Members of credit unions enjoy a variety of affordable financial services. Credit Unions aim to offer their members an assortment of high-quality services, not with the aim of maximizing profits, but with the intention of empowering the community.

For example, Greater Central Texas Federal Credit Union is a member-owned financial cooperative in Killeen, TX. The credit union is insured by the National Credit Union Share Insurance Fund. It strives to provide the members with a host of lending opportunities coupled with other financial services such as Bill Pay, debit cards, MasterCard, checking and savings account, and more. The services are instrumental in helping members attain their financial goals such as retirement savings, college education, home purchase and purchase of new and pre-owned vehicles.

Listed below are important financial services offered by Greater Central Texas Federal Credit Union:

This category of loans is ideal for anyone with major expenditures impending in near future for example college education or purchasing a new home. The loans are available at affordable rates and the credit union also offers quick approvals; usually within 24-48 hours of completing an application and income verification. Interested parties can contact the loan officer and apply for the same on credit union’s website.

GCTFCU provide secured loans against collateral. These loans are usually given against a collateral valued at an amount equal to or higher than the loan’s balance. Such loans have lower interest rates.

The saving accounts offered by the credit union include Share Account, IRA (Individual Retirement Accounts), Christmas Club, Certificates of Deposit, Vacation Club and Money Market Accounts. To open a savings account at Greater Central Texas Federal Credit Union, you need to provide a proof that you are living, working or worshipping west of I-35, 2 ID proofs (such as picture id and social security card), a minimum of $5.00 to open an account and $20.00 to deposit in it. For a regular Share Savings Account, you will need a minimum of $25.00 and for Share Certificates of deposit a minimum of $1,000.

As the name suggests, credit builder loans are meant to help members enhance their credit score while saving at the same time. The way this loan works is that a specific amount of money is deposited in a member’s share account and frozen therein until the loan is repaid. The benefit of a credit builder loan is that members can avail it even with an unsatisfactory credit score. This characteristic makes it ideal for new members who are getting a loan for the first time.

In addition to the above-mentioned financial services, the credit union offers services like Incoming wires, Outgoing Wires, Outgoing ACHs, Incoming ACHs, gift cards, an audio response system, an amortization calculator, checking cleared drafts, Notary service, ATM and safe deposit boxes.

For more information on important financial services offered by credit unions, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also visit www.gctfcu.net or call at (254) 690 - 2274.

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:

With the ever-increasing property prices and soaring interest rates, it is important to choose the right home loan to avoid any financial issues in the long run. Keeping this in mind, a lot of home buyers prefer a credit union over bank for their financing needs. This is mainly because of the considerably low interest rates and better customer service offered by them. Additionally, the process of applying for a home loan at a credit union is much simpler, with minimal documentation and paperwork.

Given here are some of the benefits of choosing a credit union for a home loan:

• Low Interest Rates: Being a non-profit organization, a credit union is not liable to pay any taxes to the state or federal government. This, in turn, allows them to offer low interest rates on their home loan products. Thus, you will have to pay lower monthly installments and be able to save more.
• Account Holders Have A Say: As members of a credit union are its part owners, they have a say in the important matters of the credit union. This may be concerned with the working of the credit union, interest rate of loans or other services offered to the members.
• Less Income Requirements: A credit union usually does not have a strict income criterion for an applicant to be eligible for home loan. Thus, people who have not been approved for home loan by a bank due to low income are quite likely to get approval at a credit union.
• Fewer Processing Fees: The loan processing fees charged by a credit union are usually affordable and lesser than many other financial institutions. In addition, it also offers several other membership services such as online banking, checks, wire transfer etc. at a nominal cost.  
• Speedier Closings: When you apply for a home loan at a credit union, you can expect an instant approval for the same.
• Flexibility: Working solely for the benefit of the members, a credit union is not much stringent when it comes to their loan conditions and policies. They offer considerable flexibility in terms of loan products and repayment options.

We, at Greater Central Texas Federal Credit Union, provide affordable home loans in Killeen, TX. For more information, you can call us at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.