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

Overdraft Facility by GCTFCU Benefits

Overdraft Protection is a credit service offered by credit unions to provide monetary coverage in case of insufficient funds in the account. An additional amount is transferred, thereby allowing you to complete a transaction without any glitch. Let’s explore some benefits of opting Overdraft Facility. 

Successful Transactions 

With overdraft facility, a person is able to complete ATM and debit card transactions, even ifthe account is short on money. It prevents transactions from getting declined and provide immediate financial support. A person is saved from penalties which are imposed owing to negative balance in the account.

Availability of Funds in times of Emergencies

Overdraft Protection gives coverage and financial support during emergencies or temporary economic distress. Overdraft protection allows an access to funds which can be used during sudden monetary exigency. 

No Bouncing Checks

Overdraft facility prevents your checks from getting bounced. It saves a person from paying bounced check fees and helps to maintain good credit report.

Services under Overdraft Protection

Greater Central Texas Federal Credit Union offers Overdraft Protection in two different ways; standard overdraft practices that come with your account and Overdraft Protection through a link to your savings account. The standard overdraft practices that come with your account: checks and other transactions made using checking account number and automatic bill payments. Under standard overdraft practices Greater Central Texas Federal Credit Union will charge a fee of up to $30 each time the credit union pays on your behalf. 

Greater Central Texas Federal Credit Union is a member-owned cooperative which has been helping people with their financial needs since 1957. Our member services include Direct deposit, Payroll deduction, Notary Service, MasterCard Cash Advance, On-line access, MasterCard Gift Cards, Wire Transfer, ACH Origination, Club Accounts, Credit Card, Bill Pay, ATM and automatic transfer services, etc. Our lending services include New and Pre-Owned Vehicle Loans, Pre-Approval on vehicle loans, Secured & Unsecured loans.  Greater Central Texas Federal Credit Union works within the area of Bell County, Texas, west of Interstate 35.

For further details, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at our website. Call us: (254) 690 - 2274
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GCTFCU Blog | How Credit Unions Facilitate Financial Growth?
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Credit Unions Facilitate Financial Growth?

Credit Unions are member-centric, non-profit financial cooperatives that provide services to promote the financial well-being of their member community. They provide various savings options, low-cost loans, deposits, and a range of services to their members.

Here are some points that lay emphasis on the contribution of Credit Unions in Financial Growth:

Facilitates Economic Transactions

Credit unions offer financial services to foster economic independence while improving the quality of living in the region. Their savings, investment & lending services enhance economic productivity and protect against financial vulnerabilities.

Savings

A savings account allows depositing funds with safety assurance. It helps you to manage finances, and save for the future without locking the money away for a longer period of time. Depositing money on a regular basis enables your money to grow over time and keeps you prepared for unexpected expenses. Credit Unions offer better interest rates on savings to help their members achieve personal financial goals.

There are multiple savings account options available at Greater Central Texas Federal Credit Union to suit the specific financial needs of its members:  Share Savings Account, Checking Account, Certificates of Deposit, Money Market Accounts, Individual Retirement Account, Christmas Club & Vacation Club.

Savings accounts improve the financial health of community members resulting in better financial security.

Lending Options

Credit unions offer numerous lending options at lower rates. These financial services assist members to fulfill financial obligations, meet working capital needs, purchase assets, pursue education and help to elevate the economic status of members of the community. Credit union works for the financial betterment of the community; adding value to financial growth and sustainability. Lending services offered by GCTFCU include New and Pre-Owned Vehicle loans, Secured & Unsecured loans, and Credit Builder loan.

Overdraft Protection

Overdraft Protection is a product that offers financial coverage in case of insufficient funds in the account. An additional amount is transferred to cover a transaction thus, providing cash when needed.

Financial Counselling

Credit unions often provide financial counseling led by local experts. They assist their members in taking investment decisions, thereby stimulating the financial growth of the whole community.

Additional Services

Services like Direct deposit, Payroll deduction, Notary Service, MasterCard Cash Advance, Online access, MasterCard Gift Cards, Wire Transfer, ACH Origination, Bill Pay, ATM and automatic transfer services are available for the members.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union offers multifarious savings, investment & lending options to its members in Killeen, TX. For more details on financial growth facilities offered by a credit union, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at www.gctfcu.net
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GCTFCU Blog | Home Loan: Checklist For Borrowers
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Home Loan: Checklist For Borrowers

More and more homebuyers are considering credit unions for their home loan needs. A credit union is more considerate towards the financial needs of its members. Thus, it offers loans at competitive interest rates and easy repayment options. The procedure is very simple, quick and requires least paper work.

Here is a checklist you need to consider before applying for a home loan.

Documents: You may be required to provide some legal and financial documents to apply for home loan through credit union. These documents include:

  • Sale Agreement: Before you apply for a home loan with your credit union, it is requisite to have the sale agreement or evidence of deposit. You will need to provide the registered title and location of the relevant property for the pre-approval procedure.
  • Salary Verification Letter: Whether you are a salaried person or self-employed, you need to provide your salary and income verification letter. You need to furnish pay stubs for at least a month’s period for the loan. You also need to attach the recent W-2 statements.
  • Tax Returns: To apply for the home loan, the credit union requires you to provide your completed tax returns including schedules and statements. You need to offer certificate of payment of taxes.
  • ID proof: You must add a copy of your date of birth certificates along with other ID proofs, as they are crucial for the verification of the identity.
  • Attach Credit Report: Your credit score is an important deciding factor, as it will determine the amount of loan that you can borrow from the credit union and the rate of interest that you will have to pay. Check your credit file before applying for the home loan.
Assess your ability to repay: Failure to pay the loan amount can lead to penalties and it will have adverse effect on your credit score. Make sure you have the ability and a steady source of income to ensure that you can repay the amount.

Choose the right loan period: Depending upon your budget, choose your loan period. If you choose a longer period, you may have to pay less every month, but the rate of interest may be higher, so decide the loan period accordingly.

Compare the prices: While applying for a home loan, you need to pay initial valuation and legal fee, which is included in APR, so compare the costs and fee to get the best deals.

We, at Greater Central Texas Federal Credit Union provide home loans at affordable interest rates. For more information, visit us at 3305 E. Elms Rd., Killeen, TX  76542 or call at (254) 690 – 2274
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