For millennials, financial management relies on cost reduction and higher financial rewards to a large extent. This could be the main reason due to which most of them gravitate towards credit unions for opening savings accounts and borrowing loans.
Reasons due to which credit unions are ideal for the millennial generation are:
- Good Returns: Most millennials seem to keep much of their assets in cash due to which they look for financial institutions that remain stable, in spite of market fluctuations. This ensures returns and favorable rates of interest on their deposits.
- More Personal Attention: Millennials love the personal attention bestowed on them in credit unions. They are able to enjoy this kind of attention because of the customer-friendly and member-oriented services of credit unions.
- Empowering: It is empowering to know that as a member of a credit union, one is also its owner. Each member contributes towards the growth and prosperity of other members via the funds deposited in the credit union. Millennials love such collaboration and also the freedom to take ownership of their finances.
- Non-Profit: Credit unions operate for the welfare of the community than the sole purpose of making profits. Millennials seem to resonate with this mode of operation and view credit unions as a reflection of charity organizations that give back to the community in the form of affordable loans, higher interest rates on savings and better deals.
- Operates Locally: The fact that the money of a community stays within that community goes well with millennials who look for ways to develop their local community. When the money stays within the community, it can be used for aiding in its growth and development.
Greater Central Texas Federal Credit Union offers a variety of financial services to its members. The range of services offered includes savings accounts, checking accounts, vehicle loans, online banking facilities, etc. For more details on reasons why millennials should open an account in a credit union, visit: 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact: (254) 690 – 2274.
Being non-profit and member-owned organization, a credit union offers a variety of financial services to its members at affordable rates. People consider credit unions to meet their financial goals because of their attractive rates and fees, sense of community, shared branching and personal services offered.
Here is a comprehensive list of services offered by credit unions to their members:
- Savings Accounts: Under a credit union, savings accounts pay dividend to members based on the amount deposited and the prevalent interest rates. Transfers out of savings accounts are limited as per the federal law but there is no limit to the number of deposits.
- Checking Accounts: These accounts offer the freedom to spend money without monthly limits. Members can gain access to their money via debit cards, online bill payment, writing a check and paying cash. The credit union pays interest on a members cash without any limits to the monthly transactions. Debit cards (offered for free), can be used to withdraw money from ATMs and make online payments.
- Certificates of Deposit: These deposits pay higher interest to the members, provided the amount deposited is not withdrawn for a specific period of time. They are considered as one of the safest investments that pay more interest. Users who want some freedom to withdraw money without being charged interest can avail other accounts such as Money Market Accounts.
- Loans: Credit unions offer members a variety of loans such as auto loans (secured and unsecured) and credit cards.
- Other Services: In addition to the above-mentioned services, credit unions also offer Outgoing and Incoming ACHs, Bill Pay, Gift Cards, IRAs (Traditional and Roth), Club Accounts (Christmas Club and Vacation Club), ATM services, Payroll Deduction, Overdraft Protection, etc.
Greater Central Texas Federal Credit Union offers a variety of beneficial services to its members. The member services include savings account, checking account, vehicle loans, etc. For further information on services offered by a credit union, visit us at 3305 E. Elms Rd., Killeen, TX – 76542. You can also call us at: (254) 690 – 2274.