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 | How A Credit Union Helps You Save Money
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How A Credit Union Helps You Save Money

27. February 2018 Administrator Blog (0)
Credit union is a non-profit organization which is owned & controlled by account holders. There’s always a common link between the members of a credit union. They could be working in the same company, going to the same church, living in the same community etc. Profit earned from the union is re-invested into the organization or used to fund its members.

Borrowing from a credit union can help you save money in the following ways:

• Lower Costs
Instead of making profits, credit unions focus on providing better products to their members at low costs. So, they charge nominal fees for their services. The amount charged is just to cover their costs of operation. This is done to ensure that in the long term you end up saving more money by shelling out less in the form of interest rates and service charges.

• Higher Interest Rates On Savings
Credit unions offer high interest rates on savings accounts. The amount of interest that adds up over time is directly a part of your savings. This will increase your savings substantially.

• Lower Interest Rates On Loans
With a low rate of interest, borrowing from credit union becomes a great option for cutting down one’s expenses. It is easy to accommodate interest payments of such loans into one’s monthly budget.

• Convenient Auto Loans
Getting an auto loan via a credit union is a great way of reducing the payouts of monthly installments. They encourage members to make higher down payments which reflect in lower monthly expenses and interest rates. Members can also choose shorter tenure periods for the loans consequently saving on their interest costs.

• Easy Approval
Members of credit unions can easily get pre-approved for the loan. They generally approve the loan application within 24 - 48 hours of document verification. The whole process is quite flexible & hassle free.

• Budgeting Assistance
The welfare of its members is pivotal for any credit union. The loan officers at the credit unions work in tandem with their members and offer assistance in finding a loan that best works for them.

Credit unions are a great option for loans as they follow an easy and stress free process. The staff assists the members in all aspects of loan application process. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274 or log on to https://gctfcu.net/

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