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Loans and Financial Services Offered by Greater Central Federal Credit Union, Killeen, TX

Greater Central Federal Credit Union is a member-owned cooperative that strives to provide its members with affordable and convenient financial services and products. It was formed in 1957 by a group of 9 teachers who contributed money to be used by any one of them in need of finances at affordable rates. Till date, the credit union is committed towards providing the best services and lending opportunities to its members. It is insured by the NCUSIF (National Credit Union Share Insurance Fund).

The credit union provides the following loans and financial services to its members:

Secured Loans: These loans are provided against collateral with a value that is at least 20% more than the loans value. Detailed information about the loans is available on the credit union’s website. APR and the term of secured auto loans for new and used autos is provided. The APR rates for recreation vehicles (ATVs, motorcycles and RVs) are 2% higher than those of used autos. We also provide 72 month vehicle loans. If you want a share secured loan (one that is backed by a share account), the rate will be 2% more than that of a secured account.
Unsecured/Signature Loans: These loans are ideal for unexpected expenses or for projects like a vacation. We offer personal/unsecured loans at affordable rates and make quick approvals upon receiving a completed application and verifying income (loan approval within 24-48 hours). We offer payroll deduction, direct deposit and automatic transfer services for convenient loan payment.
Credit Builder Loan: This loan is offered to help members improve their credit score. It works by freezing the amount of money in a share account until the borrower pays off the loan. As per their nature, these loans can be offered even if the credit score is not satisfactory. It is a good choice for anyone interested in getting a loan for the first time. The best part about these loans is that a borrower gets to build credit and also save in one go.
Savings Accounts: We offer a variety of accounts for the banking convenience of our members. These include share savings account, checking account, money market accounts, Christmas Club, Vacation Club, Certificates of Deposit and Individual Retirement Account (IRA). The requirements for opening a savings account are, to be living, working or worshipping west of 1-35, 2 forms of ID, $5.00 for opening an account and $20.00 to be kept in the account.
Other Services Offered: We offer useful financial services such as an amortization calculator (on our website), skip-a payment options, debit cards, Outgoing ACHs, Incoming ACHs, Outgoing wires, Incoming wires, bill pay, gift cards and an audio response system for checking balances, making loan payments and checking cleared drafts.

To know more about the loans and services offered by by Greater Central Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX 76542 or call at 254-690-2274. You can also visit www.gctfcu.net

Secured Loans: What You Need To Know

What Is Direct Deposit?

Benefits Of Direct Deposit

In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.

Following is a list of benefits that direct deposit has to offer:

Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.

Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.