Bright Horizons Newsletter

BRIGHT HORIZONS

Message from our President & CEO

Savings when you need it most

Save with every swipe

Your checking account can offer many features to help make your everyday life even smoother. Whether it’s avoiding fees or having easy access to ATMs, moving your money to a new account may provide more benefits than you realize. Below are just a few reasons to choose a GECU checking account.

1. Free options

Stuck paying for a checking account? Leave monthly fees in the dust with Simply Free Checking.1 Plus, there are no minimum balance requirements, saving you worry and money!

2. Digital access and management

While you’re always free to visit us at a nearby branch, free access to Online Banking and our mobile app2 keeps your money at your fingertips 24/7/365. Enjoy robust features, including:

• Our Money Management budgeting tool, allowing you to connect accounts both within and outside the Credit Union, for a complete financial picture.

• Access to your FICO® Score for free through Online Banking or our mobile app.

• Other digital services like Bill Pay, eStatements, and mobile check deposit.

1Simply Free Checking: $25 deposit is required to open. The account must be funded within 30 calendar days; otherwise, the account may be closed. Simply Free Checking is a non-dividend bearing account. There is no minimum balance required to maintain this account. 2Online Banking/mobile app: Our mobile app, and text alerts are free to use; mobile/internet data and message rates from your service provider may apply. 3 In-Network ATM Network: Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, and Fifth Third ATM networks. See complete details at gecreditunion.org/debit-atm-access. Foreign transaction fees apply to out-of-network ATMs; please review our Fee Schedule for details. 4Round-Up: This program is only available for Simply Free, Choice, and Amplified High-Yield Checking accounts. Funds will be added to member’s chosen GECU savings or money market account; excluding Certificates, IRAs, or IRA Money Market accounts. Match will be paid on eligible funds at the end of the month with an annual match limit up to $350; reportable on IRS Form 1099. 5Overdraft Protection Transfers: Only available to: Simply Free, Choice, and Amplified High-Yield Checking accountholders. Should there not be enough funds in your primary overdraft savings account, the switch to your secondary overdraft account will occur next business day. Overdraft/return check fees may apply. If the account balance above reflects a negative balance, please deposit funds to bring your account back to a positive balance. Generally, your account must be brought to a positive balance within 32 days from the first overdraft to avoid suspension of overdraft privileges or the account being closed. Any item (check, ACH, or other electronic transaction) that is initially returned to the payee because the available balance in your account was not sufficient to cover the item can be represented by the payee for payment multiple times, which is beyond our control.

regardless of the number of times an item is presented to us for payment against insufficient funds, and

trademark of Fair Isaac Corporation in the United States and other countries.

New referral program

Robert A. Cunningham Memorial Scholarship

2

A MESSAGE

Happy New Year! From all of us at General Electric Credit Union, we hope you enjoyed a relaxing holiday season.

Throughout the latter part of 2022, the Federal Reserve continued raising interest rates to rein in the inflation that has affected the pricing of everyday and periodic purchases. While inflation has not decelerated to a desirable rate, it has moderated and is anticipated to begin normalizing this year. Other economic indicators appear to be trending in the right direction; consumer spending is up, and the unemployment rate is historically low. With economic growth on the horizon, know we are carefully monitoring all aspects of the market and positioning ourselves to be the primary and best choice for all your financial needs.

Over the last several years, we have worked tirelessly to deliver unrivalled checking options. We routinely conduct thorough market research and competitive analysis for our accounts, so they’re equipped with best-in-class features that take the worry away from your day. While you focus on what matters most, your GECU checking account is always working for you. With options that protect you from costly overdrafts, as well as a network of 100,000 free ATMs (one around every corner), you

can rely on our checking features anytime, anywhere. Our checking accounts are the best around; they were made with you in mind and truly represent our dedication to improving your financial life. In fact, we know they are so good, we’ve started a referral program with you in mind.

Find out more on page 5.

There’s a lot to be excited about this year as we build on the momentum from last year to take the Credit Union to new heights. We’re looking for additional opportunities to expand our physical footprint and it will continue with our focus on the new branch we’ve been planning on the west side of Cincinnati. With several new initiatives in the works, growing our team of professionals remains key this year. We’ve amplified our talent recruitment and retention efforts, while also providing continual professional development opportunities – across all areas of our organization. I look forward to growing our team with individuals who will drive forward our mission, vision, core values, and common purpose.

Along with GECU team members, your Credit Union remains supportive of our communities through giveback efforts. Last year, more than 160 team members volunteered over 1,700 hours to help local organizations (see page 3 for details). This year, we will deepen our commitment to giving back as we offer even more opportunities for our team members to get involved. We’ve also enhanced our annual Scholarship program; the application period now runs from January through March, and we’ve transitioned to a fully digital application platform. Our goal with these enhancements is to make it as easy as possible for graduating highschool seniors to apply.

All in all, 2023 is bound to be another strong year for the Credit Union. Thank you for continually sharing your voice and letting us know what we can do to improve your banking experience. We are grateful for your trust, support, and loyalty as a GECU member.

UPCOMING BRANCH Holiday closings

68th Annual Meeting | Thursday, March 9th at 4 pm

Members are invited to virtually attend our Annual Meeting to review 2022 and hear about the exciting plans we have for 2023. This year’s meeting will be held online and members can attend via phone or web. Reservations are required. Upon registration, login details will be shared.

Make your reservation and learn more at: gecreditunion.org/annualmeeting.

Martin Luther King Jr. Day Monday, January 16th Presidents Day Monday, February 20 th

Use our mobile app, Online Banking, and ITMs to access your accounts 24/7—even on the holidays!

from our President & CEO Timothy D. Ballinger

Our checking accounts are the best around; they were made with you in mind and truly represent our dedication to improving your financial life.

*National average taken on December 1, 2022 from: www.fdic.gov/resources/bankers/national-rates 1Thrive Money Market Account: Membership eligibility required. Rates are subject to change at any time. There is no minimum balance requirement to open this account. To earn dividends, you must have a balance greater than $0. Dividend rates are based on the account balance and account tier. The tiers are as follows: Tier 1 daily balance up to $99.99, Tier 2: $100.00-$4,999.99; Tier 3: $5,000.00-$24,999.99; Tier 4: $25,000.00-$249,999.99; Tier 5: $250,000 or more. We use the daily balance method to calculate the dividend on your account. Funding must be received within 30 calendar days of account opening, otherwise the account may be closed. Dividends begin to accrue no later than the business day we receive the deposit to your account. You will receive the accrued dividends if you close your account before dividends are posted. Rates earned are based on balances, calculated daily, and compounded to the account monthly. Separate checks and debit cards are issued to access this account. Fees may reduce earnings. 2In-Network ATM Network: Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, and Fifth Third ATM networks. See complete details at gecreditunion.org/debit-atm-access. Foreign transaction fees apply to out-of-network ATMs; please review our Fee Schedule for details.

Retirement Planning: How we can help get you on track

New Year’s resolutions typically include exercising more, eating healthier, or finding a better work-life balance—but what about planning for your retirement?

No matter your age or stage in life, there’s no better time than the present to start planning for retirement! Many of us create great New Year’s resolutions with every intention of carrying them through. Some are successful, some fizzle after a short time. Your retirement planning is essential to your financial health, and as a member, you have access to CFS* financial advisors, personalized planning, and tools at your fingertips. Planning that’s focused on your goals and your needs.

Conquer your New Year's retirement resolutions! Call our advisors at: 513.243.4328 or visit: gecreditunion.org/investment-services

*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. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

GECU Checking + Round-Up: Use

your GECU debit

Lunch purchase $8.42 Spare change rounded up $9.00 Round-Up sent to savings $0.58

*Round-Up is available with a General Electric Credit Union (GECU) Simple Free, Choice, or Amplified High-Yield Checking account and GECU savings or money market account, excluding Certificates, IRAs, or IRA Money Market accounts. Upon enrollment in Round-Up and when using your GECU debit card (provided with your GECU checking account), we’ll round up each purchase to the nearest dollar and transfer the difference from your checking account to your GECU savings account of choice daily. The 5% savings boost match will be paid on the sum of rounded up transfers at month end with an annual match limit up to $350; match is reportable on IRA Form 1099.

gecreditunion.org/referrals.

Referrer and referee qualify for the $100 referral bonus under the following conditions: Referee cannot currently have a GECU checking account; referee must open a new GECU checking account using referrer’s referral code and account must be funded. Accounts must be in good standing to receive the bonus which will be deposited into the referrer and referee’s checking account 60 days after the referee’s account is funded. Referral earnings are unlimited. Referee acknowledges that receipt of bonus, results in the referrer’s knowledge of account opening by referee. Earnings of $600 or more will be reported on tax form 1099-MISC. Promotion can be cancelled or modified any time without prior notice. APY = Annual Percentage Yield. Rates accurate as of 12.1.2022. $25 minimum required to open a checking account; must be funded within 30 calendar days. For dividend-earning accounts, rates are based on account balance and tier. Daily balance method is used to calculate dividend; dividends accrue on business day of account funding. Accrued dividends will be paid if account is closed prior to dividend posting. APY varies with account activity and balance. Fees may reduce earnings. Simply Free Checking earns no dividends. Choice Checking: Tiers and APY are: Tier 1 daily balance of $0.01 to $4,999.99 (0.05% APY); Tier 2: $5,000+ (0.10% APY). Average daily balances below $500 incur a $10 fee. Amplified High-Yield Checking: Tiers and APY are: Tier 1 daily balance $0.01 to $1,499.99 (0.80% APY); Tier 2: $1,500 to $49,999.99 (0.95% APY); Tier 3: $50,000 to $249,999.99 (1.30% APY); Tier 4: $250,000 to $999,999.99 (1.60% APY); Tier 5: $1,000,000+ (1.65% APY). Average daily balances below $1,500 incur a $15 fee. Simply Free Business Checking earns no dividends. Premier Business Checking: Tiers and APY are: Tier 1 daily balance of $10,000 to $24,999.99 (0.10% APY); Tier 2 $25,000+ (0.25% APY). Average daily balances below $10,000 incur a $15 fee. Member eligibility required. For referral and checking details visit: gecreditunion.org.

facts about beneficiaries that may surprise you.

1. They trump wills and trusts If the information in your will or trust contradicts who is listed as an account’s beneficiary, what’s listed on the account is where your money will go.

26th Annual Robert A. Cunningham Memorial Scholarship

Know any high school seniors with their sights on higher education? Each year our Robert A. Cunningham Memorial Scholarship awards five college-bound seniors with a $2,000 scholarship to help ease the financial burden. Accepting applications now through March 31, 2023.

2. They help your loved ones avoid probate Probate is a court procedure used to administer the estate of a deceased individual. Naming beneficiaries on relevant accounts may help your loved ones avoid this often expensive and time-consuming process.

3. They aren’t automatically applied across accounts Updating the beneficiaries on an account won’t trigger an update on others. Review the beneficiaries listed on each of your relevant accounts individually to avoid hiccups. In most cases, you can update your beneficiary information whenever you want, but a good rule of thumb is to review it on an annual basis. Set up an in-branch appointment to go over your information with the help of a GECU team member.

Visit our blog at: gecreditunion.org/blog to learn more about updating your beneficiaries.