Bright Horizons Newsletter

Fourth Quarter 2021

BRIGHT HORIZONS 2 A Message From Our President & CEO

Security at Your Fingertips

Financial Tips for the Holiday Season

Trusts: How They Work & Why They’re Important

Investing is More Accessible Than You Think

Be Wary of Store Credit Cards for

HOLIDAY SHOPPING Tempted by store credit cards? Make sure you understand the terms before you apply!

The holidays are just around the corner and if you’re starting to look for ways to save on those holiday gifts, you may have considered getting a store credit card from your favorite retailer.

Around the holidays, store credit cards are designed to entice you with a one-time discount for opening the card or features like “exclusive savings.” When your cart is full it can be easy to view these short-term benefits as a good deal.

Before you impulsively open a credit card at your favorite store, read the fine print and consider the following information: • Interest rates on store credit cards are typically high.

The average credit card rate in the second quarter of 2021 was 16.3% 1 with retail credit cards landing upwards of 20%.2 Stores do this because they offer cards to everyone (even higher-risk applicants), and they also want to make money on any attractive sign-up offers.

• You’ll end up spending more. Retailers want to keep you shopping and often have sales, deals, and discounts to

encourage you to buy more than you intended. Or, there may be minimum spending requirements for you to start earning rewards.

• You may hurt your credit score. Every time you apply for a new credit card, your credit score takes a slight hit because it’s considered a hard inquiry. While a credit score will recover from one inquiry, applying for multiple new cards in a relatively short time can cause your score to drop dramatically.

A GECU credit card is the better choice for your holiday shopping! Earn rewards for everyday purchases, get industryleading rates, no annual fee3, and our introductory offer: on balance transfers and purchases made in the first 60 days for 12 months. 4

INTRO

APR

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

Get your card before the shopping season begins!

Apply online at: gecreditunion.org/credit-cards.

1Federal Reserve (2021, August 6). Consumer Credit - G.19. Retrieved from https://www.federalreserve.gov/releases/g19/current/default.htm 2McCann, A. (2021, July 13). What Is the Average Credit Card Interest Rate? Retrieved from https://wallethub.com/edu/cc/average-credit-card-interest-rate/50841. 3Card Fees: Regular APR applies. 4Introductory Offer: 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 be 7.24%-17.74% depending on the card you choose and your creditworthiness.

gecreditunion.org l Fourth Quarter 2021

A MESSAGE From Our President & CEO It’s hard to believe we’re in the final quarter of 2021. Your Credit Union has grown in several ways this year, and I’m proud of what we’ve accomplished to further support and invest in our members, team members, and the communities we serve. While we have several new initiatives just around the corner, it’s also exciting to look back on how we’ve worked to better serve our members.

A key focus for the Credit Union this year has been growing the many ways we do business with you.

We’ve expanded both our assisted and self-service options to provide you greater flexibility and more convenient banking. We opened new Eastgate and South Lebanon branches where you can speak with one of our knowledgeable team members and receive guidance throughout your financial journey. You can take advantage of our Interactive Teller Machines (ITMs) through drive-thru lanes and 24/7 lobbies to access and manage your accounts, or speak with a Personal Teller through live, two-way

Timothy D. Ballinger

A key focus for the Credit Union this year has been growing the many ways we do business with you. video chat. We also introduced other technology enhancements, such as scheduling your branch appointments online and a Secure Chat feature in our mobile app. Simply put, we’re working to give you the ability to do business how you want, where you want, whether it’s face-to-face or on your own.

With the growth of our business comes the continued development of our team members across the Credit Union. We encourage all team members to challenge themselves to grow professionally – to enhance proficiency in their technical skills and to promote behaviors that live true to our Core Values of Honesty, Accountability, Teamwork, and being Solutions-focused. And, specific to our executive and management leaders, our Foundations of Leadership Program has provided focused

professional development resources for nearly 100 GECU leaders. We’re continually looking to grow our offering of innovative learning solutions that help pave the way for future success at the Credit Union.

Setting our sights on future growth, we’re opening more branches, including Liberty Way in the coming months; rolling out a new debit card rewards program; and creating a new, best-in-class website (your Online Banking and mobile app experience will not be impacted by our new website). With these and other enhancements to your member experience, know your trust in us is well placed.

I look forward to how we will take the Credit Union to new heights in 2022.

Thank you for doing business with GECU and for making this a great year.

UPCOMING BRANCH

Holiday Closings Columbus Day

Monday, October 11th

25th Annual Robert A. Cunningham Memorial Scholarship Higher education can be expensive. If you’re looking to reduce some of those costs, apply for our Robert A. Cunningham Memorial Scholarship.

Veterans Day

Thursday, November 11th

Thanksgiving Day

Thursday, November 25th

Christmas Day

Saturday, December 25th

New Year's Day

Saturday, January 1st

Updates coming soon! Look for details about our scholarship offerings at: gecreditunion.org/promotions.

Use our mobile app, Online Banking, and ITMs to access your accounts 24/7—even on the holidays!

ITM Banking: Banking Your Way Have you tried our Interactive Teller Machines (ITMs)? This first, true evolution of the ATM offers both self service and personal, assisted service. With our ITMs you get the convenience of an ATM, plus all the capabilities of an in-person teller. You decide!

Insert your GECU debit card to: withdraw cash in any denomination (even $1); deposit cash or checks (without a deposit slip or envelope); view balances; and more. Prefer the support of a GECU team member? You can talk with a Personal Teller through two-way video chat starting at 8 am Monday – Friday; that’s one hour earlier than our doors open. First time using our ITM? Let a GECU team member help you get started!

GECU’s ITMs are another way we empower our members to improve the quality of their financial lives.

Scan the QR code to watch a short ITM video on our YouTube channel.

Learn more at: gecreditunion.org/itm

New Locations, NOW OPEN

South Lebanon

Our newest locations in Eastgate and South Lebanon serve as your community financial centers! Explore self-service resources to access your money at our drive-thru and 24-hour lobby ITMs (see above for specific ITM information). Or manage new and existing accounts and loans with our team’s help and expertise. We’re ready to offer one-on-one guidance for your personal or business needs.

• South Lebanon: 722 Corwin Nixon Blvd., South Lebanon, OH 45065 • Eastgate: 800 Eastgate South Drive, Cincinnati, OH 45245 Coming Soon! Watch for more details about our location on Liberty Way.

Eastgate

Security at Your Fingertips When it comes to protecting your account, being proactive is the best approach. From keeping up to date on your debit card activity to stopping fraud in its tracks, there are a variety of reasons to set up and use Debit Card Controls, within Online Banking and our mobile app.

• Turn it off/on: Prevent unauthorized transactions by turning your debit card off–instantly! While off, it can’t be used to make purchases or ATM/ITM withdrawals. Turn it back on as soon as you're ready to use it!

• Travel (or stay put) with confidence: If you’re not traveling, limit your debit card to U.S. purchases only. When you’re ready for your next trip, you can instantly lift restrictions.

Scan the QR code to learn more about Debit Card Controls.

• Dictate purchase types: Protect against fraud even further by disabling certain ways of paying. For example, if you rarely use your debit card to make online purchases, turn it off until you do.

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.

Financial Tips for the Holiday Season Are you prepared for the holiday shopping season?

In September, we hosted two webinars discussing: How to Save Money for the Holidays and Tips to Avoid Holiday Scams.

Visit: gecreditunion.org/cu-events or scan the QR code to access our webinar recordings! Watch these webinars, as well as others, on demand.

Make a Difference and Volunteer We’re seeking to fill three Board of Director positions.

To qualify: Candidates must be a primary member of General Electric Credit Union in good standing for at least three years, have an active savings and/or checking account, and be at least 25 years of age. Other qualifications apply.

For an application and full details, contact Angela Bachmann at: 800.542.7093 x264 or angela.bachmann@gecreditunion.org.

Completed applications must be postmarked or returned to a GECU location by 5 pm on Friday, October 8th.

Make Your Next Big Project a Reality Using Your Home’s Equity One perk of homeownership is watching your home’s equity rise while your mortgage loan amount decreases. With this built-up equity, you can borrow against it in the form of a Home Equity Line of Credit.

Use a percentage of your home's equity to remodel your kitchen, finish your basement, or help pay for your child’s college education!

For a limited time, enjoy intro rates as low as: 2.49% APR for the first 12 months. After that, the rate will adjust to 3.00% - 9.49% APR based on creditworthiness.* • No application fee

• No closing costs

• No annual fee

• No pre-payment penalties

INTRO

APR

for first 12 months

For complete details and to apply, visit: gecreditunion.org/home-equity.

APR = Annual Percentage Rate. For qualified borrowers only. Introductory rate is 2.49% APR for a 12-month period immediately following the date of agreement. Introductory Rate is not available on GECU existing loans originated in the last thirty-six (36) months. The account is subject to the variable rate provisions described herein. After the introductory period has expired, your APR will be subject to the highest Prime Rate (Index) as published in The Wall Street Journal minus a margin value. Variable Rate feature for a line of credit up to $49,999 has a Margin of 0% and determines the APR to be “Prime Rate – Margin.” For a line of credit of $50,000.00 or higher has a Margin of 0.25% and determines the APR to be “Prime Rate – 0.25%.” The minimum/floor APR will never be less than 3.00%; the maximum APR will never be greater than 9.49%. Subsequently, the rate is subject to adjustment on the first day of each calendar quarter (e.g., January 1st, April 1st, July 1st, and October 1st) thereafter and has a maximum and minimum adjustment caps of 3.00% per adjustment.

GECU reserves the right to end or modify this offer at any time. Offer is limited to owner-occupied, single-family property located in Ohio, Kentucky, and Indiana. APR is accurate as of 8.13.2021. Contact GECU for the current index value, margin, discounted rate, and APR.

*

gecreditunion.org l Fourth Quarter 2021

Trusts: How They Work and Why They’re Important A trust also gives you more discretion regarding your assets.

If you plan to give funds to a grandchild, through a trust, you have the power to say when and how they can use those funds (e.g., when they turn 18 years old and only for college).

How They Work A trust essentially allows an appointed third party (trustee) to hold assets and distribute them on behalf of beneficiaries.

There are two types of trusts: It’s important to have plans in place so, should you pass, your loved ones know your wishes regarding your assets. A trust can help you accomplish this—but the benefits of estate planning don’t end there. Below are a few to consider along with a brief overview on how trusts work.

How Trusts Benefit You (and Your Loved Ones) Probate has a negative reputation for a reason. This process makes your assets public record, is time-consuming, and can be stressful for loved ones. Having a trust allows you to potentially avoid the probate process and maintain privacy over your estate.

• A revocable trust (AKA a living trust) can be modified up until your passing.

• An irrevocable trust can’t be modified. You lose ownership over assets once they enter the trust. This is rarely beneficial but can be to those who want to minimize estate taxes or safeguard assets from creditors.

Want help establishing a trust or estate plan?

GECU members are entitled to an initial consultation with a Wood + Lamping LLP attorney at no cost.* Contact Legal Services at: 513.243.8300 to set up an appointment.

* An 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.

Back to School with GECU Hundreds of local kids were able to go back to school equipped with supplies thanks to the generosity of GECU team members. In August, we collected 200 backpacks (three carloads worth), $275 in monetary donations, and more than 100 miscellaneous school supplies to

contribute to Beech Acres Parenting Center’s annual Equip-a-Kid program!

Follow GECU on social media for more behind-the-scenes pictures of this and other GECU Cares initiatives.

200

backpacks collected

gecreditunion.org l Fourth Quarter 2021

Investing is More Accessible Than You Think You don’t need to be a millionaire to have and manage investments. There are options available no matter how much money you have. A financial advisor can tailor your portfolio based on how much you want to invest, your risk tolerance, your future goals, and more. Whether you have $100 or $10,000, your money can work for you.

What Investing Can Do for You Investing allows you to make money off your money. While risk differs for certain types of investments, the rate of return is typically higher than a typical savings account. You stand to gain from interest, dividends, and more.

How GECU Can Help As a GECU member, you have access to a no-obligation appointment with our Investment Services advisors, available through CFS.* Gaining visibility into your finances will help prepare you for the future—including retirement!

Schedule an appointment at your convenience!

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

Watch our on-demand webinar, Growing Your Money: An Overview of Investing, by scanning the QR code with your mobile device.

* 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.

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You can choose the topics you’re most interested in, how often you wish to receive it, and we’ll handle the rest! Subscribe to our eNewsletter and learn more at: gecreditunion.org/enewsletter.

Condensed

Financial Statement Number of Members........162,342 Loans.................... $2,962,765,439 Shares................... $3,291,794,861 Assets................... $3,927,058,517 Ending August 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.

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