How do Kasasa® Accounts Work?

Everyone is interested in ways to put a little extra money into their pocket. Some financial institutions, like credit unions in Dallas, are offering special checking accounts that can help. Kasasa® brand checking accounts have above-market interest rates and other rewards.

Each Kasasa® partner has simple qualifications you need to meet monthly to be able to earn rewards. These are based on things members are typically already doing. The goal of each qualification is to earn or save the credit union money so they can share that money with the member in the form of a reward.

Typical Kasasa® qualifications could be any or all from the list below:

1.      Specific numbers of debit card transactions in a month: Debit card transactions earn money for the credit union. Merchants have to pay a fee on each transaction made with a debit or credit card to the card issuer. The more you use your card, your credit union will receive those additional transaction fees.

2.      Transition to e-statements instead of paper statements: The credit union saves money on paper cost, postage, and paying an employee to put together statements and mail them to you.

3.      Use online banking regularly: Logging into your online banking system allows credit unions to easily keep members up to date. The institution can also track member engagement and build a stronger relationship with each member.

The bottom line? Kasasa® accounts are designed to allow Kasasa® partnering institutions to motivate their members to help them make or save money. Then they reward members for participating with things they actually want like high-interest returns, digital downloads, donations, or cashback. This helps the institution grow and maintain its member base and provide each member with great service. For members, it’s a simple way to earn a little extra every month, mostly by doing things you’re already doing.

Federally insured by NCUA and Equal Housing Lender

How to Plan Financially for the Roaring 20’s

A new decade is upon us. Before we know it, we’ll be popping bottles of champagne and kissing our loved ones at the stroke of midnight. Many people are already penning their traditional resolutions, and it’s smart to do so. There’s still time left before the clock strikes midnight, and we haven’t turned into pumpkins yet. The more time and effort you put into your plans for the new year, the more likely you’ll be to actually fulfill them. It’s easy to write goals down every year and then discard them, but writing detailed plans can help make your goals feel more achievable.

Additionally, most goals require some financial aspects. Whether that be in the form of a gym membership fee or a savings account, goals can feel expensive at their forefront. Beginning the initial planning process now allows you to detail those ideas later and break down what exactly you need to get the ball rolling. Many people rely on systems like a bullet journal, which allows for free-form systems to plan just about anything for their financial New Years’ goals. Traditional writing may seem tedious, but it’s a good idea to get all of your thoughts down.

GO Federal Credit Union offers several financial planning options to help get your goals on track. For example, our partnership with 4Points Planning helps you organize detailed plans within the most important factors in your financial health. Our credit unions in Dallas are conveniently located for you to be on the right path for healthy finances. Additionally, we offer My GO Finances, which is a helpful tool for mobile online banking.

“But why should I start planning now?”

If these reasons aren’t compelling enough, think of it this way:

How quickly did this year go by? 2019 flashed right before our eyes. A year is 365 days most of the time, but it often feels like a lot less. Weeks blend, and before you know it, you’ve missed two credit card payments and haven’t been to the gym since last Tuesday. If you plan goals now that you can carry with you through the rest of the year, there’s virtually nothing stopping you from getting them done! GOFCU is among the best credit unions in Dallas. Be sure to call GOFCU and make an appointment today with one of their financial advisors.

Money Management: College Student Edition

College students are often navigating the “real world” for the first time in their lives, so understanding smart money management is pivotal to survival. Having this skill is key in learning how to keep themselves afloat, as well as in preparing for their future. Talking to your college student about how to handle finances is one of the most important conversations you’ll have with them. However, if you find it difficult to open the door to this topic, you can get help at your credit union in Texas. They are another constructive avenue to take in educating your college-age student about managing their money throughout college.

Credit Card Concession

·         Credit cards can come in handy in the middle of an emergency, but they need to be utilized responsibly. Break the ice with your college student and discuss if they’re keeping up with payments on time, and about the frequency of their usage. Understanding how credit cards are meant to function is always of great importance. Texas credit unions can also show your student ways to manage money wisely, even while using their credit cards.

Coupons, Coupons, Coupons

·         Couponing is not just for soccer moms; anyone can benefit from them! Share your couponing resources with your student and show them just how useful they can be. In this modern age, coupons can also conveniently be clipped digitally! They can save a lot of money by only taking a few minutes to clip or click away.

Savvy Student Discounts

·         Help your student scope out local stores and retailers that will provide and honor student discounts. Search together and find out if there are any mobile apps where coupons and discounts can be obtained online, specifically for college-age students.

Financial literacy is a necessary component of everyday life. It is crucial for everyone to possess, especially for those who are just gaining their footing in the world. Don’t be afraid to communicate with your college student in various ways; be sure to keep them abreast of any ways to save that you can find.

Discuss the benefits of them becoming a member of your credit union to take advantage of low interest rates, great savings plans and getting help from a member services representative to guide them through the process. Knowing how to locate and implement these financial strategies on their own will propel them into a prosperous and successful future.

Federally insured by NCUA and Equal Housing Lender

Why Your Credit Score Matters When Getting a Car Loan

Are you looking for a new car? Perhaps the one you have has decided not to start again. Maybe you’re just ready for a change. If this is the case, then a Texas credit union loan is on the horizon and GO Federal Credit Union can help. Car loan rates are forever changing, and the deciding factor will be your credit score.

Credit Scores and Interest Rates

Credit score companies will break down scores into ranges. The range you fall into will determine the interest rate you will pay according to car loan rates.

Those ranges include:

·         Exceptional - Good: Expect to get a low interest rate

·         Good - Fair: You may not get the lowest interest rate, but you won’t get the lowest.

·         Poor: Expect to pay the highest interest rate

Contacting a Dallas credit union will help you understand where you are.

Before Shopping for a New Car

Before shopping for a new car, there are a few actions to be completed. First, you need to know what your credit score is. Look at all three credit bureaus at least once a year. Once you have gathered your credit information, reach out to a Dallas credit union for pre-approval.

Getting pre-approved for your car loan will help you find your ideal budget and ensure that you get credit union financing at the dealership. Another tip is to consider a down payment. Having a down payment can affect the amount of your Texas credit union loan and lower your payments.

Don’t want to deal with the hassles that come with buying a car? Use GO Federal’s car buying service. Tell them the year, make, model and preferred options of the vehicle you want. They will take it from there. They will do the shopping for you and negotiate the best possible price.

Improving Your Credit Score

Once you have found your credit score, you may find it needs some improvement. Here are tips to improve your credit score.

·         Pay bills on time monthly.

·         Keep credit balances low.

·         Only open a new credit card if you need too.

·         Work with a Dallas credit union to improve your credit score.

Federally insured by NCUA and Equal Housing Lender

Financial Smarts: Planning for the Holidays During the Summer

It may seem like the holidays are a long way off when you’re basking in the Texas sun, but now is the best time to start planning for them and GO Federal Credit Union has you covered with these valuable tips.

Why plan during the summer?

Summertime tends to be slower and allows you time to find solutions to any financial challenges you may face around the holidays. Starting the planning early also grants you the opportunity to make adjustments as needed without being under a time crunch, which reduces overall stress.

What is the first step in planning?

The first thing to do is to set yourself a holiday budget so you can make a savings plan. Make sure you include all holiday expenses like travel, gifts, food, and don’t forget your pets, especially if you need to board them.

How do you make an accurate budget?

First, make a list of all the potential gifts for everyone on your list and start to research what the cost of each gift is to plan out your gift spending. Research your travel in advance to find deals and see if you can travel on alternative days to save money and hassle.

How do you start saving for the holidays?

Start by looking over your expenses now and seeing where you can start reducing. Things like lowering your cable bill, streaming services, using coupons, and favoring free entertainment activities, are all great ways to reduce your monthly expenses.

What if your budget is more than you can save?

You have to trim the budget. Look for deals to lower the cost of gifts and explore trading services like pet sitting to reduce expenses around the holidays.

Are there any other moves to make before the holidays?

Sign up for retailer discounts and coupons if you know where you’ll be shopping for the holidays. Many stores offer exclusive deals on their list-serve or via text. If you plan on making some of your gifts, start the process now, so you don’t run out of time and end up defaulting to a store-bought gift.

With these tips, you’ll be able to reduce stress around the holidays and keep your finances under control.

Federally insured by NCUA and Equal Housing Lender

All about Money Market Accounts

There are many options to grow your savings, and it can be hard to know what the right option is for you. Money market accounts are one option that may offer higher annual yields over traditional savings accounts. But what is a money market account? Don’t worry, GO Federal Credit Union has got you covered.

Money market accounts

Money market accounts are set up similarly to traditional savings or checking accounts using a typical deposit and interest gained system with the ability to write limited checks. These types of accounts are like a savings or checking account hybrid.Although users tend to earn higher interest there are some pros and cons.

Money market pros

·         Access: easily access your funds by writing a limited number of checks per month or withdrawing cash.

·         Earnings: Money market accounts usually have higher interest rates than savings accounts and they’re insured just like the checking and savings accounts offered by your credit union in Dallas.

Money market cons

·         Limited withdrawals: most accounts limit how many times you can make a withdrawal in a month.

·         Minimum balance: these accounts have a higher minimum balance that has to be maintained.

Money market accounts, savings accounts and CDs

As stated above, money market accounts can yield a higher interest rate than most savings accounts. They do have high minimum deposits in general, which can limit accessibility to some members. The same withdrawal limits tend to apply to both.

CD accounts (certificate of deposit) are time-centered, needing between six months and five years to mature. CDs, though typically earning a higher interest rate than money market accounts, don’t allow for electronic transfers and most penalize you for early withdrawal. But, CDs have fixed interest rates which tend to be higher than other accounts.

With so many options, the most important factors are how much money you have to deposit, how frequently you may need to access it, and what kind of interest rate you are looking for.

Federally insured by NCUA and Equal Housing Lender

Leveling the Playing Field

Recent surveys have shed light on the goal of credit unions and other financial institutions. Almost all have a shared interest in leveling the playing field through a stronger digital presence. Up from 19% in 2018, they continue to work diligently to expand. 

Why this sudden interest in expanding their digital presence? Expectations of a new generation are garnering the importance of banking from anywhere in the world.

With the prediction that by 2020, 85% of all member interaction being done through the Internet, how can credit unions in Dallas stand up to the plate?

Personal Service
GO Federal Credit Union in Dallas takes pride in their customer service to their members. In order to continue supporting members, building a digital strategy that enhances member experience is key. GOFCU wants to make banking as convenient as possible. From time-saving online services to exclusive member discounts,they’ve got the tools their members need to be stress-free and financially secure. GOFCU’s Live Chat feature allows members to connect with a representative for any help they may need.

Board Involvement
GOFCU, a credit union in Dallas is member-owned. Each member has a vote in how the credit union is run.Rather than having shareholders and a profit-driven philosophy, GOFCU is service-driven and committed to improving the financial wellbeing of all members. All profits are returned to members through lower rates on loans, higher dividend yields, and less fees.

Consider the Millennials

New data has shown that 65% of millennials haven’t physically visited their credit unions in months. Baby boomers are even switching to on-line banking. Becoming innovative in their digital presence bridges this gap and creates an exceptional banking experience.

GO Federal Credit Union in Dallas is listening to their members by using digital wallets and mobile apps. They offer convenient online and mobile account access allowing members to take advantage of their GOFCU membership anytime, anywhere.

Federally insured by NCUA and Equal Housing Lender