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

What Can You Do At A Credit Union?

26. March 2020 Administrator Blog (0)
If you are looking for financial services like opening a savings account, applying for a loan or paying bills without any hassle, you should consider visiting a credit union. These non-profit organizations are owned by their members/account holders. Credit Unions provide a plethora of financial services at attractive rates/fees and are federally insured by the National Credit Union Share Insurance Fund.

You can avail following services as a member of a credit union:

  • Savings Account: You can open a savings account to keep your cash safe while you earn interest. However, there are certain limitations on transfers from a savings account in a credit union.
  • Checking Account: Credit union checking accounts let members spend their money without any limits on payments. They can access cash from the credit union via debit cards, online bill payment, writing a check, etc.
  • Certificates of Deposit: These are a form of savings solution that pays members more than regular savings accounts. However, the pre-condition for this is that the customer has to leave his money in the account for a fixed amount of time. For customers who want some flexibility, some credit unions offer them money market accounts that allow them to access their funds throughout the month and enjoy high rate of interest.
  • Loans: Credit unions offer auto loans and various other secured loans to their members. Auto loans are popular amongst credit unions due to their competitive rates of interest and thriving relations of credit unions with local dealers.
  • Other Services: Most credit unions provide other services such as Direct Deposit, Payroll Deduction, Bill Pay, ATM, Notary Service, On-line access, Wire Transfer, etc. 
Greater Central Texas Federal Credit Union offers a variety of services to help it’s members reach their financial goals. The services offered to the members include secured loans, savings accounts, checking accounts and various online banking facilities. To know more about what can you do at 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 | Reasons To Open A Roth IRA
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Reasons To Open A Roth IRA

23. August 2018 Administrator Blog (0)
Roth IRAs are individual retirement accounts which promise tax-free income on retirement. Roth Individual retirement accounts are the best option for those interested in lower taxes and more retirement savings. Thus, you save after paying your taxes. It is a great form of investment for people of all ages. In addition to the tax advantage, Roth IRA’s allow you to use the money for different purposes other than as a retirement fund without being taxed or charged for the same. You can visit a nearby credit union for more information on Roth IRA’s.

If you are wondering whether a Roth IRA is a good investment option for you, here are some reasons in favor of this investment option:

  • Easy Withdrawal: The best thing about Roth IRA’s is that there are no restrictions on withdrawing money like in other retirement plans. You are free to withdraw any amount of money at any time for any purpose. This is helpful in case of emergencies when you might need quick cash.
  • Tax-Free Retirement Income: You are not expected to pay any taxes on the amount saved for decades. That translates into tax-free income in retirement. Credit unions offering Roth IRAs, charge tax only at the time of making the deposit but not at the time of withdrawing the principal amount and earnings. This also protects investors from future income tax raises.
  • Benefits To Your Heirs: Roth IRA’s are not only beneficial for you, but also for your heirs. The money in your account can be used by your heirs as tax-free income for the rest of their lives. However, the heirs will be subject to minimum distributions depending on their age at the time of the original account holder’s demise.
  • No RMDS (Required Minimum Distributions): Roth IRA’s do not impose any restriction on making contributions after a certain age (70 ½ years). Investors can keep on adding to their Roth IRA accounts irrespective of how old they get. They are not required to take distributions and pay taxes.
  • No One-Time Investment Amount Required: With Roth IRA’s there’s no pressure to invest a huge sum of money in one go. Most credit unions these days encourage members to pay steadily and comfortably by setting up automatic deposits. So you are saving without making much effort on your part.
For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542 or call at (254) 690 – 2274.

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