We are committed to higher education and young adults. The AGCU scholarship program is our way of thanking our youth account members who have chosen Assemblies of God Credit Union as their financial institution.
This year, Assemblies of God Credit Union (AGCU) will award five (5) scholarships in the amount of $3,000 each to graduating high school seniors who are members of AGCU and will attend an accredited college, university, or vocational school in the fall. Additionally, the Merrell K. Cooper Memorial Scholarship for $1,000 will be awarded. All scholarships are non-renewable.
The deadline for applications is 5:00 pm (CST) on April 1, 2025.
Do you have questions about the scholarship application or the process? Please email Janelle Carlton at jcarlton@agcu.org
Banking With A Purpose
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
When it comes to managing your finances, choosing the right financial institution can make a world of difference. Both banks and credit unions offer similar services, like checking and savings accounts, loans, and online banking. However, their structures, goals, and the benefits they provide set them apart. Let’s dive into what makes them different—and why AGCU might be your ideal choice.
Banks vs. Credit Unions: Key Differences
Ownership and Purpose
Banks are for-profit institutions owned by shareholders. Their primary goal is to generate profit, which is returned to shareholders as dividends. In contrast, credit unions are not-for-profit organizations owned by their members. This means that when you join a credit union, you’re not just a customer but an owner. You can attend annual meetings, vote on credit union board members, and help guide the direction of the credit union.
While anyone can open an account with a bank, credit unions typically have specific membership requirements. Qualifications vary but are generally based on factors like where you live, work, worship, or your association with a particular organization.
As a credit union, AGCU is committed to serving our members and the Assemblies of God by offering tailored financial solutions that reflect our shared faith and community values. When you bank with us, you support a financial institution that shares your values and helps build the Kingdom of God.
At AGCU, every decision is made with members in mind, not shareholders. Our mission is to help you manage your finances to align with your faith and values.
How Profits Are Used
Since banks operate as for-profit entities, their income often goes toward paying taxes, expanding operations, or rewarding shareholders. On the other hand, credit unions reinvest their earnings into member benefits like lower interest rates on loans, higher rates on savings accounts, and reduced fees.
For AGCU members, this translates into financial advantages like affordable loan options, competitive savings rates, and resources designed to support ministries, families, and individuals alike. But more importantly, when you use AGCU for your day-to-day banking needs, you support worthy causes, both where you live and worldwide.
We donate 10% of our annual earnings to support churches, ministries, educational scholarships and programs, and humanitarian efforts each year.
Every day, we provide vital financial services to people, ministries, and businesses throughout the United States. We also support missionaries in 190 countries around the world.
Convenience Without Compromise
Big banks often focus on scale and efficiency. While they have great online and mobile technology, many customer transactions are limited to their specific bank branches and ATM locations.
Credit unions typically have fewer physical branches, so they make up for it with shared branch networks and robust digital tools. AGCU members enjoy access to over 5,000 shared branches and 30,000 surcharge-free ATMs nationwide through the CO-OP Shared Branch Network, along with user-friendly online, mobile, and video banking. You’ll always have access to your accounts when you need it.
Lower Fees and Better Rates
Credit unions are known for their lower fees and competitive rates. Whether it’s a loan for a new car, a mortgage, or a savings account, you’re likely to find better deals at a credit union.
Are Credit Unions Safer Than Banks?
Federally insured credit unions and banks are both safe places to keep your money. Money kept in banks is insured by the FDIC. And federally insured credit unions offer NCUA insurance. Both are federal insurance backed by the U.S. government. Both offer protection up to $250,000 per account.
AGCU: More Than Just a Credit Union
At AGCU, we’re more than a financial institution. We’re a ministry partner, here to help you live out your Kingdom calling. From checking and savings accounts to loans and digital banking, we offer a full suite of financial services tailored to your needs.
When you bank with AGCU, you’re not just making a wise financial choice but investing in a mission-driven organization that shares your faith and values. It’s Banking with a Purpose.
Why Choose AGCU?
To decide if a bank or a credit union is better for you, you’ll need to identify what’s important to you and how each type of financial institution matches your priorities.
At AGCU, we offer a comprehensive range of financial services to meet the needs of our members. Whether you’re managing your family’s finances, leading a church, or running a small business, we have the tools and resources to help you achieve your goals.
Making the Switch
If you’re looking for lower fees, personalized service, and a financial partner who truly understands your values, a credit union like AGCU might be the perfect fit.
Are you ready to join us on a journey toward financial wellness?
Each month, AGCU will focus on one step of a journey of financial wellness. We’ll tackle the topic in detail and help you learn all you need to know about this step. Follow along, and at the end of the year, you’ll have mastered the tools for a life of financial wellness.
Tracking your spending is the first step toward greater financial awareness and, ultimately, toward financial health. However, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple purchases each day?
We’ve outlined how to track your spending in 3 easy steps.
1. Choose your tools
Tracing every dollar’s journey isn’t easy, but with the right tools, you can make it quick and simple. Choose from one of the following money-tracking techniques:
Budgeting apps. AGCU has helpful budgeting tools with online banking. just log on to your account through our web portal and click on the “My Finance” tab. If your life happens on your phone, you use budgeting apps like YNAB or Mint to help you track your spending. Both apps allow you to allocate a specific amount of money for each spending category for each month and will enable you to track your spending with just a few clicks. It’s important to note that YNAB is not a free app, but that it may be worth the price for users who want to take on a more active role in their money management.
Spreadsheet. If you like to see everything spelled out clearly, a spreadsheet might be a better choice for you. You’ll need to record every transaction, but if you prepare the sheet with all the spending categories you think you’ll need, this step shouldn’t take long at all.
The envelope system. If you’re a big cash spender, consider withdrawing the cash you think you’ll spend in a month (or in a week) and keeping it in an envelope designated for each category. When you need to make a purchase, just use money from the envelope.
Receipts. Hold onto every receipt from the purchases you make this month to help you track your spending.
Pencil and paper. Recording each purchase the old-fashioned way can help you make more mindful money choices throughout the day. Be sure to keep a steady supply of both writing instruments handy at all times so you never miss a purchase.
2. Review your checking account and credit card statements carefully
Along with one of the tools listed above, you can track the purchases you make using plastic by reviewing your monthly checking account and credit card statements at the end of the month. You may receive these in the mail, or you can access them online by logging into your account and downloading.
3. Review and categorize your purchases
At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. If you’ve used an app or a spreadsheet, adding your purchases to find the total amount of money spent will be simple. The app or spreadsheet may have already helped you divide the money spent into separate categories as well. Similarly, if you’ve used the envelope system, you should know how much you spent on each kind of purchase this month. However, if you’ve chosen another method to track your spending, you’ll need to crunch some numbers to get an accurate picture of your spending habits.
When completing this step, don’t forget to include any automated payments you may rarely think about, such as subscription fees and insurance premiums.
Tracking your spending and identifying your money drains is the first step toward greater financial awareness and responsibility. Use the tips outlined here to successfully master the skill of tracking your spending.
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
So, you’re ready to buy a house and take on a mortgage payment for the first time. You’ll need to learn everything that goes into your payment before you sign on the dotted line!
When you get a loan to buy a car, you’ll get a new set of keys — and a new monthly payment. You may be wondering how this payment is determined and calculated.
So many questions, and we’ve got answers! Let’s break down the parts of a car payment, explain how monthly payments are calculated, and offer tips for managing your expenses well.
Components of a Car Payment
1. Principal This is the amount you borrow to purchase your car. For example, if the car costs $35,000 and you make a $5,000 down payment, your loan principal is $30,000. Each monthly payment chips away at this amount, with a portion dedicated to reducing your loan balance. Paying extra toward the principal can help you pay off the loan faster.
2. Interest Interest is the cost of borrowing money and is calculated as a percentage of your principal. Your interest rate depends on factors like your credit score, loan term, and market conditions. The lower your rate, the less you’ll pay over time.
3. Loan Term The loan term is how long you’ll take to repay your loan, typically expressed in months (e.g., 36, 60, or 72 months). A longer term means lower monthly payments but higher total interest costs over the life of the loan.
4. Taxes and Fees If you roll upfront costs like taxes, registration, or fees into your loan, they’ll increase your principal and, consequently, your monthly payment.
5. Add-ons Optional extras like extended warranties or gap insurance can also be financed, raising your monthly payment.
What’s Not in Your Payment (But Still Important)
Owning a car comes with additional costs that aren’t included in your loan payment but need to be part of your budget:
Insurance: Comprehensive and collision coverage are often required by lenders. Shop for the best rates to save money.
Maintenance: Budget for regular servicing to keep your car in good condition.
Fuel/Electricity: Whether gas-powered or electric, your car needs energy to get you from point A to point B.
How Car Loan Payments Are Calculated
When a lender calculates your monthly payment, they consider:
The price of the car, minus any down payment or trade-in value
The loan principal (including add-ons and rolled-in costs)
The interest rate
The loan term (number of months)
They then divide the total loan cost (principal + interest) by the number of months in the loan term to determine your monthly payment.
2. Make a Larger Down Payment A bigger down payment reduces the amount you need to finance, lowering your monthly payments and the total interest paid.
3. Opt for a Shorter Loan Term While shorter terms come with higher monthly payments, they also mean less interest over the life of the loan. If your budget allows, choosing a shorter term can save you money in the long run.
4. Set a Budget for Ownership Costs Remember to account for insurance, maintenance, and fuel when calculating your total car expenses each month.
Final Thoughts
Understanding the anatomy of your car payment can empower you to make smarter decisions about financing and managing your loan. If you’re ready to take control, consider opening an interest-earning savings account to build your down payment or plan for unexpected costs. Have a question or want to get started with an application? Connect with an AGCU Video Banking Representative or apply online today!
Or you can speak face-to-face with an AGCU Video Banking Representative from anywhere. Give it a try today! Video Banking Hours (CST): Mon – Fri: 9:00 a.m.- 5:00 p.m.
Disclaimer: Always consult a financial advisor, accountant, or lawyer to discuss your specific situation.
Banking With A Purpose
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
Many homeowners rely on escrow accounts to manage real estate tax and homeowners insurance payments. These accounts allow mortgage servicers to collect a portion of your taxes and insurance along with your monthly mortgage payment, ensuring those big bills are handled on time. However, not all members choose this option—either because they’ve paid off their mortgage, or they’ve received an escrow waiver. If you’re in this situation, here’s how to manage these payments on your own and make the most of your money in the process.
What Is an Escrow Account?
An escrow account is typically required by mortgage lenders to ensure real estate taxes and homeowners insurance are paid on time. Each month, part of your mortgage payment goes into this account, and your lender pays those bills on your behalf when they’re due. It’s a convenient way to break large, annual bills into smaller, more manageable amounts.
Benefits and Drawbacks of Escrow Accounts
Benefits:
Convenience: With an escrow account, your servicer handles the payments for you. This reduces the number of bills you have to track and ensures you don’t miss a due date.
Budgeting Help: Breaking large bills into smaller monthly amounts can make it easier to budget and avoid hefty lump sum payments at the end of the year.
Drawbacks:
No Interest: Most escrow accounts don’t pay interest on the funds sitting there waiting to be used. This means you miss out on potential earnings that your money could generate in a savings account.
Less Control: Since the lender controls the funds and when payments are made, you have less flexibility with how and when your money is used.
How to Save Without an Escrow Account
If you’ve opted out of escrow, you’ll be responsible for paying your real estate taxes and insurance on your own. Here’s a disciplined approach to make sure you have the money when you need it:
Calculate Your Annual Payments: Estimate your total yearly payments for real estate taxes and homeowners insurance. You can typically get this information from your local tax authority or insurance provider.
Set Up Automatic Transfers: Divide your total yearly payment by 12, and set up monthly automatic transfers into your dedicated account. This makes saving easier and ensures you’re consistently putting money away.
Monitor Your Balance: Regularly check your savings account with AGCU Mobile and Online Banking to make sure you’re on track. If there are any changes to your tax or insurance rates, adjust your savings plan accordingly.
Maximize Interest: Choose an account with a higher interest rate so your savings can grow. While it might not generate huge returns, every little bit helps when preparing for large expenses. Click here to see rates!
Lower Your Insurance Payment: If you haven’t compared rates in a while, contact AGCU Insurance to see if you can lower your homeowner’s insurance costs.
Discipline Is Key
One of the main challenges of managing these payments without an escrow account is the discipline required to save consistently. If you’re not careful, it can be easy to fall behind on saving and face a large, unexpected bill at the end of the year. A separate savings account with automatic transfers can help avoid this issue.
Disclaimer: This article is for informational purposes only. Please consult a lawyer or accountant for professional advice on managing real estate taxes and insurance.
AGCU is rolling out new, more secure procedures for requesting ACH and Wire transfers starting October 1, 2024. To enhance security and protect members from fraud, all transfer requests must now be submitted through AGCU’s Online Banking platform. This change eliminates the risks associated with emailing sensitive information. Members who don’t have access to Online Banking will need to follow additional security steps for email requests. AGCU encourages members to sign up for Online Banking for a safer, more convenient experience. In-person requests are still available at AGCU branches.
When it comes to buying a car, timing is everything. Whether you’re eyeing a brand-new model or looking for a reliable used vehicle, knowing the best times to make your purchase can save you a significant amount of money. Here’s a guide to help you navigate the car-buying process and identify the optimal times to buy.
1. The Best Days of the Week: Midweek Wins
Most people do their car shopping on weekends, which means dealerships are busier and less likely to offer significant discounts. To get the best deal and personalized service, consider visiting the dealership on a weekday, preferably midweek. Tuesdays and Wednesdays are particularly good days to shop because the dealership is typically quieter, and salespeople may be more willing to negotiate to make a sale.
2. The Best Time of Day: Late Afternoon and Evening
If you’re looking to strike a deal, consider heading to the dealership later in the day. Salespeople may be more eager to close a deal before they head home, especially if it’s been a slow day. This can work in your favor, as they might be more willing to offer you a better price just to finalize the sale.
3. The Best Months: September, October, and December
Timing your car purchase to the right month can lead to significant savings:
September and October: These months are when dealerships start receiving new models for the upcoming year. To make room for the new inventory, they’re often eager to sell off the current year’s models at a discount. This is an excellent time to find deals on cars that are still brand new but may not have the latest features.
December: December is arguably the best month to buy a car. Dealerships are trying to hit their year-end sales quotas, and salespeople are often more motivated to offer better deals to meet these targets. The closer you get to the end of the month, the better the deals tend to be.
4. The Best Time of the Month: Month-End
Car dealerships often have monthly sales targets they need to meet. As the month draws to a close, salespeople may be more motivated to make deals in order to hit their quotas. The last few days of any month are an excellent time to visit the dealership if you’re looking to negotiate a lower price or secure better financing terms.
5. The Best Time for Used Cars: Early in the New Year
If you’re in the market for a used car, consider shopping in January or February. After the holiday season, many people trade in their old cars for new ones, leaving dealerships with a surplus of used vehicles. Dealers will be eager to move this inventory, and you may find great deals as a result.
Worst Times to Buy a Car: Avoiding Common Pitfalls
While there are plenty of great times to buy a car, there are also some times you should avoid:
Weekends: With the dealership crowded with potential buyers, it’s harder to get a good deal.
Early in the Year: While holiday sales events in January can offer discounts, they are often not as substantial as those later in the year.
Summer: Unless you’re looking to buy a car model that’s nearing the end of its cycle, summer months generally offer fewer discounts.
Choose Your Best Time to Buy a Car
When you’ve identified the right time to buy, AGCU can help you make and finance your purchase. Our 100% financing options and competitive rates on new and used cars make it easier to drive off in your dream vehicle. Be sure to check out our auto loan rates and apply online for a preapproval before you head to the dealership.
Next Steps:
Assess your flexibility and plan your car purchase around one of the best times of the year.
Research makes and models, and familiarize yourself with fair-market prices to identify a great deal.
Visit your local dealership prepared to negotiate, and consider getting preapproved for an auto loan with AGCU to streamline your purchase process.
By timing your car purchase wisely, you can ensure you’re getting the best deal possible.
Banking With A Purpose
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
Back-to-school season is here, and this year, the second-biggest shopping season of the year will be more expensive than ever. With inflation still at all-time highs, the supplies and gear you always buy may cost a lot more than you paid just a year or two ago. No worries, though. There are still ways to trim your back-to-school spending and keep your budget intact. Here are 10 back-to-school hacks for beating inflation.
1. Set a Budget and Stick to It
Create a realistic budget for your back-to-school shopping and stick to it. Make a list of essential items and allocate a specific amount for each category, such as clothing, supplies, and electronics. Make sure your budget is generous enough to cover all purchases but tight enough to not end in debt. This will help you avoid impulse purchases and stay within your financial limits.
2. Start Early and Plan Ahead
One of the best ways to save money is to start shopping early. This will enable you to take advantage of sales and avoid the last-minute rush when prices may be higher. For example, you can pick up pencils when they’re on sale at Walmart one week and paper from Target when it is marked down there. Spreading your purchases over time will also make it easier on the budget.
3. Take Inventory of What You Already Have
Before heading to the stores, check out the inventory of supplies and clothes you already have at home. Often, last year’s items can be reused or repurposed. Check closets, drawers, storage bins, and last year’s backpacks for notebooks, pens, pencils, and other supplies. This can help you avoid buying more of what you already have and save a significant amount of money.
4. Shop During Tax-Free Holidays
Many states also offer tax-free holidays, where certain items are exempt from sales tax. Plan your shopping around these dates to maximize your savings. Combine sales with coupons or loyalty programs for even better deals.
5. Buy in Bulk
For items you’ll need to buy many of, like notebooks, pens, and paper, buying them in bulk can be more cost-effective than traditional shopping. You can generally find discounts on bulk purchases at warehouse stores and office supply retailers. To save even more, you can team up with other parents and split the costs.
6. Use Price Comparison Tools
Harness the power of technology to find the best deals as you shop for school supplies, gear, and clothing this season. A price-comparison website or app, like Honey or RetailMeNot, will automatically compare prices across different retailers to find you the best deal. Many will also find promo codes and coupons for you so steeper discounts can be had.
7. Consider Secondhand Options
Thrift stores, consignment shops, and online marketplaces, like eBay and Facebook Marketplace, can be treasure troves for gently used clothing, backpacks, and other school supplies. Check out these places for high-quality items at a fraction of the cost of new ones. For textbooks, check out websites, like Chegg or ThriftBooks, for used or rental options.
8. Choose Quality Over Quantity
While it might be tempting to buy the cheapest option available, investing in high-quality items can be the least costly choice in the long run. Durable backpacks, sturdy shoes, and long-lasting electronics might have higher upfront costs, but they will likely outlive their less-expensive counterparts and save you money over time.
9. Take Advantage of Student Discounts
Many retailers offer student discounts on a variety of items, from clothing to electronics. Check out the sites of your favorite retailers to see what they offer before completing a purchase. Don’t shy away from asking about possible student discounts in real-life stores, either. You may need to provide a student ID or use a promo code to access these discounts, but you can walk away with significant savings.
10. Leverage Cashback and Rewards Programs
You may want to use credit cards that offer cashback or rewards on purchases to get a little extra back for your spending. Only do this if you know you can pay off the credit card bill in full soon after. Otherwise, the interest charges you’ll be paying going forward will likely offset any benefits you may enjoy.
11. Utilize Cashback and Rewards Programs
Many credit cards offer cashback or rewards points for purchases. Use these programs to your advantage by paying for back-to-school items with a card that provides rewards. Just be sure to pay off the balance in full to avoid interest charges.
12. Take Advantage of Buy-One-Get-One-Free (BOGO) Deals
Keep an eye out for BOGO deals on school supplies and clothing. These offers can significantly reduce your overall spending, especially if you have multiple children to shop for.
13. Use Student Loan Programs for Technology Purchases
If your child needs a new laptop or tablet for school, look into student loan programs that offer low-interest rates or deferred payment plans for technology purchases.
14. Participate in Store Loyalty Programs
Many retailers offer loyalty programs that provide exclusive discounts, points on purchases, and special promotions. Sign up for these programs to maximize your savings.
15. Swap and Share with Other Parents
Organize a swap meet with other parents to trade gently used school supplies, clothing, and gear. This can be a fun way to get what you need while saving money and reducing waste.
16. DIY When Possible
Consider making some of your school supplies at home. For example, you can create customized notebooks, binders, and pencil cases with inexpensive materials. This not only saves money but also adds a personal touch to your child’s items.
17. Seek Out Coupons and Rebates
Before making any purchases, search for coupons and rebates. Websites like Coupons.com, RetailMeNot, and manufacturer websites often have printable coupons and rebate offers that can save you money.
18. Utilize School Supply Drives and Donations
Check with local community organizations, schools, and churches for school supply drives. Many organizations offer free supplies to families in need. Take advantage of these resources to reduce your back-to-school expenses.
19. Use Cashback Websites
When shopping online, use cashback websites like Rakuten or Swagbucks. These platforms give you a percentage of your purchase back as cash or rewards points, which can add up over time.
20. Plan for Next Year
Start planning for next year’s back-to-school shopping as soon as this season ends. Take advantage of end-of-season sales and clearance events to stock up on supplies and clothing at deeply discounted prices.
Incorporating these additional tips will help ensure your back-to-school shopping is as cost-effective as possible, allowing you to beat inflation and stay within your budget.
Banking With A Purpose
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
