GCS Credit Union
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.

Should You Choose Payment Protection from GCS Credit Union?

What would you do if a catastrophic event such as illness or injury left you unable to pay your bills? With payment protection, you can rest assured that your loans through GCS Credit Union won’t default and ruin your credit score if an unforeseen issue impacts your ability to pay your bills. Here is what you need to know.

Payment Protection can prevent late fees and repossession, protect your credit score, and free up extra cash when a major life event happens. It can even eliminate your remaining loan balance. This protection is an affordable investment in your personal finance management abilities and can even extend to a co-borrower. The cost of protection is rolled into your regular payment, so you don’t have to worry about making special arrangements.

To find out if Payment Protection is right for you, talk to a member service representative at GCS Credit Union today. Dial (618) 797-7993 to speak to someone at our credit union in O’Fallon today.

Quick Tips for Monthly Budgeting

Although budgeting may not sound like fun, it can actually be a painless yet effective way to take control of your finances. If you’re tired of wondering where all of the money in your checking account has been going, a budget can help you determine exactly how to spend it.

Watch this video for some tips on setting up a monthly budget. By making a new budget each month, you can make allowances for changing needs and special events. Allocate all of your income before it hits your account, and you can be sure that there will be no more surprises waiting in your checking account.

At GCS Credit Union, we make it easy to manage your money with online banking in O’Fallon. Call us today at (618) 797-7993 to find out how to join our credit union or to learn more about our financial products.

Are You Financially Ready for Retirement?

One of the biggest financial decisions you will make in your entire life is retirement. How do you know when the time is right to retire and when you should continue to work for a few more years? Your credit union can be tremendously helpful as you plan and make this major life step. If you are weighing up your retirement situation, here are some signs that you could be ready.

You’ve tested your retirement budget.

What is your monthly budget when you no longer have a paycheck coming in? If you haven’t figured out that number, take a step back and work with a representative at your credit union to determine a realistic budget. If you have a number in mind, try to live on that amount for six months before you actually leave your job. Can you pay your bills and cover all of your expenses without reaching into your savings account or replying on credit cards? If you can, you’re likely to be ready. If you can’t, you need to wait for longer. Keep in mind that inflation will impact your budget, so adjust it accordingly.

You’re not retiring because of the calendar.

Reaching the age at which Social Security kicks in is definitely not a reason to immediately retire. Don’t let a specific age be your guideline for retirement. Pay attention to your interests, your health, and of course your finances when you are making a decision about retirement, rather than focusing on the date on the calendar.

Your children are not dependent.

If you are still supporting any of your children financially, their needs can take a serious bite out of your retirement budget. Consider delaying retirement if you still have children in college or who are just starting out in their own careers. If you have children with special needs, be sure to factor the expense of their care into your retirement plan as you consider the financial viability of giving up your income.

Retirement is a major decision, and GCS Credit Union in O’Fallon is here to support you every step of the way. We offer traditional and Roth IRAs coupled with the financial advice you need to make the right decisions. To join our credit union or talk to one of our representatives, please call (618) 797-7993.

Understanding Home Equity

If you’ve become a homeowner with help from your credit union, then you’ve probably heard the term “home equity.” The equity of your home is closely related to its value. You can calculate your home equity by subtracting the total balance on your mortgage from the appraised value of your home.

When you watch this informative video, you’ll learn that the value of your home and your home equity can increase or decrease depending on factors other than your total mortgage balance. For example, if your neighbor sells a house that is similar to yours for a cost greater than the value of your home, then the value of your own house can increase.

At GCS Credit Union in O’Fallon, you’ll find highly competitive home mortgage loans and home equity lines of credit. Call a member representative at (618) 797-7993 or visit one of our branches today to find out which financial product is right for you.

Our Student Success Account Package

GCS Credit Union is pleased to continue our tradition of supporting the financial education of our members by offering a special checking and savings account package for students. The Student Success Account Package is available for individuals ages 14 through 23. Until the student turns 18 years of age, a parent or guardian must be listed on the credit union account.

The student accounts allow young consumers to learn the basics of personal finance, including fiscal responsibility and the importance of saving money regularly. Upon opening an account, students are eligible for a $10 iTunes or Amazon e-gift card. Another gift card is awarded to students who earn straight A’s on their year-end report cards and those who refer two friends to our credit union.

If you know a student who could benefit from online checking accounts, you can contact GCS Credit Union in O’Fallon at (618) 797-7993. Our credit union also offers auto loans at competitive rates.

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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