What is the best way to put money aside for a big purchase, vacation, or your future financial security? Forget stacking bills in your sock drawer—take that money to your credit union to open a savings account. Savings accounts are simple to operate and require very little management from you; they also offer a safe place for the money you don’t want to spend.
This helpful video explains how to make your savings account work for you. Learn why you should put a little bit of every paycheck into your savings account. You will also hear about the interest credit unions and banks pay on savings accounts, which helps your money grow over time.
At GCS Credit Union, we offer competitive savings account rates that often beat the big banks’. Call us at (618) 797-7993 to learn more about all of our accounts and services available to you.
Banks may have a bigger public profile, but when it comes to personalized financial service , credit unions cannot be beaten. Read the information provided in these links to learn more about how credit unions function and the many benefits of membership. When it’s time for you to make the switch, call GCS Credit Union at (618) 797-7993 to find out how we deliver world-class financial service by putting your financial welfare first.
- Get the real story behind five common myths about credit unions from AOL’s Daily Finance.
- GetRichSlowly.org offers this comparison of banks and credit unions.
- MoneyTalksNews.com lists seven benefits of credit union membership .
- Credit unions usually pay higher interest rates on deposit accounts, including savings accounts. Learn more about how credit unions support your financial wellbeing in this article from MoneyCrashers.com.
- With this article from ABC News, you can get tips for switching to a credit union from a bank.
No matter what your borrowing needs may be, GCS Credit Union is here to help. We offer our members a variety of loans at competitive rates that usually beat big banks. Our loans come with something else that banks can’t match: personalized service. We’re not out to make a profit. We’re out to see our credit union members succeed financially. That is why we make the lending process easy and make all our loans with your best financial interests in mind. Here are some of the loans you can access as a GCS Credit Union member:
- Whether it is time to buy your very first set of wheels or trade in your existing car for a newer model, GCS is here to help. You can get preapproved for an auto loan right on our website, so you can car shop with peace of mind. Your shopping experience can be even easier if you choose to work with a member of the GCS Indirect Auto Dealers network on your purchase. A list of these dealers can be found on our website.
- We offer credit union members personal loans for as little as $500 and as much as $15,000. Personal loans can be used for just about any reason, from consolidating bills to making a special purchase. We have several different kinds of personal loans, including vacation loans, open-ended loans, and consolidation loans.
- Your house is probably the biggest financial investment you will ever make. The mortgage process can be overwhelming for some people, but not for GCS members. At our credit union, we’re always ready to explain how mortgages work and help our members get the ideal loan at the best possible interest rate.
You can start your loan application online or visit one of our branches for assistance. To learn more about the terms of credit union loans , or for information about switching to our credit union, call us at (618) 797-7993.
Do you feel like your bank really understands who you are and what financial goals you’re trying to achieve? Big banks just don’t offer that kind of service. As shareholder-owned institutions, banks have to answer to their owners about profit, so the bottom line comes first at big banks, not the customers. Like banks, credit unions answer to their owners. The difference is that their owners are their members. By being member-owned instead of profit-driven, credit unions are able to make your financial health their first priority. Here are just a few of the reasons why you should make the switch to a credit union today:
- Even if the tellers at the local branch of a big bank recognize your face, you’re still a small cog in a much larger wheel. They may call you by name, but that won’t help when you try to apply for a loan, resolve problems with your accounts, or get sound financial advice.
- Credit unions are smaller, so they can get better acquainted with their customers, and these relationships matter. When you need a personal loan or your first mortgage, your credit union can consider your needs as an individual instead of just treating you like a bunch of numbers on an application.
- Credit unions usually beat banks’ interest rates on deposit accounts, like savings account. They also tend to have lower rates on loans and lower fees for financial services. These factors add up to more money in your pocket, no matter your financial needs.
- Wouldn’t it be nice to manage your financial life with the help of a company that is really invested in the community it serves ? Since credit unions are owned by members of the towns in which they operate, they give back to the community in ways that banks can’t. Credit unions’ members can feel good that they’re involved with a group that is invested in making life better locally.
Are you ready to make the switch? Call GCS Credit Union in O’Fallon at (618) 797-7993 today to learn more about joining a credit union and the benefits of being a member.
You might think that credit unions aren’t much different from banks. After all, they both offer basic services like checking accounts , savings accounts, and loans. As it turns out, big banks and credit unions are like night and day. While big banks are driven to make a profit, credit unions are focused on their members’ financial wellbeing.
Watch this video to learn about the differences between credit unions and banks through an imagined invasion of small-town USA by big banks! You’ll find out how the smaller size and local focus of credit unions lets them get more involved in the communities they serve. You will also discover the most important factor that separates big banks from credit unions: credit unions are owned by their members, not a faceless group at faraway headquarters who are trying to make a profit.
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Advertising and media coverage of big banks is everywhere you turn, but most credit unions fly below the radar. For this reason, many people don’t understand what credit unions are and discount them as a viable alternative to banks because of a long list of misconceptions. The reality is that credit unions can be a great choice if you’re tired of your bank’s high fees and impersonal service. Get the real story about credit unions by busting these common myths:
- Myth: I Am Not Eligible to Join a Credit Union
It used to be true that membership in credit unions was restricted to a very specific group of people, such as employees of a certain company or members of the same labor union. Those days are long gone. Thanks to changes in federal regulations, most credit unions now offer membership to everyone in the communities in which they operate. Just about everyone is eligible to join some kind of credit union.
Some credit unions have kept the names they had before community-based membership charters were adopted, so don’t let the name of a credit union make you think you’re ineligible. When in doubt, contact the credit union to find out.
- Myth: Credit Unions Have Fewer Services than Banks
In terms of personal finance, credit unions can do everything banks can do, and often for much less. Federal regulations do restrict credit union business lending, but some business-customer services are available. If you’re worried about ATM access outside of your local area, don’t. The Credit Union Service Centers network allows you to access your money nationwide.
- Myth: Credit Unions Are Risky
Credit unions are cooperatively owned by their members. This status means that credit unions aren’t eligible for FDIC backing on deposits. Your money is never at risk, however. Credit union deposits are insured through the federally guaranteed National Credit Union Administration. This insurance offers the exact same security as FDIC.
Why settle for anything less than a financial institution that puts your needs first? Switch to GCS Credit Union , and start getting the personalized service and financial guidance you deserve. Call (618) 797-7993 to learn how to join.
Many Americans place a high importance on keeping their communities active and thriving. For many, increasing local employment opportunities and bolstering small businesses are essential components of ensuring their community’s future wellbeing. Credit unions can also contribute to a neighborhood’s fiscal health. As the following facts indicate, becoming a credit union member can benefit not only your own financial security, but also that of your community at large.
Credit unions are local financial institutions.
- Though banks can be found in nearly every state and town across the United States, you will not find nationwide branches of credit unions for good reason. The bigger an organization is, the higher its expenses are. Credit unions prioritize keeping costs down so that more funds can be put toward giving members the mortgages and auto loans they need. Therefore, your credit union is truly a one-of-a-kind institution.
Credit unions distribute profits to members.
- If a bank has profits, those assets go solely to shareholders, never bank customers. In contrast, any revenue generated by credit unions is redistributed back to their members. Because those profits are going back to individuals living in a single community, they are more likely to be dispensed within the local economy.
Credit unions provide personalized services.
- When one person defaults on his or her auto loan or mortgage, the community as a whole suffers. If an individual’s car is repossessed, he or she may not be able to go to work and use his or her income for goods and services sold within the neighborhood. If a house is foreclosed, it will potentially sit empty and drive down the value of nearby homes. In many cases, large banking institutions will not attempt to help car owners or homeowners who are experiencing these financial difficulties. However, because credit unions have the best interest of their local community in mind, they are more likely to work with members to ensure that they can keep their automobiles and homes, allowing them to remain contributing members of their community as well.
GCS Credit Union works for the greater good of the local O’Fallon, Illinois community. Toward that end, we offer credit union members comprehensive financial services, including mortgages, auto financing, and personal loans . Call us today at (618) 797-7993 to speak with a GCS Credit Union representative about our full line of member benefits.