GCTFCU Blog | Things Millennials Consider While Opening An Account In A Credit Union

Things Millennials Consider While Opening An Account In A Credit Union

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.

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.

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