Bright Horizons Newsletter

Keep your homebuying journey on course

Buying a home is an exciting endeavor. Buyer demand has cooled off and as a result, buyers who are still actively looking for a home are finding more options from which to choose. If you are in the market for a new home, below are just a few tips from our local team of home loan experts to keep your home search on track while you are considering your opportunities.

1. Get pre-qualified or pre-approved

Getting pre-qualified 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 lender like GECU. If you are at a point where you are ready to start making offers, it is beneficial to get pre-approved. During this process, you’ll be asked for documentation such as: an employment verification, recent pay stubs, and bank statements in order to help provide a more specific estimate of what you could borrow. In addition, getting pre-approved shows both agents and sellers you’re a serious homebuyer and that you can secure a mortgage – making it more likely that you’ll complete the purchase of the home.

2. Connect with an agent

A trusted agent will help you navigate the buying process from start to finish. They make it their business to keep up with the ever-changing market and can offer advice related to how those conditions may impact your homebuying journey.

As well, they have access to internal resources with a list of homes that may not even be on the market yet. This could help you find a home you love faster before there are other interested buyers. And when you are ready to put in an offer, your agent will handle the negotiations for you.

3. Don't settle

Homebuying can be an endurance sport. You may experience hiccups, like losing out on a property you really loved, but it’s important to maintain a positive outlook and avoid compromising on non-negotiable needs or wants. It’s all about leaning on your agent and the right timing!

If you’re ready to dive into the homebuying market, enlist the help and local expertise of GECU as your qualified lender. We’ll explain all your financing options, such as fixed- and adjustable-rate mortgages, and offer expert friendly advice on getting the best loan for your home. We also offer construction loans so you can build your dream home from the ground up. No matter your need, you’ll have the dedicated support of our local loan experts who will be with you every step of the way.

Thank you Cincinnati Get to know our 2023 Giveback Partners The Great Wealth Transfer

3 Money-Smart Ways to Use Your Tax Refund

Message from our President & CEO

A message from our President and CEO

I’m pleased to announce your Credit Union is the proud recipient of the Best Credit Union in Cincinnati title for the sixth time. This recognition, to be featured in CityBeat Magazine’s 2022 “Best of” publication, is truly an honor as we strive to be number one in the hearts and minds of Greater Cincinnatians. On behalf of our entire organization, thank you for your vote and choosing us as your financial partner.

Coming out of 2022, it appears inflation is finally beginning to slow as the Federal Reserve has made smaller increases to the benchmark rate. While the overall growth of the economy will likely be more gradual this year, it does appear to be in a healthy position. Just as we did in 2022, we will continue to evaluate the market and work to deliver the financial solutions you need, while finding new ways to enhance your experience as a member.

Over the last several years, we have become well known in the Tri-State for our wide array of savings products, best-in-class checking accounts, and indirect lending opportunities. However, many in the area may not instantly think of us when it comes to purchasing or refinancing their home. We will be changing that. We’ve been hard at work strengthening our mortgage program with enhanced products, an ever-expanding team of experienced professionals, and competitive interest rates. We’ve now

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Timothy D. Ballinger

“In addition to bolstering our mortgage program, we’re making our checking accounts even better with the introduction of Early Pay.”

positioned ourselves to be a leader in this space, and we hope you consider us for your mortgage needs now, or in the future.

In addition to bolstering our mortgage program, we’ve made our checking accounts even better with the introduction of Early Pay. This is a free, automated service that allows GECU checking accountholders to receive their ACH and direct deposits up to two days early (dependent on when we receive ACH deposit information for posting). Joining the ranks of several other sought-after checking features – including our Round-Up program and access to nearly 100,000 ATMs nationwide –Early Pay represents another great reason to use our checking account options for your everyday finances.

Whilst providing service and support, our GECU team members are also actively making a difference in the community. Only a few months into the year, more than 450 volunteer hours have already been logged through GECU Cares events and team members’ own time. Along with giveback efforts, we recently enhanced our Robert A. Cunningham Memorial Scholarship program. With a new application period (January through March) and online application

banking is here

Manage your GECU accounts from your cell phone or landline any time, day or night. Make a loan payment, transfer funds, check balances, and more!

To access, dial: 513.243.3333 or 800.589.2875

Learn more at: gecreditunion.org/callconnect

platform, we’ve seen strong engagement so far; there’s been a 300% increase in interested applicants as compared to last year. We will be announcing this year’s scholarship winners soon.

This year, we’re proud to continue our partnerships with well-respected events and staples of Cincinnati. In February, we were the primary financial institution sponsor for the Cincinnati Home and Garden Show. GECU will also be the presenting sponsor for the Cincinnati Zoo’s Zoo Babies and HallZOOween events this year. We’re grateful for the chance to support these valuable partners as we further develop community relationships and connect members with great opportunities in the area.

There’s certainly more on the horizon, so be on the lookout for further updates and news soon. In the meantime, please let us know how we can continue to Improve the Quality of Your Financial Life. As always, thank you for your loyalty, support, and trust.

for voting us the Best Credit Union in Cincinnati for five consecutive years!

It’s an honor to once again be voted the Best Credit Union in Cincinnati. Receiving this recognition inspires us to continue our work of Improving the Quality of Financial Lives.

Over the last five years, we’ve worked to provide the best possible member experience by expanding our digital services like Interactive Teller Machines (ITMs), opening seven new branches, and rolling out game-changing features like Early Pay. We remain committed to our members and continuing to invest in you!

Here’s to many more great years ahead!

Push

Life can move fast. Sometimes, your budget needs time to catch up. We help you do just that by giving you the flexibility to skip a loan payment on qualified loans through our Skip-a-Pay program.

10 Benefits of Simply Free Checking

We’re member owned, member run—meaning our best interest is yours. That’s why we’ve done the research and created the best available checking accounts built with features designed to fit your needs. In fact, Simply Free Checking could save you an average of $167 in maintenance fees annually compared to leading banks.1 Making the switch is easy, so start enjoying these great features by opening a checking account today.

1 Average monthly maintenance fees found on MoneyRates.com/research-center/bank-fees from MoneyRates.com Checking Account Fee survey, published on 12.21.2022

2Simply 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.

3ATMs: Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs. 4Round-Up: 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. 5Early Pay: For GECU consumer checking accounts only; not available on GECU: money market, business checking, or Health Savings Accounts. Early Pay is a service in which we credit eligible ACH deposits up to two business days early. The timing of when these transactions will be credited is based on when the payer submits the information to us. This means the timing of when transactions are credited could vary and funds may not be received early. We cannot guarantee that you will receive Early Pay due to unanticipated circumstances. Eligible ACH deposits include, but are not limited to: payroll, pensions, and government deposits. Other deposits, such as: check or mobile deposits and card transactions are not eligible for Early Pay. Early Pay is automatic and there is no fee, you can opt out at any time. Learn more at gecreditunion.org/earlypay. Early Pay is offered at the discretion of GECU, and we reserve the right to cancel the service at any time and without notice to you. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

Get to know our 2023 Giveback Partners

At General Electric Credit Union, we’re passionate about our community and our philosophy of “People Helping People.” To that end, we select three local nonprofits each year who share those values and invest in them through financial contributions and our team member volunteer program. Presenting our very worthy 2023 Giveback Partners:

Be

Concerned

Be Concerned is the largest free food program in Northern Kentucky. Operating in two locations, Be Concerned upholds this mantra by delivering services with a smile, a hug, or an encouraging word.

NEST Community Learning Center

NEST Community Learning Center’s mission is to address academic and non-academic barriers that perpetuate the cycle of generational poverty in suburban communities. Using a FREE mobile classroom, NEST delivers proven educational programs and strategies to students in need.

The Yellow Ribbon Support Center

The Yellow Ribbon Support Center is a volunteer group supporting active-duty military personnel and remembering those who did not come home. The organization collects donations and purchases items to create care packages which are shipped to troops all over the world.

Say hello to Early Pay

With Early Pay, GECU checking accountholders can receive early access to ACH deposits (including direct deposits, like your paycheck), up to two days early!5 There’s no cost and no catch, it’s just one more way we make checking better for you. All GECU checking accounts automatically include Early Pay—get paid early by opening an account today!

Learn how by scanning the QR code or visiting: gecreditunion.org/early-pay

Treat your family to a fun-filled day at the Cincinnati Zoo with discounted tickets courtesy of GECU! From the African Lion to the Plains Zebra there are many amazing (and adorable!) sights to see.

Learn more about GECU’s partnership with the Zoo and Zoo Babies at: gecreditunion.org/zoo-babies

The Great Wealth Transfer: What Baby Boomers Should Know

In what’s been dubbed The Great Wealth Transfer as Baby Boomers are predicted to pass on more than $68 trillion to their children.1 If you belong to this generation and are attempting to firm up your legacy plan, we put together a guide detailing federal and state tax requirements as well as steps that will protect the value of your estate. Scan the QR code for the complete guide, which touches on:

1. How Medicare and long-term care insurance could protect the value of your estate in the long run

2. State and federal tax obligations

3. The importance of reviewing and updating your beneficiaries across accounts

4. The role of trusts and wills

5. The value of transparent conversations with those who stand to inherit from you

Read the full story by scanning the QR code or visiting our Money Minutes blog online. Then turn to GECU’s Legal Services offered through Wood + Lamping LLP for any

additional information or insights you may need. GECU members are entitled to a no-cost consultation2 with a legal advisor. It’s just one more way we have you covered!

gecreditunion.org/the-great-wealth-transfer

1CNBC What the coming $68 trillion Great Wealth Transfer means for financial advisors. 2An 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, located in General Electric Credit Union’s Reading Road office, is provided through CUSO Corp.—a credit union service organization wholly owned by General Electric Credit Union. Legal Services provided through the law firm of Wood & Lamping LLP.

Whether you are looking for a card with unlimited cash back, a card that racks up points and rewards you, or one with an unbeatable, low rate—we have the perfect option for your wallet. Plus, all of our cards come with perks you’re going to love.

Find your perfect card and apply at: gecreditunion.org/credit-cards

Highly competitive rates

Access to FICO2 score for free Cards that offer unlimited cash back and points that never expire

3 Money-Smart Ways to Use Your Tax Refund

The Internal Revenue Service (IRS) reported the average tax refund for early filers in 2022 was $2,323.1 Even if your refund this year isn’t quite as hefty, you can still put it to good use!

1. Pay down debt

Consider dedicating your tax refund to help pay down any high-interest debt. Even if it isn’t a large payment, it’s one small step forward.

2. Let your money grow

Turn a one-time influx of funds that can earn you even more than your refund by putting them in a high-yield savings or checking account. At GECU, we have a tiered rate structure that rewards you for growing your balance with a higher annual percentage yield. Our Thrive high-yield savings account is one potentially good option.

3. Create (or pad) an emergency fund

Life may bring the unexpected. As a rule of thumb, it’s

1 Detroit Free Press: Early filers see an average $2,323 in federal income tax refunds

2 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.

A wealth of knowledge awaits

Furthering financial education is at the cornerstone of GECU’s mission of Improving the Quality of Financial Lives. That’s why we provide free webinars on topics important to you, like budgeting, estate planning, retirement, business finances, and so much more! Register for an upcoming webinar and join our subject matter experts as they answer your questions in real time. Or watch webinars on-demand at your convenience by visiting our Youtube channel:

@generalelectriccreditunion

best to have about three months-worth of living expenses stowed away for an emergency. Using your tax refund is a great way to jumpstart this savings goal without taking money away from your monthly bills or expenses.

Looking to receive your tax refund a little faster? You can have your tax refund automatically deposited into your GECU account by providing your account and routing number during the filing process rather than waiting to receive a check.

From interest-earning deposit products to Money Management, a budgeting dashboard available to Online Banking and mobile app2 users, GECU has the tools and resources needed to help you through tax time and beyond.

Scan the QR code or visit: gecreditunion.org/deposit-rates to view our competitive deposit rates.

Scan the QR code to check out our upcoming webinars or visit: gecreditunion.org/cu-events