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Adding Funds To GTE Financial CD With Add-On Feature

unmesh
  |     |   78 posts since 2010

Can anyone who has successfully done this report on the steps they had to go through? I have a CD maturing elsewhere and want to add those funds to a GTE Financial CD.

Thanks.

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12


Answers
enelrad1123
  |     |   75 posts since 2017
Unmesh, when I had a CD maturing elsewhere, I added funds to my GTE CD by requesting a wire from the other financial institution. Check with your FI as to their procedures and fees (if any) for outgoing wires. The institutions I dealt with did not charge for wiring funds from my matured CD. Some do it with a verbal authorization, others require paperwork to be mailed or faxed. You provide the FI with GTE's routing number and your CD number and the funds are wired directly to your CD. I have also transferred funds by cashier's check (made payable to myself) with my GTE CD account number noted on the check. If mailing a check, send it to GTE Financial, PO Box 75028, Chicago, IL 60675-5028. They also allow ACH transfers but there is a limit of $5000.00 per day and $7500.00 per 72 hour period. If you need further assistance, I would recommend using the live chat feature within your GTE online banking. I found the representatives to be knowledgeable and you can print a copy of the transcript for your reference. Hope this helps.
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unmesh
  |     |   78 posts since 2010
Checking with NBD on their outgoing wire process which seems to require documents on file with them that I might not have already
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Hooked
  |     |   240 posts since 2019
enelrad - thanks for sharing your experience as I was also wondering. I ended up doing ACH transfers from external account to my ‘Member Share’ account at GTE. From there, you can transfer online to the Promo CD which is instant. This will bypass the ACH transfer limits which I believe is only if you initiate transfers from GTE.
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111
  |     |   672 posts since 2019
Hooked - When you did this (initiated an ACH-push from your other financial institution to your Member Share account at GTE) - were these funds categorized as "immediately available" at GTE, allowing you to immediately add them to your GTE Promo CD? Or, did GTE put a hold on them - even a short hold - before you could do so?

This seems an odd question, but in my experience some FIs sometimes institute a hold, even on an ACH transfer. I started all my GTE CDs via credit card and I've yet to add-on any funds, but I'll be doing that soon.
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Sylvia
  |     |   389 posts since 2012
If there's a hold on funds, you can use live chat to request rep assistance. They will be able to take care of transfer.
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Hooked
  |     |   240 posts since 2019
111 - I transferred from Ally and think it was just one, or two days before funds showed up at GTE. I could then immediately transferred to the Promo Ad On. No holds.
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Hooked
  |     |   240 posts since 2019
Apparently, you can also do mobile check deposits, up to $10k a day. However, ‘Check may be subject to verification which may delay processing and funds availability up to two(2) business days. Upon enrolling in Deposit2GO, your first three(3) checks will go through verification and funds may not be immediately available.’

For me, ACH from external account is easiest. No fee, no holds on the deposits and no amount restriction.
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blazer9
  |     |   228 posts since 2019
Miss posted.......
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Zemo999
  |     |   103 posts since 2017
Unmesh - This may be too late for you, but enelrad is correct - you can wire the funds from the maturing CD directly into your GTE CD add-on acct. Wires *always* require paperwork - I've handled that by filling out the forms (which come as PDFs, usually) with a PDF editor that lets me fill in the information. The forms, if you've not done them before, can have questions that are puzzling (not only things like the receiving bank's routing number, but whether there is an intermediary bank that the receiving back uses, (usually not - but sometimes). But the sending bank or receiving bank (whoever forms you're filling out - almost always the sending one) should walk you thorough it on the phone if you need that assistance. While a good number of institutions have limits on using ACH transfers - the amount you can move per day - some don't. And ACH, while it takes the better part of a week to set it up between institutions, is free; whereas most institutions have a wire fee (usually $15-$30), and the *receiving* institution may also have an *incoming* wire fee (I think at GTE it's $15.) But if you asked that the fee from the incoming institution be waived - since you're giving them your money - they will quite often waive it, especially if it's for an intial deposit transaction. Hope this helps.
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JWARREN
  |     |   69 posts since 2017
Wire transfer is efficient if the add-on funds exceed $5K. I completed a Navy Federal "Request for a Domestic Wire Transfer" form online (or, the NFCU CSR will complete it for you in the branch office). You'll need the GTE routing # and your GTE Regular Share Account number to complete the form. I took the printed form to my local NFCU branch office where the CSR completed the transaction in about 20 minutes. I was told that the wire transfer could take 2 or 3 days, instead it was completed in a few hours. The following day I logged into my GTE account and transferred the funds from my Regular Share Account to my Add-on CD account. NFCU charged $14.00 to initiate the outgoing wire transfer and GTE charged $10.00 to accept it (incoming). It’s a bit odd to wire funds to yourself but it works.
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RJM_Willy12
  |     |   149 posts since 2016
Incrediibly odd, and uniquely disconcerting. Thanks for tthe iincite!
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blazer9
  |     |   228 posts since 2019
nice epitaph.
is this version
attitude raising from the dead?
we know what you did last summer.
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unmesh
  |     |   78 posts since 2010
Maybe I should start a new thread but I have a CD maturing next week and would like to roll the proceeds into an exisiting add-on CD that I have with them. Assuming that they honor the add-on clause, should I be worried about the safety of the deposit because of their financial condition? The amount is within NCUA coverage limits though not every beneficiary has an associated SSN and I've seen posts here saying that might be a problem.
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Confused1
  |     |   87 posts since 2018
I ACH'd 50K into my savings account last month and then transferred it into my add on CD. If I remember correctly, they did put a hold on the incoming money for a few days before I could complete the transfer.
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blazer9
  |     |   228 posts since 2019
If you don't mind, from where did you send 50k transfer?
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Confused1
  |     |   87 posts since 2018
Discoverbank
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Hooked
  |     |   240 posts since 2019
I have been making deposits to the GTE add on CD with ACH transfers from Ally. Takes one day to arrive at GTE Savings. Transfers from Savings to the CD can then be done online and instant.
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MY2CENTSWORTH
  |     |   442 posts since 2016
FYI all...I have been doing ACH transfers from different external accounts off and on over the last few months directly to my 3% add-on without any issues at all.
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AhorrarDinero
  |     |   41 posts since 2019
How do you get these external accounts verified to a CD, external accounts use 2 small deposits to verify by deposit and then withdrawing, but you would not be able to withdraw from a CD?
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unmesh
  |     |   78 posts since 2010
You need to have a savings membership amount with a minimum deposit of $5 and I used that for the verification
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AhorrarDinero
  |     |   41 posts since 2019
No he said "ACH transfers from different external accounts" "directly to my 3% add-on"
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unmesh
  |     |   78 posts since 2010
Hopefully he will provide more detail about what he meant. I did the verification with the savings account, opened several add-on CDs and have been able to do direct ACH transfers into those subsequently.
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MY2CENTSWORTH
  |     |   442 posts since 2016
AhorrarDinero & unmesh & others, yes sorry for any confusion that my reply may have caused. Unmesh has it correct...I also have a savings account with them that I initially set up with a $5.00 minimum deposit so external banks can make trial deposits to that account, but again I do make the external transfers directly to my add-on CD without issues. Hope that clears up questions or concerns that anyone may have.
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