401-739-4600
866-739-9121

FAQ

 

 

 

Q. Why do I have a savings account with $5.00?

A. In order to have a loan, checking or certificate of deposit, or any other type of account with Greenwood Credit Union it is required that you also have a savings account with a minimum balance of $5.00 in order to be a member of the credit union. This account is either opened up with a member service representative, online or at a car dealership when you sign for your loan.

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Q. When is interest posted to my savings account?

A. Interest is posted on savings account at the end of every quarter (March 31, June 30, September 30, and December 31).

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Q. What is the difference between an ATM card and VISA debit card?

A. An ATM card is used at ATM machines to withdraw funds from savings accounts but can also be used to withdrawn funds from a checking account. Funds can also be transferred between the two accounts.

A VISA debit card requires an active checking account, has a VISA logo on it and acts as a VISA credit card when making purchases online or at store. Instead of getting a monthly bill the money comes directly out of your checking account. The VISA debit card can also be used at ATM machines to withdraw money from the primary savings account and checking account.

When making withdrawals at ATM machines you can use machines in the RI Credit Union connection with no service fee. You can use machines outside of the RI Credit Union connection, if you use those ATM machines there will be a fee charged by the other financial institution whose ATM you are using.

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Q. How long are personal checks good for?

A. Personal checks are good for up to six (6) months from the date it is written. After the six months the check is considered stale dated.

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Q. Is there a charge for online banking or bill pay?

A. Greenwood Credit Union does not charge for online banking or bill payment through our online banking system. In order to use bill pay you are required to have a GCU checking account.

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Q. What is the difference between online banking and make a payment online?

A. Online banking allows you to view your account(s), make transfers between GCU accounts, pay bills from your GCU checking account via bill pay, and view your statements online. Pay GCU Loan allows you to pay the GCU loan from another financial institution using a savings or checking account, credit, or debit card (VISA, Mastercard or Discover are accepted).

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Q. Do you offer telephone banking?

A. Yes GCU does offer telephone banking which allows you to hear your balance and recent transactions, make transfers between accounts and pay a GCU loan from a GCU savings or checking. In order to sign up for telephone banking please contact a member service representative at (401)739-4600.

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Q. Can I make a loan payment by phone?

A. You can make a loan payment by phone with no charge by calling (866)905-6328. You must know your loan number.

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Q. What is the limit on ATM withdrawals?

A. The limit for ATM withdrawals is $500.00 per business day.

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Q. How do I close my account?

A. To close your account please mail a letter to Greenwood Credit Union requesting the account be closed out. On the letter please include your name, address, account number and signature authorizing the account be closed. You can mail the letter to:

Greenwood Credit Union
2669 Post Road
Warwick, RI 02886

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Q. Why is my “available balance” different from my current balance?

A. Your available balance may be different for the following reasons:

  • You recently deposited a check into your account that was placed on hold until the check clears. A check may be hold for one (1) day or longer depending on where the check is drawn (out of state checks are on hold for five (5) days).
  • You made a deposit via the ATM machine. These funds are always placed on a one business day hold until the ATM machine has been balanced to verify the deposit was made correctly.
  • You made a purchase with your VISA debit card. When you make a purchase with your VISA debit card the funds are placed on hold. Once the transaction is posted to your account, the hold will be removed.
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Q. What do I need to change my name?

A. In order to change your name Greenwood requires a valid driver’s license and copy of your name change document (ex. Marriage certificate or divorce decree). Your name must also be changed with social security before we can change the name on your account. For the paperwork to change your name or for any questions please call (401)739-4600.

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Q. How do I change my address?

A. In order to change your address you can either come into the credit union or fax/mail a letter requesting the change of address. When you send the letter please include your name, account number, old address, new address, new phone number, and a signature authorizing the change to your account. You can fax the letter to (401)739-5596 or mail to:

Greenwood Credit Union
2669 Post Road
Warwick, RI 02886

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Q. Are my accounts insured?

A. Yes your accounts held through Greenwood Credit Union are insured by the NCUA. This insurance does not cover safe deposit boxes. For more information on NCUA insurance please click here.

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Q. What is Greenwood Credit Union’s (GCU) mobile deposit?

A. With GCU Mobile Deposit (“Mobile Deposit”) you can make a deposit directly into your eligible checking or savings account using our mobile App on devices. Mobile Deposit lets you submit photos of the front and back of your endorsed check. Your deposit is safe and you can save time with fewer trips to an ATM or branch.

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Q. How does GCU keep my information safe?

A. We use advanced encryption and security technology:

Mobile banking credentials are not stored on your mobile device. Check images are not stored on your mobile device. You view accounts by nicknames and account numbers. 128-bit encryption masks your sensitive information. Remember for added security, always sign off completely when you finish using the GCU app.

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Q. Who’s eligible to use the Mobile Deposit service?

A. GCU customers, who are at least 18 years of age, maintain an eligible account, and who have accepted the Mobile Deposit Terms and Conditions are eligible to use Mobile Deposit. Enrollment is granted by request following an account review.

Mobile Deposit is supported on iPhones and iPads running iOS 7.0+, Android mobile devices running OS 4.4+. If you already have our app, update it with the most recent version.

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Q. How does Mobile Deposit work?

A. It’s secure and easy to use.

Sign on to your GCU app then follow these simple steps:

  1. Select the deposit function.
  2. Choose the account where you want to deposit your check.
  3. Enter the check amount.
  4. After properly endorsing the item with a signature and “For GCU E-Deposit Only”, take a picture of the front and back of your endorsed check with your mobile device. For photos that work best, follow these guidelines:
  • Place your check on a dark-colored, plain surface that’s well lit
  • Position your camera directly over the check (not at an angle)
  • Fit all 4 corners in the guides of your mobile device’s camera screen

5. Submit your deposit.

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Q. Deposit limits?

A. Each check is considered a separate deposit. You can make multiple deposits in a single mobile session. There is no limit to the number of checks you can deposit in a day but there is a limit of $500.00 per check and a total limit of $2500.00 per day.

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Q. What types of checks can I deposit?

A. You can deposit checks payable in U.S. dollars and drawn at any U.S. bank, including personal, business, and government checks. They must also be payable to, and endorsed by the account holder.

Ineligible items include but are not limited to international checks, altered checks, U.S. Savings bonds, U.S. postal money orders, remotely created checks (whether in paper form or electronically created), convenience checks (checks drawn against a line of credit), checks made payable to cash and actual cash.

For a complete list of eligible and ineligible items please consult the terms and conditions.

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Q. What are the cut-off times for deposits made with Mobile Deposit?

A. The first $200.00 of mobile deposited funds are available on the business day after the deposit credit date and the remainder of the deposit the business day after that unless extended holds apply.

For Deposits Made   Funds are Generally Available
Before 2:30 pm Eastern Time on a business day.   The first $200.00 will be made available by next business day. The remainder of the deposit by the business day after that.
After 2:30 pm Eastern Time on a business day or deposited on a non-business day.   Considered deposited the next business day. The first $200.00 will be made available by following business day. The remainder of the deposit by the business day after that.

For example, if you make a deposit before the cut-off time on a Monday $200.00 of the deposited funds are generally available on Tuesday. If you make a deposit after the cut-off time on a Friday, $200.00 of the deposited funds are typically available on the following Tuesday. Business days are Monday through Friday except holidays. The deposit credit date is provided on your Check Deposit History screen.

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Q. When will my mobile deposit be available?

A. The first $200.00 of deposited funds are available the next business day after the day of your deposit. The remainder of the deposit is available the day after that unless an extended hold is applied.

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Q. What should I do with my paper check after using mobile deposit?

A. After depositing your check using Mobile Deposit, please securely store your check for 30 calendar days after your deposit, and then destroy it. This allows sufficient time in case the original check is required for any reason.

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Q. Are there fees for using Mobile Deposit?

A. There are no fees for GCU Online Banking users to use GCU Mobile or Mobile Deposit. Please check with your wireless provider about carrier and web access charges.