Bright Horizons - Q1 2020

First Quarter 2020

BRIGHT HORIZONS 2

A Message From Our President & CEO

Is a Home Inspection Necessary Prior to Listing?

Balance Transfer Offer

GECU Cares: Community Outreach

Retirement Planning.

Simplified.

Get ready to experience the latest in banking technology coming to our newest locations this year—starting with our brand new Florence branch this January! ITMs will change the way you access accounts by combining the ease of self-service ATMs with the benefits of personalized banking. Take a look at what you can do with an ITM:

Look for this icon to identify GECU locations with ITMs and the machines themselves!

Personal Teller When you tap the screen to talk with a Personal Teller, you’ll be connected with a local GECU team member via two-way video, who can assist you with transactions, during business hours.

• Check account balances • Deposit and withdraw cash in $1 increments • Deposit checks • Cash a check down to the penny

• Transfer money between GECU accounts • Make a loan payment • Disburse from a Line of Credit

Enhanced ATM This option is available 24/7, by inserting a debit card and offering several enhanced ATM transactions for members using their GECU debit card.

• Withdraw cash in $1 increments • Deposit cash/checks into GECU accounts • Receive a credit card cash advance

MORE TO COME! Find the latest updates on our ITMs at: gecreditunion.org/itm

gecreditunion.org l First Quarter 2020

A MESSAGE

From Our President & CEO Happy New Year! From all of us at General Electric Credit Union, we hope you enjoyed a relaxing holiday season with family and friends.

2019 was undoubtedly another successful year for the Credit Union; we introduced new products, enhanced our services, and began developing new branches.

While these are certainly great achievements for us as a financial institution, at the end of the day, what makes them matter is you.

Everything we do is in support of your financial needs, wherever you are in life.

Entering the new year, the U.S. economy is in a relatively good position. Consumer spending—and confidence—remains strong, and it’s anticipated the Federal Reserve will hold rates steady in 2020. As we review market trends throughout the year, we will continue to evaluate our deposit and loan rates, ensuring they remain competitive.

One of our core focuses is finding more ways to give you greater control of your financial life.

We want you to connect with your accounts when, where, and how you want, so you can

Timothy D. Ballinger In 2019 alone, we added more than 80 new team members. And over the past five years, we’ve increased our employee base by over 160%.

concentrate your energy on what truly matters. We’re supporting this goal with the introduction of our Interactive Teller Machines (ITMs). This technology, soon to be available as we open our new branches, will allow you to easily make transactions, either through two-way video or an enhanced ATM option. Similar to how we refine our other products and services, ITMs will be continually improved to make each experience better than the one before it.

As we strive to be number one in the hearts and minds of members like you, we want your everyday banking experience to be as convenient and easy as possible.

That’s why we’re expanding our branch presence in the Tri-State area. We have new locations opening in a few months in Florence, Oakley, and Montgomery.

Later on, we’ll begin efforts on three additional branches in Eastgate, South Lebanon, and West Chester (across from Liberty

65th Annual Membership Meeting

We invite our primary members to join us for our 2019 Annual Meeting. This is your opportunity to discuss the Annual Report and hear about the exciting plans we have for the year. We encourage you to ask questions, get involved, and help shape our future!

Due to limited seating, reservations are required. Please reserve your seat at: gecreditunion.org/cu-events or call Angela Bachmann at: 800.542.7093 x264.

For questions about the Annual Meeting, contact Angela Bachmann at: angela.bachmann@gecreditunion.org or call: 800.542.7093 x264.

Center). We’re excited to develop new relationships and cultivate existing ones in these communities.

To support new branches and ITMs, as well as other exciting projects and initiatives, we will continue to grow our GECU team. In fact, in 2019 alone, we added more than 80 new team members. And over the past five years, we’ve increased our employee base by over 160%.

We’re proud of this growth and to be able to offer additional employment opportunities to invest in the communities we serve, while better serving you. Know that with each new team member who joins our organization, you have another caring professional ready to make your everyday financial experiences easier than ever before.

There is more on the horizon, and I look forward to continuing our journey together. As always, thank you for giving us the opportunity to Improve the Quality of Your Financial Life.

MARCH 12th Starts at 4 pm Reading Road Office 10485 Reading Road Cincinnati, OH 45241

gecreditunion.org l First Quarter 2020

Legal Services: Your Partner for Life Working with an attorney doesn’t mean you’re facing a crisis or something is wrong. An attorney can be an ally, a partner, someone who can help you navigate through life events and help plan for the future.

Whether you’re facing a legal issue or just seeking advice, there’s no one-size-fits-all solution. Contact our Legal Services team to discuss a personalized plan at: 513.243.8300 or learn more at: gecreditunion.org/legal-services

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, available in GECU’s Reading Road office, is provided through the law firm of Wood + Lamping LLP.

Check your FICO® Score, for free!

Stay on top of your financial health this year with free access to your FICO® Score within Online Banking and our mobile app.

Want access to your FICO® Score?

Find out how at: gecreditunion.org/FICO FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Is a Home Inspection Necessary Prior to Listing?

By Real Estate Services

While home inspections are typically left to the buyer’s responsibility during the selling process, it may be better to have an inspection done before putting your own home up for sale. Consider these reasons for getting your home inspected prior to listing: • Be proactive. As your life gets busier and busier, you may not have the time to keep up with regular home maintenance issues.

By having your home inspected, you can be proactive and learn about any issues that could interfere with the sale of your home and decide if you want to make repairs or price accordingly.

• Make more on your sale. If you decide to make any repairs or updates, you may be able to list your home at a higher price.

Additionally, knowing a professional has inspected the home can persuade a buyer to make an offer.

• Time to fix repairs/issues. With a pre-listing inspection, you have control over the timing of repairs. You can research contractors and have work completed on your own schedule.

• Minimize negotiation. If something is discovered during a buyer’s inspection, it can affect the deal or final price. If you’ve already uncovered issues and addressed them from a pre-listing inspection, you will be confident in the price of your home.

Keep in mind, anything that may appear on your pre-listing home inspection must be disclosed to any potential buyers.

New! Enhancements are coming to our Real Estate offerings this year!

Stay tuned for more information.

Putting your home on the market in the near future?

Speak with our Real Estate Services team! They can help you list your home, offer advice on the inspection, and guide you through the entire selling process. Contact Mark McGrath, from our Real Estate Services team today, at: 513.243.8600.

Real Estate Services, also doing business as the Home Information Network, Inc., is provided through CUSO Corp.—a credit union service organization wholly owned by GECU and is located in GECU’s Reading Road office.

gecreditunion.org l First Quarter 2020

INTRO APR1

NEW CARD. LOW RATE.

for 12 months on all purchases and balance transfers made within the first 60 days.

After introductory period, rate will adjust to 8.74%-18.00% based on creditworthiness.

Plus, transfer your holiday balances and you’ll enjoy $0 balance transfer fees!2 VISA SIGNATURE®3

VISA PLATINUM4

VISA GOLD5

None

Up to 1.5%

Up to 1.5%

Points per $1 spent: 2x everywhere

Points per $1 spent: 3x on groceries 2x on fuel 1x on everything else

Cash Back: 2% on groceries 1.5% on fuel 1% on everything else

Earn 20,000 bonus points by spending $2,500 in the first 90 days!

Earn 10,000 bonus points by spending $1,000 in the first 90 days!

Get $100 cash back by spending $1,000 in the first 90 days!

NO ANNUAL FEE6

FOREIGN TRANSACTION FEE

ZERO LIABILITY7

FREE ACCESS TO FICO® SCORE

EARN REWARDS

UNLIMITED REWARDS THAT NEVER EXPIRE

NEW CARDHOLDER BONUS OFFER8

Find the perfect credit card for you at: gecreditunion.org/credit-cards Intro Offer: APR = Annual Percentage Rate. 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 8.74%-18.00% depending on the card you choose and your creditworthiness. 2Balance Transfer Offer: Balance transfers made between 1.1.2020 and 3.31.2020 (purchase period) will have no balance transfer fee for new cardholders when bringing over balances from any non-GECU credit cards or loans during the purchase period. For existing cardholders, there is a $10 or 3% of the amount (whichever is greater) fee to transfer balances from non-GECU credit cards to a GECU credit card. 3Visa Signature® Card: Rates are variable and range from 12.24% to 18.00% APR, based on creditworthiness. For each dollar charged on a qualifying purchase in each billing period, 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. See complete details at gecreditunion.org/disclosures. 4Platinum Card: Rates are variable and range from 10.24% to 16.49% APR, based on creditworthiness. See complete details at gecreditunion.org/disclosures. 5Gold Card: Rates are variable and range from 10.24% to 16.49% APR, based on creditworthiness. For each dollar charged on a qualifying purchase and incurred finance charges in each billing period, on your GECU Visa Gold card, you’ll earn cash back. Qualifying purchases are purchases for goods and services minus returns and other credits. Qualifying purchases do NOT include: fees, balance transfers, cash advances, or purchases of other cash equivalents. Additional terms and restrictions apply. See complete details at gecreditunion.org/ disclosures. 6Fees: Regular APR applies; foreign transaction fee is 1.5% of each transaction in U.S. dollars for Platinum and Gold cards; 0% for Visa Signature® card. 7Zero Liability: Cardholder will not be liable for use that occurs after notifying GECU the loss, theft, or unauthorized use. 8New Cardholder Bonus: Only valid on new GECU Visa Signature®, Platinum, and Gold credit cards. Reward can only be redeemed once. Bonus points will be added to your reward point balance and will be identified as such on your statement or within Online Banking. The $100 rebate will be applied as a statement credit the cycle after meeting the requirement.

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gecreditunion.org l First Quarter 2020

Save Big with GECU Checking We’re member owned, member run—meaning our best interest is yours.

That’s why we made checking options with features that fit your needs.

In fact, Simply Free Checking could save you an average of $161 in just maintenance fees annually compared to leading banks.1

Members’ Favorite Checking Features: Access to 57,500+ Free ATMs2

Lots of access, lots of convenience—without fees slowing you down.

SAVED COMPARED TO BANKS1

Free Cash-Back Rewards

Get cash back using your debit card by activating offers through Online and Mobile Banking.

Free Round-Up Savings Option3

Easy and automatic—debit card purchases are rounded up to the nearest dollar, then transferred to your GECU savings account.

Start saving big with a checking account from GECU. Open yours online today at: gecreditunion.org/checking.

Average monthly maintenance fees found on MoneyRates.com/research-center/bank-fees from MoneyRates.com Checking Account Fee survey, published on 8.27.2019. 2Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, and Fifth Third ATM networks. See complete details at: gecreditunion.org/debit-atm-access. Foreign transaction fees apply to out-of-network ATMs, please review our Fee Schedule for details. 3Round-Up is only available for: Simply Free, Choice, and Amplified High-Yield Checking accounts.

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GECU Cares: The Community Outreach Continues Our team member volunteer program, GECU Cares, was created in 2019 to centralize and organize volunteer initiatives across the Credit Union. Our team finished 2019 strong by participating in several giveback opportunities, which included: • Working with Freestore Foodbank to build 1,463 Power Packs which were sent home with food insecure students.

• Joining the Welcome Home Rally with Tri-State Honor Flight to thank veterans for their service and welcome them home after their trip to the war memorials in D.C. • Raising $1,565 for the Leukemia & Lymphoma Society during our 22nd Annual Costumed for a Cure fundraiser on Halloween.

• Volunteering at Angel’s Rest Animal Society to care for their dogs and cats during National Animal Shelter Appreciation Week.

• Providing gifts for 350 local children, teenagers, and young adults struggling to make ends meet during the holiday season through our Lighthouse Youth & Family Services Giving Tree.

Habitat for Humanity - Rock the Block

FOLLOW US ON FACEBOOK!

Look for new community events and updates. facebook.com/GECUCincinnati

Retirement Planning. Simplified.

By Investment Services, provided by CFS*

Saving for retirement is important and knowing how much you need and how to start is key. It can be difficult to know which option is best for your specific situation. Here are some tips to get you started: 1. Determine your retirement income needs.

Financial advisors often say retirement income should be 60-90% of your current income. While this is a great starting point, it may not apply to you.

Determine your retirement needs by estimating your annual retirement expenses to determine how much annual income you’ll need to live comfortably.

2. Calculate the gap. Once you’ve estimated your retirement income needs, take stock of your estimated future assets and income. This could be: Social Security, IRAs, retirement plans at work, pensions, and other sources. If estimates show your future assets and income fall short of what you need, the rest will have to come from additional personal retirement savings.

3. Figure out how much you’ll need to save. By the time you retire, you’ll need a nest egg to provide you with enough income to fill the gap left by your other income sources. To figure out how much you’ll need, consider these factors: retirement age, life expectancy, healthcare costs, inflation, and social security.

4. Create a plan and start saving. Once you have an idea of how much you’ll need, it’s time to create a plan. Our CFS* Financial Advisors can assess your situation and offer solutions fit for you. They’ll explain various investment options based on your goals, risk tolerance, and time frame. If you already have a plan in place, it’s a good practice to review it annually to ensure you’re on track with your goals.

Retirement planning is easier than it used to be, but we’re always here to help guide you whenever you need us.

Schedule an appointment to discuss your plans with one of our CFS* Advisors in Investment Services today at: 513.243.6510 or contact Todd Blessing at: todd.blessing@cusonet.com or Erik Waldron at: erik.waldron@cusonet.com.

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. GECU has contracted with CFS to make non-deposit investment products and services available to credit union members.

*

Condensed

Financial Statement Number of Members........198,064 Loans.................... $2,713,187,278 Shares................... $2,912,091,717 Assets................... $3,368,991,474 Ending November 30, 2019

Access Your Accounts Anytime!

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 Banking

for Apple and Android devices

Branch & ATM Locations

gecreditunion.org/locations

Sourceline - 24/7

513.243.3333 l 800.589.2875

Insured by NCUA Follow GECU on Equal Opportunity Lender | GECU NMLS #449875

Routing Number: 2420-7682-1