Bright Horizons Newsletter

Third Quarter 2021

BRIGHT HORIZONS 2 A Message From Our President & CEO

What’s New at GECU

Make GECU Loan Payments in a Snap

Pre-Qualified or Pre-Approved?

Start Estimating Your Retirement Income Needs

HOW A BALANCE TRANSFER CAN HELP

PAY OFF DEBT FASTER What is a balance transfer?

If you’ve ever researched how to pay off debt, you’ve probably heard of a balance transfer. But, what is it? As the name indicates, it’s simply where you take an existing balance from one credit card and move it to another credit card with a different bank or credit union.

How can it help reduce my credit card debt?

A balance transfer can be a great way to put you in a better debt position. It really comes down to rate—your primary goal is to look for a credit card that has a lower interest rate than the one you have now. That way, when you transfer the balance over, more of your payment is going toward your actual balance instead of interest.

Is a balance transfer right for me?

If you’re looking for a way to save money on interest and pay down debt faster, a balance transfer may be the answer.

However, you’ll want to do your research (and the math) to ensure you’re aware of all terms and conditions of the offer you select so it aligns with your goals.

Take a look at our balance transfer offer!

on balance transfers and purchases made in the first 60 days for 12 months.1

What is rate shopping?

Before you take the first offer you see in your mailbox, shop around and see what others are offering. Then, compare rates and pricing to find your best option.

It’s important to sort through promotional offers—like a low introductory rate—and understand what the rate becomes after the introductory period ends. If it skyrockets after the first six months, it may not be the card for you.

After the introductory period, your rate will adjust to 7.24% – 17.74%, depending on creditworthiness and the card you choose.

No annual fee2

Industry-leading rates

Learn more or apply at: gecreditunion.org/credit-cards

1Introductory 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 intro rate. After the intro period, APR will be 7.24% - 17.74% depending on the card and your creditworthiness. 2Card Fees: Regular APR applies; 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.

gecreditunion.org l Second Quarter 2021

A MESSAGE From Our President & CEO All of your Credit Union team members are back in our offices! There’s a lot of positive energy in the air and I am truly proud of every team member’s resilience, flexibility, and grit. Now that we’ve returned, it is apparent and demonstrates being together supports how we work as an organization, while encouraging great ideas and relationships to form. As we look forward to the rest of 2021, I cannot thank you enough for your continued trust, loyalty, and patience during these unprecedented times.

Over halfway through the year, it is encouraging to see positive movement in our economy. The previous three months saw an increase in spending which is expected to continue as we recover from the pandemic.1 Unemployment still remains higher than pre-COVID times; analysts expect the pressures of the labor market to normalize with increased vaccinations and the expiration of unemployment payments.2 With regard to rates, we remain in a low-rate environment and likely will for the foreseeable future.

When I reflect on how we’ve grown as an organization through the years, our mission and values have remained strong. Being the third largest local financial institution in Greater Cincinnati allows us to bring you value in the products and services needed along your financial journey, while being locally focused provides us the opportunity to strengthen our

Timothy D. Ballinger

To us, having you as a member is more than just having an account with us; we are your financial partner through all of life’s milestones. relationship with you through individual service excellence. To us, having you as a member is more than just having an account with us; we are your financial partner through all of life’s milestones.

We have the resources you need, we’re here when you need us, whether you are: buying your first car or going off to college, looking for your first home or planning a family, venturing out with your own business, or simply looking for a better way to manage your day-today finances at any time. Make your dreams become reality; through our door is your possibility.

In a more literal sense, you may be wondering when the doors at our new Eastgate, South Lebanon, and Liberty Way branches are opening. As you may have heard, there’s been an increase in demand for building and other supplies over the last year, and resources have been limited. That doesn’t stop our excitement for these locations, and we anticipate opening Eastgate late summer with the others to shortly follow. Additionally, we’re currently seeking the best location opportunity on the west side of Cincinnati.

These new locations, along with our existing locations, feature our Interactive Teller Machines (ITMs) with 24/7 access to all your GECU accounts.

We’ve talked about our ITMs quite a bit, but we want you to really see the power of these machines and how they can benefit you. While you may have experienced an ITM at another financial institution, the technology of our ITMs is unprecedented. Think beyond an ATM and even beyond the ability to speak with a team member via video as you can now. Soon, our ITMs will be removing the stodgy structure of regular “banking hours,” and you’ll be able to access all your GECU accounts 24/7/365, including holidays, using your GECU debit card. That means making a loan payment with cash or a check on the way to work before our branches open, or cashing a check after our branch closes for the day. Other unparalleled capabilities include the ability to make a payment to your GECU credit card, and transfer money from a home equity line of credit to your checking account. These ITMs provide you the opportunity to bank when and how you want.

We have more to come this year! We’re your partner, your go-to; our door is your possibility. Thank you so much for your membership.

1 US News: “US Consumers Boosted Spending in April as Inflation Surged.” Crutsinger, 5.28.2021. 2Forbes: “Biden: It ‘Makes Sense’ That $300 Unemployment Will End In September.” Hansen, 6.4.2021.

Nearly 100,000 Free ATMs! No matter where you go—down the street or miles away— your money is always within reach!

Find an ATM near you: gecreditunion.org/atm Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs. Foreign transaction fees apply to out-of-network ATMs; see our Fee Schedule for details.

Our website is getting a makeover!

Keep an eye out for the mobile-friendly design and more exciting enhancements coming soon!

Please note: This makeover is impacting our website (gecreditunion.org); this will not affect Online Banking or our mobile app.

Not one. Not two. Three new branches!

We’re excited to open the doors of three new branches late this summer in: Eastgate, South Lebanon, and Liberty Way/West Chester. These full-service branches will feature our Interactive Teller Machines (ITMs) via 24-hour ITM lobbies and drive-thrus.

• Eastgate: 800 Eastgate South Drive, Cincinnati 45245

• South Lebanon: 722 Corwin Nixon Blvd., South Lebanon 45036 • Liberty Way: 7560 Foster Lane, West Chester 45069 Follow GECU on social media for the latest on branch openings and more!

Avoid Those “Oops!” Moments

We’ve all forgotten about an automatic payment or miscalculated our budget.

You have a lot to juggle and if you inadvertently overdraw your checking account, our overdraft solutions have you covered so you can get on with your day!

• Overdraft Protection Transfers automatically transfers money from a linked GECU savings or money market account to cover transactions for free.1 • Overdraft Line of Credit helps prevent overdrafts by automatically transferring funds to your checking account from a line of credit for a $2 fee.2 • Courtesy Overdraft covers transactions (checks, ACH, and Bill Pay) when you don’t have enough funds in your account for a $32 fee.3 Scan the QR code or learn more about your options at: gecreditunion.org/overdraft-solutions.

1 Overdraft Protection Transfers is only available for: Simply Free, Choice, and Amplified High-Yield Checking accounts 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. 3Courtesy Overdraft: Overdrafts are paid at GECU’s discretion. We do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

When layering overdraft solutions, Courtesy Overdraft will always be used last, we’ll apply the lower fee options first if enrolled.

Make GECU Loan Payments in a Snap Making your GECU loan payments on time is an easy way to maximize your credit rating and help achieve your current and future financial goals. Take a look at your most convenient and easy options for making a payment below:

Instantly pay your loan from a GECU account:

• Online Banking or our mobile app: Log in and transfer the loan payment amount from your GECU account.

• ITM Banking: Visit an Interactive Teller Machine (ITM) to transfer your payment from a GECU account. Select ITMs are available 24/7 inside 24-hour ITM lobbies and vestibules as well as in our drive-thru lanes.

• Telephone Banking with Sourceline: Dial: 513.243.3333 or 800.589.2875 and follow the prompts to make a payment from your GECU account. This option is available 24/7.

Please allow a few business days for your payment to post when using the following methods.

Pay your loan from another bank or credit union: • Online Banking: Log in and set up one-time or recurring payments using your other financial institution’s account and routing number.

Pay your GECU credit card: • Online Banking or our mobile app: Upon logging in, select GoToMyCard and click Payment Options from the menu to set up one-time or recurring monthly payments.

Additionally, you can bring your payment into any branch.

Have a question about your loan payment? We’re here to help! Give us a call at: 513.243.4328 or 800.542.7093.

- To use Sourceline, you’ll need your Member Number and last 4 digits of your Social Security Number. See full instructions at: gecreditunion.org/sourceline.

ITM Banking: It’s a Game Changer

Our Interactive Teller Machines (ITMs) are changing the way you can bank, for the better! Think beyond an ATM and get full account access 24/7/365 with a GECU debit card: Complete Account View Access all your GECU accounts, 24/7.

Get Cash How You Want It Withdraw in any dollar denomination; even $1.

Check Cashing Cash checks to the penny.

Make Payments Easily make payments on GECU loans and credit cards with cash, check, or by transferring funds from a GECU account.

New to ITM Banking? Learn more at: gecreditunion.org/itm

‘ALL THINGS RETIREMENT’ WEBINAR SERIES

Elder Law 101: What is it?

Thursday, August 19th | 11 am – 12 pm ET Join us as we discuss ways to protect you and your loved ones’ future by learning about: Medicaid, Guardianship, Disability, and Elder Abuse.

Register online today!

Click to register or visit: gecreditunion.org/cu-events.

Speak with a Personal Teller ITMs come to life with a local team member ready to assist you during the following hours: • Mon – Thurs: 8 am* - 5 pm • Fri: 8 am* - 6 pm • Sat: 9 am - 2 pm *

Before our branches even open!

gecreditunion.org l THIRD Quarter 2021

Should You Get Pre-Qualified or Pre-Approved?

Ready to kick renting to the curb? Getting pre-qualified or pre-approved is an important step before entering the homebuying process.

Pre-Qualified Getting pre-qualified allows you to see how big of a loan you can expect to be eligible for (the keyword here is “expect;” how much you end up qualifying for may differ during pre-approval). This is determined based on your financial history, assets, and debts. Typically, this is a quick process and can be done over the phone or online.

Pre-Approved Getting pre-approved is a more in-depth process, but also makes you more attractive to home sellers because it shows you have a genuine intention to buy. Preapproval gives you visibility into exactly what you qualify for, from the loan amount to the interest rate.

Learn more about the home buying process!

Click to watch our recorded webinar: Home Buying 101, or visit our Events page at: gecreditunion.org/cu-events.

NEW! WEBINAR: Tuesday, July 27 th | 12 – 1 pm ET

Meet Our 2021 Giveback Partners!

Each year, we partner with three local, nonprofit organizations mirroring the credit union philosophy of ‘People Helping People.’ Join us to learn how the Music Resource Center, La Soupe, and Operation Give Back are helping our communities each and every day!

Register today at: gecreditunion.org/cu-events.

Money Management. Made Simple.

Not sure where your paycheck went? Track, manage, and analyze all your accounts and investments—from any bank, credit union, or wealth management company—in one place, for free.

• Track spending habits with customizable categories.

• Create and follow budgets to stay on track.

• Set and manage savings goals.

• Set up custom text and email alerts (e.g., staying on budget or reaching goals).

Download the GECU mobile app today!

Avg. App Rating

gecreditunion.org l THIRD Quarter 2021

Start Estimating Your Retirement Income Needs You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income is needed for your retirement.

Use Current Income as a Starting Point Your desired annual retirement income is commonly discussed as a percentage of your current income. This can range from 60% to 90%, or even more depending on who you talk to.

Your current income sustains your present lifestyle; during retirement there will be expenses you are no longer liable for (e.g., payroll taxes). So, theoretically, a percentage of your current income should allow you to sustain your lifestyle.

Project Your Retirement Expenses Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses.

This can include: food and clothing, housing, healthcare costs, recreation like traveling, and more! Keep in mind your retirement expenses may change from year to year. For example, you may pay off your mortgage or your children’s education early in retirement. Build a comfortable cushion into your estimates (it’s always best to be conservative).

Decide When You’ll Retire The longer your retirement, the more years of income you’ll need to fund it. Although having the flexibility to choose when you’ll retire is great, it’s important to know retiring at 50 will end up costing you more than retiring at 65.

Identify Sources of Retirement Income Once you have an idea of your retirement income needs, your next step is to assess how prepared you are to meet those

needs. Take stock of retirement income you can count on, like a traditional pension or 401(k) offered through an employer. If you plan to work during retirement, your job earnings will be another source of income.

Sitting down with a financial advisor will help you gain visibility into your finances and better plan income for retirement.

GECU members have access to financial planning and wealth management through CUSO Financial Services, L.P.1 Get the resources and strategies needed to help make your retirement dreams a reality. Learn more and connect with an advisor at: gecreditunion.org/investment-services.

1 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 non-deposit investment products and services available to credit union members.

Condensed

Financial Statement Number of Members........178,522 Loans.................... $2,890,053,401 Shares................... $3,412,260,287 Assets................... $4,038,848,105 Ending May 31, 2021

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 & 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