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

1609844kilometersecret May 26, 14 12:28 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 2:28 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 2:35 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 4:57 pm

Where's the option for the CDs?

1609844kilometersecret May 26, 14 5:09 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 5:09 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 5:15 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 5:18 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 5:19 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 5:19 pm

Hard pull? Thanks.

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

f0xx May 26, 14 5:23 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 5:27 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 5:34 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 6:30 pm

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

f0xx May 26, 14 6:43 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.

Doctor of Credit May 26, 14 7:02 pm


Originally Posted by raccah (Post 22928674)
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

You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.

carpentry4thought May 26, 14 7:43 pm

Amex gift carding is more profitable and easier than this if you have access to a Walmart or a grocery that will convert debits for you. I don't understand the desire to fund an account with a CC unless you can scale it way up?

josephstern May 26, 14 10:45 pm


Originally Posted by Doctor of Credit (Post 22929117)
You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.

On your blog I see that you do have this bank listed, but I don't see any at $10K with or without a hard pull.

Care to post a hint?

skibum7732 May 26, 14 11:11 pm

HP is definitely a deal killer for me...I have to get way more than 5k miles for a HP

Lobachevsky May 26, 14 11:49 pm

Don't get too excited. Last year I opened an account, did one billpay, one ACH transfer, and bought 4 GCs. My account was restricted and then, after a conversation with an unpleasant fellow named Robert, was closed because my "unusual" activity was regarded as risky. Huh? I kept asking what was risky about one billpay, one transfer of funds INTO the bank (which I didn't draw upon for weeks), and spending $2K one day at a RiteAid store from funds that had cleared weeks ago. Never got a sensible answer.

GTE Financial is not likely to allow any games. But have at it and give it a try. Maybe my experience won't be yours.

carpentry4thought May 26, 14 11:54 pm


Originally Posted by carpentry4thought (Post 22929279)
Amex gift carding is more profitable and easier than this if you have access to a Walmart or a grocery that will convert debits for you. I don't understand the desire to fund an account with a CC unless you can scale it way up?

You guys can get 15k AlaskaAir miles and whatever your credit card gives for converting just $5k in Amex gift cards. Why are you guys messing with opening bank accounts???

Doctor of Credit May 27, 14 5:52 am


Originally Posted by josephstern (Post 22929890)
On your blog I see that you do have this bank listed, but I don't see any at $10K with or without a hard pull.

Care to post a hint?

I know of two banks that allow 10k CC funding currently, both should be available on my site. I don't want to link here as it means I need to cross post all the information under the new rules, but you shouldn't have any issues finding it.

Both are credit unions and region specific, so YMMV.


Originally Posted by carpentry4thought (Post 22930074)
You guys can get 15k AlaskaAir miles and whatever your credit card gives for converting just $5k in Amex gift cards. Why are you guys messing with opening bank accounts???

Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

PHLisa May 27, 14 10:12 am


Originally Posted by Lobachevsky (Post 22930057)
Don't get too excited. Last year I opened an account, did one billpay, one ACH transfer, and bought 4 GCs. My account was restricted and then, after a conversation with an unpleasant fellow named Robert, was closed because my "unusual" activity was regarded as risky. Huh? I kept asking what was risky about one billpay, one transfer of funds INTO the bank (which I didn't draw upon for weeks), and spending $2K one day at a RiteAid store from funds that had cleared weeks ago. Never got a sensible answer.

GTE Financial is not likely to allow any games. But have at it and give it a try. Maybe my experience won't be yours.

This was actually my main CU for a long time when I lived in Florida. They are very conservative, so I'm not surprised to see that you had trouble.

raccah May 27, 14 4:36 pm

Called them, the limit is 5K per account with CC (to do initial load) and there is ONE HP for all accounts you open within 30 days.

carpentry4thought May 27, 14 4:47 pm


Originally Posted by Doctor of Credit (Post 22931023)
Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

I believe you can cycle anywhere from $100 to $5000 or more per order with Amex gift cards, and the purchases will meet minimum spends on most cards (one can do some checking on this forum for details). Also, being able to double or triple dip in the Amex gift card cycle is what makes it valuable.

josephstern May 27, 14 8:06 pm


Originally Posted by Doctor of Credit (Post 22929117)
You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.


Originally Posted by Doctor of Credit (Post 22931023)
I know of two banks that allow 10k CC funding currently, both should be available on my site. I don't want to link here as it means I need to cross post all the information under the new rules, but you shouldn't have any issues finding it.

Both are credit unions and region specific, so YMMV.



Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

That's a pretty significant side-note to leave until the next post.

jan_believes May 27, 14 8:36 pm

Sounds good. Will be in that area soon....thanks for posting!:)

Doctor of Credit May 27, 14 10:32 pm


Originally Posted by josephstern (Post 22935620)
That's a pretty significant side-note to leave until the next post.

Wasn't something I was expecting to get 100's of PMs about to be honest, was just showing that there are alternatives out there that haven't been killed before due to me talking about them.


Originally Posted by carpentry4thought (Post 22934730)
I believe you can cycle anywhere from $100 to $5000 or more per order with Amex gift cards, and the purchases will meet minimum spends on most cards (one can do some checking on this forum for details). Also, being able to double or triple dip in the Amex gift card cycle is what makes it valuable.

The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

It's always nice to have back up methods for when AGCs/other tactics dry up and you should always have exit plans.

f0xx May 27, 14 10:38 pm


Originally Posted by Doctor of Credit (Post 22936181)
The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

It's always nice to have back up methods for when AGCs/other tactics dry up and you should always have exit plans.

All those Chex pulls really add up.

carpentry4thought May 28, 14 12:27 am


Originally Posted by Doctor of Credit (Post 22936181)
The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

I'd love for you guys to find something (and share it with me) that can be done from home and internationally. However, comparing the ROI on this bank account stuff to Amex gift carding is proportionate to comparing the ROI of selling a couple of cars in front of your house to owning a dealership.

payeco May 28, 14 1:06 am


Originally Posted by carpentry4thought (Post 22936550)
I'd love for you guys to find something (and share it with me) that can be done from home and internationally. However, comparing the ROI on this bank account stuff to Amex gift carding is proportionate to comparing the ROI of selling a couple of cars in front of your house to owning a dealership.

Jesus dude, why are you still arguing with him about AGCs? One MS strategy does not fit everyone. If I could find a bank account that 1. had a high initial fund limit from a CC and 2. allowed large monthly MO deposits by mobile app or even by branch ATM I would value that way for than the AGC method you keep droning on about because my MS strategy is different than yours. Just give up.

carpentry4thought May 28, 14 2:00 am


Originally Posted by payeco (Post 22936625)
Jesus dude, why are you still arguing with him about AGCs? One MS strategy does not fit everyone. If I could find a bank account that 1. had a high initial fund limit from a CC and 2. allowed large monthly MO deposits by mobile app or even by branch ATM I would value that way for than the AGC method you keep droning on about because my MS strategy is different than yours. Just give up.

If the issue is meeting minimum spend, a trip to CVS can do that. If the issue is increasing mileage accounts, this bank stuff won't go far. If the issue is getting more travel dollars or cashback, this bank stuff will go even less far. If the issue is being able to sit at home and do stuff, the Buxx cards and such can help. These are things to consider for people who want to avoid wasting time. Depositing MOs? Walk into a credit union or upload the MO image to your Big Bank account. A particular strategy isn't for everyone, and I wouldn't suggest anyone to pick just one. I started on this thread to find distant or quick MS methods because I'm out of the US a quarter of the time, and now that I've been told that I'm arguing and droning (I've had like 4 posts here?) it seems pretty obvious that there isn't, empirical evidence aside. Why else would a reactive post already have popped up? Though considering this forum ...

lovenola May 28, 14 6:00 am

Thanks for killing this one. Any thought given to being discrete?

StartingOut May 28, 14 4:29 pm

@ADK - Did you see this thread? :p

caGALINDO May 29, 14 2:38 pm

gte is a hard pull anyway, fire away 1609844kilometersecret

MidnightLight May 30, 14 12:57 am

Sigh... this one was a decent one while it lasted. But now it looks like it's finally going to die. Oh well. It was fun the past couple of years, at least.

QL_714 May 30, 14 11:45 am


Originally Posted by caGALINDO (Post 22946125)
gte is a hard pull anyway, fire away 1609844kilometersecret

How many pulls for 20 accounts? :D

f0xx May 30, 14 11:51 am

Who do they pull?
If it was TU, it's do-able.
EX? No way.
EQ? Do-able, but not as preferred as TU.

Doctor of Credit May 30, 14 10:21 pm


Originally Posted by f0xx (Post 22950974)
Who do they pull?
If it was TU, it's do-able.
EX? No way.
EQ? Do-able, but not as preferred as TU.

Equifax. They only pull once, I wonder if they do a chex systems inquiry for each new CD. I assume not since people have been making full use of this.

f0xx May 30, 14 10:34 pm


Originally Posted by Doctor of Credit (Post 22953817)
Equifax. They only pull once, I wonder if they do a chex systems inquiry for each new CD. I assume not since people have been making full use of this.

I don't think many people in this sub-forum have the kind of float necessary for 6 month CD's.


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