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

Products & Services Offered By Greater Central Texas Federal Credit Union

15. July 2019 Administrator Blog (0)
The Greater Central Texas Federal Credit Union is a member-owned cooperative that was formed in 1957 with the goal of providing financial assistance at affordable rates to its members. The profits of the credit union are exclusively used to provide quality services and lending solutions to its members.

Following are the products and services offered by Greater Central Texas Federal Credit Union:

  • Checking Account: Members can open checking accounts with the credit union to avail facilities like free and unlimited check writing, ATM transactions, VISA Debit transactions and the convenience of E-Statements. Members above 55 years of age can open a Golden Apple Checking Account that offers benefits like no minimal daily balance requirement.
  • Low Interest Loans: The credit union offers secured loans for new & pre-owned vehicles at competitive rates to its members. Also, members can apply for unsecured loans at a low Annual Percentage Rate (APR).
  • MasterCard: Members of the credit union are also entitled for regular MasterCard, Gold MasterCard and Platinum MasterCard. The cards are offered at fixed rates and no annual fee is charged.
  • Savings Accounts: Greater Central Texas Federal Credit Union offers a variety of savings accounts to its members. Some of these include Tiered Money Market accounts, Vacation and Christmas Club, Certificates of Deposit and Variable Rate IRA’s.
  • Electronic Services: Members can sign up for online access to their accounts. This allows them to monitor their accounts and make transactions anytime for convenient banking experience. By signing up for electronic services, they can pay their bills online with Bill Pay + at a minimal monthly cost. The electronic services are offered free of cost to members above 55 years of age. These services equip members to make MasterCard payments using their phone or computer through internet. To initiate the service, members can call the Card Services at the number provided on the credit union’s website.
  • Other Services: In addition to the above-mentioned products and services; the credit union also provides services like check reordering, an online loan calculator, payroll deduction, direct deposit, wire transfer, ACH origination, ATM services, MasterCard cash advance, MasterCard gift cards, notary service and more.
Every account in the credit union is insured by the National Credit Union Administration (NCUA) up to a set limit.

Greater Central Texas Federal Credit Union offers an array of financial solutions such as savings accounts, secured loans, etc. to assist its members. To know more about the products and services offered by the credit union in Killeen, call at (254) 690 – 2274. You can also visit the credit union at 3305 E. Elms Rd., Killeen, TX - 76542.

Common Advantages Of Credit Unions

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Services Offered By A Credit Union

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Why Credit Unions Are Important For The Community

17. June 2019 Administrator Blog (0)
The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

  • Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
  • Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
  • Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
  • Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
  • A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
  • Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
  • Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.
Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

Why Good Credit Matters

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Ways To Get Out Of Debt

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Reasons To Borrow Secured Loan

17. May 2019 Administrator Blog (0)
Secured loans, also referred to as collateral loans are backed by an asset (usually a home or car) that is pledged as security to the lender. You can also get a secured loan against your savings account, a certificate of deposit or anything of value. In case the borrower is unable to return the loan, the lender has the right to take possession of the collateral and sell it to compensate for the unpaid amount. Lenders often seek collateral that is of a greater value than the amount of loan.

Common types of secured loans are mortgages, secured credit cards, secured personal loans and home equity loans. Secured loans offer numerous benefits to the borrower, some of which are listed below:

  • Enhances Credit Rating: Secured loans are easy to acquire even if the borrower’s credit rating is low. However, a borrower can work towards building his credit score over time by making timely payments towards his secured loan.
  • Lower Interest Rates: Another major reason for borrowing secured loans is their rate of interest. Since the loans are secured with a collateral, lenders feel more confident and may disperse loans at lower interest rates.  
  • Flexible Terms: Borrowers who avail secured loans enjoy flexible repayment terms. A consumer can choose a repayment schedule that suits his financial circumstances. The repayment terms may be as long as 30 years. Lenders offer longer terms because real estate pledged as security, usually appreciates over time and this adds to the value of collateral while the loan is being repaid.
  • Usage: Secured loans can be used for a variety of purposes provided the purpose is legally valid. A consumer can use the money for investing, home improvement, weddings, funeral expenses, moving expenses, etc.
  • Larger Loans: With secured loans, borrowers enjoy the benefit of being able to borrow larger amount of money for a longer duration. This is because of collateral in the form of tangible assets guaranteed to the lender by the borrower. Lenders know that if for any reason the borrower defaults to pay back the loan amount, collateral can be sold to recover the unpaid amount of loan.
  • Easy To Acquire: The main requirement for a secured loan is collateral. Thus, if you have collateral in the form of a valuable asset such as a piece of real estate, a car, precious jewelry, a house or deposited cash, you can easily acquire a secured loan.
Greater Central Texas Federal Credit Union offers affordable secured loans to its members in Killeen. The loan officers at the credit union help the members in choosing loan amount and terms as per their financial situation. To know more about secured loans in Killeen, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX - 76542.

Savings Accounts Offered By GCTFCU

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How Does A Credit Union Work

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Credit Union Terms

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A credit union is a financial cooperative that is created, owned and operated by its members. It provides credit at competitive rates in addition to a plethora of financial services to its members.

Following is a list of some terms that are commonly used in credit unions:

  • Account Agreement: The agreement that determines membership eligibility, conditions for share accounts and other banking operations.
  • Accrued Interest: Interest that is due but has not yet been paid to an account holder of a share account. It can also be due interest that has not yet been paid to the credit union by borrower of a loan.
  • Adjustable-Rate Mortgage: A mortgage without a fixed interest rate. The rate fluctuates on the basis of market conditions such as index rate.
  • Annual Percentage Rate: Percentage indicating the cost of credit on a yearly basis.
  • Annual Percentage Yield: A percentage indicating the total amount of interest paid on a share account. The amount is based on the interest rate and frequency of compounding for the year.
  • Annuity: Life insurance contract sold by brokers, insurance companies and other institutions as retirement investment.
  • Automatic Bill Payment:  An automated system for an account holder to pay recurring bills.
  • Available Credit: The remaining amount of funds in a line of credit or account that a member can borrow.
  • Closing Costs: Expenses incurred by sellers and buyers when transferring the ownership of property.
  • Collateral: Assets offered by a borrower for securing a loan or some other form of credit.
  • Drawer: A person/entity who writes a check or draft asking the drawee to pay another.
  • Drawee: The credit union or financial institution expected to pay a check or draft that is presented for payment.
  • Escrow: The act of holding money or documents by a neutral third party prior to closing the property.
  • Foreclosure: Legal process of selling property and using the proceeds for covering a mortgage debt.
  • Open-End Credit: A credit agreement allowing members to borrow against pre-approved credit line for purchasing goods and services.
  • Overdraft: When the amount in an account falls short of the amount being withdrawn from a checking account or share draft account.
  • Payee: A person or organization to whom a check, draft or note is made payable.
  • Payoff: Complete repayment of a loan.
  • Share Draft Account: Checking accounts are called share draft accounts by credit unions. They are transaction accounts.
  • Uncollected Funds: A part of a deposit balance that is due to be collected by the depository financial institution.
For more information, visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd., Killeen, TX-76542 or call at (254) 690 – 2274.

GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

How To Apply For A Vehicle Loan Through A Credit Union

22. February 2020 Administrator Blog (0)
Getting a vehicle loan from a credit union helps customers to save money in the form of interest and fees. Credit unions are known for offering vehicle loans at lower interest rates and charging minimal fees during the process of loan documentation and loan application. They also offer customer-friendly loan approval policies.

Some important points to keep in mind when applying for a vehicle loan via a credit union are:

  • Membership: In order to be eligible for a vehicle loan from a credit union, you should be a member of the same. Credit unions cater to a specific group of individuals i.e. those who have met the membership requirements. The membership criteria are simple e.g. work in a specific agency/company, members of a specific organization/group, residents of a specific municipality or location, or members of a specific ethnic group. Research on the requirements of the credit union and check how you can fulfill the same to enjoy the benefits of membership.
  • Credit: Credit unions offer affordable interest rates on new and used vehicles to members who exhibit creditworthiness prior to applying for a loan. If as a member of a credit union you can maintain good credit, you can enjoy competitive vehicle loan packages in terms of rate of interest.
  • Other Factors: The interest rates on vehicle loans by credit unions depend on the area, kind of vehicle, down payment, credit score and other eligibility criteria as stated by the loan officers.
  • Loan Application: When applying for a vehicle loan at a credit union, you will have to fill a loan application. The application will require information pertaining to your state of residence, type of application (individual credit, joint credit with spouse or with someone else), amount of loan required, purpose of the loan, whether it is a refinance, preferred method of payment, frequency and number of payments, information about collateral, personal information, etc. After filling the required information, you will be asked to review it before submitting.
  • Loan Processing: After applying, you will have to wait for it to be processed. You may have to pay a nominal processing fees.
Contact the loan officers at Greater Central Texas Federal Credit Union to apply for a vehicle loan. The credit union offers vehicle loans on both new and pre-owned vehicles. Members of the credit union can enjoy low-interest on vehicle loans. For more details on how to apply for a vehicle loan through a credit union, visit at 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.

How Credit Unions Operate

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Direct Deposit Services By A Credit Union

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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. 

Requirements To Join A Credit Union

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Tips For Saving On An Auto Loan

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Services Offered By Credit Unions

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Being non-profit and member-owned organization, a credit union offers a variety of financial services to its members at affordable rates. People consider credit unions to meet their financial goals because of their attractive rates and fees, sense of community, shared branching and personal services offered. 

Here is a comprehensive list of services offered by credit unions to their members:

  • Savings Accounts: Under a credit union, savings accounts pay dividend to members based on the amount deposited and the prevalent interest rates. Transfers out of savings accounts are limited as per the federal law but there is no limit to the number of deposits.
  • Checking Accounts: These accounts offer the freedom to spend money without monthly limits. Members can gain access to their money via debit cards, online bill payment, writing a check and paying cash. The credit union pays interest on a members cash without any limits to the monthly transactions. Debit cards (offered for free), can be used to withdraw money from ATMs and make online payments.
  • Certificates of Deposit: These deposits pay higher interest to the members, provided the amount deposited is not withdrawn for a specific period of time. They are considered as one of the safest investments that pay more interest. Users who want some freedom to withdraw money without being charged interest can avail other accounts such as Money Market Accounts.
  • Loans: Credit unions offer members a variety of loans such as auto loans (secured and unsecured) and credit cards.
  • Other Services: In addition to the above-mentioned services, credit unions also offer Outgoing and Incoming ACHs, Bill Pay, Gift Cards, IRAs (Traditional and Roth), Club Accounts (Christmas Club and Vacation Club), ATM services, Payroll Deduction, Overdraft Protection, etc.
Greater Central Texas Federal Credit Union offers a variety of beneficial services to its members. The member services include savings account, checking account, vehicle loans, etc. For further information on services offered by a credit union, visit us at 3305 E. Elms Rd., Killeen, TX – 76542. You can also call us at: (254) 690 – 2274. 

How Car Financing Works

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How To Qualify For An Auto Loan

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Why Is Secured Loan A Good Option

21. November 2019 Administrator Blog (0)
A loan that is backed up by any collateral is known as a ‘Secured Loan’. Collateral can be in the form of a financial asset owned by the borrower such as a house, car, precious jewelry, commercial property, etc.

Reasons for which secured loans are considered an effective way to borrow money from Credit Unions are:

  • Rate Of Interest: Credit unions offer secured loans at competitive interest rates. Secured loans typically have fixed interest rates so, a borrower’s monthly payments remain consistent in spite of changes in market trends.
  • Bigger Loan Amount: The borrowers can apply loan for a larger amount provided collateral is satisfactory. This makes a secured loan apt for large investments such as purchasing a new or used car.
  • Improves Credit: These loans help borrowers with low credit ratings to improve the same over time. As a borrower repays a secured loan according to the schedule set out by the loan officer, a positive track record is established and the credit score improves. A secured loan also improves credit score by lowering your credit utilization ratio.
  • Flexible Terms: Those who borrow secured loans enjoy flexible terms of repayment as per the options offered by the credit union. The term of the loan can be set to match the financial circumstances of the borrower. These loan term may range from a few years to a longer stretch.

Greater Central Texas Federal Credit Union offers secured loans to its members. In order to be a member of the credit union; the applicant should live, work or worship within the area of Bell County, west of I-35. The credit union provides secured loans at competitive interest rates. The loan can be used to buy new or used cars. The credit union members are also offered the option to apply for the loan online. The loan officers assist the applicants in understanding the loan process to help them choose suitable loan amount and terms. To know more about why secured loan is a good option, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at: (254) 690 – 2274.