GCTFCU Blog | How To Choose A Savings Account?

Since many years, credit unions have become a preferred choice of people who are looking for affordable and reliable financial services. Though they seem similar to other organizations, membership at a credit union comes along with many additional benefits to maximize benefit for the clients. Whether you are looking for an affordable home/auto loan or looking for beneficial savings and investment options, credit unions can offer you the most liable solution.

Given below are some of the benefits of becoming a member of a credit union in Killeen, TX:

Low interest financing options

The most significant benefit of joining a credit union is that you can avail home and auto loans at low interest rates. Being a non-profit organization, credit unions are exempted from paying the state and federal taxes which allows them to offer affordable financing options. Also, there are no stakeholders to share the returns and all the profits are directly returned back to the members.

Easy application process

The process of applying a loan at a credit union is quite simple and straightforward. It does not involve extensive paperwork and the staff provides complete assistance through the entire process. You just need to fill out the form and submit the necessary documents. The processing charges and other fees are also minimal.

Quick loan approval

When you apply for a loan at a credit union, you can expect to get approval within a few days. In case of a secured auto loan, there are no rigorous background checks to be performed. The collateral provided by the borrower serves as a security against the loan amount. Therefore, such loans are usually approved within 48 to 72 hours.

Quality customer service

The staff at the credit union works with the sole purpose of providing convenient and superior services to the members. They provide personal attention to each client and help in resolving their queries regarding financial transactions. The customer service representatives are very knowledgeable and responsive to the clients’ concerns as well as feedback.

Volunteer board of directors

Unlike banks, credit unions are member owned and operated organizations. The board of directors are elected and nominated by the members every year. The board then formulates the policies and monitors the working of the credit union.
Equal rights

Being a member of a credit union makes you a part-owner along with the right to say in the governance matters. All members can share their opinion and provide suggestions regarding new policy, irrespective of the amount of money in their account.

No stringent rules on minimum account balance

Credit union members are not liable to maintain a minimum balance in their account. They have complete freedom to withdraw as much money they want from their account any time. Also, the checking and savings accounts are federally insured by the National Credit Union Administration (NCUA) to provide complete security for your deposits.

Dividend on savings

At the end of every year, credit union members are entitled to attractive dividends on their savings account. All the profits earned by the organization are returned to the members in the form of dividends and attractive loan rates.

Hassle free account access

Credit unions in Killeen have a well-developed ATM network that allows you to withdraw money anytime and anywhere. You can even avail personalized services during the office hours or opt for online account access to view your loan summary and the financial transactions related to your account.

Lifetime benefits

Credit union membership offers lifetime benefits. You can continue availing the financial services even if you change your job, or place of residence. Some credit unions even allow you to nominate your immediate family members to become a member and avail the same benefits.

Additional services

Apart from loans, credit unions also offer a wide range of other financial services to the members. Some of these include low rate credit cards, payroll deduction, ACH origination, direct deposit, notary service, MasterCard gift cards, wire transfer etc.

Be a member of Greater Central Texas Federal Credit Union to avail a wide range of financial services. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX 76542.

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