We are keeping a close eye on the "Heartbleed" bug you may have heard about. The vendor we use for Online Banking has completed a preliminary assessment and has not discovered any vulnerability. We will be sure to keep you updated should anything to the contrary be discovered. Rest assured that we are doing everything we can to help ensure that your information is safe.

It is always a good practice to use unique passwords for all of the online services you access. If your GCF Online Banking password has also been used with a different service, we do recommend that you change your Online Banking password at this time.

If you currently utilize GCF’s online banking EXPRESS TRANSFER function to make your loan payments, this service will be temporarily unavailable from April 25, 2014 through June 9, 2014. As an alternative to this temporary inconvenience, you can do one of the following:

  • Contact 1-877-589-6600 ext. 320 or 368 between the hours of 9:00 a.m. and 5:00 p.m., Monday through Friday, to manually complete the transaction.
  • Mail a check to Investors Bank, 101 Wood Avenue South, Iselin, NJ 08830.
  • Sign up for GCF’s online bill payment system and set up a monthly payment to be sent to Investors Bank.

Fast Access

GCF Bank is now part of the Investors Bank family!

Tuesday, September 27, 2011

Edition #630

Today's Highlights:

Past issues of GCFlash:

September 20, 2011 Edition #629

September 13, 2011 Edition #628

September 6, 2011 Edition #627

August 30, 2011 Edition #626

Looking for articles from a past issue of GCFlash not listed above? Enter keywords into our Site Search! Find archived articles prior to August 2009 in our Knowledge Base.

Weekly Spotlight:

Does your heart race at 8000 rpm? Do you need the power of 400 horses in your garage before calling it a real car? Don't dream it, drive it. Let GCF put you behind the wheel. Get the details!

Our Current Rates:

For a listing of our current deposit and loan rates, click here.

Today's National Market Rates
September 27, 2011 6 Mo Ago
1 Yr Ago
5 Yrs Ago
Dow Jones Industrial Average
(Down 386.82 or 3.34% since 12/31/10)
11,190.69 (+1.13%) 12,197.88 10,812.04 11,689.24
S&P 500
(Down 82.26 or 6.54% since 12/31/10)
1,175.38 (+1.07%) 1,310.19 1,142.16 1,336.59
(Down 106.04 or 4.00% since 12/31/10)
2,546.83 (+1.20%) 2,730.68 2,369.77 2,263.39
10 Year Treasury Bond Yield 2.01% 3.44% 2.52% 4.59%
British Sterling 1.5639 1.6037 1.5820 1.8981
Euro 1.3592 1.4083 1.3486 1.2722

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1st Flash

Our New Online Mortgage/Home Equity Application

Are you thinking about buying a home or refinancing your mortgage or home equity loan? Here at GCF Bank, we have made the process a little easier with our new online mortgage application.

In years past, GCF Bank had an online application, but it could be cumbersome and time consuming. The old application would not save your information if you needed to stop for some reason and wanted to finish it later. You had to start all over again from the beginning. Well, those days are gone.

The first thing you will do when you start a new application is create a user name and password. This will allow you to save your information and come back to it later. You can access your application multiple times if need be, right up until you submit it to us for consideration.

One of the many benefits of our new application is its interactive application path. Our new system will ask you only the questions we need answered that are specific to your situation. For instance, if you are applying for a refinance, the system will not ask you questions that are specific only to a "purchase" transaction. Likewise, if you work for a company and receive only W-2 income, the system will not ask you questions that are specific to individuals that are self-employed.

Buying a house and need a Pre-Approval letter for your realtor? Our new online application will run a credit report and do a preliminary evaluation of your application. If you fall within certain underwriting guidelines, you can obtain a preliminary Pre-Approval letter right online at the time of application.

Didn't receive a Pre-Approval online? Not to worry, that doesn't mean that we will not approve your loan. It just means that one of our Mortgage Specialists needs to review your application before a Pre-Approval can be issued. Of course, any Pre-Approval issued is subject to our satisfactory review of the application information, supporting documentation, and an appraisal of the property.

Another benefit of our new application is the ability for you to receive your application disclosures online immediately. Once you finish your application, the system will take you to a page where you can read and download the disclosures specific to your program. Depending on the type of loan you apply for, the disclosures could include: Good Faith Estimate, Truth In Lending Disclosure, Servicing Disclosure, Privacy Notice, Affiliated Business Arrangement, Line of Credit Program Disclosure, or HUD's Settlement Costs Information Booklet.

With our old online application, we would have had to mail these disclosures out to you, and asked you to sign them and return them to the bank. The ability to provide you with disclosures online cuts days off the application process.

As always, your online application is safe and secure with GCF. We take the safeguarding of our users' personal information seriously and use leading-edge technology to ensure your safety. GCF protects our online users by using Secured Socket Layer (SSL) technology to encrypt your information. This means that your loan application information is safe and secure as it travels over the Internet. In addition, our online application will anonymize your personal identifying information after the first log-in. This means that, if you close out of your application and log back in at a later time, your personal information will be replaced with **** symbols. No need to enter the information again, unless you entered it incorrectly the first time.

Our new Mortgage Center also allows you to check rates, get a personalized quote, calculate payment amounts, and sign up for Rate Watch. Rate Watch is a service we provide where we will either email you our rates on a regular basis (daily, weekly, etc) or we will email you when our rates meet a "target" rate that you select. You can get to our Mortgage Center from our home page by selecting Mortgage/Home Equity Loan from the Banking With Us Menu or click to go directly there. Check it out and see what's new!

On The World Wide Web

Want to impress your friends with your wealth of baseball knowledge? Are you a baseball stat junkie? Find all the facts, figure and anecdotes on our national pastime at this site.

Follow baseball around the globe. brings you news on minor leagues, ladies' leagues, Negro leagues, Japan, Mexico, Latin America and more.

Minneapolis writer Michael Finley shares his baseball stories here.

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2nd Flash

Keep It Up!

It can be hard to separate the fact from the ad-speak.

We're bombarded by results of new studies that, if you pay attention long enough, often conflict their own previous findings. One must read the full report to learn which organization sponsored the study. Only then does it become obvious as to how the research was skewed to reach the intended conclusion.

Product benefits are touted to out-perform their competition. Sometimes on levels that have no impact on quality, efficiency or functionality. "It's better because we say so" mentality.

As frugal consumers, we're all trying to save a buck wherever we can. Yet few of us would do so knowing that saving a buck would ultimately cost us thousands over time.

I shudder when I hear budget gurus advising consumers to put off changing their car's oil. Lubrication is an essential component to your engine's performance. Skipping this $25 ritual will cost you $3,000 when friction burns up internal components.

Still believe all the hype? Test it yourself. Change your motor oil at the standard 3,000 mile point. Examine the new oil you are putting in for viscosity. Compare it to the oil you just drained out of your engine. Not only will it be thinner, but the quality breakdown will be visually evident.

Wait for 5,000 miles before the next oil change. Repeat the above exercise. Note the significant degeneration from what you observed during the previous change. It will be so bad that you will not miss that 3,000 mile cycle again.

If you leave your oil changes to an expert rather than do it yourself, ask the technician to show you the new oil as well as what was removed from your vehicle. You'll impress him/her with your concern over engine performance, and your car just may get a little extra TLC in return.

It's true that newer cars built within the last three to five years can get by with less frequent oil changes. They recommend 7,500 miles. But judging by new car sales statistics, that doesn't affect many of us.

Besides the lubrication advantage, changing the oil at 3,000 miles gives us opportunity to look under the hood for signs of impending trouble we would otherwise miss. Busy schedules often relegate this routine checkup to the back burner.

Is there a pinhole in the radiator or swollen water hose? Early detection saves you a costly tow bill on top of hefty repair costs.

Take this opportunity to check fluid levels. Keeping your coolant, transmission or brakes properly maintained protects these components from early failure.

Use this time to check your tires. Are they properly inflated? Are they showing signs of uneven wear? Is it time for a rotation? Your tires are not only important in the handling of your car, they're also indicators of alignment issues. And essential to your safety.

You probably changed your oil filter along with the oil. But what about your air filter? Take it out for inspection. Your engine needs clean air to breathe properly. A clogged air filter will choke it. A clean air filter improves fuel mileage as well.

Don't stop with your car while you're checking filters. Your home's heater/air conditioner filter needs frequent changing as well. Start with checking it on a monthly basis. If it's clogged, do it every two weeks. If it's fairly clean, check again in six weeks. This simple step can keep your system running at its peak performance level.

Vacuum the condenser coils on the back of your refrigerator at least once a year to prevent them from early failure. Check all of your electrical outlets. Discoloration can be a sign of electrical damage.

Properly maintaining key systems adds years to the useful life cycle of any product. While that often requires spending a few dollars in the process, you'll save thousands in the long run.

Tip of the Week

Relax, Facebook users. The social media site is not going to start charging for its service. It's free now, and will always remain free. This hoax circulates about every six months. Yet it continues to circulate and rile the masses.

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Financial News

Ridiculous Tax Code

After a dismal last week, the U.S. stock market came roaring back this week, posting a gain of 272 on Monday and poised for an encore performance today. The markets roiled last week after it appeared the Greek debt tragedy might remain unresolved and, worse yet, spill over into the rest of Europe. Today, there is some confidence that the Greek Parliament will implement the final phase of the required austerity measures necessary to avoid default.

One must wonder why the fate of a great country, indeed civilization, could hinge on failure to accept the simple fact that a country must pay for what it spends. A Greek Tragedy is an artistic performance designed to give its audience pleasure. I doubt there are many gaining pleasure from this real world tragedy that truly marks the decline of a civilization.

Back to the U.S. Don't let a few heady days of rallying stocks convince you that the economy has improved. It has not, at least not based on the empirical data available. Indeed, Dallas Fed chief economist Harvey Rosenblum told a forum today that the U.S. economy is on the "knife edge" of another recession.

Rosenblum believes the U.S. is in the midst of a second great contraction, with credible evidence that a second "double-dip" recession could occur. Worse yet, Rosenblum pointed to other data that indicates inflation could revive. If true, the U.S. could enter a period similar to the late 1970's Carter years when the country faced both economic contraction and high inflation simultaneously - the worst of both worlds.

Depressing? Indeed. The Fed is doing the right thing, but is out of ammunition. With interest rates near zero, there is little else that can be done on that front.

So why is a recovery so elusive? Some say it is the lost wealth effect, as so many Americans feel so much poorer than just a few years ago. Perhaps the 401K is no longer adequate to support their retirement needs. Perhaps they owe more on their house than it is worth. Perhaps they cannot unload their RV, snowmobile, boat, (fill in the consumer good here) or vacation home to improve their cash flow as those markets have also tanked. Perhaps there is no longer enough money in the mutual fund to pay for the kid's college. Forget about a vacation. Bad news is contagious. The 1930's saw an entire decade of malaise.

So does this call for drastic measures? Yep. Starting October 1st, implement a one year moratorium on ALL personal and corporate income taxes. This will immediately put money into the most likely job makers in the country, and would predictably cause an explosion in business investment and consumer demand.

Over the next year, as the economy recovers smartly, revise the tax code to a simple low rate flat tax. No loopholes, no deductions. None. This would encourage both investment and savings. It is estimated that "tax preparation" alone costs between 2 and 5 percent of GDP in the U.S. That bears repeating. In the U.S., "tax preparation" costs between 2 and 5 percent of GDP - see for yourself.

This is a staggering amount of money. If you pick the middle of the range, that would equate to about 35 times what the U.S. spends on NASA. Wow. Do you want to live in a country that spends 35 times as much on tax preparation than space exploration? Didn't think so. Me neither.


"I have no trouble with the twelve inches between my elbow and my palm. It's the seven inches between my ears that's bent." - Tug McGraw

Today in History

1977 - Phillies clinch second straight National League East Division title.

Flash Fact

Mike Schmidt and Tub McGraw drove to the ballpark together before the final game of the 1980 World Series. Schmidt made McGraw promise to wait for him if he was on the mound for the final out. They both knew that whoever was on or near the mound for the final out would probably be on the cover of "Sports Illustrated." It worked. That immortal photo remains a cornerstone of Philadelphia history.

Have a comment about something you read in GCFlash? Suggestions for future articles? Drop us an email!

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GCFlash is a weekly e-mail sent only to its listed customers and associates free of charge. GCFlash informs customers of special product offerings which may be of interest, current interest rates on both deposit and loan products, selected financial news and other financial tidbits. GCFlash is intended to supplement the more comprehensive information listed on the GCF Web site at

For more comprehensive information, visit our Web site at or call (856) 589-6600 Ext: 337 (Timothy P. Hand)


For a copy of our Privacy Policy, visit

GCF maintains your e-mail address in a confidential and secure database along with much of your other account information, such as mailing address and telephone number, etc. Before aggregating our e-mailing list each week, we filter out any duplicates. In most cases, this inhibits the unintended e-mailing of multiple copies of GCFlash to a single e-mail address. However, because these account records are kept by both individual and account, there is a chance members of the same household could each receive a copy of GCFlash or any other transmission at the same e- mail address - resulting in multiple copies. For example, a husband and wife that both have accounts with GCF may both receive a copy because the names are different but listed at the same e-mail address. This is similar to the manner in which each individual may share a common telephone number. To handle this situation, GCF recommends you simply delete any extra copies of GCFlash as this will ensure that ALL individuals receive any future promotional mailings, which might only be targeted or offered to specific accountholders meeting certain criteria. GCF has the capability to suppress customer e-mail addresses so they are omitted from our transmission list. If you would rather have a specific household member’s e-mail address suppressed in our electronic database, simply send us a reply, as stated below, and indicate the accountholder for which you would like to have e-mail suppressed. Please keep in mind that this suppression will mean that NO future e-mails are sent, including special promotional offers. If you have any questions about this process or need additional information, please contact us at

If you would like to be removed from this electronic mailing list, please hit reply and place the word REMOVE in the subject line. Please note, removing your name from our electronic mailing list means GCF will send NO FUTURE NEWS or SPECIAL OFFERS.

GCF Bank
381 Egg Harbor Road
Sewell, NJ 08080
(856) 589-6600