting.  GTE chat . . . . is where it's at.

And sure you will able to add funds going forward.  They must give you 30 days' formal notice before they can change those terms, per NCUA rules.

And finally, please learn how to create paragraphs.  You hit the "enter" key twice.  Nobody is gonna read those HUGE blocks of text your are posting.  Good heavens just look at that giant blob of text!!
Kaight   |     |   Comment #220
I was told earlier today that if your application is in, though perhaps still "pending", at time deal is shut down, they will honor your application.
anonymous   |     |   Comment #222
Does anyone know if GTE is currently coding credit funding as purchases? According to comment #176 (Oct. 17), they might now be coding them as cash advances.
Kaight   |     |   Comment #223
To 222:  Question is really not answerable at this juncture. Those who know are not talking. Those who talk don't really know for certain. It is entirely possible some employees at GTE are going in one direction on this, and others in a different direction. What to do?

Be certain your cash advance (CA) limit is set either to zero or to a vanishingly small number. This will protect you from harm as you sally forward. Failing that, be certain your CA limit is less than the amount of money you specify as your account opener. For example, if your CA limit is $5000 and you try and are denied ability to reduce that to zero or to something very small, do not seek to open an account for $5000 or an amount less than that. Doing this would be a baaaaad idea, a very bad idea. Beyond that, just have fun!!   ;-)
deplorable 1
deplorable 1   |     |   Comment #224
I have been told 3 times by 3 different CSR's that they code the credit card deposits as purchase transactions. My initial $5 for the share account has cleared and codes as a purchase. I just checked this morning and my $5,000 deposit is still pending on Citibank's website even though it is now deposited over at GTE. I have been waiting patiently for this to clear before opening another CD with a credit card. I just hope this deal is around long enough. I can now see that the CD has a $5,000 balance and the interest rate now shows up as 2.5%(they don't show the APY). I just hope they don't pull the add-on feature away before my other CD's mature.
Kaight   |     |   Comment #226
If you are not following my advice in comment #223, and given you are dealing with Citibank, of all banks, I have only this to say to you:

Ya got guts, kid!

I wish you plenty of luck, and I hope you do not need it.
Anonymous   |     |   Comment #227
With everything opened now, I am good to go for add-on to my 30-month 2.78% CD.

I did an ACH transfer from my Alliant CU Savings yesterday. Today the funds $25K are showing in my GTE Savings. I will now call & transfer the funds into the GTE 2.78% add-on CD.

For those just starting out on this great deal, time may be short. Although we never know & I would try at this point. Follow some of the experiences added to this site.
Anonymous   |     |   Comment #228
Did you ACH amount over $5,000?
Anonymous   |     |   Comment #230
Yes! Read #227.

The Special 30-month CD is already open & funded $100K. I ACH $25K to Savings & now those funds are transferred to the Special add-on CD.
deplorable 1
deplorable 1   |     |   Comment #235
@Kaight: I did call Citibank and they said that as long as it is coded as a purchase from GTE that is would post as a purchase on their end. Once this clears I will be opening a few more $5,000 CD with the 2% card. This is actually a better deal than the jumbo because you are getting 2.53% + 2% bonus = 4.53% plus the interest on about 2 months of float. I'll probably open about 5 for a $500 tax free bonus. Plus you can open all these online with no snail mail hassles.
anonymous   |     |   Comment #236
#235 -- I think you may be off on the arithmetic. If it were a one-year CD with a 2.53% APY, plus the 2% reward, you'd be correct. But it's a 30-month CD -- you're only getting the extra 2% once.
deplorable 1
deplorable 1   |     |   Comment #238
I was just doing some quick math for the 1 year rate. How about doing a average over 3 years. 4.53%(2.53% + 2%) + 2.53% + 2.53% = 9.59% divided by 3 = 3.196%
I believe that same rate would apply for the 30 months. That doesn't even take into account the credit card float or compound interest on the tax free bonus. I'm still on my first cup of coffee though so I could be wrong.
Kaight   |     |   Comment #246
My best counsel: do not count your chickens.

I write that while conceding signs at this point are quite positive and offer real hope for great results. I believe on balance we could be looking at a highly desirable final outcome. Regardless, it is never a good idea to "bank" money until it actually is received. Stuff happens. And there is no such thing as a free lunch . . . except maybe this time I hope but . . . . we shall know for certain only in the fullness of time.
deplorable 1
deplorable 1   |     |   Comment #248
@kaight: Well I'm on my second one now the first one is a done deal. You should definitely churn this deal with your 3% bonus. You would be getting a even better overall rate. Lets do some rough math 5.53%(2.53% + 3% cc bonus) first year rate + 2.53% for years 2 and 3 = 10.59% divided by 3 = 3.53% on average for the 30 month term. If you don't have enough credit line just pay off $5,000 early to free it up. That's what I had to do with Citibank as a 2% instant bonus beats a 30 day float. I could do another 0% no fee balance transfer to my Citibank account and create a credit balance. Then open up a bunch of these $5,000 CD's with the banks money and earn $100 bonuses! lol
Kaight   |     |   Comment #252
The more the deal is discussed here so openly the less hope I have for a happy outcome. There are such things as discretion, good sense, and just plain being smart. There is also, sadly, such a thing as retroactivity. My post #157 was an attempt to help people here without plainly spelling out enough to squirrel the deal. I relied on other posters displaying equal discretion. Bad mistake.
deplorable 1
deplorable 1   |     |   Comment #256
@Kaight: The cat was out of the bag on this deal the minute Ken posted it on here. It makes no difference now whether it is openly discussed or not. Just look at how fast that last 3% CD got pulled after Ken posted it. I think it was 2 days and that was a local deal only(faster than Al Sharpton running from a tax audit). I call this the fatwallet effect. Now I'm very discrete about posting where I'm getting 5% APY right now FDIC insured because I know posting about it would kill the deal. The credit card companies have tons of new rules in place now to limit how much 0% no fee cash I can access but I think those rules were put in place to deal more with the financial crisis rather than churners like me but who knows. Maybe I shouldn't be posting about that either as I'm cutting my own throat as it were.
Sylvia   |     |   Comment #229
Behind the scenes at GTE:

I got a call from a branch employee following up on my CD apps from a week ago. He asked for info that should have been clear from app, e.g., which CDs did I want, how much for each. When questioned, he said the info did not transfer over to system he was using at branch. According to this rep, GTE is so swamped (or online infrastructure so inadequate) that every staff member, even those outside of online operations, has now been assigned apps to review and move from “pending” status.

Not receiving any answers to my earlier calls about initial direction for GTE to fund CDs through ACH, I set up link at an external FI to push in funds which should show up tomorrow. With his confirmation that no action had been taken on their end, I asked that he not process that ACH. Apparently, this could all have been resolved had I been home when the welcome call came. I was unable to return call as rep then left an invalid extension #. For those wondering about their “pending” status, it only means that no one has looked at app to click “approved."

This rep said I could call him directly when funds show up in savings, so he can xfer to CDs. He promised contact info via email which I’ve yet to receive. Not a major problem as I can use live chat. At least my CDs are now "approved" and have account #s assigned. Happy to see progress, not impressed with GTE’s servicing standards and capabilities.
any mouse
any mouse   |     |   Comment #231
I just cancelled my app. I called to check on it after filling out online app and uploading DL. The message said the place is closed!!! so i initiated a chat and they guy said that they mailed me an app and i was to fill it out and send it back. I told them to cancel my app because i am on the west coast and they are in Florida and could not guarantee rates. What a waste of time.
Sylvia   |     |   Comment #232
Unless you're seeking a jumbo CD, online app should suffice sans DL. There's no accountability so reps are saying anything. If you're still interested in CD, see if your app can be reactivated. I believe someone here said it's a hard credit pull, so that's a consideration if you re-apply.

My CDs were in pending status for one week. After the missed welcome call, I followed up by phone twice and chat twice. Each time, any of the reps could have processed CDs, moving them from pending to approved status, and initiating ACH transfer. Instead, through chat, I got generic info about processing times on ACHs. As it turned out, ACH had not yet been processed. Both my calls got dropped as I was on hold with reps who said they'd check with appropriate depts. These things don't happen so routinely with professional service organizations.
rzelman   |     |   Comment #233
That was not my experience at all. After missing the initial incoming call from Kris the CSR, I left my call back and was contacted the next day. When she could not answer my specific question regarding ACH withdrawals of interest she promised to find out and call me back which she did an hour later. She also called me later in the day advising me to wire the funds into savings instead of the CD directly. I also found the chat reps responsive and consistent with the information provided me. All in all setting up this account was not that much more of a hassle than any other of my numerous other online accounts. I am grateful for Ken in posting this excellent opportunity.
SharH   |     |   Comment #239
While my accounts are now set up, it has been a frustrating experience. It just depends on who you get. I tried Live Chat - won't be doing that again. It was either listed as closed, even during regular hours, or the rep I just spoke with said I have to call to have my ACH money transferred from savings into my share certificate. If she can't do that much, then Live Chat is useless. If you find a rep you like, write down their name/extension.
rzelman   |     |   Comment #234
I am also on the West Coast and had no difficulty in obtaining CU membership, uploading DL online, confirming app by phone and funding the jumbo CD by wire all within 3 business days. I don't understand why so many appeared to have problems setting up their accounts.
mariafalter   |     |   Comment #243
I'm also surprised by the complaints. I opened my CDs remotely. I applied for a membership and opened 2 CDs with a credit card funding. The membership account was approved immediately, and the CDs got a pending status. I called the credit union a couple days later, and a representative approved my CDs on the spot. The following day I went to a shared brunch, deposited a check into a savings account for a jumbo CD, called the credit union from there and had the CD set up and the owners form emailed to me within 10-15 min. The following day opened one more CD with a credit card, called the credit union and got the 3rd CD approved. Thinking about opening one more CD, since I have a 3% cash back credit card from Alliant. The process was very easy, and the representatives were very professional. A very pleasant experience so far.
deplorable 1
deplorable 1   |     |   Comment #249
@mariafalter: There you go! Nice job. Credit card funding rocks and it isn't any more difficult or time consuming than funding from a bank account. I'm going to start doing this more often if it is available.
deplorable 1
deplorable 1   |     |   Comment #237
In case anyone else is doing credit card funding. I can now confirm that as of today the credit card funding for this CD has tracked as a purchase at Citibank. So unless something has changed GTE is coding credit card funding as a purchase. I would still call your credit card company though just to make sure they don't re-classify these transactions as cash advances just to be on the safe side.
anonymous   |     |   Comment #240
First, thanks for the update; A question: when did GTE initiate the charge? (there's can be a lag between initiation of a charge and it being listed as a pending purchase by the card issuer)
deplorable 1
deplorable 1   |     |   Comment #241
It looks like they initiated the charge on 10/17/17 and it just went through today 10/20/17. I just called to open another CD and the CSR told me to do it online or it would be coded as a cash advance! I found this odd because I had to call them back to get the CD opened in the first place and they told me that they coded it as a purchase!? They are still saying that I have to wait for a call back in one day after opening the second CD even though I'm already a member.
anonymous   |     |   Comment #242
Thanks again. I think I'll pass on additional promo CDs. I'm GTE'd out.
Anonymous   |     |   Comment #245
I'm also GTE' out!

But I got my Promo 30-mo 2.78% deal, & I already have used the add-on ability. I'm happy that I can forget about this deal for now. No more money!

But back to #238 talking about the math with this deal. Possible 3.96% with 3 CD's doesn't make since to me
deplorable 1
deplorable 1   |     |   Comment #247
It comes out to rate of 3.196%(approximately) over 30 months for each $5,000 CD. This is because of the 2% credit card bonus. I just did a 3 year average using 4.53% for the first year and 2.53% for year 2 and 3. It would actually be a slightly higher rate for 30 months plus the credit card float and compound interest on the $100 bonus. Maybe some math whiz could show me a better way to figure this out but 3.2% beats 2.78% without needing $100,000.
RickZ   |     |   Comment #250
The credit card bonus is tax free so your 2% bonus is actually worth about 2.66% if it were taxable (assuming 25% tax bracket).

Has GTE allowed you to open up two or more CDs of the same term and fund each with a credit card (up to the $5,000 max)?  I assumed they might allow this if you opened up CDs with different terms, but I didn't think they would permit it with CDs having the same term since they are add-on CDs anyway.
deplorable 1
deplorable 1   |     |   Comment #251
@RickZ: I just opened my second one today after verifying that the first one went through as a purchase. It hasn't showed up in my account online yet but I'm assuming I need to get a call from GTE or call them like the first one. I didn't see any restrictions on how many of these CD's can be opened. I figure I'll keep opening them as long as I have available cash and this deal is still going on. Where else are you going to get this rate on liquid cash?
mariafalter   |     |   Comment #244
In my experience the charges showed up as pending as soon as a representative hit an approval button. I logged into my CC account after I finished the phone call, and the charges were already there.
anonymous   |     |   Comment #253
How do member access their online account? Whenever I log in, it takes me to
"uploading documents," with no options to do anything else. Thanks!
anonymous   |     |   Comment #254
1. I go to
2. I enter my user name and password (on the right) and click on "Login"
3. I go to "Accounts" (upper left) and, using the drop-down menu, click on "$ Balances"
JDubs   |     |   Comment #255
Same issue here. There isn't any "Accounts" or any other option in the upper left on the upload documents page... just a solid blue bar.
anonymous   |     |   Comment #257
I don't know why you're having this problem, but your reference to a "solid blue bar" rings a bell. I think GTE's online application login led you to a page with such a bar. Their online banking login page doesn't take you to a page with such a bar, at least when I've used it.

I just logged in by gong to the webpage listed in comment 254, step 1. No solid blue bar; no upload documents page.
I'm In
I'm In   |     |   Comment #258
On the main page click on "Login online Banking".
Look at the small text under the box where you enter your username & password and click on "Enroll in Online Banking".
anonymous   |     |   Comment #259
GTE's fee schedule includes (under Other Services):

Online External Transfer $2.00

Does anyone have any info about this fee?
anonymous 2
anonymous 2   |     |   Comment #260
Online push/pull transfer (deposit/withdraw) of test deposits to establish external link hasn't triggered any GTE ACH fees (yet). So I'm guessing this fee would apply to (ACH?) transfers initiated from within GTE online banking only. Anyone with more info please comment!
deplorable 1
deplorable 1   |     |   Comment #261
Good catch. I did a online chat and was told that there was no ACH fee!? I'll be sure to ask about this when I call them back. I am also curious about that Inactive/Dormant Member Account fee at $10.00 per month. Supposedly they don't impose this fee on CD's but what about the regular share account?
This doesn't look good particularly the last line. I love how they don't specify whether the transfer is internal or external(3rd party)
Automated Clearing House (ACH) Disclosures
1) Notice of Provisional Nature of ACH Payments:
GTE Financial may give you credit for automated clearing house (ACH) payments before it
receives final settlement of the funds transfer. Any such credit is provisional until GTE Financial
receives final settlement of the payment. You are hereby notified and agree, if GTE Financial
does not receive such final settlement, that it is entitled to a refund from you of the amount
credited to you in connection with that ACH entry.
2) Notice Regarding Receipt of ACH Items:
ACH transactions are governed by operating rules of the National Automated Clearing House
Association. In accordance with these rules, GTE Financial will not provide you with next day
notice of receipt of ACH credit transfers to your account. You will continue to receive notices of
receipt of ACH items in the periodic account statements which we provide.
Refer to our Schedule of Current Charges for any fee related to our products or services.
Sylvia   |     |   Comment #264
Answer to your question about inactive/dormant accounts is contained here, CD and IRA accounts are exempt. For others, you need to initiate a transaction at least once every 6 months. The $10 fee is assessed on EACH account that fails to meet standard of activity. I'm guessing that means if you have checking and savings that are both inactive, you'd be socked for $20/month.
deplorable 1
deplorable 1   |     |   Comment #265
I just did another online chat and here are the answers they gave me:
1. The $2 ACH transfer fee only applies to ACH transfers out initiated from GTE's website ACH transfers in however are free as are 3rd party ACH transfers.
2. The $10/mo. dormant/inactive account fee does apply to the regular share/savings/checking accounts after 6 mo. of inactivity but not the CD's and IRA's. So Sylvia is 100% correct.
As a side note it also seems that you have to wait for them to call you before additional CD's will be opened and that can take 3 days. The online chat doesn't seem to work for getting the CD's opened.
The answers you get over there seem to change depending on the representative you talk to.
Kaight   |     |   Comment #266
Opened my additional CDs without telephoning them. Used the website only, including chat. Very smooth process.  My jumbo was already open by the time I finally opened the additional CDs, which were funded by CC. Jumbo was funded by wire transfer, but my membership account opener was also funded by CC.

I continue to find the chat reps first class.  Also like that, with chat from inside my GTE account, there is no annoying need to prove my identity, as is the case with telephoning them.  They know straightaway it is really me.
deplorable 1
deplorable 1   |     |   Comment #267
You have had a much different experience than me Kaight. I can't seem to get anything done without either getting a call from them or calling. The online chat reps tell me that I have to either call or wait for a call to open the CD. They will answer some questions but that's it.
I'm In
I'm In   |     |   Comment #271
If you don't live in Florida, how can you add money to avoid the "inactivity" fee, if I use a shared branch credit union it costs $3.00? Can you initiate an ACH transfer in to add a small amount of money ($5 - $10) from the GTE portal without charge? This was supposed to be a "just forget about it for the term of the share certificate account" for us, 3 accounts.
Sylvia   |     |   Comment #272
I'm In (#271), I plan to generate activity using another CU that doesn't charge for ACHs. Most don't. You will first need to establish link with GTE through other financial institution. $5 - $10 is unnecessary; $1 or even a few cents will do.
Anonymous   |     |   Comment #262
Although we seem to get different answers to questions depending on which cust rep you get, I did ask about this previously & was told the $2 fee applies to ach's initiated from gte, not from ach's initiated by your external bank/cu. However, since no commenter has mentioned getting charged this fee so far, maybe gte waives the fee for initial deposits by new members? If gte doesn't charge at all, it makes you wonder what the entry on the fee schedule means?
Kaight   |     |   Comment #263
Well said. Where ACH is concerned, so very much depends on where one originates the ACH. Yet this fact flies below the radar for a great many people, including sometimes even financial institution representatives.
cdperson   |     |   Comment #268
Below is a quote from a CR regarding funding cd accounts with a credit card:
"GTE Financial codes the transaction as a point of sale transaction however we have seen where the credit cards financial institution will still process the transaction as a cash advance."
Bank of America sucks. It will classify such a transaction as cash advance.
qd   |     |   Comment #269
opened jumbo in 24 hours with a wire transfer. very easy process, great customer service.
Kaight   |     |   Comment #270
Already thanked Ken in comment #141 for a great outcome with the jumbo at 2.78% APY. Time for part 2:

Thanks to Ken for the super $5,000 accounts paying well in excess of 3%. Longest is two years. Where else is anyone gonna find insured accounts that short paying over 3%!! Amazing stuff. I would also add that credit card funding of CD accounts absolutely rocks, right along with tax-free income!!

GTE Financial:  the gift that keeps on giving!!!
Anonymous   |     |   Comment #273
BEWARE - Fidelity 2% visa codes this and Advancial CU as a cash advance
RickZ   |     |   Comment #274
How do you know that Fidelity Visa codes this as a purchase? I ask because my Fidelity Visa charge from GTE has posted as final and I was advised by two different CSRs that it coded as a purchase not a cash advance. The CSR told me that if it was a cash advance then I would see a corresponding cash advance fee and no such fee is listed on my account.
Kaight   |     |   Comment #275
I support "don't count your chickens" financial management. So while I am hoping for an additional $450 profit from GTE account openings, I do not yet have the funds in my pocket and will not address that situation further now, except to say "so far so good".

What I may mention is $200 profit from a different source, Barclays. The fact that money was actually credited to my account earlier today is what allows this mention. A grand total of $650 tax free will be sweet . . . provided the other $450 actually materializes.

The "deal within a deal" aspect of the GTE offering is noteworthy in my view. I am confident other of Ken's readers have hit and even surpassed the $1000 profit level. This is not chopped liver.  And unlike casino winnings, profit here is both no tax and no risk.  It's like finding money in the street.  
HappyTimes   |     |   Comment #276
Cash Bonus Taxation
Kaight   |     |   Comment #277
Why do you post something like that? Are you trying purposefully to confuse Ken's readers? Or are you yourself confused?

There is no tax on CC rewards. Period.

There is tax on bonuses paid by banks and credit unions. But that is not what is happening at GTE. GTE is not paying us a bonus or a reward.
deplorable 1
deplorable 1   |     |   Comment #278
@Kaight: He is probably remembering when the liberal Democrats were trying to pass a bill that made credit card rewards taxable. Thankfully it didn't pass! Credit card rewards are viewed as a coupon. Now only a Democrat would try to tax a coupon.
Kaight   |     |   Comment #279
Either that, or he is intentionally spreading FUD.
xyz   |     |   Comment #282
277 posts and # 278 has to go on toll duty for the GOP
I'll use Reagans' one liner
There you go again!
deplorable 1
deplorable 1   |     |   Comment #285
@xyz: I'm no GOP drone I call out both parties for shenanigans.
happyhunter   |     |   Comment #280
Many thanks to Ken for this very nice find. Luckily there is a small office a few miles away so I opened a Jumbo CD in person. I was told by the woman that processed my account that GTE has set a "very large" goal for this promotion aren't anywhere close to reaching it yet. So it appears the offer will be available for a while. I'll be using the add on feature next year as other CD's close. Unless I find a better deal of course.
Kaight   |     |   Comment #284
Uh oh. I wrote in comment #221 that if this deal is very long lived I would eat my hat. Please pass the salt!

Seriously, one wonders what is going on. If we were face to face, I would definitely ask Ken his opinion on this situation. It's a bit concerning. A deal this good should not last so long.

I'm also chastened that, so far at least, no other financial institution is coming forward with a comparable great deal.  This is too much like last year's Andrews situation for my liking . . . . again . . . . at least so far.  More will become known in the fullness of time.


Wonder if perhaps this special situation could have been triggered by hurricane impact in Tampa, and consequent rebuilding needs.
Newbie 1
Newbie 1   |     |   Comment #281
Does anyone know if Chase is keeping the CD funding charge as a purchase when using one of their Visa cards? In the past I have had US Bank recode a MasterCard purchase charge as a cash advance when used to open an account at a credit union.
Kaight   |     |   Comment #283
Sorry unable to provide information you need. But have you explored asking Chase to reduce your CA limit either to zero or to a very small number? That, if permitted, would protect you moving forward if they seek to engage in some shenanigans.
Newbie 1
Newbie 1   |     |   Comment #291
Thanks @Kaight. I did just call and get my CA limit reduced to the smallest they allow ($100). I had not thought to do this and it seems a prudent move to make anyway as I have never intentionally made a CA. My conversation with the rep did give me caution however, as he did say that any transaction that was a "purchase of money" would could still override that $100 up to my credit limit, ie not much protection from shenanigans (I have not heard that word for some time!). I now wish I had used a CC to fund the initial $5 member share as an experiment. Next time! Just happy to have the opportunity to part take in this CD offering period.
Also: I can't remember the comment number, but I believe you are correct in your pondering if this "cash campaign" has something to so with the recent weather events.
Kaight   |     |   Comment #318
You are most welcome. I found your post interesting. It contains new information, at least new to me.

The reason a financial institution would violate a limit you have set, as opposed to simply rejecting the transaction or charging it to the credit side of your account, escapes me. I guess they make more money when they do things their way.
anonymous   |     |   Comment #286
I have two questions re credit card funding where the financial institution codes it as a purchase and the cash advance limit is zero (or very small). I realize there may not be one answer -- it might depend on the card issuer.

1. If the card issuer ordinarily treats it as an cash advance, will they reject the transaction, or will they treat it as a purchase?

2. I've had credit cards where the issuer will process purchases exceeding the credit limit. They'll go through. What if the issuer treats a transaction as a cash advance? Might they allow a cash advance in excess of the limit to go through?
Kaight   |     |   Comment #287
You are correct. It depends on the card issuer. One must inquire in advance regarding the card issuer's policy on such as this. In my case, I had that conversation with my card issuer before doing the GTE small money thing. Answer (for me) was that any requested cash advance dollar amount in excess of my authorized cash advance limit would summarily be rejected and not fulfilled. I went ahead on that basis, but frankly only following a somewhat exhaustive conversation with my card issuer.

My other card issuer (I used two cards at GTE) made things a whole lot easier by allowing me to elect a cash advance limit of zero dollars.
alan1   |     |   Comment #288
According to the website, the promotion ends Friday, Oct. 27
Kaight   |     |   Comment #289
Very good post. Guess I was right after all regarding the longevity of this deal. I am comforted deal is ending. I would not have understood at all this deal enduring several more weeks.
Newbie 1
Newbie 1   |     |   Comment #290
Also, worth mentioning that if anyone wants to open a Jumbo, according to the rep I spoke to this morning, the money needs to be in the Share savings account before they can open the new CD.
rhutnik   |     |   Comment #292
Just clarifying, how do you avoid fees at GTE? Trying to open up the 30 month 2.53% CD, but they are asking me about the member savings account/checking account. Does the $500 minimum in the CD count towards avoiding fees?
alan1   |     |   Comment #293
to # 292 -- As I remember it:

1. The required savings/share account(s): $5 minimum.
2. The CD minimum is separate; it does not count toward the $5.
3. In general, re fees at GTE: the credit union charges all sorts of fees; the fee schedule is not terribly clear.
rhutnik   |     |   Comment #294
Someone up above said to avoid the dormant account fee, you can just push in $1 or so every few months? Is this confirmed by a CSR? Also is there a central phone number to call them/what are their hours for phone calls?
alan1   |     |   Comment #295
to #294 -- most institutions, including GTE, list contact info on their websites.

GTE telephone info:

Hillsborough County 813.871.2690
Toll-free 1.888.871.2690
Monday - Friday from 7:30am to 6:00pm
Saturday from 9:00am to 1:00pm
Anon1   |     |   Comment #296
I was told this by a csr on chat. I was also told that if you link to an outside account using the GTE external account interface and pull in the money that way, there is no fee (csr said fee was just for outbound transfers). I am skeptical because the fee schedule itself does not draw this distinction, but am testing it this week to see what happens. Btw, the chat sessions generate a transcript that you can have emailed to you so you have it in writing if anything should turn out different.
Anon1   |     |   Comment #297
Sorry, I was trying to reply to rhutnik's question about pushing in a dollar every few months...
MadameX   |     |   Comment #298
Just talked to a CSR on chart. According to him, there are no ACH fees. According to the fee schedule posted on their website, there are no ACH fees. There is a $3 fee for shared branch transactions.

However, they do have some real stinkers listed:

HSA Service Fee, $2.50 per month
IRA Transfer (outgoing), $50.00

That IRA transfer fee is outrageous!
rhutnik   |     |   Comment #299
Who is getting a HSA account? I don't think this is a good CU for much of anything other than their CD specials. From what I could gather from the CSR chat, you can call them and they can help you transfer in additional add on deposits for the CDs, either from an external account or from a prior transfer in to the mandatory savings account. Can anyone confirm? And is there any reason/is it mandatory to get a checking account at GTE to utilize the CD? Or is the savings the only mandatory account (that must be kept active every 6 months)?
Anon1   |     |   Comment #302
You can use chat to transfer from your savings to your CD. I just did it. However they have to call another department and may be on hold awhile, so it might take 15 minutes or so to get it done. Then, the money is immediately viewable in the CD after you log out and back in.
alan1   |     |   Comment #303
to #299
There is no mandatory checking account that I'm aware of. Once your accounts are opened, GTE seems to establish a member share account (I think it's called) and a regular savings account. The required $5 minimum winds up in the member share account. The savings account seems to be the account to use to add money to the CD, as best I can tell. I don't know if you need to have semi-annual activity in both of those accounts to avoid dormancy/inactivity fees. I'm leaving such questions for later -- my main concern was to join GTE, and get accounts open and funded. I'll let other stuff wait until after the frenzy dies down
anonymous   |     |   Comment #300
to #298: Contrary to your statement: According to the fee schedule posted on their website, there are ACH fees. From GTEs "MEMBER SCHEDULE OF CURRENT CHARGES"

Online External Transfer

There have been numerous comment about this provision, including numbers 259, 260, 261 and 265.
deplorable 1
deplorable 1   |     |   Comment #308
You can just do a small $20 add on every 6 months which would keep the account fee free. Just ACH $20 into the share account and transfer that to savings. I think most of us on here will be doing periodic deposits to this CD anyway.
unmesh   |     |   Comment #301
I read this last night and panicked because I had a transcontinental flight Friday morning. Fortunately, there was a Shared Branch at SFO that opened at 8am, I deposited a check into my GTE Share Account, called GTE Financial and they opened a Certificate for me with the held funds.

Talk about an exciting account opening :-)
unmesh   |     |   Comment #309
They deducted a $3 Shared Branch fee from the $5 in my basic Share account that I will need to replenish. I should read up on all the other fees that I might be subject to.
anonymous 2
anonymous 2   |     |   Comment #310
The $3 fee is refundable for promo period CD initial SB deposits. (I'd expect this policy won't apply to future CD add-on SB deposits, though.)

If this didn't happen automatically, you should contact GTE and explicitly request the (promo) SB transaction refund. You might consider trying online chat to accomplish this. If chat, a normal phone rep, or someone you worked with before can't help, try reaching a Certificate Specialist CSR @ x40535. Hopefully that line is still available.

Also, if the $3 fee has resulted in a negative balance in your primary savings, you should deal with this issue ASAP since there's a $5/mo fee assessed if balance remains negative for 6 (possibly non-consecutive) days or more during a monthly cycle!
Anon1   |     |   Comment #311
They fixed this quickly for me over chat.
rzelman   |     |   Comment #304
It may be a small point but there appears to be some confusion and different explanations form various posts regarding the mandatory $5 share certificate. When I applied online for membership and prior to funding the CD I paid the $5 share deposit by credit card. After establishing an online account I could see this reflected as my balance. Strangely after I wired the funds to the Savings as instructed and then had GTE internally transfer it to the CD $5 was deducted from my wire deposit. I assumed this was their incoming wire charge but the CSR via chat told be that the customary $10 fee for wires was waived and that my credit card was never charged for the share deposit!

OK, so this may seem petty to point out but it is clearly weird! More importantly the $500 minimum is covered by the CD and although there is now 0 in my savings, I need to link it to an outside account and transfer in at least $1 within 6 months in order to avoid the inactivity fee. This is my first encounter with a CU and I find that the policies are more complex and less transparent from what I have experienced typically with online banks.
rhutnik   |     |   Comment #305
I think within the next 6 months you need to initiate account activity, so you must transfer in any amount ($1 works) and then you can pull it right out. It seems best to do it from an external bank. The CSR I spoke to (quite helpful) didn't know what I was talking about with the $2 fees for online external transfers, he only knew of a $5 fee for over the phone CSR-initiated transfers. Additionally, can someone confirm that the 30 month interest rate is 2.50% listed in the account? No mention of the APY anywhere within the account itself.
deplorable 1
deplorable 1   |     |   Comment #307
@rhutnik: The CD shows a rate of 2.5% APR online. Using monthly compounding of the interest over a 30 month period the APY would be 2.5304% rounded down to 2.53% APY. Their stated rate looks accurate.
NativeNY   |     |   Comment #312
I asked Rep about inactivity fee. I keep zero in checking and just the inaccessible $5 in savings. Here's the response I got: "Since you are not keeping a balance in your checking or savings account, if they were to go inactive or dormant, there would not be a fee incurred on the accounts." I've had very favorable experiences with GTE.
Luvcd   |     |   Comment #313
How long does it take to be inactive or dormant? And how about a fee if not inactive?
rhutnik   |     |   Comment #314
I know for sure that CD accounts don't need to be active. From what I can tell, the savings/checking accounts need to be kept active, regardless of if they have a $0 balance or not. As someone said just up above, these are add on CDs, so every few months just add $20 to the savings account and then into the CD.
Luvcd   |     |   Comment #315
Got it! Thanks!
Happy/Thankfull   |     |   Comment #306
I opened savings acct. online. Wired money to open jumbo 30mth cd. Wire fee was waived. While CSR Chad was opening CD (without wire money having hit), the money actually hit the acct. Smooth experience all around. Inactivity fee is a concern. Wonder if they will simply accept 1$ check in the mail. That has worked for me at other CUs with inactivity fee.

I chose 30 mth CD because I doubt 18 month or 24 month cds will not be paying anywhere near 2.78% 18 or 24 mths from now. Could be wrong, but will see. Added bonus is that since I have joint acct, the add ons are safe up to 5ook.
Kirkland   |     |   Comment #316
Has anyone received their first months interest credited or received a monthly statement yet or any written communication since opening a GTE share certificate?
NYCDoug   |     |   Comment #317
My (minimal) savings account interest ["Dividends"] posted at the end of last month (Oct 31st).
I verified this by logging in to the GTE website

I'm guessing that dividends to their certificates post quarterly.

The good news is that I've already successfully made two additional "add-on" contributions to my existing 30-month promo certificate!
Kirkland   |     |   Comment #319
Per the terms the interest "dividends" on the promo share certificates post monthly but I was also wondering if anyone had received documentation in the mail of their share certificate yet. I called today and was told they were so swamped by it that documentation has not been sent yet.
Kaight   |     |   Comment #320
As I indicated up thread, it is a bad idea generally to count chickens before they hatch. This was, and is, in reference to receipt of CC rewards.

It has taken this long for me to be absolutely certain. But as of today can report receipt of total of $650 tax free profit thanks to this GTE deal, with strong potential (only) for another $150 or more. For any number of reasons I absolutely love tax-free income.

In the wake of this positive GTE CC experience I find myself searching for other such CC funding opportunities. Elsewhere, with short CDs in particular, you really do not need a high nominal APY to make decent, tax free, profits when funding with your rewards CC. But during the (now closed) GTE promo, the nominal APYs were high enough to where it made sense to do all the available CD terms, without exception.
Kaight   |     |   Comment #321
Just an addendum to the above. Pointing this out even though it is obvious:

This CC funding approach provides a triple benefit. To wit:

1. The CC reward itself (tax free)
2. The nominal APY earned on your CD (taxable)
3. The (front-end-only) interest you earn on the money you set aside to (eventually) pay off your CC bill. (taxable)

Item 3., above, is a low interest rate (for me, 1.4% APY) and is garnered only for a matter of weeks, perhaps seven weeks at most. But it comes in ADDITION to the other income, so what's not to like about that?
Kaight   |     |   Comment #322
My data point for information only:

Am seeing today, on my GTE CD, crediting of first dividend. I opened my CD one month ago yesterday. So they are posting dividends to our GTE CD accounts monthly, on the evening of the one month anniversary. Am liking so far very much the experience at GTE.
GTE Financial Ups Nationally Available Long-Term CDs
Deal Summary: Member Advantage Share Certificates – 36-month (2.02% APY), 48-month (2.27% APY), 60-month (2.58% APY), $500 minimum deposit.

Availability: Easy membership requirement by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

Florida-based GTE Financial has raised the rates on its long-term Member Advantage Share Certificates: 36-month (2.02% APY), 48-month (2.27% APY), 60-month (2.58% APY). Rates are 25 bps lower without Member Advantage. The minimum deposit is $500, with no stated balance cap.

The Share Certificates are also available as IRAs (Traditional,...

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$100 Checking Account Bonus at GTE Financial - Easy Membership

GTE Financial Credit Union is offering a $100 bonus for opening its free checking account with direct deposit. The offer is scheduled to last until January 31, 2013. Promotion details are listed in this GTE Financial page as of 12/3/2012.

If you can manage the direct deposit requirement, this appears to be an easy bonus. The instructions do specify payroll direct deposit. Below is a copy of the offer's small print:

GTE Financial's Free Checking qualifies for this offer. This has no minimum balance requirements and no monthly service fees. GTE Financial...

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5.64% 12-Month CD at GTE Federal Credit Union - Easy Membership
GTE Federal Credit Union has just started offering a 5.64% APY 12-month share and IRA certificate. The minimum deposit is $500. This rate applies to partner members who have combined loan & share balances of $15,000 or more or have a Partner checking account. Note, Partner checking has a $10 monthly fee if you don't maintain the $15K balance. This Partner relationship is not necessary for Jumbo certificates. The Jumbo minimum deposit is $100K.

This 5.64% yield is also available in their Add-On Dollar Certificate which allows you to add on...

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5.38% 12-Month CD at a CU Open to All
GTE Federal Credit Union has a special share certificate of 5.38% APY for 12 months. The minimum deposit is $500. There's also a special 5.12% 6-month CD with a $500 minimum. This 6-month CD requires Partner Checking, direct deposit and either a credit card, debit card or Bill Pay.

The credit union's field of membership includes members of a non-profit educational financial club called CUSavers. Anyone can join CUSavers for a one-time non-refundable ten dollar membership fee.

The credit union has branches through out Florida including the cities of Port Charlotte, Ocala,...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.