Bright Horizons Newsletter

First Quarter 2021

BRIGHT HORIZONS 2 A Message From Our President & CEO

Protect Your Checking from Busy Life

5 Things to Know About ITMs

How We Made an Impact

What Can Impact Your Overall Retirement Income?

ROUND UP for your New Year’s

SAVINGS RESOLUTION

It’s a new year, a fresh start, a blank slate—the perfect time to think about your savings goals.

Take one simple step toward making them happen!

AR

UP

TO

P AY Y

!

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The Simple Solution: Round-Up Our Round-Up program was designed to help you save money without any effort or “belt-tightening.” Add our Round-Up program to your GECU checking account and use your debit card, then we’ll automatically round each purchase to the nearest dollar and put that extra change into a GECU savings account of your choice.

$35 0 A Y E

Think of it as putting the nickels and dimes laying around at home, in your car console, and under couch cushions to work for you. Even better, we’ll match 5% of your rounded-up funds—so you can keep growing your savings.*

Make Contactless Payments with Mobile

Wallets

Ready to Start Saving?

To get started, you’ll need: a GECU checking account, debit card, and savings account!

• All set? Give us a call or send us a secure email via Online Banking or our mobile app, letting us know you want to enroll in Round-Up. • Missing something? Open a checking or savings account online at: gecreditunion.org/apply then message us to enroll in Round-Up. Learn more at: gecreditunion.org/roundup.

Add your GECU debit and credit card(s) to your preferred mobile wallet for easy and secure payments. Simply tap and hold your phone to the card reader at checkout, then you’re all set! Learn how to set up your mobile wallet and more at: gecreditunion.org/digital-wallets.

* Round-Up 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.

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.

gecreditunion.org l First Quarter 2021

A MESSAGE From Our President & CEO Happy New Year! We hope you were able to safely connect with family and friends this holiday season.

The past year’s economy was significantly affected by unforeseeable circumstances.

Fortunately, the market is beginning to recover with consumer spending already rebounding. Unemployment is forecasted to decrease, and it’s estimated gross domestic product will rise by 4.2% this year indicating our market is on the mend. Economists anticipate these factors will begin stabilizing the economy and return it to a more prosperous, prepandemic state.

Many of you are likely feeling the effects of the economy. Whether it’s assessing your budget and analyzing how you spend your money, or how you are making important decisions for you and your family. Last year brought significant change and it also presented the opportunity to adapt, grow, and overcome challenges. For us, to adapt and grow, we followed through with our plans of opening three new locations in Florence, Oakley, and Montgomery.

Your Credit Union was nimble and adjusted quickly to support members and businesses facing challenges. For example, we approved over 18,900 “skipped” payments, without a fee resulting in $7.6 million in payments deferred for members. And, we provided over $16.9 million in Payment Protection Program (PPP) loans to help our member businesses provide paychecks to their employees when their finances

Timothy D. Ballinger

Last year brought significant change and it also presented the opportunity to adapt, grow, and overcome challenges. were strained. See page 5 for more information on these efforts.

Our focus shifted from original plans in 2020, as we were driven by remaining open and available to you, while safely incorporating all required pandemic protocols to protect you and our team members. While the magnitude of what occurred was encompassing of our time and efforts, we have planned member-focused initiatives in 2021.

We will continue to invest in new and better ways to serve you as there are ever-changing financial needs. We will open three new branches in Q2 and Q3 in: Eastgate, South Lebanon, and West Chester expanding our physical footprint while evaluating additional location opportunities, including one in Western Hills. Our new branches will have low-contact banking options with our Interactive Teller Machines (ITMs), coupled with GECU team members eager to meet you and understand how we can best meet your current needs.

Also this year, we’re working on expanding the capabilities of our ITMs to handle more advanced transactions not currently found through this technology (e.g. accessing all accounts with us, making a loan payment or withdrawing from a line of credit). Doing so will provide you with the ability to handle your traditional “teller assisted” transactions 24/7/365; in essence you

can perform your GECU transactions anytime you want, you won’t be bound by our business hours.

A new service we will introduce is an additional overdraft solution for our checking accountholders to provide another line of defense against our hectic days and potential overdrafts.

Additionally, we’ll soon have the ability to instantly issue debit cards in our branches for new and existing checking account members. This means, when you open a new checking account with us, we’ll give you your debit card on the spot. Or, if you have an account and need to replace your debit card (due to it being lost, stolen or fraud), we’ll be able to instantly issue you a new one; no need to wait for it to be mailed. We’re also planning a big project to introduce a new, enhanced website to make the tools and resources you need easier to find. We will introduce robust features such as product selectors, appointment scheduling options, and the ability to chat with our team members. These changes are independent of, and will not impact, your Online Banking or mobile app experience.

We’re looking forward to this new year and the many opportunities ahead.

Thank you for allowing us to be your trusted financial partner. We appreciate the confidence you’ve put in us and do not take this responsibility lightly.

66th Annual Meeting: Thursday, March 11th at 4 pm Primary members are invited to our 2020 Annual Meeting to discuss the Annual Report and exciting plans we have for the year.

This year’s meeting will be held online and members can attend via phone or computer. Reservations are required; login details will be sent to you upon membership confirmation.

Members will have the opportunity to cast their ballot for open positions later this month; ballots will be sent via mail or email in the coming weeks.

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

Protect Your Checking from Busy Life We’ve all forgotten about an automatic payment or miscalculated our budget. That’s why we offer overdraft solutions for your GECU checking account, to ensure your transactions and payments aren’t declined so you can get on with your day, worry-free.

Overdraft Protection Transfers for free. If your checking account overdraws, we’ll automatically transfer funds from a linked GECU savings account. It’s completely customizable, so you can transfer funds based on your preferences.1 Overdraft Line of Credit (ODLOC) for a $2 fee or free.

Protect your checking account from overdrafts with a reserved line of credit. ODLOC will automatically cover your transaction for a small transfer fee or you can move money to your checking account ahead of time within our mobile app or Online Banking, for free.2

Learn more about your options at: gecreditunion.org/overdraft-solutions

We want to help you avoid overdraft fees; the best way to protect yourself from an overdraft is to know your balance and upcoming payments. Use Online Banking and our top-rated mobile app to conveniently monitor your money.

1 Overdraft Protection Transfers is only available to: Simply Free, Choice, and Amplified High-Yield Checking accountholders with a GECU savings or money market account. 2ODLOC: Subject to credit approval. The APR for advances is 17.00%. Rates are subject to change. There is no annual fee. You only pay finance charges on the amount you borrow. May be subject to an Overdraft Protection Transfer Fee imposed on your checking account. See Fee Schedule for details.

Cut the Clutter with free eStatements

Enroll in eStatements to easily view, download, and print electronic versions of your account statements—all for free. Plus, your information is securely encrypted within Online Banking and our mobile app for added peace of mind and less clutter. eStatements Benefits: • Receive email notifications when a new statement is available.

• View up to two years of statement history after enrolling.

• Reduce your risk of mail fraud and identity theft.

• Get statements days sooner than if delivered by mail.

Two Easy Steps to Enroll: 1. Log in to Online Banking/mobile app and select eStatements.

2. Check the box in the Go Paperless section.

Not enrolled in Online Banking?

Click Enroll Now on our website or download the GECU mobile app.

UPCOMING WEBINAR

Alternatives to Guardianship Stay Connected

Get tips on managing your money and regular updates from GECU by following us on Facebook @GECUCincinnati.

Wednesday, March 3rd | 6 - 7 pm EST

If you’re the designated guardian of a loved one, consider registering for our upcoming webinar to better understand the ins-and-outs of guardianship law.

Learn more and register at: gecreditunion.org/cu-events.

Webinar presented by:

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 Rd. office, is provided through the law firm of Wood + Lamping LLP.

gecreditunion.org l First Quarter 2021

5 Things to Know About Interactive Teller Machines Have you used one of our low-contact Interactive Teller Machines (ITMs) yet? If not, here are five things you should know about them: 1. You can speak with a local GECU Personal Teller at our ITMs during regular business hours via two-way video. Complete everyday transactions you typically would in the teller line, including: depositing or withdrawing cash in increments of $1, depositing and cashing checks, making a loan payment, getting money from your line of credit, or transferring money between GECU accounts.

2. Our ITMs act like ATMs 24/7 so you can withdraw cash in increments of $1, deposit cash and checks without a deposit slip or envelope, and check account balances.

3. Several ITMs are accessible 24/7 in drive-thru lanes or inside lobbies and vestibules: • Drive-thru ITMs at: Montgomery, Oakley, Highland Heights, and Florence.

• 24-Hour ITM lobbies at: Montgomery, Oakley, and Reading Road (left entrance).

4. Some ITMs offer extended hours. Personal Tellers are available at the ITMs listed above, as early as 7:45 am, Monday through Friday; and 9 am to 2 pm on Saturday.

See our ITMs in action!

5. ITMs are available at almost all GECU branches, including: Reading Road, Eastgate, Florence, Fairfield, Loveland, Montgomery, Oakley, and the GE Plant (limited access available).

Learn more at: gecreditunion.org/itm.

Tired of Paying Interest on Your Holiday Spending?

With the holidays winding down, it’s time to take a reluctant look at your credit card statement and all the purchases you made.

Instead of wincing at the high-interest payments, transfer those holiday balances to a better rate.

By transferring holiday balances to a GECU credit card, you could save on interest and get rewarded at the same time!

INTRO APR1 on purchases and balance transfers made within the first 60 days, for 12 months.

After introductory period, rate will adjust to 7.24%-17.74% based on creditworthiness.

Lower Rate. Bigger Savings.

The national average credit card rate is 17.98% APR.2 By transferring a $5,000 balance to a GECU credit card, with our introductory rate of 0% APR, that’s saving up to $899 of interest in the first year.

Transfer your balance and start saving today at: gecreditunion.org/balancetransfer.

Rates are based on credit qualifications. GECU Visa Signature® card rate ranges from 10.74% - 16.74%APR. GECU Platinum and Gold card rates are variable and range from 8.74% - 14.74%APR and is subject to a foreign transaction fee of 1.5%. 1Intro APR Offer valid for qualified borrowers only. Upon approved credit. Offer subject to change at any time. Purchases and balance transfers made in the first 60 days will have 0.00% introductory APR for 12 months. Existing GECU credit card/loan balances are not eligible for the introductory rate. After the introductory period, the APR will be 7.24% - 17.74% depending on the card you choose and your creditworthiness. 2Source: wallethub.com for national average APR of new credit card offers on 12.7.2020.

3 Annual interest calculation equals the APR multiplied by balance. All calculations assume the Average Balance is not paid down.

Actual savings may vary and not guaranteed.

How We Made an Impact

During unprecedented times, while many were facing uncertainty, GECU quickly reacted to serve our members, local businesses, and our communities. We were nimble and able to adjust our efforts to help those who needed it most.

Take a look at what we were able to provide last year:

$16.9

MILLION disbursed in Payment Protection Program (PPP) loans.

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

$95

$778

THOUSAND

in fees waived for members.

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.

Provided an affordable way for our members to handle their financial emergencies by offering short-term, low rate options for smaller loans.

This protected credit scores for our members and businesses by allowing extra time to make loan payments.

our communities by surprising their customers with a free beverage, food, or service.

through: GECU Cares, sponsorships, and new branch openings.

MILLION

in deferred loan payments.

spent to support local businesses and

to local non-profits

disbursed in HELP loans.

MILLION

THOUSAND

THOUSAND DONATED

$1.07

$7.6

$78.6 MILLION

in deferred business loan payments.

Helped 58 local businesses delay their payments so they could use the money to focus on their customers.

$ 11

$39.9 MILLION

allocated toward Mortgage Assistance.

Alleviated stress for members needing to make ends meet while experiencing hardship.

gecreditunion.org l First Quarter 2021

What Can Impact Your Overall Retirement Income?

When considering your retirement plan, there are many factors that have a great impact on your overall retirement situation. While inflation and taxes are out of your control, the timing of your retirement can impact your income. Here are a few things to consider before deciding when to retire: • If you’re planning to retire early: You’ll have fewer years to accumulate and earn money.

Retiring early will mean a longer distribution period and the potential to outlive your income. Additionally, retiring earlier than most could mean a lack of health care due to eligibility requirements.

• If you’re delaying retirement: You’ll have more years to contribute and save—and a shorter distribution could enhance your savings potential.

You could take advantage of health care through your employer while working, and delayed Social Security will potentially increase your annual benefits.

• If you plan to work during retirement: You may have the ability to stretch your personal savings and potentially have access to health care through your employer. While you may see an increase in Social Security benefits in the future, they will be reduced while working.

Planning to retire soon, but not sure where to start?

Meet with a local advisor to get the conversation started.

Call our Investment Services, provided by CUSO Financial Services, L.P. (CFS),* at: 513.243.6510 or email: • Todd Blessing at: todd.blessing@cusonet.com, or

View our CU Events Page to see our ondemand webinar, Setting Yourself Up for Success: Retirement Income Planning, at: gecreditunion.org/cu-events.

Prepare Your Retirement Savings for Your Next Adventure Feel confident in building your retirement savings with our IRA Money Market. Regardless of what happens in the market, this account offers secure, guaranteed returns—so you can save without worry.2 Reminder: Make 2020 IRA contributions until April 15th.

Learn more at: gecreditunion.org/ira-mma

• Erik Waldron at: erik.waldron@cusonet.com 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. 2IRA Money Market: No minimum balance requirement to open account. To earn dividends, you must maintain a minimum balance of $100. Dividend rates are based on the account balance and account tier. Tiers are as follows: Tier 1 daily balance up to $99.99, Tier 2: $100.00 - $4,999.99; Tier 3: $5,000 - $24,999.99; Tier 4: $25,000 or more. Rates earned are based on balances, calculated daily, and compounded to the account quarterly. Account is subject to Reg D limitations. See Account Disclosure for full details.

1

Condensed

Financial Statement Number of Members........189,397 Loans.................... $2,996,128,413 Shares................... $3,242,032,299 Assets................... $3,863,649,726 Ending November 30, 2020

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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Branch & ITM/ATM Locations gecreditunion.org/locations

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