Summer Pay Plan Savings
GNO’s Summer Pay Plan is an interest-bearing savings account for faculty, school staff or any employee group using a shortened annual pay schedule to save money for use during the summer months when you’re not receiving a paycheck.
Start Saving with payroll deduction
You can put as little or as much as you like in your account. To earn the disclosed annual percentage yield though, you must have a minimum daily balance of $100.
Once your Summer Pay Plan Savings is established, make transfers or deposits throughout the year. On June 1st, your savings will automatically be transferred to your GNO Savings or a GNO Checking Account.
Direct deposit Checking Account
Consider opening a Direct Deposit Checking Account with NO Monthly Maintenance Fees!
Your paycheck will automatically be deposited in your checking and your Summer Pay Plan allocation will go to the special savings. When June 1st rolls around, your Summer Pay Plan Savings will transfer right in your checking for your “summer salary”!
Here’s How it Works:
Using payroll deduction, funds are automatically deducted from your regular paycheck and deposited into your Summer Pay Plan Savings.
The amount transferred may be decreased or increased during the school year with your Human Resource or Payroll Representative as your needs change.
Additional transfers/deposits can be made at anytime through GNO’s Home Banking and all other traditional methods.
Transfers can begin with your 1st paycheck in August and continue until we are notified otherwise.
All funds plus interest-earned will be transferred directly into your GNO Regular Savings or GNO Checking Account on June 1st.
Whenever you wish to cancel your payroll deduction to GNO, you simply need to contact your Human Resource or Payroll Representative.
Throughout your normal pay periods, there will be an early withdrawal fee of $20 if you choose to access your Summer Pay Plan before June 1st. It’s just a little safeguard to protect you from accessing your heard-earned savings before summer.
In order to determine how much money you will need for the summer months, consult a GNO representative for assistance.