First Quarter 2024

First Quarter 2024

BRIGHT HORIZONS 2 Message from our President & CEO

What kind of saver are you?

Another year of giving back

What nonprofit businesses should look for in a banking partner

New Year’s resolution: Take charge of your finances

70

Years of service

As we begin 2024, we are excited to celebrate our 70th anniversary.

A special thank you to all of our members for your loyalty and support over the years.

The new year is a fantastic time to review your finances. Look at them holistically and identify challenges, goals, and areas of opportunity that will plot you on a course to a healthier financial future.

Minimize fees

Now is the time to review the accounts you have with other financial institutions to see if there are better options. For example, you may have a checking account that charges a monthly fee. Even if it’s only $10, that can add up over time! Instead, switch to our Simply Free1 checking account. It’s a feefree option packed with perks.

Visit: gecreditunion.org/simplyfree to learn more.

Ready to take on everything 2024 has to offer? Turn to GECU for fewer fees, competitive rates, and personable service.

Up your savings game

Don’t miss out on a great savings rate. Compared to a traditional savings account, you can earn more off your balance in a certificate or high-yield savings account. Reach your New Year’s goals and learn more about these saving strategies on page 3.

Tackle debt

A balance transfer allows you to move high-interest credit card debt to a card with a lower rate. This can reduce interest costs, allowing you to pay off the debt faster. Plus, it consolidates payments, simplifying your financial planning.

Enjoy 0% introductory APR for 12 months on purchases and balance transfers made in the first 60 days.

After that, the APR will adjust to 13.99% – 18.00% for purchases and balance transfers, based on your creditworthiness.2

Find your perfect credit card match today!

Simply 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. 2Introductory APR for Purchases and Balance Transfers: 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 adjust to 13.99% - 18.00% for purchases and balance transfers, based on your creditworthiness.

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gecreditunion.org l First Quarter 2024

A message from our President and CEO From all of us at General Electric Credit Union, we hope you had an enjoyable holiday season with family and friends. Before turning the page to the new year, I want to look back at some of the ways we supported your financial needs and moved the Credit Union forward in 2023.

Earlier in the year, we enhanced our checking accounts with Early Pay, a free service that allows GECU checking accountholders to receive their ACH deposits (e.g., direct deposit of payroll) up to two days early. We introduced Zelle® to help you easily send money to friends and family using our mobile app or Online Banking. You may have also noticed new features with our Interactive Teller Machines (ITMs) when using your debit card, which give you total access to your accounts, any time of the day. Learn more about our ITM technology on page five of this newsletter.

Along with product and service enhancements, we continued engaging with and supporting our community in 2023. I’m proud to note, through our GECU Cares volunteer initiative, more than 180 team members committed nearly 1,900 hours to giving back.

In addition to competitive rates, we will be building on all the great things from 2023, and more.

Likewise, our Sponsorship Committee supported over 50 local organizations, causes, and events. We also had the privilege of developing and cultivating partnerships with several community events throughout the year. We were the presenting sponsor for the Cincinnati Zoo’s Zoo Babies and HallZOOween celebrations, the official presenting sponsor for the Greater Cincinnati Holiday Market, as well as the financial sponsor for the Cincinnati Home & Garden Show.

When looking ahead at 2024’s economic environment, it’s not an easy one to define. While the Federal Reserve’s efforts have helped to control inflation, consumer spending and economic growth have been impacted by historically high interest rates. Conversely, we are still seeing a strong job market with a low unemployment rate and surge in job openings across the nation. It’s a landscape with both positives and negatives, but one that will continue to balance itself out. As always, we will continually monitor deposit and

Save the date

69th Annual Meeting | Tuesday, April 16th at 4 pm Members are invited to virtually attend our Annual Meeting either by phone or online.

During this meeting, we'll spend time reviewing 2023 and sharing our plans for 2024.

Reservations are required. Login details will be shared after registration is complete.

Visit: gecreditunion.org/annualmeeting to learn more and register today.

Timothy D. Ballinger

loan rates to remain competitive.

In addition to competitive rates, we will be building on all the great things from 2023, and more. That means bringing you greater value through our best-in-class products and services, enhancing our website, and generally improving operational efficiencies across all areas of the Credit Union – just to name a few.

We’re also continuing construction on our much-anticipated branch in Dent, which will open its doors later this year. Our teams look forward to connecting with new and existing members in this part of our community. Stay tuned for more details throughout the year regarding these and many other initiatives.

As we work to enhance products and services, expand our branch presence, and deepen our investment in our communities, I anticipate 2024 will be another fantastic year for our Credit Union. And at the center of it all is you. Thank you for giving us the opportunity to serve you.

Upcoming branch holiday closings Martin Luther King, Jr. Day Monday, January 15th Presidents’ Day Monday, February 19th Use our mobile app, Online Banking, CallConnect, and ITMs to access your accounts 24/7/365—even on the holidays!

What kind of saver are you?

Whether you're building an emergency fund, planning for a big expense, or preparing for the future, saving money is an important part of achieving financial goals. Because every situation is unique, there's no one-size-fits-all solution. Make your savings goals easier to attain by choosing an approach that fits your personal saving style as well as your goals.

A flexible approach for the hands-on saver

If you prefer to maintain access to your balance while having the ability to add to it, then a Thrive Money Market is the account for you. It’s a high-yield option that pays more in interest than an ordinary savings account. You can make deposits or access your funds at any time using Online Banking or our mobile app,1 or with your debit card at an ITM.

An easy option for the passive saver

If you prefer to save with a "set it and forget it" approach, then a certificate is perfect for you. Choose your term — the amount of time you want to save for — and lock in your one-time deposit at a rate greater than an ordinary savings account. GECU offers certificates ranging in duration from 3 months to 5 years,2 so there’s an option to fit your savings goals.

An auto-save method for the everyday spender

If you have a GECU checking and savings account, you can put saving on auto-pilot. When you enroll in Round-Up,3 we'll round up every debit card purchase to the nearest dollar and automatically transfer the change to your GECU savings account. Plus, we'll match 5% of your rounded-up change each month, up to $350 a year! That's free cash back to help grow your savings.

Scan the QR code or visit: gecreditunion.org/savings to see all the perks of our savings accounts.

Online Banking/Mobile App: We provide Online Banking and our mobile app to you for free; however, mobile and internet data charges may apply. Contact your service provider for details. 2Fees may reduce earnings; penalties may be assessed for early withdrawals on all certificates. 3Round-Up: Round-Up is available with a General Electric Credit Union (GECU) Simply Free, Choice, or Amplified High-Yield Checking account and GECU savings or money market account. 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 IRS Form 1099. We may cancel or modify the Round-Up service at any time without prior notice. Round-Up is not available for business debit cards.

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Make your New Year's renovation a reality If your New Year’s resolutions include tackling a project around the house, we’re here to help! A Home Equity Line of Credit (HELOC) can help you access the funds you need to bring your vision to life. Borrow up to 90% of your home’s equity and use the funds for any project or purchase.

Scan the QR code or visit: gecreditunion.org/home-equity to learn more.

HELOC limited-time offer 6-Month introductory rate

5.99

APR1

Standard rates as low as

8.25

APR1

APR = Annual Percentage Rate. 1Home Equity Line of Credit: The Annual percentage rate (APR) assumes LTV/CLTV is 90% or less, single family, primary residence. APR as low as 5.99% is the introductory rate for a 6-month period immediately following the date of the agreement and is only available on new loans (new money). After the introductory period, the rate is subject to adjustment on the first day of each calendar quarter. For Lines of Credit of $50,000 or higher, the rate will adjust to Prime 0.25%. For Lines of Credit up to $49,999, the rate will adjust to Prime - 0%. The monthly payment of Principal & Interest (P&I) for a loan amount of $50,000.00 is $554.85.

The minimum/floor APR will never be less than 3.00% and the maximum APR will never be greater than 12.99%. Consult a tax advisor for the deductibility of interest.

Subject to credit approval and additional terms, fees, and conditions may apply. Property insurance may be required. Interest rate and program terms effective as of 09/07/2023. NMLS #449875

Take the time to review your account beneficiaries It’s important to periodically review your beneficiaries to ensure your wishes are met should you pass unexpectedly.

•

If you have none listed, the funds may be distributed through probate. This can be both expensive and time-consuming.

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If you have beneficiaries but haven’t reviewed the list since opening the account, the funds will be distributed to the individuals listed, even if you have a will or trust with differing beneficiaries. That’s why it’s crucial to review your account(s) periodically and especially after any big life changes, such as divorce or the birth of a child.

At minimum, you should get into the habit of reviewing your beneficiaries every year. For assistance with your beneficiary designations on any GECU account(s), schedule an in-branch appointment by visiting: gecreditunion.org/appointment or scanning the QR code.

Budgeting made easy Money Management, available in the GECU mobile app or Online Banking,1 is the answer for holistic budgeting, goal tracking, and more. Use it to:

Set and monitor goals so you can track your progress and stay motivated.

See your spending habits so you know where your money is going and andwhere wheretotocut cutback backin inyour yourbudget. budget.

Strategize debt payoff with tips that will help you tackle your balance more quickly and efficiently.

Build a holistic budget with Money Management that includes both GECU accounts and your accounts with other financial institutions! Scan to learn more.

Online Banking/Mobile App: We provide Online Banking and our mobile app to you for free; however, mobile and internet data charges may apply. Contact your service provider for details.

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Now accepting scholarship applications through March 1st College is expensive. Let us help shoulder some of the cost.

We’re awarding five graduating high school seniors who exhibit a spirit of volunteerism with a one-time scholarship of $2,000, courtesy of the Robert A. Cunningham Memorial Scholarship program.

$247,500

in scholarships awarded since 1998

Scan the QR code or visit: gecreditunion.org/scholarships to learn more or apply.

Get more out of your tax return

Save on tax filing

Thanks to our partnership with TurboTax® Online™ GECU members can save up to $15 on tax filing.

Excited to receive a tax return? You’ll feel even better putting the funds to good use. Below are just some of the opportunities to consider this tax season.

Grow your balance. Our Thrive Money Market account is a fantastic way to boost the benefit of your tax return.

You’ll earn more interest than you would from a traditional savings account, allowing you to grow savings faster.

Visit: gecreditunion.org/Thrive to start earning.

Pay off debt. Use your tax refund toward high-interest debt, like a store credit card balance after the holidays.

Even if it isn’t a large payment, it’s one small step toward financial freedom.

Create (or pad) an emergency fund. Life may bring the unexpected, so it’s best to be prepared with three to six months’ worth of living expenses stowed away.

A tax refund can help you work toward this goal.

Scan the QR code or visit: gecreditunion.org/TurboTax to learn more.

© 2023 Intuit Inc. All rights reserved. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners. State filing charges may apply.

ITMs: Expanded functions far beyond the ATM experience

Think ATMs – then rethink an even better banking experience! That’s what GECU offers with our ITMs (Interactive Teller Machines). Discover how they can expand your account access when using a GECU debit card.

Increased functionality

ITMs offer everything you expect from a visit with a traditional teller, now on your own time. For example, you can withdraw cash from an ITM in denominations as low as $1.

A 360° view

24/7/365 access

ITMs provide a complete view of your entire relationship with GECU. Self-service options include transferring money between accounts and submitting a payment on a loan or credit card.

Inserting your GECU debit card ensures you can access your 360° view even when branches are closed. Between our drive-thru machines and our 24-hour ITM lobbies (accessible via debit card), there’s no limit to your account access, meaning you can bank on your time.

There are ITMs located at every GECU location, including our Dent branch opening in 2024!

Scan the QR code to learn more about ITMs and find one near you!

GECU Cares: Another year of giving back

In 2023, our team members’ dedication to volunteerism and giving back impacted our communities in many positive ways. Here are some of the highlights. $28,237 raised for United Way to support critical services and innovative efforts 289 backpacks packed with supplies and donated by GECU team members to Beech Acres Parenting Center

141 volunteer hours for the NEST Lunch and Learn Program $500 and over 5k items donated to the Yellow Ribbon Support Center, a 2023 Giveback Partner

See all the ways we gave back in 2023 by visiting: gecreditunion.org/GECUCares.

What nonprofit businesses should look for in a banking partner As a not-for-profit, we understand prioritizing people over profits. We recognize the work your nonprofit does matters, and so does your banking partner. That’s why it’s important to consider the following when choosing a financial institution.

1. Experience Your nonprofit’s needs differ from a for-profit company’s needs. Look for a banking partner that has experience with other nonprofits and understands the unique challenges for organizations in this sector. At GECU, we bring expertise and a relationship-oriented approach, including 1:1 dedicated support to provide solutions tailored to you.

2. Shared values As a not-for-profit, you can feel at ease banking with us.

Like your business, GECU exists to serve others and make a difference in the community.

Visit: gecreditunion.org/GECUCares to see how we’re making an impact.

3. Full range of product and service offerings Ensure your banking partner offers the range of products and services you need to do business now, as well as any future needs. At GECU, we offer a full range of financial

products and services designed to support your business, from low-rate business loans and credit cards that make it easier to fund new opportunities, fee-free checking accounts that benefit your bottom line, and interest-earning saving accounts like our Business Advantage Money Market Account (BAMMA) that help you meet goals faster. We also help you avoid unnecessary fees so you have more funds to invest in your business.

We know communities thrive when local businesses — including nonprofits — do, too. That’s why we offer competitive rates, dedicated member service through our Business Services team, and convenience-boosting technology like Online Banking and our top-rated mobile app.1 Visit: gecreditunion.org/BAMMA to learn more about our Business Advantage Money Market Account.

1 Online Banking/Mobile App: We provide Online Banking and our mobile app to you for free; however, mobile and internet data charges may apply. Contact your service provider for details.

Grow your career with GECU GECU team members enjoy competitive benefits, career development opportunities, a generous retirement savings plan, and more! We’re hiring for multiple positions.

Visit: gecreditunion.org/careers to make your next career move and learn more about our culture and Core Values, which are front and center in everything we do.

Contact us

View our latest

Financial Statement Scan the QR code or visit: gecreditunion.org/financials

Member Services 513.243.4328 l 800.542.7093 memberservices@gecreditunion.org Hours Mon – Thur: 8 am – 5 pm, Fri: 8 am – 6 pm, Sat: 9 am – 2 pm Routing Number: 2420-7682-1 Secure Chat Log in to Online Banking or our mobile app to send us a Secure Chat

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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