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

Reasons Why Millennials Should Open An Account In A Credit Union

13. January 2020 Administrator Blog (0)
For millennials, financial management relies on cost reduction and higher financial rewards to a large extent. This could be the main reason due to which most of them gravitate towards credit unions for opening savings accounts and borrowing loans. 

Reasons due to which credit unions are ideal for the millennial generation are:

  • Good Returns: Most millennials seem to keep much of their assets in cash due to which they look for financial institutions that remain stable, in spite of market fluctuations. This ensures returns and favorable rates of interest on their deposits. 
  • More Personal Attention: Millennials love the personal attention bestowed on them in credit unions. They are able to enjoy this kind of attention because of the customer-friendly and member-oriented services of credit unions. 
  • Empowering: It is empowering to know that as a member of a credit union, one is also its owner. Each member contributes towards the growth and prosperity of other members via the funds deposited in the credit union. Millennials love such collaboration and also the freedom to take ownership of their finances.
  • Non-Profit: Credit unions operate for the welfare of the community than the sole purpose of making profits. Millennials seem to resonate with this mode of operation and view credit unions as a reflection of charity organizations that give back to the community in the form of affordable loans, higher interest rates on savings and better deals.
  • Operates Locally: The fact that the money of a community stays within that community goes well with millennials who look for ways to develop their local community. When the money stays within the community, it can be used for aiding in its growth and development.
Greater Central Texas Federal Credit Union offers a variety of financial services to its members. The range of services offered includes savings accounts, checking accounts, vehicle loans, online banking facilities, etc. For more details on reasons why millennials should open an account in a credit union, visit: 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact: (254) 690 – 2274. 

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GCTFCU Blog | How Do Credit Unions Work
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How Do Credit Unions Work

30. October 2018 Administrator Blog (0)
Credit unions are financial cooperatives comprising of members who pool their money which is further used to provide loans, financial products and services, and demand deposits to one another. The income generated by a credit union is used for various projects and services that are in interest of community and members of the union.
On the surface, credit unions have many similarities with other financial institutions, but they greatly differ in their working. To understand the working of credit unions, let’s look at the following points:
  • They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this:
    • You should live, work or worship in a particular city or area,
    • Be a member of a certain group e.g. the same college, armed forces, a church, etc.
  • You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.
  • Thereafter you will have to choose the financial services you are interested in.
  • Once you are eligible for being a member of the credit union, the next requirement is to open an account with it.
  • Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF).
  • They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.
  • Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products.
  • Most credit unions offer savings and loan accounts to their members along with other additional products and services.
  • Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.
You can become a member of Greater Central Texas Federal Credit Union to avail the services offered. For more information, visit at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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