Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Things Millennials Consider While Opening An Account In A Credit Union

19. May 2020 Administrator Blog (0)
Credit unions are a popular option among millennials considering to open an account. The main reason behind the popularity of credit unions is that they offer suitable financial solutions which are in line with the financial requirements of the millennials.

When opening an account in a credit union, important things that millennials take into consideration are:

  • Personalization: One of the most important things for millennials in a financial institution is the degree of personalization offered. They want a credit union to understand their needs beyond the financial preferences and provide them with personalized information and offers. They require support for financial planning in the form of a customized financial plans that offer flexibility and convenience.
  • Protection: Data privacy is a huge consideration for millennials, and they want to know how their data and personally identifiable information is being used by a financial institution. Credit unions are known to be transparent with the data of their members and use the same to enhance their services.
  • Mobility: Millennials look for mobility in financial transactions in the form of digital options that promote self-service. In addition to a convenient physical location of a credit union, they also want the convenience of online financial services. Online services offered by credit unions include bill pay, direct deposits, account opening, online loan application, etc.
  • Community Benefits: A credit union’s social responsibility in the form of social programs, local drives, and community enrichment programs helps foster trust and loyalty towards it among millennials. Most millennials are dedicated to community service and appreciate financial institutions with the same spirit.
  • Customer Service: A customer-friendly environment is an attribute of credit unions that appeals to millennials. Credit unions are in a better position to provide great customer service and personal attention as they have a limited number of members.
  • Fees And Interest Rates: Most credit unions offer checking accounts with low monthly fees and convenient requirements related to deposits and transactions. They also offer competitive interest rates on savings accounts, credit cards, and loans.
  • Financial Education: Millennials prefer to seek financial literacy from credit unions. Credit unions assist their members in making smart financial decisions.
Greater Central Texas Federal Credit Union offers a variety of financial services to millennials. The officials help members to open an account with the credit union. For more information on opening an account in a credit union, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.

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GCTFCU Blog | Benefits Of Using A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Benefits Of Using A Credit Union

26. October 2016 Administrator Blog (0)
Over the years, credit unions have emerged as a safety refuge for people who wish to save money as well as earn interest out of their savings. These are not-for-profit institutions that aim at keeping the members first. They offer a wide range of financial services, membership benefits and attractive policies which sets them apart from other financial institutions.

Discuss below are some benefits of using a credit union:

Superior service that keeps members first
Credit unions are financial cooperatives that are owned by the members. Their aim is not to make big profits for stockholders, but to provide financial assistance and customer service to the shareholders. The credit unions take an extra step where they involve the members to vote on the new policies and take account of the suggestions.

Credit unions offer lower interest rates
Owing to their not-for-profit status, credit unions offer high rates on savings account and lower rates on loans as well as credit cards. These rates are competitive and promote savings. Thus, you can enjoy lower rates on your credit cards, house loans and auto loans while you can earn a higher rate of interest on savings and cash deposits.

No minimum balance constraint
Unlike other financial institutions, a credit union does not have to maintain a minimum balance or cash reserve ratio. Thus, it is not mandatory for the account holders to maintain a minimum balance in their financial account. This feature allows customers to withdraw all or keep no money in their account.

Flexible fees
Credit unions are very flexible when it comes to charging fees. They usually aim at charging less and keeping the costs low for the members. They prefer to eliminate a few products and services in order to cut costs, rather than piling up on the fees.

Easier access to cash
Credit unions have come up with the CO-OP ATM network and a shared branch alliance. This includes surcharge-free cash machines and shared branching that gives members the ability to conduct in-person transactions at a larger number of branches across the state. Also, these CO-OP ATMs do not charge any transaction fee.

Friendly and cooperative staff
The staff at credit unions is friendlier and more cooperative as compared to other financial institutions. They are also easily accessible to address your queries and concerns regarding any financial matter. They only invite members who are local and thus are comparatively smaller. This allows them to be well connected with their surroundings and better at giving feedback.

Provides loan regardless of credit history
This is another major benefit of being a member at a credit union. These institutions are willing to provide quick loan approval to people regardless of their credit history. They also offer programs that help you manage your budget and unexpected expenses.

The Add-Ons
A more attractive feature of opting for a credit union is the additional products and services they offer, besides financial services. You may come across some credit unions that have provisions like individual health insurance and financial advisory services. They aim at community service and providing financial education.

All in all, credit unions prove to be community friendly and more welcoming when it comes to providing financial services to the local people. They offer a lower interest rates, and fee -free ATM transactions. Thus they work on a different and more welcoming business model, which makes them customer friendly.
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GCTFCU Blog | 72 Month Auto Financing For Used Car
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

72 Month Auto Financing For Used Car

7. August 2012 Administrator (0)

If you are ready to make the big purchase of a car, but aren’t sure whether you will be able to pay the loans, a 72-month used car loan is an option worth considering. This loan is particularly useful for those who have a low monthly income, and would not mind a prolonged repayment period. Since it’s a 6-year period that we are talking about, this is not a decision to be plunged into without careful deliberation. It is more important than ever to ensure that you are getting the best possible rate of interest in a 72-month loan, as this will make a big difference to the final amount that you end up paying over the loan’s period.
Benefits-

  • Low monthly payments- Since the loan is being distributed over a long period, the result is lower monthly payments, which are likely to be easy for you to keep paying on a low income. The budgeted installments make the eventually higher long-term payment worth it, decreasing the likelihood of overdraft fees.
  • Option to generate an income- Over the long period of a 72 Month Auto Financing, you can use the car to run a lucrative business, hence generating enough income to compensate for the extra cost incurred in the loan.
  • Refinancing- If the changes in the US prime lending rate are favorable down the lane, you might benefit from refinancing your used car after a few years.

It is thus evident that a 72-month auto loan is a great option for a buyer with a low monthly income, for whom a used car is going to be the major investment over the next few years. The fixed rates of interest on such a loan, when combined with the low monthly installments, take the pressure off the borrowers, helping them to navigate a plan for the future.

Requirements-

  • Credit history- Since this loan relies on you being able to make regular payments over a long period of time, a good credit score will work in your favor to get a low rate of interest on such a loan.
  • Down payment- It is advisable to make as high a down payment as possible, as not only does this lower your monthly installments, but it also helps in getting a more favorable rate of interest.
  • Proof of income- In order to be eligible for a 72-month auto loan, you shall have to submit proof of a regular source of income, so that the lender can be assured of your ability to make the monthly payments in time.

To procure instant 72 Month Auto Loan in Central Texas, visit us at Greater Central Texas Federal Credit Union. We are located at 3305 E Elms Road, Killeen, TX 76542. You can also call us at 254-690-2274.

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