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.

Benefits Of Opening An IRA With The Credit Union

21. October 2020 Administrator Blog (0)



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Checklist For Getting An Auto Loan From A Credit Union

23. September 2020 Administrator Auto Loans (0)
Are you looking for an affordable and convenient source of credit for a vehicle? If yes, you should consider visiting a nearby reputed credit union for a better and detailed insight into auto loan financing. Credit unions are convenient and time saving financial institutions catering to all sorts of financial requirements of their members.

Listed below is a checklist for anyone interested in an auto loan from a credit union:

  • Determine Your Budget: Start with making a budget so as to choose the right auto loan in terms of pricing (monthly payments).
  • Get Pre-Approved: Even though your credit union will conduct a credit score check on its own, it is advisable to get the loan pre-approved from the credit union. This helps in determining the APR, amount that you can borrow and the duration of the loan. Pre-approval improves negotiation and increases the chances of getting the most appropriate deal for your budget.
  • Identity Proof: This includes a driver's license, a government-issued I.D. with your name and photograph.
  • Income Proof: This is required to see whether you will be able to repay the auto loan. A credit union assesses one’s assets, income, credit history, monthly expenses, employment, etc. You may be required to show your pay stubs of the previous month, tax forms, W-2 or W-4.
  • Residence Proof: Credit unions are required by the Federal law to provide information about a client’s residence proof. For this, you may be required to produce documents such as a utility bill, medical bill, tax bill, cell phone bill, lease agreement, mortgage statement, bank statement, renters or homeowners insurance policy, etc.
  • Credit And Bank History: The credit union will review your credit history along with your credit accounts, credit limits, account balances, etc.
  • Debt-to-Income Ratio: Late payments and total debt obligations, unpaid bills and collections, foreclosures, etc. are considered by credit unions to determine debt to income ratio.
  • Down Payment: An important part of preparing for an auto loan is to determine the mode by which you will pay the down payment. This could be by cash, credit card, debit card, personal check, etc.
In conclusion, credit unions are a convenient means of financing with limited qualification requirements. They offer a variety of financial services in addition to auto loans e.g. personal and home financing options. When approaching a credit union for an auto loan, it is recommended to go prepared as per the checklist provided above for faster initiation of the loan process.

Greater Central Texas Federal Credit Union provides affordable auto loans to its members. Members can borrow auto loans from the credit union on both new and pre-owned vehicles. For more details on the checklist for getting an auto loan from a credit union, visit 3305 E. Elms Rd., Killeen, TX  - 76542. You can also call at (254) 690 – 2274.

Advantages Of Borrowing A Secured Loan From A Credit Union

11. September 2020 Administrator Blog (0)

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Steps For Getting A Secured Vehicle Loan

25. August 2020 Administrator Blog (0)
Buying a vehicle requires a lot of research, test drives, and finding the right fit for your lifestyle and requirements. But, another factor that is equally important is to decide the financing option to purchase the vehicle itself. A secured vehicle loan from a credit union fits every borrower’s needs and comes with a lower interest rate.

A secured car loan requires the borrower to pledge collateral against the loan. As with any loan, the borrower will need to qualify for the secured loan as per the requirements of the credit union.

When you are looking to buy a vehicle loan, here are a few important steps that you should consider to get the loan:

  • Check Your Credit: Having a good credit score is of high importance for borrowing a secured vehicle loan. With a higher credit score and a good credit history, the borrower may be entitled to lower interest rates and convenient loan terms. As long as the borrower pays bills on time, settles his debts, and avoids penalties, he can have a good credit score.  Also, it is important to review the credit report to look for any unusual activity. Check for incorrect balances and late payments. If credit score is low, take steps to improve it before applying for the vehicle loan.
  • Know The Budget: It is essential to have a predetermined budget and know how the budget for buying a car. The borrower should be sure that the vehicle’s cost is aligned with other financial goals. To determine the budget subtract usual monthly expenses from monthly income after deducting taxes. Also, include intended monthly savings in the expenses.
  • Determine Affordability: After understanding current financial situation, it is required to decide on a reasonable monthly vehicle payment. Check with the loan officer to figure out the maximum loan amount that can be afforded. It should include the monthly payments, interest rate, and the loan period.
  • Get Preapproved: It is important to research for the terms of the loan and get preapproved from the credit union. Getting preapproved for a vehicle loan will help expedite the process, determine eligibility, and find the right price.
Contact the loan officers at Greater Central Texas Federal Credit Union to apply for a secured vehicle loan at an affordable rate. For more details on steps for getting a secured vehicle loan, visit 3305 E. Elms Rd., Killeen, TX - 76542, or call us at (254) 690 – 2274.

Benefits Of Online Payment Facility By Credit Union

28. July 2020 Administrator Blog (0)
Credit unions are community-based financial institutions that offer additional advantages for their members. They focus on community, attractive and affordable loan rates, and other added perks. Members are offered a variety of financial services for added convenience. One of the most attractive features is the ability to make online payments.

Credit unions offer a safe and secure online payment facility. Benefits of using online payment facility offered by a credit union are:
  • Convenience: Online bill pay service makes it easier to organize bills and pay them before they are due. If an individual juggles rent/mortgage, cable, electricity, credit card payments and more; online bill pay can save time and help to avoid late fees. There is no requirement to log into several websites and remember multiple passwords. Credit unions also offer an option to pre-schedule payments on their due date. Whether the bills are received electronically or by mail, members can utilize an online facility to schedule payments.
  • Security: Credit unions use the most suitable security protocols to keep their online transactions secure. Several methods are incorporated to keep member information safe including security layers, etc.
  • Simplified Money Management: Making online payments can help members check account balance and determine whether the bill payment has been scheduled and paid. Other benefits may include searching for specific payments online, access to online payment history, setting up email alerts for payments, etc.
  • Environmental Advantage: One of the biggest benefits of paying bills online is eliminating paper waste. Paying bills online will reduce the use of paper checks. In addition to eliminating paper waste, it also eliminates the costs of postage and envelopes.
  • Easy Consolidation: Using an online payment facility will allow consolidating bills in one place as they are posted from one account each month.
  • Organization: It is certainly possible to lose track of finances, but online bill payments help individuals to organize their records. With all the bills and payments organized at one single place, members can easily know if something is posted incorrectly.
  • Saves Time: Once the electronic bill payment service is set up online, it takes just minutes to pay the bills. Increasingly people are shifting to electronic statements and making use of online bill pay, thus saving themselves time and money.

Greater Central Texas Federal Credit Union offers online bill payment facility to its members. The Bill Pay member service helps to conveniently make online payments in a safe and secure manner. For more details on the benefits of online payment facility by credit union, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.

Reasons To Join A Credit Union In Killeen

21. July 2020 Administrator Blog (0)



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What Is A Share Savings Account?

24. June 2020 Administrator Blog (0)



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Steps To Open An Account With A Credit Union

18. June 2020 Administrator Blog (0)
Credit unions are a reliable source of superior and affordable financial services. The financial services offered by credit unions include an array of account types and loans. The process of opening a credit union account involves simple steps. The process is designed as per the convenience and customer satisfaction.

Essential steps involved in opening an account in a credit union are:

  • Determine The Requirements: To start with, individuals should determine their needs, study membership requirements, assess the rates and fees for desired account type. Also, know about the minimum balance requirements.
  • Collect Important Information: Next, start gathering information that is required by the credit union for proving your identity. This includes tax identification number or Social Security Number, physical address, valid identification (driver’s license or passport), and other eligibility documents.
  • Establish The Membership: Before opening an account with a credit union, the customers are required to establish the membership with it. Membership eligibility requires individuals to be a part of a specific non-profit organization or working, worshipping or attending school in a specific community, state, or city.
  • Make A Deposit: After establishing membership with a credit union, members are required to make an initial deposit in order to open an account. This is a nominal amount and is required to project the availability of funds in the account. Most credit unions require members to maintain a minimum balance in their accounts.
  • Use your Account: The last step of this process is to understand the terms and conditions associated with using your account. You can ask your employer to set up direct deposit services, make payments electronically and maintain a record of transactions.
Conclusion: Members can open an account in person or online as per the services provided by the credit union. Online and general services include but are not limited to bill pay, account transfers, e-statements, wire transfer, payroll deduction, direct deposit, credit card, debit cards, etc.

Greater Central Texas Federal Credit Union offers a variety of accounts to its members. The officials help the members to open an account with the credit union. For more details on steps to open a credit union account, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact (254) 690 – 2274.