GTE Financial Switches Terms on CD Deal, But Then Backtracks
Back in June I posted about an interesting offer from GTE Financial. They are offering up to 3.04% APY if you opened a 60 month CD. That’s a long time to have your money locked in. But the great part about the offer was the add-on feature. You can open the account with as little as $500 and then fund it later and still get get the same rate. read more about that offer here.
But then GTE Financial changed its mind. They send out an email on 10/2 saying:
GTE Financial has updated the terms of its Add-On Certificates effective 9/29/2019. You can now utilize the add-on feature to deposit up to $6,000 per year, per certificate, for each year of the term. Your rate and term will remain the same.
This puts a huge limitation to the offer. And even worse, people were notified on 10/2 for new terms that kicked in on 9/29.
Clearly a sneaky move from GTE Financial and people weren’t happy. I’m sure many complaints were filed with NCUA. and soon after, they reversed their decision to change the terms on the add-on feature of the offer. Today, just hours ago, they sent the following email:
While the promotion is no longer being offered for new share certificates, GTE will continue to honor the terms of the share certificates that were opened by members during the applicable promotional period and allow for additional unlimited deposits.
So if you already opened an account during the promotional period, you can add more money to the account and you will still earn that 3.04% APY that is looking better and better with rates going down.
Did you take advantage of this offer?