GCTFCU Blog | Importance Of Credit Unions

In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.

Following is a list of benefits that direct deposit has to offer:

Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.

Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

Secured Loan Checklist Killeen, TX

A secured loan is the one where your asset is kept as collateral and can be taken into possession by the lender in case you are unable to pay back the loan. Secured loans have become really popular over a period of time because you can get them easily approved. Moreover, you can borrow huge sums of money at a lower interest rate.

It is important that you conduct a thorough research about the secured loan rates being offered by the credit unions in your area. This will help you select the most appropriate lender for your loan requirements. It is always beneficial to prepare for your loan well in advance to make the process hassle free and quick. Consider the following checklist before applying for a secured loan:

Prepare your credit report: Check your credit report for any errors and make sure you do not have any pending debts. Also, make sure that all your credit card payments have been duly made on time.
Save regularly: Establish a good saving record by saving regularly so that you can build up security for your loan. Increased savings make it easier to borrow from a credit union.
Get insurance: It is imperative to have insurance prior to applying for a loan. For example, if you are applying for a secured auto loan, you need to show that you are insured to drive a car.
Income and employment verification: You will be required to provide details of your income during the last three months, wage and tax statement from your employer, latest tax return details as well as recent bank account statements. Keep all these documents ready beforehand so that you do not face any difficulty when applying for a secured loan.
Ask for pre-qualification: Whenever you go to a credit union to apply for a secured loan, you should ask them about the estimate of the loan that you can be given and the interest rate for which you are pre-qualified. For this, you need to show your employment and income verification documents.
Other documents: Apart from the above mentioned documents, you also need to submit a photo identity proof, your residential address, contact details of your insurance agent etc.

For affordable secured loans in Killeen, TX, consider Greater Central Texas Federal Credit Union. We offer customized loan plans with low interest rates and easy repayment options. To know more, call at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX 76542.

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