Credit union membership has myriad benefits such as great services, low fees, competitive rates and exclusive member discounts. When looking for credit unions, strive to look for the best and not just the most convenient one.
If you are keen on opening an account in a credit union but cannot decide on which one is the best for you, the following tips may be helpful in simplifying your search:
- An Insured Credit Union: Pay attention to whether the credit union is insured by the Federal Deposit Insurance Corporation or by the National Credit Union Administration.
- Eligibility: Narrow down your search by looking for credit unions for which you qualify. This will save you a lot of time and energy. Examples of factors that will determine whether you qualify for the membership in a credit union are the town you live in, the organization for which you work, etc.
- Research: Consult people you know to search for credits unions in your area for which you are eligible. Listen carefully to what they have to say about its working, customer service and other services. Choose a credit union with maximum number of satisfied members.
- Assess Your Needs: Finding the right credit union is not just limited to eligibility but to your needs too. Consider whether the services and products being offered are what you are interested in. Compare the interest rates of the credit union/s with that of other financial institutions. Strike a conversation with the staff and assess whether their vibe and way of dealing with customers matches your expectations.
- Online Resources: Using online resources like credit union locators for finding credit unions based on location and distance to produce quick and reliable results right from the comfort of your home. All you have to do is click on “detect my location” and within a few seconds the results will be on your smartphone, tablet or desktop.
- Consider The Services Provided: If you belong to a specific group or community e.g. an employee of a specific company, a member of military or a resident of a particular community, look for a credit union that provides specific services that are oriented towards your group
- Variety Of Financial Services: An ideal credit union is one which provides a wide plethora of services under one roof. Example of such services are credit and debit cards, auto loans, home lending services, savings programs, financial counselling, etc.
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.