GTE Federal Credit Union Courtesy Pay

Know your options when it comes to overdrafts.

Big changes are happening in the financial world. You may have heard about the Consumer Protection Act and the changes the Federal Reserve is making in regards to overdrafts for example.

Why should you care? I’d like to start off with a story first…

Let’s say you are driving in Wimauma, Florida and happen to swerve your vehicle to avoid a tortoise in the road and you happen to hit a tree. Well, to have the tow truck come out and then get your car fixed so you can drive home, well that may be $400, money you may not have in your checking or savings account right then. Moreover, you left your credit cards at home! If you have not opted-in to your financial institutions program, you will no longer be able to take out more money than you have in your account, leaving you stranded in Wimauma. Your ATM and debit withdrawals will be denied.

It used to be that if you wanted to buy something that exceeded the available funds in your account, a financial institution could automatically allow a transaction to go through, to overdraft your account. So, if you wanted to buy a $5 coffee, but only had $2 in your account, the purchase would still clear, and you would be charged a fee. Fees, especially at some of the larger banks, have now been deemed excessive. Another complaint was that consumers were not adequately alerted when they overdrew their account and could incur numerous overdrafts that carried increasing fees.

As of August 1, 2010, all financial institutions are required by new Federal Regulation E to get approval, via opting-in, from their customers before an overdraft transaction can be processed. Unlike previous overdrafts, account-holders will only be charged a one-time fee upon overdrafting using an ATM or debit card. However, some banks, like Bank of America, are not giving their customers a chance to opt-in; they are denying any debit purchase or ATM withdrawal, regardless of whether or not the customer would like to be able to overdraw their account, for example in an emergency. They are however, letting patrons link an account such as a savings account, charging $10 for an automatic transfer.

GTE Federal Credit Union recognizes that being able to make a debit purchase or ATM withdrawal, even if funds are not available right then, for a one-time fee of $29, may be of value to some members. For purchases under $5, the $29 fee does not apply. The program is called Courtesy Pay, and it has been recently improved!

(Just as a little FYI, Wells Fargo, BB&T, Fifth Third Bank and Sun Trust offer an opt-in program, some of which, charge up to $36 per overdraft transaction.)

You may be thinking…well…I NEVER WANT TO BE ABLE TO OVERDRAFT! But, remember the Wimauma story.

At GTE Federal Credit Union, it costs nothing to opt-in for Courtesy Pay. It’s 100% free. So, even though ideally, you never want to overdraw your account…YOU CAN IF YOU NEED TO!

Before you decide, read GTE Federal Credit Union’s handy-dandy web site further describing Courtesy Pay. May not be the most exciting thing you’ve ever read, but it may help you avoid getting stranded in Wimauma – or at least, help you make an informed decision!!!

Courtesy Pay – https://www.gtefcu.org/CourtesyPay/CourtesyPay.aspx

Courtesy Pay FAQ – https://www.gtefcu.org/CourtesyPay/CourtesyPay.aspx

Opt-in Today – https://cuathome.gtefcu.org/default.aspx?ptp=odo

This is a great article we used for some inspiration!

I had the best day today! I got to play a concert at the new GTE Federal Credit Union branch in St. Petersburg, FL. It is such a pretty new building!! It is across the street from Perkins Elementary School. I played a concert as a reward to some of the classes for their hard work on the FCAT. They could just walk across the street from the school, and GTE Federal Credit Union is right there! I got to tell them about the U22 checking account. Some of the kids were 12, so they were old enough to sign up for one. The kids even had signs asking me to sing some of my songs that they like. I played about 6 songs, and then I did a question and answer session. After that, I signed autographs and the funniest thing happened!! A mom asked me to sign her BABY! I’ve never been asked that before!! I signed on her onesie!! She was soooo sweet!!!! (Jennifer-My mom will send you a pic of that and maybe one of the concert too) The branch manager even had cake for all of us. It was so cool to see how GTE Federal Credit Union is more than a credit union to that community. The branch manager also invited some St. Petersburg officials and some parents and grandparents to attend the show. Everyone had a great time (especially me!) and I thank both GTE Federal Credit Union and Perkins Elementary School!! You really made me feel special!!

- Matt W.
GTE Federal Credit Union Suite Caroline Strawberry Jam Contest Winner
Check out the U22 youth checking account for 12 to 22 year olds at www.U224U.com. Because learning about money is important no matter what your age.

- Matt W.
GTE Federal Credit Union Suite Caroline Strawberry Jam Contest Winner
Check out the U22 youth checking account for 12 to 22 year olds at www.U224U.com. Because learning about money is important no matter what your age.

According to the National Association of Colleges and Employers, in 2009 only 19.7% of college graduates have found a job – that’s just 1 in 5 – compared to 51% in 2007.

The average college senior owes $21,000 in student loans upon graduation.

What are the statistics for young adults without a college education?

Unemployment is 20.6% for those with just a high school diploma according to the U.S. Bureau of Labor Statistics. (If that isn’t a statement for the value of a college education what is?)

These are harsh realities that need to be discussed. So, I set out on my continuous quest for knowledge about teens and money by visiting the local bookstore.

First, I encourage you to check out The Motley Fool Investment Guide for Teens. This clever book gives sound advice for teens to see how saving and investing can be fun. It’s filled with pages of work sheets, information in the credit card department and real world investment advice. Best of all, they talk the language of teens.

A few topics to expect from this book:
- How to gain financial independence
- Ask questions when it comes to managing your money
- Save cash for college, for investing and for fun
- Dodge the spending and savings pitfalls that have trapped many adults
- Get started with investing today
- Discover and learn how to identify up-and-coming businesses that could be future blue chips (what’s a blue chip? That too is explained in the book).

Fast forward to young adults and I found another great book, GradSpot.com’s Guide To Life After College.
This book helps twenty-somethings take a step into the real world with advice on finding a first apartment, first job, office politics, managing finances, paying taxes and so much more.

The book’s authors create a punchy comparison between college antics and fiscal responsibility pointing out there are those mistakes you can make now that won’t affect you when you’re older… and there are those that will. As they so aptly put it, “Between credit scores and compound interest, the American financial institution is designed to reward long-term saving and responsibility. So while a booze-soaked week in Acapulco hopefully won’t be held against you when you’re 65, your money and the people you owe it to are the proverbial elephants in the room. They are big, powerful, and have very good memories.”

I couldn’t have said it better myself. Buy the book or visit the website www.gradspot.com for great advice by college graduates for college graduates.

Here’s a real world tip… get started today! Visit www.U224U.com to learn more about GTE Federal Credit Union’s U22 checking account for 12 to 22 year olds. “Because learning about money is important, no matter what your age!”

Did you know GTE FCU is giving away Howl-o-scream tickets at Busch Gardens? Only 2 more weekends left!

Go on to your Facebook or MySpace page and become a friend of GTE FCU to enter. See our pages for details. You could win FREE Tickets, and at $50, $60 a pop, that’s an awesome giveaway!

Become a Fan:
GTE U22 Account: http://www.facebook.com/pages/GTE-U22-Account/141512079625
GTE FCU: http://www.facebook.com/pages/GTE-Federal-Credit-Union/11031481521?v=box_3#/pages/GTE-Federal-Credit-Union/11031481521?v=wall
MySpace: www.myspace.com/MyU22

Here is my insider’s scoop:
Howl-o-scream is back in action this year as they celebrate their 10th year of scaring the pants off of everyone. This year is supposed to be pretty cool too. They have a huge fashion show as you walk into the park, which seems not really that scary, until they show you their true form. There are seven haunted houses this year and if they’re anything like last year, then make sure you pack a change of underwear with you. If you’ve been to Howl-o-scream within the past 2 or 3 years then you’ll be able to recognize some of the returning houses, but the new ones are supposed to be really awesome. There is an evil toy factory this year. So if your frightened by small children, dolls, or clowns, then I would cruelly recommend this house for you. There are also 4 scare zones this year which means, “get ready to close your eyes and run”. There is also a magic show and a show called Fiends (aka a show with nurses in pink wigs). So if you’re ready to rest your heart from the scary madness, the nurses show is more entertaining than terrifying. Well I think I’ll leave the rest of Howl-o-scream up to your exploration. Your gonna have a blast! Just remember to spend your money wisely and stay away from those extremely large stuffed animals. They may be exciting to win, but they are a pain to carry around. And hey, maybe I’ll see some of you there… you’ll know it’s me by the really girly screaming…

Hi. It’s me again. Suite Caroline. I hope you have enjoyed reading about some of the stuff I have been up to. It actually gives me time to reflect on everything going on in my life. Us songwriters like that kind of thing. Anyway, I thought I would tell you what it is like to have corporate sponsors, like GTE Federal Credit Union. Well, in a word, it’s “cool.” Make that two words.. “totally cool.” You see, at first it was just all about me and writing some songs. Then it was about getting a band together. Now it is about being a part of a business organization that supports me and offers me some killer opportunities. I have gotten to know the people at GTE FCU very well. I even met the President of the whole company! I love promoting their credit union because they are so interested in kids. If you haven’t checked out the U22 program, click this link, www.U224U.com. If you are from age 12 (like me) to age 22 it might be just what you need to get good things going with saving and banking. Even if you don’t have a whole lot of money to manage, you need to have it somewhere safe, right? And whenever you need it, it only takes a swipe of your U22 debit card to get it! And it makes me feel like a VIP when I can use a debit card that is actually mine! As a matter of fact, I just used it to buy my Halloween costume. (I am going to be an M&M. The blue one.) BTW, I plan to say “Trick or Chocolate” this Halloween, instead of “Trick or Treat!”. BBYYEE!!!!