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.

A Brief Guide to Credit Card Fees and Penalties

Paying on TimeBanks and credit unions in O’Fallon can be incredibly helpful when it comes to storing money and accessing online banking systems. Credit cards can also be convenient, but it is important that you know how to use them responsibly in order to avoid unnecessary fees. Here is a brief guide to credit card feeds and penalties.

Going Over the Limit
It is important to pay close attention to your credit card activity because you may be hit with fees if you exceed your credit limit. Your credit card will typically allow you to spend up to a certain amount of money, or a credit limit. You may not necessarily be penalized on the first time, but exceeding your credit limit two or three times is not a good idea if you want to avoid fees and maintain your good credit score.

Bouncing Checks
Your checkbook is kind of like an alternate credit card, and bouncing checks comes with its own penalties. Fees that are imposed due to bounced checks may be relatively substantial when you consider the ability of both your credit card issuer and your bank to issue them.

Paying Late
Missing payments is bad for your credit score and bad for your wallet. Late payments trigger penalty rates, meaning that your outstanding payment will begin to incur interest. Be sure to make your payments on time in order to keep up your credit score and avoid the extra hassle – and burden – of paying interest.

For more information about credit card fees and penalties, call GCS Credit Union at (618) 797-7993. We serve the O’Fallon area with online banking and bill paying, auto loans, and credit cards. For more information about our credit union and membership, visit our website or stop in and see us today.

Choosing the Best Credit Cards

Credit cards are popular and convenient, and for good reasons. Many types of credit cards, like Visa rewards credit cards, offer a variety of exciting benefits and incentives. Watch this video clip for help in choosing the best credit cards.

Before looking into the rewards a credit card can offer, investigate the annual fees that come along with it. Once you do start looking at the rewards, make sure you pick a credit card that offers rewards that make sense for your life. For example, if you spend a lot of time driving, gas rewards may be appealing to you.

Based in O’Fallon, the GCS Credit Union offers auto and home mortgage loans as well as online bill paying and checking accounts. If you would like to learn about opening up a credit card, please visit our website or call us at (618) 797-7993 today.

Making a Wise Auto Loan Decision

Auto LoansThe ideal way to go about purchasing a new or pre-owned vehicle is by paying cash up front. Unfortunately, many individuals do not have the financial means to take this route. Auto loans can help you leave with your vehicle and pay it back over time. Keep reading if you would like to learn how to make a wise auto loan decision.

Perks of Preapproval
Although many car dealerships offer in-house financing, other car dealerships are not responsible for arranging for your loan. This is one of the reasons why it helps to be preapproved for a loan from your credit union in O’Fallon. If you have already qualified for financing, it is one less detail that you and your car salesperson will have to deal with when purchasing a new vehicle. In the eyes of the car company, you are essentially a cash buyer.

Budget in Advance
Cars are not cheap, especially if you want a decent ride that you can expect to get you through each season without too much trouble. Take a look at your monthly expenses and income and get an idea of what kind of price range you are working with. Then look at cars that fall within that price range and find a few that you like. This early preparation can help you stay within your budget and still end up with a reliable vehicle.

Break It Down
Your auto loan may be comprised of several different components, which can sometimes make things confusing for the buyer. Have your dealer discuss the trade-in value of your car and the price of the car you are looking at separately. Also ask your auto loan provider to explain repayment options and interest.

GCS Credit Union is happy to serve the O’Fallon area with auto loans. If you would like to become a member of GCS Credit Union and apply for an auto loan, please feel free to visit our website or give us a call at (618) 797-7993.

Merging Your Finances as Newlyweds

When you decide to get married, you are not just marrying a person; you are also marrying his or her life, including any baggage and debt they may have accrued. This is important to keep in mind when you consider how this change can affect your checking account in O’Fallon. Read on to learn about merging your finances as newlyweds.

When it comes to merging finances it is imperative that you and your significant other practice excellent communication. It is a good idea to set financial goals that you can both strive for to make sure that you stay on the same page. Decide on a spending limit for your purchases and try to stick to making practical, responsible purchases. Talk to your partner and determine how much money to set aside as an emergency fund for the future.

Contact GCS Credit Union or visit our website to learn more about the process of merging your finances as newlyweds. Our credit union offers online banking in O’Fallon, which includes online checking accounts and bill paying. You can find out more about our home mortgage and auto loans by calling us at (618) 797-7993.

Comparing Different Types of Savings Accounts

While a checking account in O’Fallon is useful when it comes to keeping your funds safe yet maximally accessible, a savings account is geared towards helping you build up your money. There are a number of different types of savings accounts you may choose from, and each has unique perks. Keep reading as we compare different types of savings accounts.

If you like the idea of online banking and online bill paying, an online savings account may be the best choice for you. This kind of savings account tends to offer higher interest rates than the others, although your interest rate may be influenced by the amount of money you have in your account. The drawback to the online savings account is the time it may take to access your money; whereas you may be able to make instant transfers with other types of savings accounts, moving money between online accounts could take days.

The purpose of a savings account is to allow you to save up your money, and an automatic savings account can help you commit to this plan. When you go to your credit union to set up your automatic savings account, you will choose a certain amount of money that will be moved from your checking to your savings each month. People who have a budget plan that they would like to keep to may prefer this type of savings account.

A standard savings account is typically like a checking account but without the ability to write checks. It may additionally warrant a greater opening deposit, and its interest rates are minimal compared to other kinds of savings accounts. These “regular” savings accounts may go by a variety of names.

Would you like to learn more about the different types of savings accounts? Call GCS Credit Union at (618) 797-7993. We are proud to serve the O’Fallon area with online checking accounts as well as auto and home mortgage loans. Please feel free to visit our website or stop in and meet with us to learn more about our credit union.

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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