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.

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.

Taking Advantage Of Skip-A-Payment Option

25. June 2018 Administrator Blog (0)
At one point during a loan period, financial institutions usually invite their clients to avail a skip-a-payment option in order to save some money. This is usually once every year provided your mortgage is not in arrears and the current balance of your mortgage plus the payments you desire to skip are not more than the original value of the mortgage. It pays off to know some ways in which such an option can be used to your advantage if you decide to avail it.

Here is a list of some ways in which a skip-a-payment option can be taken advantage of:

  • Holiday Months Shopping: The money you save on skipping a payment can be used during the holiday season. You can make the most of heavy discounts and sales by creating a buffer budget. With more money in your pocket, it is easier for you to purchase essential decoration items during the holiday season. This works best for those who have not planned their holiday expenses in advance and end up incurring more than they had planned for.
  • Post-Holiday Expenses: If your financial institution offers you a skip-to-payment option at the beginning of the year, it might be a great chance to pay a part of your holiday expenses that are lingering on in the form of credit card balances. The skip-to-payment option in this case works best for those who have spent in advance for the holidays.
  • Vacation Expenses: If you are all set for a family vacation but not quite prepared financially for any sudden expenses that might crop up, a skip-to-pay option gives you the much needed financial cushioning during such times. You can always bank upon the extra cash.
  • Sudden Unexpected Expenses: By deferring your loan payment for a month, you can easily adjust to sudden expenses that may arise due to a medical condition, loss of job, auto or home repairs etc. At least for that trying period, you don’t have to worry about your incoming bills.
Conclusion: A skip-a-payment option is no doubt a very valuable tool when extra finances are required suddenly, it should however be used smartly. You cannot depend on it as a long term solution to your financial insufficiencies. It is advisable to consult a private budget counsellor or an expert in this matter from your financial institution for guidance as to how to make the most of this option.

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.

Guide To Understanding Your Credit Report

13. June 2018 Administrator Blog (0)

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Facts About Credit Union

30. May 2018 Administrator Blog (0)


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Reasons Why Youngsters Should Join A Credit Union

26. May 2018 Administrator Blog (0)
Credit unions are a great option for youngsters in search of financing options with low rates of interest and individualized services. They are non-profit, trustworthy financial institutions that are being sought after by many people. Here are some reasons due to which joining a credit union is highly recommended for youngsters

  • Non-Profit Organizations: Youngsters are more likely to resonate with credit unions as they are formed to help people as opposed to the sole purpose of making profit. The main reason for which credit unions earn revenue is to stay viable. Every member is treated fairly regardless of how much money he/she has. Credit unions work to use their profits for the good of members in the form of low interest rates, less fees and more perks.
  • A Credit Union Is A Local Institution: Giving back to community is something many responsible youngsters are keen on doing. A credit union is the perfect place to start at a local level. The money saved by members of a local community is utilized for supporting the very same community by helping them materialize their goals and desires.
  • Financial Education: Youngsters looking for a head start in financial education are better off at credit unions. One of the cooperative principles of credit unions is to educate its members and help them with managing their personal finances.
  • Better Customer Service: Credit unions are committed towards customer service and value. Members are offered competitive interest rates and great service. The representatives they are staffed with are helpful and friendly.
  • Easy Eligibility: The criteria for eligibility as member of a credit union is that the prospective member should be living in the area within which the union is situated.
  • Trustworthy: Most youngsters prefer being members of a credit union for the simple reason that they feel they can trust the union. The reason for this amount of trust is that credit unions are known to work in the best interest of their members and are keen on assisting them in making the best financial decisions.

Conclusion: Credit unions are an ideal choice for youngsters as they are member centric, guide in making the best financial decisions, have easy eligibility norms and offer great deals in the form of perks and interest rates.

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

Everything About Credit Builder Loans

18. May 2018 Administrator Blog (0)


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Factors Affecting Tenure Period For Your Loan

28. April 2018 Administrator Blog (0)
The tenure period of your auto loan is a major point to consider when finalizing the terms of the loan. Amidst the excitement of purchasing a new car, it is easy to overlook the importance of duration of the loan. Here is a look at the major factors that determine the ideal tenure period of your loan:

  • Total Amount Of Interest Paid: Even though a long tenure can seem enticing due to the lower monthly payments, it is important to take into account the total amount of interest that you will be paying over the entire duration of the loan. Longer tenures mean a higher amount of interest and vice versa.
  • Loan Amount – The tenure period also depends on the amount of loan you take and your capacity to repay it. Again the amount of loan that you take depends on the car you wish to get financed. Generally, higher the amount of loan that you take, more will be the time you would need to repay without disturbing your monthly budget. If your sole reason for choosing a long-term loan is to own an expensive car, then it is prudent to opt for a cheaper car, or a used one. This could mean being able to afford the monthly payments for a shorter time period.
  • Income Of The Person – The tenure period depends on the amount of money or installment that a person can pay on monthly basis. This further depends on the income as well as expenditures of a person. Make sure that you opt for a loan period that requires you to pay an amount of installment which you can comfortably pay off on a monthly basis.
  • Resale Value: The resale value of your vehicle keeps decreasing, the longer you keep it. This is an important consideration before signing up for a long-tenure loan. Trying to sell your car at the end of a 3-year loan term is sure to be a lot easier than after a 5 or 7-year period.

The tenure period of your loan is of high importance, since it could have a tremendous impact on your present as well as long-term finances.

When it comes to taking loans then credit unions are your best bet. The members enjoy a number of benefits and are offered low interest rate loans with flexible repayment options. Also the staff members assist people throughout in deciding what is best for them. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274.

Ways To Pay Off Secured Loans Early

24. April 2018 Administrator Blog (0)



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Rules To Keep In Mind While Applying For Loan

16. March 2018 Administrator Blog (0)



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