• The Benefits of Direct Deposit

    direct deposit, online banking

    Employers tend to offer multiple payment methods to their employees, the most popular of which is direct deposit. This is when your paycheck, social security payment, or pension is automatically transferred to your bank account on payday.

    Nearly all employers these days provide this option in place of mailing or hand-delivering paper checks. In fact, as of 2016, 82 percent of American workers are paid by direct deposit, compared to 74 percent in 2011. If you haven’t signed up yet, here are the benefits of direct deposit you should consider.

    • No possibility of misplacing the check: If you tend to misplace things, direct deposit is the ideal payment method. It’s impossible to lose something that’s added to your bank account automatically!
    • No more lost or stolen mail: Direct deposit eliminates the chance of having your check lost or stolen in the mail. In fact, because of security and reliability issues, the US Department of Treasury has all but eliminated paper Social Security checks, requiring all new recipients to sign up for direct deposit or Direct Express cards instead.
    • No need to wait in line to deposit a check: Most people get paid on Fridays, so banks and credit unions are extra busy that day as eager employees stop in to deposit their checks. With direct deposit, you can skip the line and simply log into your online account to ensure the payment went through.
    • Immediate access to funds: Without the need to physically deposit your paycheck, the money is available immediately. There’s no delay between when your payment is deposited and when you can withdraw it.
    • The payment still clears, even if you’re out of the office: On vacation, taking a personal holiday, or calling in sick on a Friday? It doesn’t matter if you’re not in the office on payday—your direct deposit will still go through.
    • Paperless paychecks help the environment: There’s no need to print paper checks or send letters in the mail with direct deposit, making it a smarter choice for the environment.
    • More secure payment option: Because your check isn’t sent in the mail or passed around the office on its way to your desk, there’s a smaller risk of your confidential banking information leaking out. This makes direct deposit the more secure way to get paid.
    • Budget and save: Many employers offer the option to deposit a portion of your check directly into your savings account, helping you resist the temptation to spend when you really should save.

    At GCS Credit Union, we make it easy to sign up for direct deposit from your employer. All you’re likely to need is your routing number (at GCS, this is 281076853) and your account number. Ask your employer if there are any other forms you need to fill out, and you’re all set! To learn more, or for help opening an account at GCS Credit Union, please call us at (618) 797-7993 today.

  • Getting the Most from Online Banking

    Not all that long ago, online banking was a new idea that many people were hesitant to try. But these days, it’s considered a necessity. Between rushing around at work and meeting your obligations to your family, it’s tough to find the time to get to a credit union branch to manage your savings and checking accounts. GCS Credit Union understands. We’ve made our online banking experience as easy and hassle-free as possible, because our members are important to us.

    It can be particularly helpful to set up your bill payments in advance. Just log on to your account and schedule your payments to ensure they are received on time. Or, set up a one-time payment if you prefer, without having to deal with the hassle of mailing a check.

    You can get the benefits of online banking in O’Fallon when you become a member of GCS Credit Union. Call (618) 797-7993 if you have any questions for our member representatives.

  • What Are the Benefits of Direct Deposit?

    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.

  • Online Bill Pay 101

    You should take advantage of the many benefits offered by your bank or credit union’s online banking and online bill pay options. Online bill pay allows you to quickly, securely, and conveniently manage your bill payments from any computer or electronic device, anywhere, at any time. You can also monitor activity on your checking account and savings account to ensure that you aren’t at risk of overdrawing your account.

    With online bill pay, you can schedule bill payments in advance and set up payment reminders, so you’ll never forget to pay a bill again. All of your payee information will be stored in one secure, convenient place, so you won’t have to continually be looking up information. You can also easily track your monthly, quarterly, or yearly payments for accounting or tax purposes.

    If you’re interested in setting up online bill pay in O’Fallon for your checking account, come see us at GCS Credit Union. We offer a variety of secure online banking services designed to make your life simpler and less stressful. To learn more about our banking services, call us today at (618) 797-7993.

  • Looking Back at the History of Online Banking

    Almost every bank and credit union now offers an array of convenient online banking and online bill pay services. Electronic banking services were first developed in the 1970s, and banks began offering some form of online banking services in 1985. Here is a look back at the fascinating history of online banking.

    Early Development of Online Banking Services

    Banks first offered home banking services and distance banking services via electronic means in the 1980s. Initial home banking services allowed customers to connect to their checking account or savings account information using a terminal, keyboard and TV, or telephone line. These early services were very primitive, and weren’t accessed by very many banking customers.

    The First Online Banking Services in the U.S.

    Online banking was first introduced in New York City in the early 1980s. The first banks to offer online banking services were Chase Manhattan, Citibank, Chemical Bank, and Manufacturers Hanover. These banks allowed their customers to maintain check registers electronically, check their account balances, and transfer funds between savings accounts and checking accounts. By the late 1990s, customers were more comfortable engaging in financial transactions over the internet, and online banking became more popular.

    Online Savings and Checking Accounts Today

    While online banking services got off to a slow start, a 2009 estimate claimed that about 47% of Americans were banking online. Banks and credit unions that offer online banking and online bill pay now provide comprehensive banking services to their customers via the internet. Some banking institutions only exist online, without local branches or ATMs for customers. With online banking, customers now enjoy 24/7 access to their account information and banking services, lower transaction costs, and the ability to access their accounts anywhere in the world.

    At GCS Credit Union, we offer a variety of convenient online banking services in O’Fallon . If you’re interested in joining a credit union, you should talk to one of our friendly, knowledgeable representatives about getting an online checking account. To learn more about our online banking services, call us today at (618) 797-7993.

  • Tips for Managing Your First Checking Account

    Opening your first checking account can be exciting, but it is important to be careful. You will need to keep an eye on your debit card as well as the balance in your checking account in order to prevent fees and penalties. You must also keep your cards and information protected. Here are a few tips for managing your first checking account.

    Consider Overdraft Protection

    Your first checking account will teach you to be responsible with your money; in some cases, it will also teach you about the consequences that may occur when you fail to do so. Fortunately you can make use of a safety net called overdraft protection. An overdraft occurs when the amount of money you attempt to spend or withdraw exceeds the amount of money you have in your account. This typically incurs fees, but overdraft protection can give you some extra flexibility.

    Keep Your Cards Safe

    Just because your credit and debit cards have your name on them does not mean that other people cannot get away with using them. This is why it is crucial that you keep your cards in a safe place and refrain from giving them to others. Do not enter your information or make online purchases if the seller does not appear to be completely trustworthy. If you lose a card, cancel it or freeze your account as soon as you notice; if someone else has it, this will prevent them from using it.

    Use Online Banking

    Today’s technology makes it much easier to manage your checking account. Online banking can provide you with electronic statements at any time of the day or night. You can also use this feature to transfer money from your savings account into your checking account or vice versa.

    In addition to checking accounts, GCS Credit Union offers online banking and home mortgage loans in O’Fallon. You can learn much more about our credit union by giving us a call at (618) 797-7993 or visiting our website. If you live in the area, feel free to stop in and meet with us today.

  • Tips for Avoiding Overdraft Fees

    You can only spend as much money as you have in your checking account, otherwise you may incur an overdraft fee. Watch this video for tips for avoiding overdraft fees.

    If you want to avoid the penalties for spending beyond your means, it is important that you have an accurate picture of your finances at all times. It helps to use mobile or online banking services with mobile or email alerts. In many cases, you can also link your savings and checking accounts with a protection plan. Check your balance often and try to keep some extra money on hand so that you can avoid these overdraft fees.

    For more tips for avoiding overdraft fees call GCS Credit Union at (618) 797-7993. We are dedicated to providing online banking, Visa rewards credit cards, and home mortgage loans in O’Fallon. Feel free to visit our website to learn more about our credit union .

  • Are You Ready for Your First Credit Card?

    Just like your first car or your first night out without a curfew, a Visa rewards credit card can offer you a new sense of freedom. However, this freedom must be used responsibly. Read on if you are wondering if you are ready for your first credit card.

    When used properly, your first credit card can help you build credit and prove your trustworthiness and reliability. When used improperly, on the other hand, it may get your credit started on the wrong foot. Having a credit card means regularly paying off your debts, and you must have a steady source of income in order to make these payments. You may be ready for your first credit card if you already have experience in making regular payments; the process is similar to paying towards your cell phone bills, monthly rent, or student loans.

    Does it feel like it is time for your first credit card? Call GCS Credit Union at (618) 797-7993 so we can set you up with a Visa rewards credit card. We also offer checking accounts and auto loans in O’Fallon. Feel free to visit our website or stop in and meet with us for more information.

  • The Advantages of Online Bill Payment

    Online Banking When you get a checking account in O’Fallon, you may want to ask your credit union about your online bill pay option. By linking your online checking account to a bill payment program, you can ensure that your bills are paid on time, every month, this is just one of many advantages to online bill payment. With this type of service, you will have the peace of mind that comes from knowing that your bill payments are automatically covered. In addition, you can also save on the cost of penalties and charges that may occur if you forget a monthly payment.

    To find out more about setting up online bill pay , be sure to contact GCS Credit Union in O’Fallon. Our banking specialists will be thrilled to help you create a banking solution that is tailored to your needs. Call us at (618) 797-7993 to set up a new checking account today.

  • The Benefits of Online Banking

    Online Banking in O' Fallon You can do just about anything on the internet, even manage your finances. Online banking allows you to manage a number of banking activities, anytime and anywhere you have internet access. There are numerous advantages of using online banking, namely the convenience of being able to get your banking done whenever it’s most convenient for you. Online banking also makes it easier to track your spending and monitor your accounts.

    GCS Credit Union offers our members the latest tools to make banking easier. From online banking and bill pay to online financial calculators and direct deposit, we offer our members a variety of supplemental services to simplify their banking experience. And with seven branches in O’Fallon and the surrounding area, there’s a GCS Credit Union near you whenever you to stop by. For information on becoming a member, call us at (618) 797-7993.