Second Quarter 2024 by General Electric Credit Union

BRIGHT HORIZONS

Message from our President & CEO

Coming Fall 2024: GECU West Side location

Staying in your home for a while, or planning to buy? We will help you achieve that "welcome home" feeling through our home equity and mortgage solutions.

Making upgrades

If you’ve decided to stay in your current home and want to tackle some upgrades, you may consider a Home Equity Line of Credit (HELOC). Renovations may enhance your property's value and better align it with your needs and preferences, potentially yielding a higher return on your investment.

HELOCs often offer lower interest rates than other financing options, which also makes them cost-effective. Additionally, you may be able to deduct your interest payments come tax time.*

Buying new

Sometimes, you just want a fresh start. Here’s what you should know about homebuying in 2024:

With the economy cooling off, mortgage rates are anticipated to gradually decrease. Lower rates will encourage buyers to trade in their homes and will help the housing inventory.

Visit: gecreditunion.org/heloc-intro to fall back in love with your home.

When it comes to mortgages, you have options. Select a new construction loan and break ground on a build tailored to you. Or, secure a fixed- or adjustable-rate mortgage for a home that's new to you!

Visit: gecreditunion.org/mortgage to get pre-approved in preparation for the homebuying season.

1CBS News Here are the 20 cities where home prices could see the biggest gains in 2024 — and where prices could fall *Home Equity Line of Credit: APR introductory rate as low as 5.99% for 6-months after date of agreement and only available on new loans. Rate may be increased after consummation. After the introductory period, the APR is variable and subject to change every three months based on Wall Street Journal (WSJ) Prime Rate. For lines of Credit of $50,000.00 or higher, the rate will adjust to WSJ Prime – 0.25%. For Lines of Credit up to $49,999.00 the rate will adjust to WSJ Prime – 0%. During adjustment periods, the rate cannot adjust by more than 3.00% from previous rate with a floor APR of 3.00% and a maximum APR of 12.99%. The APR assumes combined loan-to-value (CLTV) ratio of 90% or less, single family, primary residence, and first lien with GECU. The term is 20 years; a 10-year draw period with interest only payments followed by a 10-year repayment period with principal plus interest, which may increase monthly payments. Consult a tax advisor for deductibility of interest. No application fee, closing costs, or pre-payment penalty. Property insurance required. Interest rate effective as of 01.22.2024 and program terms available 2.5.2024. Subject to credit approval. Additional terms, fees, and conditions may apply. Introductory offer, rates, and terms subject to change at any time without notice. For questions, concerns, current rates, or details, contact us at: 1.800.542.7093.

High-yield savings to help you thrive

Second Quarter 2024 92867_NEWSQ2_2024

prices are expected to rise 2.5%1 Rates will gradually decline Inventory will improve 6-Month introductory rate 5.99 % intro APR* Standard rates as low as 8.25 % APR* Limited-time offer Transform your home — or buy a new one! Choose us to secure financing for your next home purchase or when bringing your home renovation plans to life.

Home

A message from our President and CEO

This year marks the 70th anniversary of General Electric Credit Union (GECU). It’s astounding how this financial institution has grown since 1954. We were originally chartered to serve employees of General Electric Aircraft Engines, and we now serve more than 250,000 members throughout the Tri-State. As we reflect on this milestone, I want to thank you for your continued loyalty and dedication.

Likewise, we are grateful to be named the Best Credit Union in Cincinnati for the seventh year in a row. This recognition will be featured in CityBeat Magazine’s 2024 “Best of” publication. I’m pleased to announce we also recently won Best Credit Union as part of the 2023 Mason + Deerfield Lifestyle “Readers’ Choice” Awards. Receiving both awards is a tremendous honor, as is being your financial partner.

Following last year’s economic rollercoaster, the Federal Reserve’s efforts have helped to moderate inflation. Overall consumer sentiment is strong (the highest in the last few years), and unemployment remains historically low. This all bodes well for our economy which, slowly but surely, continues its recovery from past global events. As we monitor economic factors throughout the year, our priority remains to provide you with best-in-class service, along with the products and

Timothy D. Ballinger

...we are ready to strengthen our relationship with you as your needs evolve and opportunities arise.

services you need, wherever you are along your financial journey.

Enhancing our products and services has been at the center of many of our team members’ efforts this year. We recently introduced a new tool in Online Banking and our mobile app that helps streamline the process for submitting Skip-a-Pay requests. We also updated features on our Home Equity and Equity Rich Line of Credit products to make them more beneficial. Members who obtain a new auto loan with us or would like to add Guaranteed Asset Protection (GAP) to an existing auto loan financed with us, will soon be able to take advantage of a new, cancelable GAP insurance. Additionally, we will be introducing component replacement for members who have an automobile and would like to consider additional coverage like rim or wheel protection. There is more on the horizon as we evaluate products and test innovative services to improve your banking experience.

Along with our products and services, we have several exciting events as we head into the spring season. We recently had the honor of participating in the Reds Opening Day Parade again this year with our very own GECU float.

And just around the corner is our 69th Annual Meeting. During the meeting, we will review 2023, share plans and initiatives for the current year, and announce the results of the Board of Directors election. Later in April, we will announce the college-bound, high school students who will be receiving this year’s Robert A. Cunningham Scholarships. Then, in May, GECU will once again be the proud presenting sponsor for the Cincinnati Zoo’s Zoo Babies event, with a special discount on admission tickets, exclusively for members.

Last but not least, we are growing our physical footprint in the Greater Cincinnati area. I’m pleased to share we are making great progress with our first full-service West Side branch. Whether you live in this community or are just passing through, our team members look forward to serving you at this new location. At this time, we’re hoping to open doors in the late fall; stay tuned for more updates on our new branch throughout the year.

Continuing through 2024, we are ready to strengthen our relationship with you as your needs evolve and opportunities arise. Thank you for your membership, and here’s to another 70 years.

gecreditunion.org l Second Quarter 2024 GECU is the proud sponsor of Holiday closures • Memorial Day | Monday, May 27th • Juneteenth | Wednesday, June 19th Annual Meeting Tuesday, April 16th | 4 pm Visit: gecreditunion.org/annualmeeting for more information.

Invest in your financial journey by attending monthly webinars on various topics, such as: estate planning, financial education, and more! Visit: gecreditunion.org/events to learn more. Mark your calendar Join us from May 1st – 31st to visit with furry, scaley, feathery, and adorable animals at the Cincinnati Zoo and Botanical Garden. Learn more about our partnership with the Zoo at: gecreditunion.org/zoo-babies. Use code: GECU for discounted tickets.

Webinars

Giving back: 2023

Our organization served the community in many ways last year, and we’re proud to share our impact with you. Through GECU Cares and our Sponsorship Committee, we:

Committed $184,635 in donations*

Supported

100 local organizations

Volunteered 2,080 hours

Fulfilled 47 sponsorships

Learn how we continue to give back in 2024. Scan the QR code or visit: gecreditunion.org/community

*Monetary and in-kind donations

Less paper, greater security

Enroll in eStatements for free within Online Banking or our mobile app.

To learn more, visit: gecreditunion.org/estatements

When the cost of everything is higher, you deserve a

starting out

you're

1Thrive Money Market Account: Membership eligibility required. Rates are subject to change at any time. There

1Round-Up:

Debit card rewards with every swipe!

Enrolling in Round-Up1 makes saving money easy, automatic, and more rewarding. When you make everyday purchases with your GECU debit card, we'll automatically round-up to the nearest whole dollar and transfer the extra change to your savings account. Plus, we’ll match 5% of those rounded-up funds each month, up to $350 a year!

Enroll in Round-Up today! To learn more, visit: gecreditunion.org/roundup

gecreditunion.org l Second Quarter 2024

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.

is no minimum balance requirement to open this account. To earn dividends, you must have a balance greater than $0. Dividend

based on the account balance and account tier. The tiers are as follows: Tier 1 daily balance up to $99.99, Tier

Tier 3: $5,000.00-$24,999.99; Tier 4: $25,000.00-$249,999.99; Tier 5:

or more.

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. High-yield savings to help you thrive

rates are

2: $100.00-$4,999.99;

$250,000

We use the daily balance method to calculate

Money Market

account

savings. APY1 % 2.65 On all balances Rates accurate as of 2.22.2024; visit our website to learn our latest rates and introductory offers. Start thriving! Visit: gecreditunion.org/Thrive to learn more and open your account. No monthly maintenance fees Flexible access when you need it Insured by NCUA to at least $250,000 Thrive Money Market $3.60 Coffee: $0.40 to Savings 5% match + 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.

savings rate that’s higher, too. With GECU, that’s exactly what you get. Whether

just

and building an emergency fund or an experienced saver looking to maximize your return, our Thrive

is the perfect

to grow your

How to estimate your retirement income needs

Estimating your retirement income is like planning for a road trip—you need to know where you’re going and what you’ll need along the way.

First, it’s important to look at your needs holistically. Some common retirement expenses include: housing, healthcare, and recreation, among others. Write down your expected expenses to gain a clearer picture of your needs.

Benchmarks can also help. Retirement income needs are typically between 60-90% of your current income. This should help you sustain your current lifestyle, as it factors in expenses you’ll no longer have, like payroll taxes.

However, you may be planning to live a different lifestyle in retirement. Maybe you’re ready to take on new hobbies or

1Non-deposit investment products and

travel extensively. A financial advisor can help you conceptualize your needs based on these changes.