Q3 Newsletter 2024 by Gulf Credit Union

The end of an era…

After over 4 decades of service at Gulf Credit Union, Linda Kiker Rials, Chief Financial Officer, retired on June 7th. Linda was a loyal member of the leadership team for 45 years and her contributions will be missed. The credit union will forever be grateful for the mark Linda left during her years of service. Wishing Linda all the best in retirement!

Congratulations, Linda!

We are excited to announce the promotion of Kristin Wukash. Kristin joined the credit union over a year ago and brought years of experience with her to Gulf. She joined the credit union as a Virtual Services Representative and was a wonderful addition to the team. Kristin was recently promoted to Assistant Virtual Services Manager and we can not wait to see what she brings to the team in her leadership position.

Congratulations, Kristin!

GULF CREDIT UNION ATM/DEBIT CARD

To activate and/or change your PIN: 1-866-762-0558. You must call from the phone number listed on your account. Your full social security number is required for verification purposes. For reissued cards: complete any transaction using your pin number or check your balance at an ATM machine.

Kristin Wukasch Assistant Virtual Services Manager

Linda Rials Chief Financial Officer

MORTGAGE LOANS MORTGAGE LOANS

What is a mortgage origination fee?

A mortgage origination fee is a fee a lender charges to cover the cost of originating,

and processing a borrower's loan application which is included in your closing cost. It's typically 1% of the total loan amount. For example, if your loan amount is $250,000 your loan origination cost would be $2500. In our current promotion, the origination fee is eliminated, which substantially lowers your closing cost. Please contact one of our mortgage specialist for more details.

2024 Gulf Credit Union Scholarship Recipients

We are delighted to announce that thirteen students have been awarded the $1,000 Gulf Credit Union scholarship this year. We applaud your hard work and dedication, and we wish you the best in all of your future endeavors.

Loni Briggs Hamshire Fannett High School

Elizabeth Bunch Bridge City High School

Olivia Tommasi Port Neches-Groves High School

Jadyn Siegelin Port Neches-Groves High School

Alexandra Shults Port Neches-Groves High School

Madeline Miller Monsignor Kelly High School

Kaile Tran Woodrow Wilson EC High School

Jaden Reed West Brook High School

Aiden Ngoc Le Nederland High School

Carys Wolfe Bridge City High School

Blaine Lenard Orangefield High School

Nicholetta Byerly Hamshire Fannett High School

Dylan Talbert Port Neches-Groves High School

Commercial Lending Spotlight: Business Vehicle Express Loans

Gulf Credit Union is here to help you with the purchase or refinance of your next business vehicle. We offer great rates and quick turnaround times, with friendly staff to guide you through the process!

Things to know:

Required Financials - Financial information such as business and personal tax returns will be required for all business loans. Be prepared by having these available when you’re ready to start your loan.

Credit Score - Commercial loans require a higher credit score than typical consumer loans. Be prepared by monitoring your credit score in advance, and making sure that all your monthly payments are made timely.

Interest Rate - We offer competitive interest rates, with flexible terms to suit your individual needs. Rates vary due to many factors; contact us to find your qualifying rate.

To apply for a commercial loan, contact Tracy Chesser, AVP of Lending, or download an application from our website at www.gecu.org!

Elder Abuse Awareness

Gulf Credit Union joined in with millions across the world to recognize and inform our older members and those who care for older persons during the month of June. Elder Abuse Awareness Day was launched on June 15, 2006. World Elder Abuse Awareness Day, which was on June 15, 2024 provided an opportunity for communities around the world to promote a better understanding of abuse and neglect of older persons. Elder abuse is an intentional or negligent act by any person that causes harm or a serious risk of harm to an older adult. It is a term used to describe five subtypes:

• Physical Abuse

• Psychological Abuse

• Financial Exploitation

• Neglect and Abandonment

• Sexual Abuse

In the United States, it is estimated that over 10% of those age 65 and older experience some form of elder abuse in a given year.

HEADING TO COLLEGE?

Attending college is an excellent opportunity that can come with a hefty price tag. Beyond tuition, students face costs like textbooks, housing, and daily essentials.

College brings a new set of everyday costs that students must consider. From daily meals to transportation, routine expenses can quickly add up. Depending upon your living situation, meal plans, or grocery bills become a regular part of the budget. At the same time, transportation costs for commuting or exploring the city can impact your monthly expenses, and there may be additional costs that are due once or twice a year.

MAKING A BUDGET

Be prepared: The speed at which money can vanish might surprise you if you're venturing into independent living for the first time. Without a college budget, you’re at a higher risk of overspending, falling into debt and lowering your credit score. However, if you’re working within a budget, you can prepare for emergencies, repay your debts, and achieve your financial goals.

REDUCING COSTS

Scholarships, grants, and work-study programs can significantly alleviate the financial burden of tuition and related expenses. Work-study is a federally and sometimes state-funded program in the U.S. that helps students earn financial funding through a part-time work program while attending college. You can also consider attending community college for general education requirements before transferring to a fouryear institution, offering a cost-effective approach to earning a degree. It is a good idea to list your known and recurring expenses ahead of time. This will help you prioritize your spending needs.

Another way to reduce costs is living off-campus or sharing accommodations with roommates. You can divide expenses such as rent, utilities, and groceries. To ensure everyone can contribute fairly, it's important to communicate openly and be aware of budget constraints.

COMPLAINT NOTICE

If you have a problem with the services provided by this credit union, please contact us at:

Gulf Credit Union PO Box 848

Groves, Texas 77619

Telephone: 409.963.1191

Email: info@gecu.org

The credit union is incorporated under the laws of the State of Texas and under state law is subject to regulatory oversight by the Texas Credit Union Department. If any dispute is not resolved to your satisfaction, you may also file a complaint against the credit union by contacting the Texas Credit Union Department through one of the means indicated below: in Person or U.S. Mail: 914 East Anderson Lane Austin, Texas 78752-1699

Telephone: 512.837.9236

Fax: 512.832.0278

Website: www.cud.texas.gov

Email: complaints@cud.texas.gov

ACCESS TO CREDIT UNION DOCUMENTS

According to Section 91.315 of the Texas Administrative Code, upon request members of Gulf Credit Union are entitled to review or receive a copy of the most recent version of the following credit union documents: balance sheet and income statement, summary of the most recent annual audit, written board policy regarding access to the articles of incorporation, bylaws, rules, guidelines, board policies and copies thereof and Internal Revenue Service Form 990.

Please make requests by writing to:

Gulf Credit Union

ATTN: Office of the President/CEO

PO Box 848

Groves, Texas 77619 or by phone: 409.963.1191