Bright Horizons Newsletter

Second Quarter 2022

BRIGHT HORIZONS 2 Message from our President & CEO

A smart start for students

Congrats 2022 scholarship winners

Our 2022 Giveback Partners make a big impact

Uncomplicate your investment plan

Put your home’s equity to work Your home can provide more than just a roof over your head. One of the perks that comes with being a homeowner is growing your home’s equity and putting it to work (for you).

Whether you’re in the process of paying down your mortgage or you own your home out-right, a home equity line of credit (HELOC) could be the perfect solution for ongoing projects, large purchases, or to have for “just in case.”

Top 3 reasons to tap into your home’s equity: 1. Fund renovations or large purchases Reinvest your home’s equity into renovation projects, such as a bathroom remodel or upgrading your back deck. This will increase the market value of the property and your equity in tandem.

2. Cover education costs The average cost of tuition at a public college for the 2021-2022 year is $10,388.1 While many take out student loans to cover the cost of a higher education, using your home’s equity is another feasible option.

3. Pay off high-interest debt A HELOC could be an affordable way to consolidate higher interest debt. The rate for a HELOC is typically lower compared to borrowing products not secured by collateral.

Get things done with a home equity line of credit Convenient access to funds with a 10-year draw period—plus: No application fee No closing costs

Intro APR2

No annual fee No early closure fee or prepayment penalties

for first 12 months

Get started Scan the QR code or visit: gecreditunion.org/home-equity.

1 USNews: "See the Average College Tuition in 2021-2022." 9.13.2021. 2HELOC: Annual percentage rate (APR) as low as 2.49% is the introductory rate for a 12-month period immediately following the date of agreement; only available on new loans (new money). Rate is subject to adjustment on the first day of each calendar quarter to Prime – 0.00%. Monthly payment of Principal & Interest (P&I) for a loan amount of $50,000.00 is $471.12. Rates are subject to change daily.

gecreditunion.org l Second Quarter 2022

A MESSAGE From Our President & CEO For the fifth time, you have helped us receive the award for the Best Credit Union in Cincinnati. Thank you for placing your trust in us as your financial partner and know we do not take this recognition lightly. As we uphold the title, we will continue delivering you best-in-class banking experiences, in addition to the excellent service you deserve and expect from us.

Entering the second quarter of 2022, forecasts indicate we will see steady economic growth throughout the year.

While this growth may not be as rapid as what we saw in 2021—because of continued supply shortages—we are already seeing an increase in retail sales in the first part of the year.

Even with this increase, inflation has consistently driven prices to record highs. With the goal of curbing inflation and ultimately stabilizing prices, it’s anticipated the Federal Reserve will raise interest rates in the months ahead. As we continue monitoring all economic adjustments, your financial wellbeing is our top priority, and we are here to assist you every step of the way.

Over the last few months, we’ve been building upon the many material enhancements made in 2021. In early

Timothy D. Ballinger

Your financial wellbeing is our top priority, and we are here to assist you every step of the way.

February, we expanded our branch footprint further with the opening of our Liberty Way branch–our newest location that offers you a true financial community center, where you can explore self-service options or receive one-on-one guidance and support.

February also saw the unveiling of our new GECU website. Representing over a year of development and valuable feedback from members like you, the new site features an updated design, over 70 new and improved financial calculators, access to our Secure Chat feature so you can quickly connect with a team member with just a few clicks, and much more.

Another key focus for the Credit Union is our team members’ ongoing professional development.

We recently introduced a certified financial coaching program that arms team members with skills and knowledge so they can enhance the level of service we offer. Once certified, these team members offer members informed counsel, refer them to tools and resources, and recommend products and services that can help make an impact on their lives. Especially in a time of

economic uncertainty, having these specialized team members as a trusted resource can make navigating financial situations less challenging. We’ll share more information about the program this year as even more of our team members become certified.

In March, we held our 67th Annual Meeting in which we announced our Board of Directors election results. This year, incumbents: Cheryl Hill, Richard Ille, and Robert Peak were re-elected. Along with the other members of the Board, these individuals generously volunteer their time and make decisions that help the Credit Union grow. Also in March, we recognized five Robert A. Cunningham Scholarship winners (see page 4).

Congratulations to these collegebound high school seniors who truly embody the spirit of volunteerism within their local community.

As we continue through 2022, we look forward to strengthening our relationship with you further and continuing to care for the many communities we serve. Thank you for your continued dedication, loyalty, and membership.

UPCOMING OFFICE

Holiday Closings

for voting us as the Best Credit Union in Cincinnati for the fifth time!

It’s an honor to be recognized as we take pride in empowering our members’ financial lives.

Memorial Day

Monday, May 30th

Juneteenth

Monday, June 20th

Independence Day Monday, July 4th Use our mobile app, Online Banking, and ITMs to access your accounts 24/7—even on holidays!

Skip this month’s loan payment and breathe a sigh of relief You’re taking on a lot, it might be time to take a break from your payment. We give you the flexibility to skip two loan payments per calendar year through our Skip-A-Pay program.

Submit your request online Scan the QR code to learn more and submit your request, or visit: gecreditunion.org/skipapay.

A smart start for students Our Simply Free Checking account is perfect for students!

Get the convenience you expect with no monthly maintenance fee and access to our digital banking tools like, text alerts, mobile wallets, and our mobile app.1,2 Monthly maintenance fee Minimum balance

Convenient features you’re looking for: More convenience—more access Nearly 100,000 free ATMs at your service.3 Deposit checks in a snap Skip the trip with Mobile Deposit.

Direct deposit required

Control your debit card Lock and unlock it, control it when you travel, and set spending limits.

Open your account online with just $25 Scan the QR code to apply or learn more at: gecreditunion.org/checking.

Simply Free Checking: No minimum balance is required to maintain this non-dividend bearing account.

Our mobile app and Online Banking are free to use; however message and data rates may apply.

Contact your service provider for details. 3Our ATM network is fee free for withdrawals for GECU debit cardholders and includes: In-network ATMs include: GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs. Foreign transaction fees apply to out-of-network ATMs, see Fee Schedule for details.

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Event: May 1st - 31st Follow GECU and the Cincinnati Zoo on social media to see the babies in action throughout May. Learn more at: facebook.com/GECUCincinnati.

Congrats 2022 scholarship winners For the past 25 years, we’ve honored Robert A. Cunningham’s service to our Board of Directors and passion for volunteering through our Memorial Scholarship program. This year, we’ve awarded five college-bound high school seniors with a one-time scholarship of $2,000 each. We’re extremely proud of our winners and happy to be a part of their very bright future!

Cade Czarnecki

St. Xavier High School

Madison Clore

Highlands High School

Brooke Donley

New Richmond High School

Elizabeth Duke

Benjamin Lu

Wyoming High School

Sycamore High School

Understanding the $600 IRS provision for payment apps You’ve seen the headlines about reporting Venmo transactions, but what does it mean for you? There’s been a lot of misinformation surrounding this provision, and it’s important to have the facts.

The provision is part of the 2021 American Rescue Plan and states that payment apps must report business transactions totaling $600 or more per year to the Internal Revenue Service (IRS).1 Below are a couple FAQs about the change so you can better understand how, or if, it affects you.

Does it apply to all transactions of $600+?

No, the provision only applies to annual business transactions totaling $600+ made using payment apps like Venmo, Zelle, or PayPal. Individuals using these apps for personal use are not affected.2 A friend sending you $700 for their share of rent or a parent sending their child $50 a month to cover the cost of gas are not transactions that will be reported to the IRS. Will it affect tax season 2022?

If you use payment apps for business transactions, you won’t need to worry about the $600 IRS provision when filing taxes this year (2021 taxes).

It will apply to earnings made in 2022, which you’ll use to file taxes in 2023.

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Forbes: "Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More" 2.19.2022.

CNN: "If you use Venmo, PayPal or other payment apps this tax rule change may affect you" 11.9.2021.

Deposit your checks from anywhere No need to make an extra stop at your GECU branch. Make quick and secure deposits right from your phone, with our top-rated mobile app.

Watch now Scan the QR code to see how easy Mobile Deposit is or visit: gecreditunion.org/mobile-deposit.

Read on Scan the QR code to read the full article or visit: gecreditunion.org/learn.

gecreditunion.org l Second Quarter 2022

Our 2022 Giveback Partners make a big impact We’re passionate about the communities we serve and believe in supporting organizations who work to make them better.

To deepen our commitment to the community even further, we created a program called Giveback Partners. Each year, we select three local nonprofits that mirror our philosophy of “People Helping People” and we invest in them through financial contributions, volunteer manpower, and other opportunities. This year, we have partnered with fantastic organizations:

Beech Acres Parenting Center

Grant Us Hope

HART Animal Rescue

Mental health challenges can hamper a child’s ability to succeed in school. This organization’s Beyond the Classroom program provides a holistic support system to allow families to overcome the wide array of challenges they face and ensure student success. Today, they serve a total of 6,200 students and parents across Greater Cincinnati with behavioral health services to manage stress, anxiety, and more.

This organization creates communities of leadership and advocacy to enhance mental wellness, safety, and suicide prevention in schools. Their Hope Squad currently partners with 200 local schools to reduce the stigma around mental health and suicide by training students to identify at-risk students, provide friendship, and seek help from an adult.

HART’s goal is to save, spay or neuter, love, and find forever homes for the animals in their care. They are a 100% volunteer-run, non-profit 501c3 charity.

In 2020, they reached 10,000 adoptions since opening their doors in 2004.

Learn more about these amazing organizations Scan the QR code or visit: gecreditunion.org/gecucares.

Live the good life with our Visa Signature® credit card Our Visa Signature® card gives you the best of all worlds— generous rewards program, sensible rate, and exclusive benefits. Plus, it’s a great option for everyday spending!

Earn 2x the points on all purchases to redeem for charitable giving, experiences, merchandise, travel, gift cards, cash back, and more.1

Visa Signature® Intro Rate

No annual or foreign transaction fees.2 Rely on Visa Signature® Concierge for 24/7 assistance with travel, entertainment, and dinner reservations.

Online card management to make payments, monitor transactions, view statements, and more.

for 12 months on purchases and balance transfers made in the first 60 days.3 After the 0% intro period, rates will adjust to 10.74% - 16.74% APR based on creditworthiness.

Make a signature statement. Apply today at: gecreditunion.org/signature.

Points: Earn 2 reward points for each dollar charged on qualifying purchases. See program terms and conditions for details. 2Fees: Regular Annual Percentage Rate (APR) applies; foreign transaction fee is 0% of each transaction in U.S. dollars. There is a $10 or 3% of the amount (whichever is greater) fee to transfer balances from other credit cards to a GECU credit card. 3Intro Offer: Purchases and balance transfers made in the first 60 days will have 0.00% introductory APR for 12 months. After that, APR will be 10.74% - 16.74% based on creditworthiness. APR will vary with the market based on the Prime Rate. Rates effective 3.14.22. Offer valid for qualified borrowers only; upon approved credit. Subject to change at any time. See credit card terms and conditions for details.

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Uncomplicate your investment planning There’s no time like the present to start investing. While taking the first step can seem intimidating, there’s no need to worry—we’re here to help!

Why invest?

You invest for the future, and the future is expensive. There is no guarantee any investment strategy will be successful, but investing is one way you can prepare for the future you want.

What is the best way to invest?

• Get in the habit of saving. Set aside a portion of your income regularly and automate that process if possible.

• Don’t put all your eggs in one basket. Having multiple types of investments may help reduce the impact of a loss on any single investment.

• Focus on long-term potential rather than short-term price fluctuations.

• Ask questions and become educated before investing.

• Invest with your head, not with your stomach or heart.

Avoid the urge to invest based on how you feel about an investment.

We’re here to help As a GECU member, you have access to a no-obligation appointment with our Investment Services team, available through CFS*. They help first-time investors get started and work with experienced investors to explore options or maintain their current strategy.

Schedule an appointment at your convenience!

Call our advisors at: 513.243.6510 or visit: gecreditunion.org/investments to learn more.

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 nondeposit investment products and services available to credit union members.

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Do we have your current contact information?

Maintaining updated contact information is an important step in keeping your information secure and staying in tune with your accounts. To serve you in the best way possible, please ensure your contact information is accurate. You can easily update your information through Online Banking or our mobile app. Learn how at: gecreditunion.org/update-info.

View our latest

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

Access your accounts

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.

Secure Online Banking gecreditunion.org Mobile App for Apple® and Android™ devices Branch and ITM/ATM Locations gecreditunion.org/locations Sourceline - 24/7 513.243.3333 l 800.589.2875

Insured by NCUA Equal Opportunity Lender GECU NMLS #449875