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

Checklist Before You Visit A Credit Union

29. January 2018 Administrator Blog (0)
Credit unions are highly preferred by many due to their lower cost of borrowing. They are owned by the members and adopt a personal approach towards their loans. They are non-profit cooperatives whose main goal is to provide the members with financial services.

1. Fit Into The Criteria For Membership
The first thing you will have to ensure is that you fulfill the requirements of becoming a credit union member. These requirements may vary amongst different credit unions. Find out what your local credit unions requirements are and get them fulfilled in order to become a member and avail low interest loans.

2. Demonstrate Credit Worthiness
It is imperative to work on your credit scores before visiting a credit union. You will be required to show a proof of good credit before being considered as a member. The low interest rates come at a price of a good credit record as credit unions have to be assured that the loan will be repaid.

3. Prepare Your Documents
You are required to submit documents for opening an account with any credit union. You should seek a list of documents required and prepare all of them before visiting.

However, following is a list of some basic documents that almost all credit unions ask for -
   
  • Identity proof
  • Address proof
  • Date of birth proof

4. Make Arrangements To Fulfill Minimum Balance Requirement
Most credit unions expect a modest opening deposit depending on whether it’s a savings or checking account. Members are expected to maintain some minimum balance in their accounts. Non compliance may lead to additional monthly service charges.

5. Compare Your Options
Before picking a credit union, do some research on the products, services and rates they offer. Look out for what suits your specific requirements. You might even have to overlook factors such as the location of branch and working hours. Nowadays a lot can be done on mobile devices. Always be aware of the protection you are being offered by a credit union and the limits on that protection if any.

Greater Central Texas Federal Credit Union is a member owned cooperative that started in 1957. The loans offered by us are flexible and customized to suit the financial interests of our clients. For more information about our services, visit us at 3305 E. Elms Rd., Killeen, TX 76542 or call us at (254) 690-2274.

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