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-   -   GTE Federal Credit (https://www.flyertalk.com/forum/manufactured-spending/1580216-gte-federal-credit.html)

1609844kilometersecret May 26, 14 1:28 pm

GTE Federal Credit
 
This is a great manufactured spend opportunity.

https://www.gtefinancial.org/

Allows several different checking and savings accounts to be opened and funded with a credit card up to $5,000 per each account. Even allows 6 month CDs to be opened and funded up to $5,000 (lousy interest rates though).

Confirmed that transaction is a purchase and not a cash advance on Chase cards. Be careful doing this with Citi or US Bank cards, as the credit card issuer hard codes bank transactions as cash advances.

GTE has great customer service and internet platform.

hamhead May 26, 14 3:28 pm

Out of curiosity, have you had any experience with mobile deposits (money orders) and did you open an account from out of state? I see they do have mobile deposits after your account has been open 30 days.

1609844kilometersecret May 26, 14 3:35 pm


Originally Posted by hamhead (Post 22927971)
Out of curiosity, have you had any experience with mobile deposits (money orders) and did you open an account from out of state? I see they do have mobile deposits after your account has been open 30 days.

Opened from out-of-state.

It is available to anyone by joining the nonprofit.

No experience with mobile deposits. Why take those kind of chances with one of the few places that allows CDs to be opened with credit cards.

Doctor of Credit May 26, 14 5:57 pm

Where's the option for the CDs?

1609844kilometersecret May 26, 14 6:09 pm


Originally Posted by Doctor of Credit (Post 22928637)
Where's the option for the CDs?

Open New Account

Share Certificates

Here you have to double-click share certificates because the 6 month option does not pop-up as a default.

But it is available after double-clicking.

raccah May 26, 14 6:09 pm

Hye DOC - please do not blog this - give us FTers a chance to use it before the whole thing dies!!! I have a few new cards in transit!! Can you hold off for two weeks!!! Please

silver4300 May 26, 14 6:15 pm


Originally Posted by 1609844kilometersecret (Post 22927437)
This is a great manufactured spend opportunity.

https://www.gtefinancial.org/

Even allows 6 month CDs to be opened and funded up to $5,000 (lousy interest rates though).

.

I'm not too familiar using CDs for MS. For a 6 month CD, do you have to let the money sit there for 6 months? If so, it doesn't seem worth it to tie up the money for so long.

1609844kilometersecret May 26, 14 6:18 pm


Originally Posted by silver4300 (Post 22928711)
I'm not too familiar using CDs for MS. For a 6 month CD, do you have to let the money sit there for 6 months? If so, it doesn't seem worth it to tie up the money for so long.

There are a lot of checking and savings accounts that can be opened at this place without tying up funds. The 6 month CDs are useful if liquidity exists and the other account openings have been exhausted.

raccah May 26, 14 6:19 pm


Originally Posted by silver4300 (Post 22928711)
I'm not too familiar using CDs for MS. For a 6 month CD, do you have to let the money sit there for 6 months? If so, it doesn't seem worth it to tie up the money for so long.

It does if it is your emergency stash. Put half of the emergency stash in the CD and the other half in the checking account. This way you are diversified and have access to half. The other half, at this point all hell has broken loose, will either be ready when you need it or you can then put the money on a 0% card or take a penalty and remove from the CD.

myndreamland May 26, 14 6:19 pm

Hard pull? Thanks.

Edit: Looks like a hard pull. Not worth it IMHO.

f0xx May 26, 14 6:23 pm


Originally Posted by raccah (Post 22928725)
It does if it is your emergency stash. Put half of the emergency stash in the CD and the other half in the checking account. This way you are diversified and have access to half. The other half, at this point all hell has broken loose, will either be ready when you need it or you can then put the money on a 0% card or take a penalty and remove from the CD.

I have come to think not many MS'ers do.


Originally Posted by myndreamland (Post 22928726)
Hard pull? Thanks.

Edit: Looks like a hard pull. Not worth it IMHO.

A hard pulls worth differs from person to person.
Just depends on WHO they pull. :o

silver4300 May 26, 14 6:27 pm


Originally Posted by myndreamland (Post 22928726)
Hard pull? Thanks.

Edit: Looks like a hard pull. Not worth it IMHO.

I take it that is a hardpull per new account?

5k at 2% - $10 for nonprofit fee = $90. Not worth it for me unless subsequent accounts don't involve a hardpull.

silver4300 May 26, 14 6:34 pm


Originally Posted by raccah (Post 22928725)
It does if it is your emergency stash. Put half of the emergency stash in the CD and the other half in the checking account. This way you are diversified and have access to half. The other half, at this point all hell has broken loose, will either be ready when you need it or you can then put the money on a 0% card or take a penalty and remove from the CD.

Gotcha. I use a different form of emergency stash, but can see how it could be useful to someone.

WhosYourFarmer May 26, 14 7:30 pm

Can you fund the accounts online with credit card or do you néed to talk to a human being?

f0xx May 26, 14 7:43 pm


Originally Posted by WhosYourFarmer (Post 22928990)
Can you fund the accounts online with credit card or do you néed to talk to a human being?

Most are able to do it online.


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