GCS Credit Union
GCS is a full service financial institution serving the following counties in Illinois: Madison, St. Clair, Jersey, Macoupin, Montgomery, Bond, Clinton, Washington, Randolph, and Monroe.

Understanding Your Mortgage

Home mortgage loans are debt-secured against a piece of property. When your credit union issues you a mortgage to pay for a home, they are providing you with a loan with the understanding that, if you default on payments, they can recover the property to cover their losses. Watch this video to learn more.

Mortgage loans vary in terms of interest rate and duration of the loan. When you buy a house, it is important to get a loan that meets your budgetary needs. A loan with a shorter term will involve higher monthly payments; a longer mortgage may have lower payments, but you may pay more interest over time.

At GCS Credit Union, our member representatives will help you select the best loan for your needs and show you how to use online banking to manage your account. If you are interested in home mortgage loans in O’Fallon, call us at (618) 797-7993.

How to Make Contributions to Your IRA

Contributing to your IRAAn IRA is a great way to save for your retirement, and the more you contribute, the better off you will be. By understanding tax guidelines and making contributing a priority, you can maximize your IRA savings. Talk to one of the member representatives at your credit union if you’re unsure about the basics of your IRA, and try these tips to keep money flowing into your IRA account.

Understand the Contribution Guidelines
Every year, the IRS sets contribution limits to both Roth and traditional IRAs. These limits apply collectively across your IRAs, so if you have more than one, you can still only contribute up to the maximum amount for that tax year. If you understand these guidelines, not only will you ensure you receive the best tax benefits for your contributions, but you can also budget for monthly contributions that allow you to save the ceiling amount.

Set Up Direct Deposits
The easiest way to save money is to not be tempted to spend it in the first place—and the more you contribute to your IRA, the longer your money has to earn interest for your retirement. Consider setting up a regular direct deposit from your checking account to your IRA account. If you set this up for the same day or the day after your paycheck hits your account, the money will go into the IRA before you even see it in your account and factor it into your available spending money.

Look for Extra Cash
Even if you are struggling to make the maximum contributions to your IRA because of your income, you can still find avenues to generate extra money to fund it. Have a yard sale, sell collectables online, cancel your cable, or consider a side job. Even putting a little extra into you IRA can have a significant impact on your retirement.

GCS Credit Union makes retirement planning easy with traditional and Roth IRAs that offer competitive dividends with no set-up fees. Talk to a representative at our credit union in O’Fallon today about IRAs, online banking, and our other financial services by calling (618) 797-7993.

Spotlight on Savings Tips

Everyone knows that they should put money aside for a rainy day, but that is often easier said than done. Even with the best of intentions, money you had planned on putting in your savings account can easily disappear on things like coffees, shopping trips, and nights out. However, with the help of your credit union accounts and some smart strategies, you can tackle your savings problems once and for all.

Saving MoneyIf you have a checking account, set up a direct transfer once a month into your savings account and plan for that transfer as one of your normal monthly expenses. You can also consider having a portion of your check deposited directly into your savings account. If you have an unexpected windfall, use online banking to transfer it to savings. You can also cut spending with simple swaps, like packing a lunch instead of eating out or making your own coffee at home.

GSC Credit Union offers a range of accounts to help you manage your expenses. To join our credit union in O’Fallon or find out more about our services, please call (618) 797-7993.

Reasons to Do Your Banking at a Credit Union

Credit Union in O' Fallon

When you’re selecting a financial institution to use for your money management, drive past the major banks and head instead to a credit union. Credit unions combine all of the convenience and services of banks but with added benefits for members that banks can’t match. Whether you’re looking for a checking account, a Visa Rewards credit card, or an auto loan, here are some of the reasons a credit union may be a good fit for you.

At a bank, you’re a customer. At a credit union, you’re a member. This distinction makes a major difference in the rates you get on loans as well as the fees for services. Banks are for-profit institutions, which means that they have shareholders who expect them to make money. Credit unions are non-profit groups that are entirely owned and run by their members. Because credit unions do not make a profit, any income generated by their services gets re-invested back into products for members, including low-interest rate loans and free services.

There is a misconception that credit unions are not as convenient as banks. While that may have been the case at one time, today’s credit unions have multiple locations and offer robust online banking tools at your fingertips. A cooperative network of credit union ATMs makes withdrawing money without facing a fee easy.

Because you’re a member instead of a customer, the staff at your credit union knows you as more than just an account balance. This personal connection can be beneficial when you’re applying for financing because it allows the credit union to consider your entire financial picture and circumstances instead of simply approving or denying you based on a formula.

Contact GCS Credit Union to discover the difference of banking with a credit union. Our credit union in O’Fallon offers a broad range of services and is invested in the financial wellbeing of all of our members. To find out more about membership, call us today at (618) 797-7993.

How to Open a Bank Account

Opening a bank account at your credit union makes it easier to manage your money and track your spending. The process of opening an account is simple and can be accomplished in a few simple steps. Watch this video to learn more.

Opening an account, be it checking or savings, is the same at most financial institutions. You will need to complete an application and provide the identification required by your credit union. You will also need an opening deposit. Having an account gives you access to things like online banking to make money management even easier.

If you’re interested in opening an account, contact GCS Credit Union today. Our credit union in O’Fallon offers a range of account options for members as well as auto and mortgage loans. Call (618) 797-7993 to learn more.

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  • 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