Learn About the Services at GCS Credit Union

Join the GCS Credit Union family today. Since 1941, we’ve been helping our members grow their money with our friendly and professional services. To learn more about our credit union , visit us on the web or call (618) 797-7993 today!

GCS Credit Union OFallon IL

  • Why should you choose a credit union over a bank? Discover the advantages of credit unions by reading this financial article.
  • In addition to direct deposit, your credit union can save you time and effort with online banking. Learn more about the benefits of banking online on CBSNews.com.
  • Find out more about credit scores and how they factor into the best loan rates on CNN.com.

Three Common Credit Mistakes and How to Avoid Them

Good credit is important for everyone—a healthy credit score ensures that you get the best rate on home and auto loans from your credit union . Keep reading to learn more about some common credit mistakes and how you can avoid making them in order to keep your credit score high.

Car Loan application

1.      Missing Payments or Paying Bills Late

Every time you make a late payment, it’s reflected in your credit report. You can begin to mitigate bad payments by paying your bills as soon as possible instead of letting them go for months. The best way to avoid this credit mistake is to either establish direct payment through your credit union or set up an automatic reminder on your computer or phone to remind you when payments are due.

2.      Closing Credit Card Accounts

Closing a credit card account lowers your credit score—having less available credit or lower maximum credit can reflect poorly on your score. Instead of closing the account, keep the card and use it for small purchases every so often so you can continue to build credit and on-time payments to keep your credit score high.

3.      Having No Credit

Lack of credit can severely hurt your chances of obtaining a loan or future line of credit when you have nothing to demonstrate your reliability as a borrower. When you apply for a loan or credit card, your credit union will want a record of your past history of bill payments. Instead of avoiding credit cards altogether, simply use them for small purchases and be sure to pay your bills on time. You can also establish credit through rent payments, phone bill payments, and car payments.

Start building good credit today with a credit card from GCS Credit Union in O’Fallon, IL. We offer great rates on our Visa credit cards and can also help you obtain your credit score for your own records and benefit. For more information, visit us online or call (618) 797-7993.

Easy Ways to Save Money during Back-to-School Season

 

The cost of sending your children back to school may rise each year, but there are easy ways to save without shortchanging your kids. Check out this video for tips on financing back-to-school necessities this season.

This news video features advice on back-to-school savings, including checking your home for pens, pencils, scissors, and paper to avoid buying more when you already have plenty. Also be sure to check the local ads to scope out where you can get the most for your money. For more financing tips, including sticking to your supply list and stocking up all year long, watch this video. 

Make your money work for you by joining GCS Credit Union. We offer high interest rates, credit cards, and other benefits to our members. To learn more about opening an account with us, or a savings account in O’Fallon, IL , visit our website or call (618) 797-7993.

How to Start Saving for Your Child’s College Education

It’s never too early to start saving for your child’s education. There are many ways to save, so visit the financial advisors at your credit union and explore these great tips to get started today:

saving for college

  • Look at Tuition Rates

Although tuition rates can fluctuate greatly before your child is ready to attend school, peruse a few college websites to get an idea of current tuition rates and financial aid packages. Speak to a financial advisor at your credit union to find out how much you can be expected to pay when your child goes to college. This can help you decide how much to invest—and for how long—to get the most benefit for your money.

  • Consider a CD

There are a number of savings plans you can invest your money into in order to let it grow by earning interest. Credit unions offer options such as CDs to invest your money safely and reliably for withdrawal later—the rewards can be greater if you’re willing to let them mature for many years. Getting an early start on your child’s education fund will ensure that you can commit your money in a way that offers the greatest return on investment.

  • Check Out a 529 Plan

Every state operates at least one type of 529 plan, which allows you to invest money for your child’s college education tax-free. You can choose how the money in the account is invested and how it will be taxed in order to maximize the benefits of your financial contribution. Some states also have a variation of the 529 plan called a prepaid tuition program, which allows you to utilize current tuition rates by locking them in for equivalent credit in the future.

Prepare for your child’s college education today by investing with GCS Credit Union of O’Fallon, IL. We offer services such as savings accounts and CDs to maximize the growth of your investment for your child’s future. To learn more, visit our website or call (618) 797-7993 today.

Give Your Finances a Checkup With These Handy Resources

Staying on top of your finances is easy with the right tools and information. Learn more about smart investing and keeping your credit score high by checking out these links from around the web. When you’re ready to speak with a banker about financial services, come to GCS Credit Union. We have a credit unions in O’Fallon , Edwardsville, Granite City, Pontoon Beach, Madison, and Collinsville, IL. Give us a call today at (618) 797-7993 to find out which one is closest to you!

Collinsville Location

  • Learn more about how 529 plans help you save for your child’s college education by visiting the U.S. Securities and Exchange Commission’s website.
  • Do you want to keep your credit score high? Avoid these seven ways of hurting your credit score by reading this article from U.S. News.
  • Learn how CDs work to earn money for you and your family by visiting HowStuffWorks.com.

Four Great Reasons You Should Be Using Direct Deposit

One of the many benefits of becoming a member at your local  credit union  is the ability to set up direct deposit of paychecks into your account. Direct deposit into your account offers a way to receive your income faster and more safely—keep reading to discover four great reasons why you should consider this banking feature today.

Electronic bank account

  • It’s Convenient

Every employee at your workplace gets paid on the same day, and payday is often the same for most companies. This can mean long lines—and long waits—to deposit your paycheck at the credit union. Your time is valuable, and you shouldn’t have to spend it waiting in line. With the convenience of direct deposit, waiting in line is eliminated because your paycheck is deposited directly into your credit union account with no effort on your part.

  • It’s Secure

Mailed checks can be lost, stolen, or delayed, and you may misplace your check before you can deposit it. With direct deposit, your funds appear directly in your credit union account, so your check is never mailed and cannot be lost, stolen, or forgotten. 

  • It’s Profitable

Direct deposit puts your paycheck to work for you faster than ever. Your check is available and begins earning dividends immediately upon issuance when it’s directly deposited into your credit union account. Without direct deposit, that money can’t start earning interest or pay bills until you deposit it, which may not be for days until after it’s issued or received.

  • It’s Confidential

Because there is essentially no middleman, direct deposit ensures that your pay goes directly from your employer’s account into yours. Your information and funds pass through fewer hands—and fewer systems—for heightened privacy and confidentiality.

At GCS Credit Union we offer services such as direct deposit, credit cards, and loans in O’Fallon, IL . We’re here to ensure that your paycheck is deposited safely and starts working for you immediately every payday. To learn more about our offers and services, visit us on the web or call (618) 797-7993.

What Happens After You Swipe Your Credit Card?

Have you ever wondered just how your credit card is processed? Learn how this happens every time you swipe your card by checking out this fascinating video.

This video outlines the entire process of processing your credit card, from the instant you hand the merchant your card to the time at which the card issuer checks your credit and responds to let the merchant know your credit card has been accepted. You will learn about the five parties involved in credit card processing and how each is connected during transactions. To find out more, be sure to watch the entire video. 

Join GCS Credit Union in O’Fallon, IL today and enjoy benefits such as a great rate on a Visa credit card . We offer Diamond and Platinum rewards based on your credit score, so find out how you can start earning rewards today by visiting us online or calling (618) 797-7993.

Encourage Your Kids to Save With a Grow With Me CD

A CD, or certificate of deposit, is a great way to start teaching your kids the basics of saving money with a credit union. Keep reading to learn about the benefits of choosing a Grow With Me CD from GCS Credit Union to start them down the road to financial responsibility and independence. 

Responsible girl putting money into piggy bank for future saving

How a CD Works

A CD is one of the safest investments you can use to start teaching your child about saving money and investing. When your child buys a CD at the credit union , he or she invests a certain amount of money that begins earning a high interest rate. In exchange, the credit union keeps that money for a specified amount of time. Once that time is up, the CD matures and the original deposit, with earnings, can be withdrawn or reinvested for even more growth.

Benefits of the Grow With Me CD

The Grow With Me CD from GCS Credit Union is designed for investors aged 18 and younger. This CD has a number of features and benefits you and your child will love.

  • The Grow With Me CD has a low minimum deposit of only $250. This means it’s easier to start investing with less and makes it an ideal present for birthdays, holidays, and graduations.
  • You can choose the terms of your CD for maturity after six, nine, or 12 months for added flexibility.
  • Even though the Grow With Me CD is for younger children and adults, it will earn the same rate of interest as a regular CD with GCS Credit Union.
  • You and your child can decide to set his or her Grow With Me CD for auto-renewal upon maturity or for a single maturity only.

Consider a Grow With Me CD for your child at GCS Credit Union of O’Fallon, IL . Teach the value of investment and saving as your children see the rewards of putting their money to work for their future. To learn more about CDs and other savings accounts, visit us on the web or call (618) 797-7993 today.

Check Out our New GCS Music Video by Local Celebrity, Ethan Jones!