Has anyone dealt with GCF cyber saving? It seems to be a good deal, but I haven't seen any discussion about it?
Gloucester County Federal Savings Bank CyberSaver 5.61% APY $25K + 3.03% APY $500-$25K 1.00% APY $100-$500 Max tier rate on all accounts for first 90 days
Routing Number 231271145 Your account number is on the signature form you have to mail in so you can initate a random deposits for a linked account but you will have to wait for the mail from GCF with login info to verify the deposits.
FDIC Insured #: 28126
Message edited by: hameshatumkochaha on 2007-01-08 21:18:05 CST
bankdeals.blogspot guy says that it is a pretty small bank with only a few (6?) branches and this is the first time they have had an online account.
So basically there are probably going to be growing pains as they develop their online service and given how small they are the odds of them getting flooded with cash and either lowering rates or shuttind down the account are pretty high.
I'll wait and see myself but if you're up for the challenge then go for it.
I tried to sign up. They asked a question supposedly from my credit report. An old phone number I had to identify. But I didn't recognize any of the choices and none of my credit reports from 12/1 include any phone numbers at all. I emailed them and they said this is the only way to sign up, so if I can't complete the online process, I can't sign up.
I signed up for a new account. I did get 2 question about a car loan that I never had. I just answered "none of the above" and the application went through. Everything else has gone smoothly so far. My initial deposit has been ACHed from another account. You do have to print and mail in a signature paper. You also have to wait for snail mail to be able to login to your online account which I have not received. I will post with updated information after I am able to login.
I live approx 5 minutes from the bank in SNJ and thought it would be great earning a high yield with a local bank. Most online banks do not even have a branch in my state so I looked at it very positive.
Many other online banks show my interest and I hope GCF adds this feature. I would be happy with just an amount earned to date.
RGrimley said:... I do not see a way to transfer it out. This is a really pia compared to other online banks. do they allo ACH pulls from other banks?
RGrimley said:Also unlike many other online banks my interest has never shown in my account. I would be happy with just an amount earned to date. which banks show you interest accured in the middle of the month? AFAIK GMAC, Presidential, HSBC, Emigrant don't show it.
According to what I read and tested (I did apply online till the last stage), this is a pretty new online banking offer, the ACH feature is "being" implemented.
I would not risk $25K (to reach the 5.61 APY level) at the present time, just me.
RGrimley said: Well my account can not ACH yet to withdraw money. There is an area for it but it will not let me do it. My funds have been in there for over 2 weeks so it can not be a clearing issue. I am not saying everything will not become fine but as of now its not for me.
Did you read the description of the account that you signed up for? Particularly this part:Watch for more great benefits to GCF CyberSaver as we continue to develop, including future funding. Soon you'll be able to transfer money between accounts at GCF and any other bank just as easily as Online Banker allows you to do with your accounts held here. More details will follow when the feature becomes available.
Don't hold your breath waiting for the capability. If you need ACH transfers, you better initiate them from another bank.
The common theme of several recent online banking offers is that there are restrictions for outgoing ACH transfers, either in terms of amount or level of difficulties.
After initial online ACH, I need deposit another cheque to the new CyberSaver account. The rep told me I could mail the cheque to this branch (Washington Township):
I was able to set up GCF as a linked account from WaMu and GMAC using the random small deposits. Looking forward to when I can set up external links from GCF. For convenience and features I still like my GMAC account but for large deposits the 0.41% higher rate at GCF can be worth it.
Hudendak said:After initial online ACH, I need deposit another cheque to the new CyberSaver account. The rep told me I could mail the cheque to this branch (Washington Township):
fotomaniak said:RGrimley said:... I do not see a way to transfer it out. This is a really pia compared to other online banks. do they allo ACH pulls from other banks?
RGrimley said:Also unlike many other online banks my interest has never shown in my account. I would be happy with just an amount earned to date. which banks show you interest accured in the middle of the month? AFAIK GMAC, Presidential, HSBC, Emigrant don't show it. Presidential DOES display interest earned to date. Under Account Summary you need to click on your Account Title such as "Premier Savings" and then click on your Account #XXXXXXXXX Detail. A box then pops up with:
Account Title Premier Savings Account Number XXXXXXXXX Account Type Savings Interest Rate 5.130% Account Balance $ Available Balance $ 2006 Interest $ Accrued Interest $
The Accrued Interest is the amount of interest earned so far during the current month.
For those who have it, how is it working? Any problems moving money in and out via external ACH (from GMAC, etc)?
With this kind of interest rate I would have expected a massive amount of interest from FW. Why isn't there? Is the consensus that this is a promotional rate which will be gone shortly?
Automate said:I was able to set up GCF as a linked account from WaMu and GMAC using the random small deposits. Looking forward to when I can set up external links from GCF. For convenience and features I still like my GMAC account but for large deposits the 0.41% higher rate at GCF can be worth it.
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