SAVINGS

**Print the forms, fill them out, and return to our office in person or via fax or email.

MEMBER NOTICE

To our account holders and potential account holders:

In accordance with Section 326 of the USA Patriot Act of 2001, which requires the GCEFCU to help the government fight the funding of terrorism and money laundering activities, GCEFCU is required to obtain basic identifying information from you and verify that information when you open a new account.

This means that GCEFCU staff will ask you for some basic information such as your name, address, date of birth, and other information designed to help us identify you.  GCEFCU staff will also ask to see documents identifying you such as a social security card, driver's license, passport, and/or some other government-issued document.

In some cases, identification will be requested for those individuals conducting business with GCEFCU prior to the effective date of the member identification requirements.  This is because original documentation was not obtained with the opening of the account or GCEFCU is unable to form a reasonable belief that it knows the true identity of the existing account holder.

In all cases, protection of our members' identity and confidentiality if the Credit Union's pledge to you.  GCEFCU appreciates your patience and understanding as we all do our part in complying with the new account identification procedures required by the federal USA Patriot Act of 2001.   

WHAT WE OFFER

We have several savings options for our members to consider; all of which earn dividends.  
 The following Share Dividend Quarterly Interest rates and Share Certificate rates were implemented March 2016. Interest rates and other terms are subject to change at any time without prior notice. All dividends are calculated by daily balance method and paid quarterly.  A penalty is imposed for early withdrawal of Share Certificates.  Monthly dormant account fees of $5.00 are charged to Share Accounts with balances under $250.00 and inactivity of more than one year.

ACCOUNT TYPE

Regular Share Account
Club Account

​Youth Account

Share Certificate
6 month
Share Certificate
​12 month

MINIMUM OPENING DEPOSIT

$10.00

N/A

​​N/A

$2500.00

​$2500.00

ACCOUNT BALANCE

$100.00-$5000.00
Over $5000.00
$100.00-$5000.00
Over $5000.00
​$100.00-$5000.00
Over $5000.00
​N/A

​N/A

APR

0.15%
0.25%
0.15%
0.25%
0.15%
​0.25%
0.30%

0.45%

APY

0.15%
0.25%
0.15%
0.25%
0.15%
​0.25%
0.30%

0.45%

REGULAR SHARE ACCOUNT

When you become a member of the credit union a savings account is opened in your name. An initial deposit of $10 is required. All members must maintain a $10 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it open.

Other features of Regular Savings include:
  • A competitive dividend rate paid quarterly on the average daily balance in your savings account. 
  • Withdrawals.  Members may make up to two (2) savings withdrawals per month free of charge. After two (2) withdrawals in one month a $5 excessive withdrawal fee is charged.
  • Quarterly statements by mail or email.
  • Payroll deduction. You may have deposits to your savings account deducted directly from your paycheck.

CLUB ACCOUNT

At GCEFCU, you can save for those special times with one of GCEFCU's special savings accounts. Deposit at your convenience or have regular deposits deducted from your paycheck.
  • Christmas Club Savings
  • Youth Account Club Savings
  • Vacation Club Savings
​
Features included in the Club Account include:
  • A competitive dividend rate
  • No minimum balance required
  • Quarterly statement
  • Payroll deduction for convenient automatic deposits
  • Deposits in person or by mail

SHARE CERTIFICATE OF DEPOSIT

You can open a Share Certificate account with a minimum balance of $2,500. Share Certificates of Deposit are available with terms of six (6) months to twelve (12) months.
Features of our Share Savings Certificates include:
  • Competitive dividend rates compounded quarterly.
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions and state chartered credit unions. NCUA maintains and operates the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. government.

​At GCEFCU your savings account and certificates of deposit are insured up to $250,000.

To learn more about the type of accounts and the total amounts that NCUA may insure visit their website
http://www.mycreditunion._gov/protect/Pages/SI.aspx.