This account works as a savings account. You can deposit and with draw funds at any time. Deposits can be made direct (by you yourself) or indirect (by payroll deduction from the school district or ETF, Electronic Transfer of Funds)
Dedicated Educational Savings Plan (DESP)
This long term or short term savings plan is designed for college or technical school bound dependants of GLEEFCU members and to help current teachers pay for continuing education courses.
Minimum Deposit Requirements
$ 100.00 initial deposit to open a DESP
$ 25.00 minimum monthly deposits. The deposits can be made by payroll deduction, share account transfer, check, cash or money order.
! % APR or higher over the current share dividend rate.
Dividends will be paid quarterly, same as the share account.
Funds are intended for educational purposes (tuition, books, supplies). Withdrawals for any other reason will result in the account being closed or converted to a regular share account at the current dividend rate.
Start saving now for next Christmas by opening up a Christmas Club Account. The duration will be from
December 1st to October 31st the following year. Christmas Club checks will be distributed during the first week of November. All but $ 5.00 will be included in your distributed check. That $ 5.00 balance is needed to keep your
Christmas Club Account open.
To open this account, you must have a minimum monthly payroll deduction of $ 10.00 to be deposited into your Christmas Club Account.
If you close your account for any reason before dividends are paid, you will not be paid the accrued dividends for the period. Dividends will be credited quarterly. The Credit Union will pay a minimum of 1% on Christmas Club accounts. Depending on the current income and available earnings, more then 1% may be paid.