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

Credit Card Smart

Having a credit card is a good thing for emergency situations and is also an excellent way to build your credit history. However, you can get in over your head by using credit cards for some purchases that you shouldn’t. Some of those things are:

·         College Tuition

Paying for your college tuition with a credit card is a good way to put yourself into debt before you even complete your first year of college. There are other options, such as obtaining a student loan that will have a lower interest rate and lower payments that are manageable.

·         Taxes

Paying your taxes with a credit card will incur interest rates and only paying the minimum due will allow that interest due to keep growing. Working out a payment plan for your taxes may be a better option.

·         Large Weddings

No one wants to start out their newly married life in debt because of their wedding day. Plan your wedding on what you can afford to spend. Look at all your options for the money you need before pulling out that credit card.

·         Vacations

Everyone loves a good vacation, but you don’t want to carry this year’s vacation into your next one. It adds to the stress of enjoying your peaceful escape. Plan your vacation where you can spread the charges out longer to balance the financial burden.

·         Medical Bills

Using your credit card to pay for your medical expenses can leave you with a large bill from a hospital or a doctor. Many facilities are willing to work out payment plans to cover the substantial costs of going to the doctor or having a medical procedure.

Credit cards are not money. They are a way to help balance purchases when you already have the money to pay for items, or need them for an emergency because there are no other options. Remember to use your credit cards wisely to create a history of good payments and to establish better credit.

With the GOFederal Credit Union Visa Credit Card, you’ll receive interest rates lower than most bank and department store cards that can save you money every month. You can also set-up automatic payments from a GOFCU account, make payments using GOFCU online banking, or stop by your nearest GOFCU branch to make it easier to stay on top of your bills.

Federally insured by NCUA and Equal Housing Lender

Debit Cards and Your Credit Score

The world of credit scores and credit history can be confusing. A common question from members of one of Dallas’ best credit unions, GO Federal Credit Union, is what effect, if any, debit cards have on your credit.

The answer is: they don’t have any impact on your credit for the most part. Standard debit cards do not affect your credit score or show up in your credit history because debit cards aren’t extending a line of credit. When you use your debit card, money is immediately withdrawn from your bank account. When you use a credit card, charges are applied to an account, and you received a bill at the end of the month to make payments on those charges.

Exclusively using debit cards means that you will not go into debt. However, the downside is that you aren’t building up any credit history. This may negatively impact your credit score.

Prepaid debit cards work similarly to regular debit cards. They store money on an account, but you aren’t borrowing money from anyone to use them. This makes credit bureaus uninterested in the use of prepaid debit cards.

Yes, some prepaid debit card companies do report your history to the credit bureaus. It is important to understand that this doesn’t affect your credit score the same way credit cards do.  If they report your use to the credit bureaus, all it shows is a history of your payments. This report does not actually impact or help your credit score.

GO Federal Credit Union offers the GOFCU Visa Credit Card. By getting a GOFCU Visa Credit Card, members receive lower interest rates and no annual fee, no cash advance fee, and no balance transfer fee. And to assist with the transition from a debit card to a credit card to help increase your credit score, GOFCU allows members to set-up automatic payments from their GOFCU account, make payments using GOFCU online banking, or stop by their nearest GOFCU branch.

Federally insured by NCUA and Equal Housing Lender