Bright Horizons Newsletter

Tips to set yourself up for successful savings in the year to come

Looking for ways to improve your financial habits? Here are a few easy tips to help you get on track—and stay there.

No matter how determined we are to improve our financial habits and save more, life has a way of throwing us off track. While we can’t control life’s ups and downs, we do have a few low-effort savings solutions that can help!

Enroll in Round-Up with a GECU checking account

When you use our debit card while shopping, your total is automatically rounded to the nearest dollar and the change is transferred to a GECU savings account of your choice.1

Plus, we help you save more by matching 5% of your rounded-up funds each month, up to $350 a year!

Hot Tip: Use your debit card for recurring payments to automatically earn more savings.

Redeem credit card points for cash back

Earn points with our Platinum and Visa Signature® cards while picking up groceries, stopping at the gas station, buying tickets to the big game, and everything in between. Then, redeem points for cash back or a statement credit; it's a great way to “cash in” on your spending. See page 3 for more details.

Open a certificate

Our high-yield certificates offer guaranteed returns and put your savings on autopilot. With lots of terms to choose from, you can put funds away for a far-off vacation or something a little less distant.2

Put your savings on autopilot today! Scan the QR code or visit: gecreditunion.org/certificates

1Round-Up: This program 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. 2Certificates will be opened, and interest will accrue as of the date funding is received; funding must be received within 30 days of opening the account. Fees may reduce earnings; subject to early withdrawal penalties. 311-Month No-Penalty Certificate: APY = Annual Percentage Yield. Dividends will accrue on the date funding is received; funding must be received within 30 days of account opening. Early withdrawals are not permitted within the first six (6) days after account opening. To withdrawal funds for this 11-month certificate with no penalty assessed, the entire amount, principal plus dividends earned, must be withdrawn in one single transaction. IRA and HSA Certificates are not eligible for the 11-month Penalty-Free Certificate.

A MESSAGE From Our President & CEO Timothy D. Ballinger

With 2023 just around the corner, I want to thank you for making this past year a great one at General Electric Credit Union. Our teams have worked hard throughout 2022, to elevate our products and services, and deliver the best banking experience possible – we have no intention of slowing down. As we strengthen our relationship with you further, while also deepening our commitment to local communities, I’m grateful for your membership and the trust you place in the Credit Union. It’s an honor to serve you.

Over the last several months, the Federal Reserve has raised interest rates to control inflation. The Fed will likely maintain these efforts until inflation slows or is mitigated, meaning we may remain in a similar rate environment for the time being.1 We’ve been adapting to this environment by introducing new products, enhancing features, and increasing rates for savings opportunities. And, as no two financial journeys are the same, we want to ensure you have a variety of solutions from which to choose. As your financial partner, we’re ready to meet you where you need us, so you can grow your hard-earned money.

Just as we work to develop our relationship with you, we are also supporting our communities, not only with sponsored and volunteer giveback events, but when the unpredictable occurs. Following the devastating weather in Goshen in July of this year, our teams contacted many impacted

families facing power outages, structural damage, and other difficulties – offering our support. Through these efforts, we were able to assist many members by deferring their loan payments. On this page, you can hear from a member who, because of being able to skip a payment, was able to take care of what mattered for her family during this challenging time. When our neighbors need us the most, we are there to lend a helping hand.

“The fact that you reached out to me, instead of me calling you, meant so much to me. Knowing I didn’t have to worry about making a payment allowed me to focus on getting my roof repaired and taking care of my family. At a time when other financial institutions would’ve sent late notices and penalties, you truly cared and offered a helping hand.”

– Abby H

Staying true to the credit union philosophy of “People Helping People,” we will strive to be the best we can be for you. We have dedicated team members who are listening for opportunities and feedback, and are sharing what they are hearing throughout our organization. Whether it’s on social media, through a survey, or a simple phone call, please continue sharing your voice as it’s essential in forwarding our efforts to Improve the Quality of Financial Lives. As always, thank you for your continued loyalty and support.

1“Fed sees interest rate hikes continuing until inflation eases substantially, minute show.” CNBC. Web 2022.

Holiday closings

Columbus Day Monday, October 10 th

Veterans Day Friday, November 11th

Thanksgiving Day Thursday, November 24th

Christmas Day Monday, December 26th

New Year's Day Monday, January 2nd

Access your accounts 24/7 via mobile app, Online Banking, and ITMs—even on holidays!

"As your financial partner, we're ready to meet you where you need us..."

Your strategic playbook for extending NCUA deposit insurance coverage

GECU is a federally insured credit union, which means your funds are protected up to $250,000 per accountholder, per ownership category under the National Credit Union Administration (NCUA). While ownership categories include single ownership, joint, and retirement accounts, there are other ways to extend your insurance coverage beyond $250,000.

Check out our latest GECU Voices video to learn more! Scan the QR code or visit: gecreditunion.org/ncua-coverage

Make it Merry

Shop smart this holiday season!

However you choose to embrace this holiday season, make it merry!

Store cards often offer enticing discounts on your first purchase and then hit you with sky-high interest rates after the holidays.

To help avoid higher interest, consider using a card with a lower rate.

At GECU, our cards offer low rates and unlimited rewards!

It’s not how you celebrate but why you celebrate that matters most. Unlimited thatpointsnever expire!

+ Gold: Cash in on your spending; earn unlimited cash back.

+ Platinum: Flexible, point-based rewards earned with every purchase.*

+ Visa Signature®: A prestigious card with premium perks and 2x the points on every purchase.

*

Find your perfect holiday-shopping card at: gecreditunion.org/credit-cards

*Reward Points: For each dollar charged on a qualifying purchase in each billing period on your Visa® Signature or Platinum card, you’ll earn reward points. Qualifying purchases are purchases for goods and services minus returns and other credits. Qualifying purchases do NOT include fees or interest charges, balance transfers, cash advances, or purchases of other cash equivalents. Additional terms and restrictions apply. This rewards program is offered at the discretion of GECU and may be changed from time to time with or without notification. Full terms and details of the rewards program will be included with your card.

It all adds up with Round-Up

Let your everyday purchases grow your savings. With Round-Up, we make reaching your savings goals easier than ever! With every swipe of your debit card your purchase will be rounded up to build your savings.*

Plus, we’ll match 5% of your rounded-up funds each month—up to $350 per year!

Add this feature to your GECU checking account today! Not enrolled yet? What are you waiting for?! Learn more at: gecreditunion.org/roundup

*See

Flash in the pan or enduring investment option? Your guide to Cryptocurrency

Cryptocurrency is everywhere. The Staples Center (home to the Lakers) was renamed the Crypto.com Arena; El Salvador adopted Bitcoin as legal tender; and Bitcoin’s market value surpassed a trillion dollars in February.

You may have asked yourself if you should buy/trade it to avoid missing out on something big. Before you do, read our blog post about cryptocurrency to see what you should consider first!

Visit our Money Minutes blog at: gecreditunion.org/blog

Trusts: How they work and why they’re important

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.

How trusts benefit you (and your loved ones)

Having a trust allows you to potentially avoid the probate process and maintain privacy over your estate. 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.

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:

• 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 it 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 GECU’s Reading Road office, is provided through CUSO Corp. - a credit union service organization wholly owned by GECU. Legal Services provided through the law firm of Wood & Lamping LLP.

Make a difference and volunteer

We’re seeking to fill three Board of Director positions.

To qualify: Candidates must be an active member of General Electric Credit Union in good standing for at least three years 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 14th.

Your passport to and through retirement

Planning for retirement is a lot like planning for a trip. Like unexpected flight delays and lost luggage, market volatility, high health care costs, and inflation can leave you stranded and it's important to have a detailed plan for your retirement journey.

Watch as our CFS Financial Advisor*, Erik Waldron, breaks down the three stages of retirement savings, accumulation strategies, tax-deferral options, and more!

Watch today!

Scan the QR code or visit: gecreditunion.org/cu-events.

*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.

An easy way to streamline your budget

Whether you’re having a hard time pinpointing where your money is going or you want a better idea of how fast you’ll meet a financial goal— like saving for a child’s college education—our Money Management dashboard is the tool you need.

Start by connecting all your accounts, loans, and investments, from any institution—in just 5 minutes—and get a holistic view of your finances.

Track your spending by category.

See all your bills in one place.

Set goals and easily track them.

Download the GECU mobile app and manage on the go!

Back to school with GECU

In August, hundreds of local kids were able to go back to school equipped with supplies thanks to the generosity of GECU team members!

We collected 115 backpacks—three carloads worth—filled with all the essentials (crayons, paper, binders, folder, pens, etc.), plus an additional $200 worth of school supplies to contribute to Beech Acres Parenting Center’s annual Equip-a-Kid program!