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

Steps To Open A Credit Union Savings Account

28. October 2020 Administrator Blog (0)
A savings account is an important financial tool that assists the account owners in managing their financial goals in an effective manner. The interest earned on a savings account makes it a preferred way of saving funds. It also allows the account owners in availing the benefits of a variety of account services such as automated payments, direct deposit, etc.

Credit unions are a popular choice among people considering to open a savings account. Some common reasons behind this choice are higher interest rates, variety of account services, better member services, etc.

Here is a list of steps required to open a savings account at a credit union:

Check Eligibility: Every credit union has some eligibility criteria for members. Common eligibility criteria include area of living, profession, place of work, etc. For example, Greater Central Texas Federal Credit Union requires a person to live, work or worship within the portion of Bell County, Texas, west of Interstate 35. So, before opening a savings account in a credit union, it is important to check the eligibility for becoming its member.

Choose An Account Type: A credit union offers a wide variety of savings accounts to its members. Some common types of savings accounts include Share Savings Account, Money Market Accounts, Christmas Club, Vacation Club, Certificates of Deposit, and Individual Retirement Account. Ask the credit union staff about the features of every savings account type to choose an account type that meets your needs. Points to consider include:

  • Interest Rate
  • Minimum Balance
  • Monthly Fees
  • Account Services
Fill The Application: Ask the staff about the application process, opening balance and required documents. Provide the details required in the application. Credit unions may require identification proofs such as original Social Security Number and a picture id. Complete the application and recheck the filled information before submitting the application.

Make The Deposit: The credit union verifies the documents and application details. Once the details are verified, make the opening deposit as per the account requirements.

Greater Central Texas Federal Credit Union offers a variety of savings accounts to its members. The staff helps the members in choosing a suitable account type and understanding the application process. For more details on steps to open a savings 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 | Services Enjoyed By Members Of A Credit Union
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Services Enjoyed By Members Of A Credit Union

31. July 2018 Administrator Blog (0)
A credit union is a financial cooperative which is created, owned and operated by its members. They pool in money in the form of shares in the cooperative and use it to provide loans and other financial services to each other.
Members of credit unions enjoy a whole lot of services, some of which are enlisted below:

1. Services For Convenience: These services are provided to members of credit unions to save their time and increase efficiency. Most services are either completely free for the members or require a nominal fee. They include:
  • Online access
  • Direct deposits which make it convenient for members to receive their paychecks.
  • Notary service
  • Master Card cash advance
  • Wire transfer
  • Bill pay
  • ATM
  • ACH Origination
  • MasterCard Gift Cards
  • Checking accounts which facilitate free and unlimited check writing.
  • A Golden Apple Checking account for members above the age of 55 years. No minimum daily balance is required and members are not charged any fee for having money that falls below the minimum balance required.
  • Payroll deduction
2. Services Pertaining To Savings And Investments: The goal of a Credit Union is to help its members achieve their financial goals in the easiest and most cost-efficient ways. For this, credit unions help members save for retirement, college education of children, car etc. The following is a list of some savings and investment options that members of a credit union can avail:
  • Regular Share Savings Accounts: These require a nominal amount to start the account. Members are offered competitive dividend rates. The dividends are figured on a day-to-day basis and paid quarterly.
  • Share Certificates Of Deposits: The minimum amount of deposits required vary here. There are a variety of terms available for example minimum $1000 deposits and $6 month-$36 month terms. The Annual Percentage Yields are quoted on a weekly basis and interest is compounded quarterly.
  • IRAs: These comprise of Variable Rate Traditional and Roth IRAs. The Individual Retirement Accounts have great tax advantages. Roth IRAs help members make tax-free withdrawals on retirement.
  • Club Accounts: These consist of Christmas club and vacation Club accounts.
3.Lending Services: Credit unions offer various lending services to members to help them possess whatever they dream of, be it a new vehicle, a vacation to an exotic locale or even purchasing a dream home. They provide loans for New and Pre-Owned Vehicles at very competitive rates. Members are also assisted in the pre-approval on vehicle loans.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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