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A. An ATM card is used at ATM machines to withdraw funds from savings accounts but can also be used to withdrawn funds from a checking account.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 $300.00 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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