Transaction Accounts are the basic accounts provided to all clients of GCB, and for are securely storing credits for routine use. These types of accounts are used for ‘on demand’ requirements such as transferring credits and loan repayments, bond market purchases, transfers to accounts held by other people or groups, and making purchases through GCB’s affiliates.
GCB’s Transaction Accounts come with a variety of options for different types of use and customer focus, but all are secure, safe, and guaranteed.
Something you want not included in the account type you want? Then the following optional extras are available, and each applies across all of a Client's accounts:
This is GCB’s unique trading system designed to protect people undertaking trades with one another. By using a mutual authentication system that a trade has occurred, this service gives people peace of mind they are not going to be ripped off.
For those individuals wishing to keep their identity private when either sending or receiving with their transaction account, this extra is a must. While linked to your Client Account within GCB’s online system, when applied to an account, this feature ensures that credits sent from or to your account do not display the Client Account information in the other person’s records. All they see is the Account ID information, but they will have no means of identifying who the account belongs to.
Accounts accrue interest on a monthly basis.
Interest rate is represented by APY, the Annual Percentage Yield. The monthly interest rate is represented by: (1 + APY)(1/12) - 1
The monthly rate is calculated based on the Average Daily Balance (ADB) of your account. This is determined by: (sum of account at end of every day of month) / (number of days in month)
The interest payment is calculated as (Interest Rate) * (Average Daily Balance). Payments are based on the ADB, not on the balance at the time interest is run.