GCS Credit Union
618.797.7993
GCS is a full-service financial institution serving the following counties in Illinois: Sangamon, Logan, Macon, Marion, Jefferson, Perry, Jackson, Williamson, Jersey, Macoupin, Montgomery, Madison, Bond, Clinton, St. Clair, Monroe, Washington and Randolph.

Auto Refinancing 101

If your auto loan is taking a serious bite out of your finances, then it may make sense to refinance. Refinancing an auto loan allows you to reset the terms of your loan, often lowering your interest rate and payments. Is refinancing right for you? Here is what you need to know.

What is auto refinancing?

When you refinance your auto loan, you apply for a new loan with different terms than your existing one. Because the new loan is separate from your existing loan, it will have completely different terms and interest rates. You can refinance your loan through your current lender or seek an auto loan from a completely new source. For example, if you get your original loan through the dealership, then you could go to your credit union to refinance your loan.

What are the benefits of refinancing?

Most people who refinance do so to save money. If you have earned a better credit score since you got your original loan, then you may be able to refinance your car at a lower interest rate, which could save you thousands. If your car payment is too high right now, refinancing lowers the payment by extending the life of the loan. Although choosing to extend the repayment period for the loan will cause you to ultimately pay more interest, the lower payment can make a dramatic difference in your monthly budget.

How do I apply for refinancing?

Start by approaching your credit union to discuss your options for loans. The application process is the same as applying for any kind of auto loan. The lender will check your credit score and make you an offer. Check the interest rate and monthly payment on the loan before accepting to ensure that it offers the kind of savings you want.

For the best rate possible on your auto loan in O’Fallon, choose GCS Credit Union. We offer financing with members in mind, so you can count on us for the best rate on the right loan for your needs. Discuss your refinancing options by calling (618) 797-7993 today.

How Can I Convince My Employer to Offer Direct Deposit?

Direct deposit can make life easier for employers and employees alike. Still, some businesses have not yet taken advantage of the benefits of direct deposit. If your employer is not making payments directly into your checking account, consider discussing these advantages with him or her.

Direct deposit saves money.

One of the biggest benefits for employers of paying employees through direct deposit is that it saves them money. Even if there are small fees associated with direct deposit payments, most employers more than make them up by reducing the amount of time spent preparing payroll. Increased efficiency can save your employer more than the modest fees associated with depositing pay directly into checking accounts.

Direct deposit reduces check loss, fraud, and theft.

When employers issue paper checks, there is a risk that employees will lose their checks or that they will be stolen. This means that the employer will have to issue a stop payment on the check and issue a new one, which takes time and valuable resources and decreases the satisfaction of employees who are depending on getting paid on a certain day. Paper checks are also subject to fraud. They can be cloned or cashed by the wrong person, creating a loss for the business. Direct deposit prevents all of these things from happening since the money goes straight into employees’ accounts.

Direct deposit makes bookkeeping easier.

With direct deposit, employers don’t have to accommodate the different amount of time it takes employees to cash their checks. The immediate transfer of cash simplifies bookkeeping tasks and allows employees to track payments in real time instead of guessing when they will hit their accounts.

Even if your employer doesn’t offer direct deposit yet, GCS Credit Union can make it easy to manage your money with online banking and mobile banking services in O’Fallon. Get more information about the services we offer at our credit union by calling (618) 797-7993.

How Often Should I Check My Bank Statements?

One of the easiest and most effective things you can do to stay in control of your finances is to check your bank statements regularly. Checking your statements is easier than ever, thanks to online banking, which gives you access from anywhere. But how often is enough—or how much is too much?

Although there is no set answer that works for everyone, financial experts recommend checking your account frequently. By doing so, you have the opportunity to catch errors that may occur before they cause a more significant impact. You may also find that checking your accounts regularly provides motivation as you work towards your financial goals.

GCS Credit Union offers convenient online banking in O’Fallon, so you can easily manage all of your savings and checking accounts in one place. Is membership in our credit union right for you? Find out more about our financial services and membership requirements by calling (618) 797-7993.

How Often Should I Check My Bank Statements?

One of the easiest and most effective things you can do to stay in control of your finances is to check your bank statements regularly. Checking your statements is easier than ever, thanks to online banking, which gives you access from anywhere. But how often is enough—or how much is too much?

Although there is no set answer that works for everyone, financial experts recommend checking your account frequently. By doing so, you have the opportunity to catch errors that may occur before they cause a more significant impact. You may also find that checking your accounts regularly provides motivation as you work towards your financial goals.

GCS Credit Union offers convenient online banking in O’Fallon, so you can easily manage all of your savings and checking accounts in one place. Is membership in our credit union right for you? Find out more about our financial services and membership requirements by calling (618) 797-7993.

Credit Card Consolidation: What to Know and What to Do

If your credit card balances feel overwhelming, consolidation could help you get a fresh start. Consolidation lets you pay off your existing debts with a loan, so that you are left with only one payment to make each month, often with a lower interest rate than your credit card accounts. However, credit card consolidation is not the right solution for everyone. Your credit union can help you understand how this option might work for you. This information will also help you consider your options.

What is exactly is credit card consolidation?

Credit card consolidation involves using a debt consolidation loan to pay off your credit card balances. After those cards are paid off, you will only have your monthly payment for your loan to worry about. If you have a significant amount of debt across multiple credit card accounts, consolidating those balances into a single loan can greatly simplify your repayment efforts.

What are the benefits?

Consolidating your credit card balances is convenient. It removes the risk of forgetting a payment because of multiple due dates. With consolidation, there is only one due date, which is more convenient. However, the biggest benefit of consolidating your credit card debt is that it can save you money. With a competitive rate on your debt consolidation loan from your credit union, you will save money that you would have spent on interest on your credit card accounts.

Who should not consider consolidation?

Consolidation is only helpful if you can commit to not using your credit cards after you pay them off. Using your cards again will leave you with both the loan payment and new credit card payments due each month. Working with your credit union on a debt management plan can help you maximize the benefits of debt consolidation.

To find out if a debt consolidation loan is right for you, contact GCS Credit Union today. All of our loan decisions are made with member-first service in mind with local processing. Call our credit union in O’Fallon today at (618) 797-7993.

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Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm