The Importance of Understanding Checking vs. Savings Accounts

When opening an account at credit unions in Dallas, you will be given choices for different checking and savings accounts. Knowing your choices will help you receive benefits from each of them.

What is the Difference?

GO Federal Credit Union in Dallas will be able to give you the information that is needed so that you can choose which account will work best for you.

·       Your Checking Account: GOFCU offers a variety of checking account options. Each account features terrific benefits including FREE online bill payment, FREE Home Banking, FREE audio response (Touch & GO), FREE E-Statements, FREE online check viewing and more. These accountsare transactional. Your everyday spending money is what belongs in these accounts.

·       Your Savings Account: GOFCU offers a variety of savings options to meet the needs of every member. All savings accounts earn competitive dividends and are federally insured up to $250,000 by the NCUA. With these accounts, earningdividendslets your money make you more money! These accounts are not transactional. You should use them sparingly and mainly add to it and forget it’s there.

The Benefits

Having checking accounts at a Dallas credit union like GO Federal is the best way to keep up with your money. It is advised and encouraged that you have both a checking and savings account. They both do different things that work together to benefit you as much as possible.

You can also get help from GOFCU so that you know where to place your money and how to easily access it. But the most important thing is to understand that your checking and savings accountscan work together. GO Federal Credit Union is here to help improve the financial well-being of its members.  

Federally insured by NCUA and Equal Housing Lender 

Credit Unions and Your Credit Score

Opening a checking or savings account with a credit union is a smart way to manage money and establish creditworthiness with a financial institution. If you are tracking your credit score, you may be concerned that opening an account may impact your credit score. 

How Do Credit Unions Impact Credit Score?

Overall, credit reports track debt to income ratios, on-time payments and how much debt you have on your credit cards in relation to your credit allowance.

If you have a credit union account, the following will not appear on your credit report:

·         Withdrawals or deposits

·         Closing an account

·         Check writing

·         Multiple Accounts

Two Instances Which May Impact A Credit Score

1.       Credit unions may pull your credit report when you first open an account. This could result in a soft pull which does not impact your credit score. A credit union may do a hard pull which is usually performed if you are applying for a loan. If a hard pull is done, this may impact your score for up to 12 months and may minimally reduce your credit score. 

2.       Check overdrafts are defined as a payment request coming through, but there are not enough funds to cover the payment. Typically, acredit union will cover the charge, but apply a fee for the overdraft. These do not appear on your credit report, if you bring your account to current and pay the fees.

Managing your credit report is essential for a future home, auto, or personal loan. Always ask questions to confirm your understanding to make the best financial decision for your financial goals.

Federally insured by NCUA and Equal Housing Lender

A Credit Union: A Gift that Keeps on Giving for 20- and 30-somethings

In Your 20’s You Are Earning Money for the First Time. A Credit Union can Help You Save Into Your 30’s for Big Purchases  

Young people in their 20’s and 30’s have received a bad reputation for doing everything on the Internet and doing very little in their communities. A credit union in Texas helps young adults remain active in their communities by giving great benefits, including saving money from a job that can help support a family. Most people in their 20’s are earning a living for the first time after graduating from a 2-year or 4-year college. The great thing about earning a living is the feeling of financial independence it gives to recent college graduates. However, many people in their 20’s start out making minimum wage, so their earnings go directly into living expenses with very little left over. This is where credit unions can help give young adults a place to save their money. 

Credit Unions Give Young Adults Better Savings Rates

It is well known that young adults need to save money. There are several significant expenses that come in the late 30’s and early 40’s as young adults enter middle age: buying a house, buying a car for the family, and starting college savings account for growing children. A credit union can help young adults start a savings account with a higher interest rate than is typically offered by a for-profit bank. As young adults enter middle age, the magic genie of compound interest starts to make this savings account grow until, 20 years later, it offers a golden pot at the end of the financial rainbow. 

Credit Unions Help You Save for the Future

A credit union offers a savings account that will compound over the years. As a 20-something adult makes money from a job and puts some of it into a savings account every month, the savings account will grow substantially.  This is because credit unions funnel their profits back to their members through better dividends and lower interest rates for their members.

The great feature of saving even small amounts per month, is that it is doable for even a 20-something with the help of a financial advisor at your credit union. These benefits are generally not available through a savings account at a traditional bank. If you are in your early 20s or 30s, you can start saving now. Then, when you’re ready, you can buy a home through a Texas credit union mortgage loan offering better rates than most banks.

Federally insured by NCUA and Equal Housing Lender

Seven Reasons Why People Like Credit Unions Better For Home Loans

Considering buying a home? If so, you will want the best home loan you can find. The place to look for that perfect loan is no farther than GO Federal, a Dallas credit union. Reasons to consider a credit union over a bank will become evident after you read this!

1. Credit unions in Dallas are small entities. Unlike the larger corporate banks in town, credit unions are community focused. Their members are their customers. This is not forgotten in the member service experience.
2. Banks and credit unions do follow the same laws regarding lending practices. The difference is the relationship. Because Dallas credit unions are smaller, they build strong relationships with their members. 
3. The needs of the people are at the forefront of a credit unions business model. Because they are working for a specific geographic group, they understand the needs of their members. This understanding allows credit unions to guarantee members get a loan that will provide the best benefit for each member. 
4. Banks will approve a home loan and then sell that loan to another financial entity once the underwriting is complete. Credit unions in Dallas keep their loans within their own portfolio. This keeps members from dealing with the stress of wondering why their payments now go to a bank they have never heard of. 
5. Credit union profits always transfer back to their members. Unlike banks, Dallas credit unions are able to offer lower loan rates because profits are transferred back to their members through better loan rates, higher interest paid on savings accounts and better credit card rates.
6. Approval of a home loan is more likely at a credit union because credit unions will look at the overall package, not just a credit score. 
7. Credit union members are loyal because they are treated like family. Bank customers will always be searching for a better option. A side note to consider; a credit union has yet to need a federal bailout. 

To answer the question of are credit unions better than banks for a home loan is your choice, yes or no, but there are many benefits of credit union membership to consider.

Federally insured by NCUA and Equal Housing Lender

Is a Credit Union a Good Place for Loans?

So, you need a loan. There are two options that you know that you can take advantage of; the bank or a credit union. You have started to go through the pros and cons, but the main question that you need to answer is why should you borrow with a credit union instead of a bank?

Exceptional Member Services
GO Federal Credit Union in Dallas County is known for having exceptional member services which makes people feel good about using GOFCU for their loan needs. If you are not already a member, you can easily become a member with GO Federal Credit Union if you live, work, or worship in Dallas County. Once you become a member, a representative can discuss the different types of loans available for your needs.

More Generous Terms
The cost of borrowing money to buy a home, an automobile or anything else will likely be much less for credit union members. This is because credit unions charge their members lower interest rates than traditional financial institutions do. Credit unions don’t have shareholders to please with massive earnings reports. It is their mission to help their members get more from their money. This means the cost of loans tendto be lower, interest returns on savings are likely to be higher and the terms of obtaining credit may be less stringent for members.

When looking for ways to make your money go farther, you will find that GO Federal Credit Union provides a way to do so. Come in and speak with a loan specialist today at one of our branches. Call us at 214-742-6551 or visit us online.We look forward to talking with you and helping you reach your financial goals.

Federally insured by NCUA and Equal Housing Lender

Health Savings accounts from GO Federal Credit Union

Are you searching for a Texas credit union offering a Health Savings Account? Look no further than GO Federal Credit Union. With this Dallas based credit union, each member receives unique benefits to suit their needs. Members gain access to GOFCU’s amazing products and services, unmatchable customer service, low fees, and better rates.

About Health Savings Accounts
GOFCU offers a Health Savings Account (HSA) that helps you save on medical expenses and earn dividends. These HSAs are specifically tailored to each member’s needs. They provide help to people with health insurance plans that have a high deductibles and pay for approved health care costs on a tax-free basis. An HSA can help pay for both current and future medical costs.

Any HSA funds that are unused after a year will roll over. This gives you the opportunity to increase your balance and help cover expensive medical costs in the future. The account follows you everywhere, even if you change jobs.

Opening an Account 
An account can be opened with a minimum deposit of $25. There is no service fee attached, and no minimum balance required in the account.

You can easily access your account with a VISA debit card, ACH, check, or a physical transaction with a teller at one of their branches. Enjoy the no service fee for point of sale transactions and free printed checks with your first order.

There are no transaction restriction amounts; however, each account holder must follow IRS regulations.

Account Benefits
With a Health Savings Account, you will be earning dividends annually when you have an average daily balance of at least $100. GOFCU provides monthly account statements so you can keep track of your spending and saving. 

Other Account Options
GO Federal Credit Union offers savings account options for every member. Each account comes equipped with time-saving features. You can easily earn competitive dividends while you are federallyinsured up to $250,000.

Federally insured by NCUA and Equal Housing Lender

4 Reasons to Open a Christmas Club Account

Jingle bells, jingle bells, jingle all the way to your local Dallas credit union and start a Christmas Club account. If you are wondering why, then let us introduce you to 4 reasons to open a Christmas Club account.

Deck the Halls Stress-Free

There is enough stress at Christmas time already, let’s not add anymore wondering how we are going to purchase all those presents. GO Federal Credit Union in Dallas allows all members the opportunity to become a part of the club. All you need to do is make an initial deposit of $5.00 into a club account. You can also make payroll deductions become deposits. Sit back and sip hot cocoa while dividends are paid monthly at this Dallas credit union.

Avoid getting Nuttin’ For Christmas

Christmas Club accounts at credit unions in Dallas such as GOFCU make it possible for all your loved ones to get a gift for Christmas by protecting you from yourself. If you place your savings in a piggy bank at home, you are more likely to pop the stopper and use the money for something else. When this happens, there is nuttin’ for Christmas.

Santa Claus is Coming to Town Without a Credit Card

Every year we do the same old thing. Put all Christmas purchases on the credit card and then spend the next year paying it off. Why? A Christmas Club account at your local GO Federal Credit Union can help you, and Santa leaves the credit card at home.

We Need a Little Christmas 

Everyone needs to experience a little Christmas joy! GO Federal Credit Unions in Dallas are helping do just that with the Christmas Club account. This account will allow you not to worry and enjoy Christmas. On November 1st, your funds are deposited directly into your share savings account. Letting you set aside funds easily is helping you, and yours have a little Christmas joy!

Federally insured by NCUA and Equal Housing Lender