The process of opening a credit union account is a relatively simple and convenient one. Members of a credit union enjoy access to a number of superior financial services and products and are deemed as equal owners of the non-profit organization. Profits earned by the organization are returned back to its members in the form of lower loan rates, higher savings rates, reduced fees and amazing customer support.
Listed below are some important pointers on opening an account in a credit union:
- Select A Credit Union: Research on the credit unions in your locality and choose the one based on membership criteria. Inquire whether the credit union is federally insured by the NCUSIF (National Credit Union Share Insurance Fund). Review the services and products offered and verify whether they meet your needs.
- Choose Account Type: Check different account types offered by the credit union. Credit unions offer numerous different account types such as Savings Account, Share Account, Money Market Account, etc. Ask about the features and minimum requirements for every account type and choose a suitable account that matches your requirements.
- Gather Your Documents: The next step is to gather documents that contain important information about your identification such as your Social Security Number, tax bill receipt, credit card, voter’s registration, student ID, physical address, valid identification like a passport, driver’s license, passport, etc. Feel free to call the credit union for guidance and assistance about required documents.
- Open An Account: To finally open an account after the initial formalities, you will be required to pay an amount of as opening amount to complete the account application. You will also have to pay an amount as the processing fee and deposit a minimum amount in your account which will remain in the account until its closure.
- Consider Online Options: For your convenience, you can consider filling an online application form for opening an account in a credit union on its website. Information on the formalities and documents required can be accessed on online portals in full detail. Apart from information about opening an account, you can explore the variety of services and products offered such as the calendar of events, direct deposit, Christmas and Vacation club accounts, certificates of deposit, Individual Retirement Accounts, share accounts, money market accounts and so on.
Greater Central Texas Federal Credit Union offers a variety of account types to its members. For more details on how to open an account at Greater Central Texas Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
Credit unions are popular financial institutions for a number of reasons: they are affordable, convenient, have flexible terms, offer great customer service and more. They provide a number of financial services and products under one roof and offer various member-benefits. These non-profit organizations are founded on the sole philosophy of helping their members who are its owners too.
Let us take a look at some reasons due to which they so popular:
- Cheaper Loans: Credit unions are famous for affordable lending rates. Their focus is on providing members with affordable products and services in the fastest and most convenient way possible.
- High Rates On Savings Accounts: Those with saving accounts in credit unions enjoy higher rates on their savings and deposit accounts. The savings accounts offered in credit unions include share accounts, money market accounts, Christmas and Vacation Club accounts, Certificates of Deposit and Individual Retirement Accounts (IRAs).
- A Strong Community Presence: Credit unions offer members an opportunity to contribute towards the welfare of their local community. This can be in the form of offering scholarships and grants, sponsoring local fundraisers and organizing valuable events for the local community.
- Personalized Assistance: Credit unions are known for helping members figure out which financial services and products are the best for them as per their current financial situation. They provide personalized assistance to every member and walk them through all the available options to assess whether they are in tandem with their short and long-term financial goals, credit score and more.
- Financial Education: Most credit unions work towards providing financial education to their members in order to help them make sound financial decisions; this is something many people appreciate. They do so in the form of financial workshops, free advice, telephonic consultation, etc.
- Voting Rights: Credit union members are its owners too and enjoy the right to vote on important matters regarding its working e.g. selection of board members. Members feel relevant and acknowledged in the working of the credit union which adds to their overall level of satisfaction and trust in the organization.
- Other Services: Credit unions offer a plethora of services to their members some of which are payroll deduction, on-line access, ACH Origination, ATM services, Bill Pay, MasterCard Cash Advance, Outgoing and Incoming ACHs, Outgoing and Incoming Wires, Gift cards and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. to its members. For more details on why are credit unions popular financial institutions, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
A credit union is a non-profit cooperative financial institution owned by its members. The institution offers affordable financial services to its members in the form of reasonable interest rates and financial benefits. Membership requirements of credit unions are usually based on factors like place of work, worship, residence and more. Most credit unions charge a one-time membership fee and require members to open an account with them.
If you are interested in joining a credit union, here are some helpful pointers to do so:
- Choice of A Credit Union: The first step is to choose a credit union that offers products and services that suit your financial and personal requirements. Also consider factors such as rates offered, online services, access to ATMs, safety (in terms of federal insurance), etc. A safe credit union is one that is insured by the NCUSIF (National Credit Union Share Insurance Fund), a Federal government agency. You can choose from locally run credit unions such as Greater Central Texas Federal Credit Union.
- Membership Eligibility: To be eligible for credit union membership, a person should be living, working or worshipping within the location stated by the credit union. In case of Greater Central Texas Federal Credit Union, any person who lives, works or worships within the portion of Bell County, Texas, west of Interstate 35, can be a member.
- Application: Most credit unions require two forms of identification such as a driver’s license, State-issued ID card (with a photo), military ID and passport, Social Security Card, etc. Fill the application form and submit it as states by the credit union
- Initial Deposit: To complete the application process, members are required to pay an initial amount. This includes a processing fee and initial deposit.
- Membership Benefits: Credit union members enjoy a number of benefits such as excellent customer services, high interest rates, community support, secure deposits, financial literacy, easy qualification, low fees and more.
- Member Services: Wire Transfer, Notary Service, MasterCard Gift Cards, CH origination, Bill Pay, Notary Service, safe deposit boxes, Direct Deposit, Traditional and Roth IRAs, Christmas and Vacation club accounts, savings and investments, Overdraft protection and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. For more details on how to be a member of the credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
A secured loan is a type of loan in which the borrower pledges an asset as collateral for the loan. The loan amount depends upon the value of collateral. A major benefit of secured loan is its affordability in terms of low interest rate.
The choice of a suitable secured loan depends upon a variety of factors. Here are some tips to help you choose suitable secured loan:
1. Loan Amount: The foremost considerable factor is to choose the right loan amount. It is imperative as the loan amount has major impact on rate of interest, EMI, etc. For choosing right loan amount, consider the actual need and the funds available with you. However, make it a point to choose a loan amount that you actually need. Borrowing higher loan amount can have an impact on your financial situation in the future.
2. Collateral: The choice of collateral is important for ensuring loan approval. The value of collateral should be either equal to or higher than desired loan amount. Ask the credit union about allowed collateral and required collateral value.
3. Loan Tenure & EMI: The choice of loan tenure and EMI are inter-dependent. Longer loan tenure results in lower EMI and vice versa. So, when choosing the right loan tenure, focus on choosing the right EMI. Here are some steps that may help you in choosing right EMI:
- Consider your monthly income including total monthly salary and income from other sources.
- Calculate monthly expenses by adding bills, general expenditure, etc.
- Add monthly savings to the monthly expenses to calculate total monthly expenditure.
- Subtract total monthly expenditure from total monthly salary.
- The resulting value can be used as maximum affordable EMI.
4. Rate Of Interest: Rate of interest is governed by type of loan, loan amount, loan tenure, etc. So, consider the variables to check suitable rate of interest.
A great option is to contact the credit union staff for professional assistance in deciding suitable secured loan. The professional team analyzes the financial situation to suggest suitable loan parameters.
Greater Central Texas Federal Credit Union offers affordable secured loan to its members. Members can apply for a secured loan online or by visiting the credit union. For more details on tips to choose suitable secured loan, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
Credit unions are cooperative financial institutions that are owned and managed by their members. They are preferred by many due to their affordable financial services and products. They offer a variety of convenient personal services, attractive rates and fees, shared branching and flexible terms & conditions.
Let us delve deeper into understanding the working of credit unions and what they have to offer:
- They are Non-Profit Organizations: Credit unions accept deposits from members and offer loans without any intention of making profits. Due to the fact that they are non-profit organizations, they offer loans at low interest rates and higher rates for deposits.
- Operating Principles: Credit unions operate with the intention of pooling financial resources for the benefit of members. Their operating principles revolve around voluntary membership, non-discrimination, serving members, building financial stability, social responsibility and democratic control.
- Services Provided: Some of the services offered by most credit unions include but are not limited to payroll deduction, online access, MasterCard Gift Cards, ACH origination, ATM, Bill Pay, Wire Transfer, Direct Deposit, Notary Service, savings and investments, lending services (secured and unsecured loans), Traditional and Roth IRAs, Club accounts (Christmas and Vacation), Overdraft protection and more.
- Reasons For Joining A Credit Union: Credit union members enjoy benefits such as low fees, higher interest rates, excellent customer service, member-centric services, community support, security of deposits (regulation by the National Credit Union Administration; every account is insured up to $250,000), financial literacy and independence, easy qualification, easily approachable in spite of a low credit score etc.
In conclusion, the fact that credit unions are member-owned non-profits plays a prime role in making them affordable financial institutions. Their member-centric approach as opposed to a profit-centric one makes it possible to offer loan products at lower rates, higher rates of interest on savings, access to low-fee checking accounts and more. They are the best option for millennials who are just starting to make financial decisions and require guidance to manage and control their funds without spending much on fees and interest.
Greater Central Texas Federal Credit Union offers a variety of financial services including savings accounts, secured/unsecured auto loans, etc. to its members. For more details on credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.