GCTFCU Blog | Facts About Credit Union

Although credit unions may seem to be almost similar to other financial institutions, but the people having its membership can easily see the difference between the two. Being a non-profit organization, credit unions offer a lot of benefits to its members that are usually not provided by the banks.

Given here are some of the perks you can enjoy with a credit union membership:

Lower Fees And Better Rates: Credit unions operate with the sole objective of working for the welfare of their members. All profits that they earn are returned in the form of lower rates of interests, better services, and minimum fees.
Volunteer Board of Directors: Unlike banks, the functioning of credit unions is administered by a volunteer board of directors. When a member opens an account, he/she is immediately given certain share in the credit union. Every member has an equal say in the governance matters, regardless of the size of their account.
Board Elected By Members: Every year, the credit union conducts elections where the members are free to choose who would be serving on the board of directors. The elected members, then, formulate and implement the policies of the credit union.
Flexible And Convenient Loans: Members of a credit union can avail convenient home and auto loans with easy repayment options. Also, filing for and getting approved for a loan is a very easy process. It does not involve much paperwork and the application is approved within a few days.
Dividend On Savings: The profits earned by a credit union are usually returned by way of attractive dividends on the savings account of the members. The dividend rate may vary from year to year.
Members Have Common Interests: Members of the credit union share a common bond of owning a share in the union. To be a credit union member, the individual must fulfill certain eligibility criteria, such as area of employment, place of residency or affiliations with other institutions. This implies that each of them holds something in common.
Convenient Access To Your Money: Most credit unions offer online account access so that the members can easily view complete summary of their financial transactions. Thus, you either opt for 24X7 access or personalized services during the office hours.

Greater Central Texas Federal Credit Union is a leading credit union offering affordable financing services to the people of Killeen, TX. To know more about our credit union, call us at (254) 690 – 2274.

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