GCF cyber saving

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

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 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.

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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.

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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.

No hard pull for me.

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.

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.

No hard pull for me.


Good..

Do you happen to have the RTN handy?

You get the highest rate on any balance for the first 90 days but what happens after that?
It is not clear if you would get the top tier yield on all of the balance if you exceed the tier minimum. For example if I have a balance of $40000, would the yield be 5.61% only on the portion that exceeds $25000 or would it be on all of the $40000?

blingfw said: You get the highest rate on any balance for the first 90 days but what happens after that?
It is not clear if you would get the top tier yield on all of the balance if you exceed the tier minimum. For example if I have a balance of $40000, would the yield be 5.61% only on the portion that exceeds $25000 or would it be on all of the $40000?

The only bank that I know of that doesn't give interest on the entire balance is Presidential Bank, and they have unusual reverse tiers (lower interest for higher balances). Are there others?

If you charged 5K on a CC wouldn't you be charged a substantial cash advance fee?

Don't worry. I checked with my credit card folks. It is reported as a purchase; not a cash advance.

Has anybody been able to withdraw money through ACH from another bank? Thanks!

gandhis said: Don't worry. I checked with my credit card folks. It is reported as a purchase; not a cash advance.

That is pretty encouraging. Will it be credit-card dependent? What card did you use, may I ask?

I didn't even wait to get my pin in the mail. The next business day after linking my external checking account to GCF, I called up GCF and the CSR told me over the phone what the initial deposits were. I immediately moved all my savings to GCF with only 1 business day of lost interest.

See ya ELoan!

Interest Is Compounded Quarterly and Credited Quarterly for CyberSaver.
from this link:
http://www.gcfbank.com/savings.asp#cyber

bluechalk said: A rate cut is imminent. Just received email from GCF. They are lowering their rates on the CyberSaver account on 1/26/2007. Existing account holders will continue to receive the 5.61% APY rate for 90 days from when the account was opened and then drop to the new rate.

Yep. Got the same email. The rate is set to be lowered tomorrow according to the email, but they don't say what it is going to be.

January 25, 2007



Dear CyberSaver Customer,

As you are aware, in the fourth quarter of 2006, GCF unveiled an online savings account named CyberSaver. While we are aware of some minor inconveniences in the product, the program has been an overall success and GCF is looking to make enhancements to this product in the near future.

When your account was opened online, the terms at that time were that the account would receive the highest tier rate for 90 days. This tier rate was subject to change without notice.

Effective January 26, 2007, the account terms will be modified and the highest tier’s rate will be lowered. In an effort to provide you with the best service available, members of GCF’s Executive Management team have decided to permit all accounts opened prior to January 26, 2007, to continue earning the 5.50% Rate/ 5.61% APY for a 90 day period, beginning the day your account was opened. In other words, when the top tier rate lowers tomorrow, your rate will continue to remain the same (5.50% Int Rate and 5.61% APY), for 90 days from the time the account was opened. After 90 days have passed from the day your account was opened, the account will receive the Rate/APY which corresponds to the appropriate tier, based on the balance in your account, on a daily basis.

Our relationship with you is an important one! GCF felt it was necessary to make sure your understand that, even though the rate is going to decrease, your account will continue to earn the great rate at which it was opened.

If you have any questions regarding this mater, please feel free to contact us at (856) 589-6600, extension 300 or by email at ellie@gcfbank.com

Sincerely,

Joseph Lubonski

AVP - Electronic Banking

http://www.gcfbank.com/cybersupreme.asp

5.40 APY for new cybersaver Supreme account

GCF CyberSaver is now better than ever with the introduction of CyberSaver Supreme... the ultimate account for high-yield earnings! This account is designed to make your money grow without tedious oversight.

Open your account online today and transfer funds electronically from any other institution to fund your initial deposit. Manage your account online through GCF Online Banker. Take a look at our current rates!

You'll even be eligible to receive your monthly statements electronically! We'll send information on how to enroll for eStatements shortly after opening your account. This is an added level of security for both GCF and you, our valued customer.

What are you waiting for? Start earning high yields, APPLY NOW!!

Check out our great rates! Or learn how to FDIC insure your CDs up to $30 million!

*APY = Annual Percentage Yield. $100,000 minimum deposit required to open account. $100,000 minimum deposit required to earn stated APY. Interest will be posted to the account monthly.
** A transaction fee will be charged for teller-assisted transactions.
*** Your new account may not immediately appear in your Online Banker account listing. It can take up to five days before processing is complete to display.
**** In accordance with Regulation D, preauthorized, eligible transfers from the CyberSaver Supreme Account are limited to three per month. There will be a fee assessed of $25 per occurrence for transfers in excess of three per month. ANY withdrawals (externally or internally initiated ACH, in-branch withdrawal and/or transfer to another GCF account, wires out) AND any transfers made via GCF Online Banker or GCF Express-Line will count against the three per month.
***** Balances falling below $100,000 at any time during the cycle period will be charged a $100 service fee. Fees may reduce earnings.

Please note this account is not eligible for the following: As a Trustee, Payable-on-Death or Beneficiary account, an ATM card or GCF's SafeLink service.