Credit unions offer a range of benefits that banks do not, but misconceptions about how they work keep away many people who could reap the rewards of membership. If you haven’t considered credit union membership because you think that it’s not for you, you could be making your decision based on outdated or mischaracterized facts. Here is a closer look at some of the common misconceptions about credit unions and the real facts behind them.
Misconception: Most people can’t qualify for credit union membership.
It is true that credit unions have membership criteria. As such, there are likely to be credit unions for which you do not qualify. However, the sheer number of credit unions means that almost everyone can qualify for membership in at least one. Many credit unions also offer membership to the family members of people who qualify, so even if you don’t qualify on your own for a particular credit union, if you have a family member who does, you may still be able to join.
Misconception: Credit unions have limited services.
Credit unions are non-profit institutions, so they tend to spend less on marketing efforts than banks do. This has created the perception that banks have lots of high-tech services to offer their customers and credit unions do not. In reality, most credit unions offer the exact same services as banks, from loans to mobile banking, and they often provide these services at better rates. You won’t be limiting your access to financial services by joining a credit union.
Misconception: Credit union locations are hard to find.
Credit unions frequently have fewer physical locations than large banks, but that doesn’t leave customers high and dry. Most credit unions are part of a shared national network that allows members to easily perform banking services, no matter how far they are away from their home base.
Find out more about the benefits of credit union membership by contacting GCS Credit Union. We offer an extensive collection of services, including checking accounts, online bill pay, and auto loans. You can learn more about joining our credit union in O’Fallon by calling (618) 797-7993.
Are you still taking paper checks to the credit union to cash on payday? If so, then you are missing out on all of the benefits of direct deposit. Even people who are resistant to direct deposit tend to become full converts after switching to this payment method. Whether you are an employer who is not yet offering direct deposit as an option to employees or an employee who hasn’t yet made the switch, here are some of the benefits on which you could be missing out.
Direct deposit is convenient.
This benefit is the one that convinces most people to make the switch to direct deposit. For employees, what could be more convenient than waking up on payday to find that the money is already in your checking account? For employers, it takes several steps out of the process of doing payroll. There is no need to print and distribute paper checks for every pay cycle. Instead, you authorize the payment amounts, and your employees get their pay, on time and much more efficiently than with traditional pay procedures.
Direct deposit saves money for employers.
In addition to the cost-saving benefits of improved payroll efficiency, distributing salaries by direct deposit saves money for employers in other ways. The cost of printing checks can be significant, and with direct deposit, employers no longer need to invest in the paper, printers, envelopes, and inks associated with a paper payroll. It also eliminates the cost of replacing lost or stolen checks. Often, credit unions offer incentives to employers for using direct deposit that can translate into savings as well.
Direct deposit is safer for employees.
Even with the best of intentions, losing a paycheck or having a paycheck stolen is a real possibility. For employees, direct deposit means protecting a paper paycheck—and the personal financial information on it—is no longer an issue. Your pay goes safely and securely into your account each pay cycle.
GCS Credit Union is committed to making financial management convenient and secure for our members through direct deposit, online banking, and mobile banking in O’Fallon. Get the answers to all of your questions about our services by calling 618-797-7993.
At GCS Credit Union, our Visa Rewards Credit Card offers the convenience of shopping with credit combined with the chance to earn valuable rewards. Our credit card comes with the low-interest rates you expect as a credit union member, plus a 25-day grace period on purchases and no annual fee.
Our Visa card comes with membership in the valuable ScoreCard Reward Program. Each dollar you spent is worth one point. Points can be cashed in for travel, merchandise, and other rewards via GCS. The rewards can be easily managed online at any time, so you can see exactly where you stand and work towards building up points to cash in for your chosen reward. These rewards come in addition to all of the other great card benefits, from auto rental waiver insurance to emergency card replacement.
If you’re a current GCS Credit Union member, contact your local branch or apply online for our Visa Rewards credit card. If you’re not yet a member, you can contact our credit union in O’Fallon for more information about membership and all of our financial products by calling (618) 797-7993.
When couples combine their finances, it can cause some challenges as they adapt to each other’s financial management habits. By working together toward a common goal, they can make the most efficient use of their credit union accounts and services.
Watch this video to learn how couples can have better communication about their finances. The key is to discuss things as soon as possible in the relationship and to continue to keep the door open to communication about checking accounts, auto loans, and more.
At GCS Credit Union, we have all of the financial tools you need to reach your joint financial goals, from our Visa Rewards credit card to our home mortgage loans. For more information about our credit union in O’Fallon, call (618) 797-7993.