Bright Horizons Newsletter

Third Quarter 2020

BRIGHT HORIZONS 2

A Message From Our President & CEO

New! Oakley Branch is Open

How to Rebuild Your Emergency Savings

We’re Always Here to Help

Homeownership: 4 Ways to Keep Your Eyes on the Prize

Contactless Payments with

MOBILE WALLETS No more fumbling for cash or card next time you’re in the checkout line. Simply add your GECU credit and debit card to your favorite Mobile Wallet app and make contactless payments right from your phone or smartwatch. It’s easy, convenient, and most importantly, secure.

How Mobile Wallets Work A Mobile Wallet is a payment app often pre-installed on newer mobile devices, such as smartphones, tablets, and smartwatches. Add your GECU credit and debit card(s), gift cards, and even discount/loyalty cards right on your device, to use at any moment.

Mobile payments are widely accepted by retailers and work just like paying with a physical card. Once you’ve added your card to your preferred Mobile Wallet app, wave or tap your phone at checkout to make purchases in-store, within apps, or online. It’s that easy!

A More Secure Way to Pay In many ways, Mobile Wallets are safer than carrying physical cards or cash. When you make payments, your card number is never shared with the merchant. Instead, they use the encrypted card number to complete the transaction. Plus, every purchase is authenticated using fingerprint, facial recognition, or a password/PIN to prevent unauthorized use of your card.

How to Get Started Mobile Wallets are one of the best options to keep your information safe. Our cards work with a number of different providers, so you have plenty of options. Add your GECU credit or debit card(s) to your preferred Mobile Wallet to get started: + Apple Pay®

+ Fitbit Pay®

+ Google Pay™

+ Garmin Pay™

+ Samsung Pay™

+ LG Pay®

Make the switch to a Mobile Wallet today and shop with confidence. Learn more about setting up your device at: gecreditunion.org/digital-wallets.

What about online shopping?

There’s a digital wallet for that, too!

Check out our Money Minutes blog to read Digital Wallets: What They Are and How They Work, under the “Online & Mobile Banking” section, at: gecreditunion.org/blog.

Apple Pay™ is a trademark of Apple, Inc., registered in the U.S. and other countries. Google Pay™ is a trademark of Google, Inc. Samsung Pay® is a registered trademark of Samsung Electronics Co., Ltd.

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A MESSAGE

From Our President & CEO With COVID-19’s impact on our communities, the first half of 2020 unfolded differently than anticipated.

Staying true to our fundamental values and mission, we worked to provide solutions to help you stay in control of your financial life, even in the face of extraordinary challenges.

As we continue to navigate this situation together, I want to thank you for your unwavering loyalty, dedication, and patience.

At a time when much of the world came to a halt, your Credit Union did not stop. We swiftly adjusted our operations to ensure your needs, and those of our team, were safely met. At the onset, we transitioned many of our team members to work from home to provide uninterrupted service while practicing social distancing. To protect the health and safety of members and our teams, we restricted walk-in traffic to our branches. With account accessibility a priority for you, we quickly expanded the availability of our Interactive Teller Machines (ITMs). This technology allows you to perform transactions typically completed with an in-person teller, either through a two-way video feature or an enhanced ATM option.

We accelerated our original ITM deployment plan and introduced seven of them far ahead of schedule.

Timothy D. Ballinger At a time when much of the world came to a halt, your Credit Union did not stop.

In addition to uninterrupted service and account access, we offered emergency relief to help members navigate the uncertainty of the crisis. We enhanced our Hardship Emergency Loan Program (HELP), waived or suspended a number of fees, and increased limits for mobile deposits and ATM withdrawals.

Additionally, we helped members and businesses to defer loan payments, and assisted businesses through participating in the SBA’s Payment Protection Program (PPP). We know the financial impact of the pandemic is in many ways still present, so please reach out to us for assistance.

No matter what challenge you may be facing, we are here to help.

While we have reduced the restrictions to our lobbies, preserving health and safety remains our highest priority. We are adhering to all necessary guidelines to serve your needs, and we appreciate your support in following them as well.

To manage the flow of traffic in our lobbies, we ask you to continue making appointments for any needs beyond simple transactions.

Likewise, we strongly encourage you to continue taking advantage of our

New! Webinar Events We’re excited to provide you with professional advice right from the comfort of home, work, or wherever you are!

We are preparing topics you truly care about, so check our events page regularly and register for an upcoming webinar today at: gecreditunion.org/cu-events

remote access options—such as our ITMs, drive-thru lanes, Online Banking and mobile app—as much as possible.

At this time, our Mercy and Tri-Health hospital locations remain temporarily closed to assist in reducing nonessential foot traffic in hospitals.

We remain focused on investing in all aspects of the Credit Union, from the growth of our support team to the expansion of our physical footprint.

In fact, we recently opened our new Oakley branch and are on schedule to open our Montgomery location later this summer. These new locations feature our new branch model which offers a refreshed look and feel, as well as an environment where we can direct our attention to all aspects of your financial journey.

The efforts from these last few months speak to the stability of our organization, as well as our combined strength as people working together to overcome even the most unforeseeable circumstances. Today, tomorrow, and for all the days to come, know your Credit Union stands by your side.

Our Oakley Branch is

NOW OPEN! And we can’t wait to see you!

When you walk into the Oakley branch, you won’t see traditional teller lines, but rather Interactive Teller Machines (ITMs) ready to complete your everyday transactions faster!

This new branch design is a part of a larger transformation of your branch experience so we can serve you better.

What is an ITM? It’s both an enhanced ATM and your new Personal Teller that offers the ability to speak with a local GECU team member via two-way video, for everyday transactions.

Withdraw cash in denominations down to $1, make deposits without envelopes, have check images printed on your receipts, and more.

24

ITM Personal Teller Hours: Mon - Thur: 7:45 am - 5 pm Fri: 7:45 am - 6 pm; Sat: 9 am - 2 pm

When you see this icon, it means there’s an ITM available.

Looking to have a conversation about your account?

GECU team members are on site and ready to better serve your financial needs. Make an appointment at our Oakley branch by calling: 513.979.2444.

Safety updates taking effect at all GECU locations:

Reduced capacity to ensure physical distancing requirements are met.

Physical distancing markers for lobbies.

7

A completely unique feature of our Oakley branch is the 24-hour ITM lobby giving you access to ITMs, day or night, using your GECU debit or credit card for entry. You will find three ITMs in the lobby and two ITMs located in the drive-thru lanes, so you can talk to a Personal Teller during their extended hours!

Address: 3450 Madison Rd., Cincinnati, OH 45209 Learn more at: gecreditunion.org/oakley

Clear protective shields in place.

Face masks required for all team members.

Regularly sanitizing and disinfecting high-contact areas.

First hour reserved each day for vulnerable members (elderly and those at risk).

Do I Need an Estate Plan?

Discussing how your assets will be handled after death can be a difficult conversation. It’s no surprise that nearly half of Americans don’t have a will, and even fewer have an estate plan.

Consider meeting with an attorney to discuss your family’s needs and whether an estate plan is necessary, as well as how to avoid common estate planning mistakes. Contact your Legal Services team at: 513.243.8300 to set up an appointment.

An initial consultation is at no cost to determine the extent of the work required. If you choose to move forward with that work, special rates just for GECU members may apply.

Legal Services, available in GECU’s Reading Road office, is provided through the law firm of Wood + Lamping LLP.

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How to Rebuild Your Emergency Savings Even in a good economy, more than half of all Americans do not have enough money saved to cover unexpected expenses. The good news is, there are simple strategies to start building or rebuilding emergency funds.

Below are a few steps you can take right now.

Track Your Spending It’s easy to lose track of where every dollar goes; start by simply recording every purchase you make for a week. Look closely at each expense and consider where you can cut back. Do this for a full month to get an even better picture of your spending habits.

Trim Current Expenses Once you’ve determined where your money is actually going, decide what can be trimmed.

From streaming subscriptions to weekly takeout, ask yourself if it’s really necessary.

Look for New Opportunities to Save If your weekly grocery bill is too high, make sure you are shopping at the store offering the best deals for your needs. Sign up for free programs that reward you with lower prices to save money on essential spending. Look for better-priced options in different spending categories, such as: personal care, hobbies, home repair, etc.

Declutter to Find Extra Money There’s no use holding onto things you aren’t using; get in the habit of decluttering regularly and selling unwanted items to second-hand stores or through various resale apps.

Put Your Savings Away As soon as you’ve saved any amount, immediately move it to your savings account. Twenty dollars saved from making your own coffee every day will be of no benefit if you end up spending it on something else. Once you get into the habit of putting money away, you’ll find yourself looking for more opportunities to save.

Pro-Tip: Give your savings account a name that resonates emotionally to help motivate you to contribute more (e.g. Beach Trip).

Choose the Savings Account that Pays You Earn up to 6X the national average with a high-yield savings account from GECU and your savings start to pay you.1 Thrive Money Market Account

0.60

ON BALANCES $25,000+

2

National Average

0.09

1

ON BALANCES < $100,000

Open your account online and earn more on your savings today.

Learn more at: gecreditunion.org/thrive APY = Annual Percentage Yield. Rates are subject to change at any time. 1National average based on money market rate from: fdic.gov/regulations/resources/rates, accurate as of 6.8.2020. 2Rate accurate as of 6.9.2020. No minimum balance requirement to open account. To earn dividends, must maintain minimum balance of $100. Rates earned are based on account balance and tier, calculated daily and compounded to the account monthly. Tiers and rates are as follows: Tier 1 daily balance up to $99.99 (0% APY), Tier 2: $100.00 - $4,999.99 (.15% APY); Tier 3: $5,000 - $24,999.99 (.30% APY); Tier 4: $25,000 or more (.60% APY).

We use the daily balance method to calculate the dividend on your account. Accounts will be opened, and interest will accrue as of the date funding is received; funding must be received within 30 calendar days of account opening. Account subject to Reg D limitations. Fees may reduce earnings.

What’s Next for Your Investments?

Now is a good time to connect with the Investment Services team, available through CUSO Financial Services (CFS)*, to address any concerns you may have about your financial future or investments. Understanding your position to weather uncertainty in the markets can help put the volatility into better context.

If you are looking for investment options to potentially reduce your risk, our CFS* Financial Advisors can present appropriate products and strategies based on your individual needs. They’ll share research related to the history of volatile markets and the potential impact on returns if you were to move or rebalance a portfolio. Schedule a no-obligation appointment with Investment Services, available through CFS*, at: gecreditunion.org/investments or call 513.243.6510. * Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. GECU has contracted with CFS to make non-deposit investment products and services available to credit union members.

gecreditunion.org l Third Quarter 2020

We’re Always Here to Help We are committed to serving you and believe financial success happens together. We’ve all been through so much these past few months and know there will be challenges ahead—but with our great members, amazing communities, and dedicated team members—we know we’ll get through it, together.

Take a look at what we’ve been able to accomplish together:

$17 MILLION+

OVER 18,000

Helped over 138 businesses provide paychecks to their employees as vital relief for their families and our communities.

We were able to protect credit scores for our members and businesses by allowing extra time to make loan payments.

Payment Protection Program (PPP) loans.

deferred payments without fees.

NEARLY $800,000

280+ HELP LOANS

worth more than $1,026,824.

in fees waived for members.

Provided an affordable way for our members to handle their financial emergencies with a low 5% rate and up to 6 months with no payments.

We kept money in members’ pockets when they needed it most after using an out-of-network ATM, overdrawing an account, or skipping a loan payment.

7 New ITM Locations

We quickly installed seven additional ITMs ahead of schedule, so members could speak with a local Personal Teller via two-way video, or use as an enhanced ATM, when lobby access was restricted.

KEEPING YOU

CONNECTED

Thank you for your patience as our teams have experienced a huge increase in communications these past few months:

“You guys are fabulous, thank you so much for calling us back about our deferred loan payments. My wife and I were just talking about how much you all are doing for us. We cannot get over how friendly and helpful you all are and we really appreciate you.”

Brian, GECU Member

1,270 Calls (average)

to the Contact Center daily

47% Increase

“I really appreciate everything you do. GECU is honestly one of the best businesses I’ve ever had the pleasure of working with. The way your company has handled all of this has far surpassed the way that any of my other banks/credit unions have handled it…”

Haylea, GECU Member

in member emails

30% Increase

in Secure Chat messages

“Thank you for stepping up to the plate and offering these things in advance of the need. It is something we know we can come to you if or when the need may be there. Long time member.”

Sylvia, GECU Member

Information gathered between mid-March through the end of May 2020.

Thank You to Our 2020 Giveback Partners

May We Help, Matthew: 25 Ministries, and Habitat for Humanity of Greater Cincinnati, have been committed to serving our community during the COVID-19 pandemic. We’re proud to support these local organizations and look forward to working together as we enter the second half of the year.

Follow us on Facebook for more updates at: facebook.com/GECUCincinnati.

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Homeownership: 4 Ways to Keep Your Eyes on the Prize Although COVID-19 has kept many of us from our usual activities, your house hunting plans don’t have to stop, too. Here are four things you can do right now to keep your home search on track.

1. Get Pre-Approved Getting pre-approved for a mortgage will give you a better understanding of what you can afford and a sense of what your monthly payment will be. To start, get in touch with a qualified lender (like GECU); they may ask you for documentation, such as: an employment verification, recent pay stubs, and bank statements. Not only will a pre-approval show agents you are ready to buy, it will keep your search on track, so you aren’t looking at houses outside of your budget.

2. Connect with an Agent It’s important to work with a trusted real estate agent to best understand how to navigate the buying process in an ever-changing market.

Check out our Money Minutes blog to read The Home Buying Process from Start to Finish, under the “Home Ownership” section, at: gecreditunion.org/blog.

3. Do Your Own Down Payment Research While your savings may not be where you want them, take this time to determine how much you actually need for a down payment. It’s possible you already have funds at your disposal you aren’t even aware of! Ultimately, it’s best to put down as much as possible—the more you put down, the less you’ll pay month to month, over the life of the loan.

You can also investigate down payment assistance programs in your area, especially if you think you might benefit from a low down payment option when you make a home purchase.

Condensed

Financial Statement Number of Members........198,315 Loans.................... $2,826,594,593 Shares................... $3,011,534,658 Assets................... $3,633,898,743 Ending May 31, 2020

4. View Listings Online Use virtual tours and online listing photos to make note of your must-haves and nice-to-haves in a potential home. And of course, your agent will be able to share new listings with you as they become available.

Don’t put your dreams on hold. This may still be your year to buy a home, and we are here to help you through the journey. Learn more about our Real Estate Services at: gecreditunion.org/real-estate or our mortgage programs at: gecreditunion.org/1st-mortgages.

Access Your Accounts Anytime!

Member Services

513.243.4328 l 800.542.7093 memberservices@gecreditunion.org Fax: 513.398.0076

Member Response Center Hours Mon-Thur: 8 am – 5 pm, Fri: 8 am – 6 pm, Sat: 9 am – 2 pm

Routing Number: 2420-7682-1

Bright Horizons is published quarterly by GECU for its members. Availability, terms and rates of services are current at press-time; however, they are subject to change as determined by the credit union Board of Directors without prior notice.

Questions about the newsletter should be directed to the Marketing department at: marketing@gecreditunion.org.

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for Apple and Android devices

Branch & ATM Locations

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Sourceline - 24/7

513.243.3333 l 800.589.2875

Insured by NCUA Equal Opportunity Lender GECU NMLS #449875