GCTFCU Blog | Steps To Open An Account With A Credit Union

Steps To Open An Account With A Credit Union

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.

Guide To Understanding Credit Unions

Taking Advantage Of Skip-A-Payment Option

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.

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