3rd Quarter Newsletter

CURRENT INTEREST THIRD QUARTER 2017

#HARVEYWHO

DISASTER RECOVERY LOANS 6% APR

*

+ 60 DAYS, NO PAY!

UP TO

$15,000

UP TO 36 MONTHS

Offer expires October 31, 2017 *APR - Annual Percentage Rate. All loans and rates are subject to credit approval. See Gulf Credit Union for details and member eligibility. Gulf Credit Union will defer your first payment for 60 days. Interest will continue to accrue on your loan during the 60 day deferral period.

Federally Insured by NCUA

Message from the president …… 2

Reviewing Your Account ……… 4

Business Structures …………… 6

Santa Is Coming to Town ……… 3

Your Financial Health ………… 5

Avoiding Fraud …………………… 7

WWW.GECU.ORG

A Message from the President: The past month has been a trying time for all of us due to the impact and devastation from Hurricane Harvey. Harvey has affected every area of our lives, from an economic impact due to Harvey’s wide path of destruction, to individuals who work and/or reside within our communities, including our members, staff and our board members.

Our Gulf Credit Union family consists of 94 employees. Within this number, 40 employees’ homes received substantial water damage due to flooding from Harvey. Twenty of our employees remain displaced from their homes. This is over half of our Gulf Credit Union family who received a direct impact from Harvey.

As we journey through the recovery process, several of our employees who did not incur damage from Harvey are working to help rebuild our community, as well as providing temporary residence for their family members, friends and/or co-workers.

This is part of the reason why we are proud to call Southeast Texas home. We are thankful that our staff has opened their hearts to help others in their time of need when everyone is fighting a battle of their own during the recovery efforts. The recovery efforts are going to take time; months and possibly years. It will take all of us to continue to work together and to assist with the recovery efforts. Just like many of you, we will recover and will be stronger than ever. I would like to take this time to remind you that we are here FOR YOU and we will get through this trying time together!

Along with the devastation and negative impact from Harvey, we felt the need to review and evaluate our plan for the remainder of the year, as well as into the future. While we believe in and understand the desire to uphold tradition, we also realize the importance of doing what is best for our credit union, staff and YOU, our members.

During the evaluation process, we focused on a few items, and you will notice changes in the way these items and events are carried through, now and into the future. Our ultimate goal is to keep everyone’s best interest in mind, as we want to remain your first choice of financial institutions, now and into the future.

Some of these items and events include: International Credit Union Day: We invite to join us on Thursday, October 19th, in the lobby of any of our Gulf Credit Union locations between 11:00 a.m. and 1:00 p.m. to enjoy cookies and a glass of lemonade.

Annual Meeting: This event will be held in February 2018. Unfortunately, our event location received significant water damage from Harvey. We are in the process of relocating and rescheduling this event. Once the details are set, we will announce the date, time, and location. We will post updates within our lobby locations, so please keep an eye out for this important information. The meeting will consist of our annual report, the president’s report, chairperson’s report, as well as the election of our board of directors.

We take pride in serving you. We are thankful for your membership and loyalty, and we are thankful for your trust in us to fulfill your financial needs. We also realize the road to recovery is not going to be easy, and that is why we are making necessary adjustments, as well as offering Disaster Recovery Loans to better serve you. We want you to know that we appreciate you. We wish you the best in your recovery efforts and we are here for YOU. Together, we will get through this!

Ron Burkhalter President/CEO Gulf Credit Union

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family SANTA

Mrs. Claus AND

We have a SWEET DEAL FOR YOU!

are coming to town Please join us and bring your child/children to visit with Santa & Mrs. Claus at one of our locations.

Bridge City: Thursday, November 30th • 3pm – 5pm Groves:

Friday, December 1st • 3pm – 5pm

Beaumont: Thursday, December 7th • 3pm – 5pm Mid County: Friday, December 8th • 3pm – 5pm Each child in attendance who visits with Santa and Mrs. Claus will receive a small gift. Also, please note that Santa is an extremely busy man, and to be fair to each child/family in attendance and to ensure there is enough time to visit with Santa and Mrs. Claus, there is a limit of one photo per family.

LOW

Auto Loan RATES

+ 90 DAYS, NO PAY! Plus, $400!

For auto loans over $20,000, members will receive $400 in their account. All loans and rates are subject to credit approval and product participation. All rates are subject to change. See credit union for details. Insured by NCUA.

Federally Insured by NCUA

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HAVE YOU MOVED? REMEMBER TO REVIEW YOUR ACCOUNT We recommend reading over each ownership description to help make sure you choose the one that is best for you. Next time you are in one of our offices take time to review and update your account card. With any “Payable upon Death” designation, we require the beneficiary’s Name, Social Security Number, and Date of Birth. This information allows us to properly identify and pay them when necessary.

SINGLE-PARTY ACCOUNT WITHOUT “P.O.D.” (PAYABLE ON DEATH) DESIGNATION - The party to the account owns the account. On the death of the party, ownership of the account passes as a part of the party’s estate under the party’s will or by intestacy.

SINGLE-PARTY ACCOUNT WITH “P.O.D.” (PAYABLE ON DEATH) DESIGNATION - The party to the account owns the account. On the death of the party, ownership of the account passes to the P.O.D. beneficiaries of the account. The account is not a part of the party’s estate.

MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP - The parties to the account own the account in proportion to the parties’ net contributions to the account.

The financial institution may pay any sum in the account to a party at any time. On the death of a party, the party’s ownership of the account passes as a part of the party’s estate under the party’s will or by intestacy.

MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP - The parties to the account own the account in proportion to the parties’ net contributions to the account.

The financial institution may pay any sum in the account to a party at any time. On the death of a party, the party’s ownership of the account passes to the surviving parties.

MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND “P.O.D.” (PAYABLE ON DEATH) DESIGNATION - The parties to the account own the account in proportion to the parties’ net contributions to the account.

The financial institution may pay any sum in the account to a party at any time. On the death of the last surviving party, the ownership of the account passes to the P.O.D. beneficiaries.

If so, please include us in your “things to do” list and be sure to update your address information with us. It only takes a few minutes to complete the short form, and this will allow us to serve you without any interruptions. Also, in order for us to more efficiently serve you, please be sure that we have your current e-mail address. Call or visit the Gulf Credit Union location nearest you, and one of our friendly Member Service Representatives will be happy to assist you.

MEMBERS’ 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, a 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, TX 77619; or by phone 409.963.1191.

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

Gulf Credit Union P O Box 848 • Groves TX, 77619 Telephone Number 409.963.1191 or email address 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 at 914 East Anderson Lane, Austin, Texas 78752-1699, Telephone Number: 512.837.9236, Website: www.cud.texas.gov

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TAKE CHARGE OF YOUR FINANCIAL HEALTH For many individuals, achieving and maintaining financial well-being is a lifelong pursuit. A sound strategy involves planning, preparation, performance, and follow-through at three vital stages of the financial life cycle.

Protection. The first, and perhaps most crucial, stage in financial planning is protecting your assets, including your standard of living.

Insurance programs for individual, family, and business needs generally offer a suitable level of protection.

Accumulation. Many will want to save and invest through diversified investment programs in accordance with set financial objectives. Mutual funds, stocks, bonds, annuities, money market

funds, limited partnerships, unit investment trusts and other investment vehicles are tools through which clients are able to meet these needs.* Wealth Management. Once assets are protected and growing, timely and effective management is vitally important in reaching our financial goals. Some areas where we can help include tax planning, trust services, transfer of assets, and legacy and estate planning.**

JOHN PAT WHITE II, CRPC Vice President, Wealth Management Gulf Investment Group

*Available through CUNA Brockerage Services, Inc. 2000 Heritage Way, Waverly Iowa 50677, Member FINRA/SPIC. **Representative is not a tax advisor or attorney. For information regarding your specific tax situation, please consult a tax professional.

For legal questions, including discussions about your estate planning needs, talk to your lawyer.

john.white@cunamutual.com 409.984.7452

Celebrating 40 Years as Part of the Gulf Credit Union Family It’s funny how times flies. It seems like only yesterday a friend told me Gulf Credit Union was expanding and was hiring new employees; that was 40 years ago. At the time, I thought I could work there for the summer. I never dreamed I’d be so blessed and fortunate to still be working at Gulf Credit Union. The employees and members have become my friends and are like family which makes it easy to come to work every morning. I get such pleasure telling a member, “Yes, you got the loan.” Thank you for helping me love my job which will make it difficult to retire when the time comes.

I began employment at Gulf Credit Union as a teller. Shortly after, I moved to new accounts and member services. I’ve also worked in insurance, collections, bookkeeping, and investments. I eventually found myself in the loan department and love it. I was very fortunate to be chosen to be the senior loan officer at the Beaumont branch, and have been there for 15 years. I enjoy coming to work every day!

I married my best friend 41 years ago. Gerald and I are having a wonderful life together. We are blessed with two wonderful daughters, two great sons-in-law and two granddaughters who are the loves of our lives.

I, personally, invite you to my reception.

You’re Invited WEDNESDAY, NOVEMBER 15th 3:00 PM - 5:00 PM

JOLENE NELSON

BEAUMONT LOCATION 5 WWW.GECU.ORG

WE’RE MAKING A DIFFERENCE

CHOOSING A BUSINESS STRUCTURE Before starting any business, one of the first questions you will need to ask yourself is “What is the best business structure for me?” You may operate your business under any one of several business structures. Each type of business structure has certain advantages and disadvantages that should be considered. Previously we have looked at the Sole Proprietorship, Partnerships (General and Limited), S & C Corporations, LLCs, LLPs and Non-Profits. Today, we will take a look at the Professional Entities business structure.

Professional Corporations (PCs) are specialized entities organized and operated solely by licensed professionals such as attorneys, accountants and doctors. Shareholders (owners) may enjoy personal liability protection from the acts of other shareholders, but each shareholder remains liable for his or her own professional misconduct.

State laws generally require PCs to maintain generous insurance policies or cash reserves to pay claims brought against the corporation. PCs are formed in a similar manner to standard corporations by filing formation papers with the appropriate state agency and paying filing fees.

Professional Limited Liability Companies (PLLCs) are specialized entities organized and operated solely by licensed professionals such as attorneys, accountants and doctors. The members (owners) may enjoy personal liability protection from the acts of other members, but each remains liable for his or her own professional misconduct. Not all states recognize the PLLC business type.

State laws generally require PLLCs to maintain generous insurance policies or cash reserves to pay claims brought against the corporation. PLLCs are formed in a similar manner to standard LLCs by filing formation papers with the appropriate state agency and paying filing fees.

We have covered most of the common business types in previous issues of our newsletter. Deciding the best type of structure for your business can be complex. To help you make the best choice, we recommend using BizFilings’ Incorporation Wizard. This is an online tool that helps you evaluate business forms according to your specific business needs. As you answer business-related questions, the Wizard ranks each entity type according to how well each may suit your needs. To use the Incorporation Wizard, visit www.BizFilings.com/wizard.aspx.

Gulf Credit Union is happy to help you with your Business Banking needs. Please contact Todd Gaudin, VP of Commercial Lending, at 409.984.7436 or his assistant, Tracy Chesser, at 409.984.7477, to learn more about how Gulf Credit Union can help you!

Gulf Credit Union Helping Hands was recently presented an appreciation award by the Southeast Texas Food Bank at their 25th Anniversary Volunteer Appreciation Banquet. This award recognizes the 82.18 hours worked at the food bank by GCU Helping Hands volunteers in 2016. We appreciate the opportunity to give back to our community, and thank the Southeast Texas Food Bank for all of their efforts. Pictured below with the award are Helping Hands committee members Christine Marioneaux, Terri Huff, Sommer Lester, Amber Edgerly, Tracy Chesser, and Nancy Bernard.

Thanks to our GCU Helping Hands volunteers, we’re making a difference!

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If you spot a scam. . .

If you spot a scam, report it at ftc.gov/complaint.

Tell someone Then tell the FTC

Your reports help the FTC and other law enforcement investigate scams and bring crooks to justice.

ftc.gov/complaint 1-877-FTC-HELP (1-877-382-4357)

Federal Trade Commission July 2016

1

Spot imposters.

Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a company you do business with. Don’t send money or give out personal information in response to an unexpected request whether it comes as a text, a phone call or an email.

2

Do Online searches.

Type a company or product name into your favorite search engine with words like “review,” “complaint” or “scam.” Or search for a phrase that describes your situation, like “IRS call.” You can even search for phone numbers to see if other people have reported them as scams.

3

Don’t believe your caller ID.

Technology makes it easy for scammers to fake caller ID information, so the name and number you see aren’t always real.

If someone calls asking for money or personal information, hang up.

If you think the caller might be telling the truth, call back to a number you know is genuine.

4

Don’t pay upfront for a promise.

Someone might ask you to pay in advance for things like debt relief, credit and loan offers, mortgage assistance, or a job. They might even say you’ve won a prize, but first you have to pay taxes or fees. If you do, they will probably take the money and disappear. Learn where to get real help with these issues at consumer.ftc.gov.

5

Consider how you pay.

Credit cards have significant fraud protection built in, but some payment methods don’t. Wiring money through services like Western Union or MoneyGram is risky because it’s nearly impossible to get your money back. That’s also true for re-loadable cards like MoneyPak, Reloadit or Vanilla. Government offices and honest companies won’t require you to use these payment methods.

6

Talk to someone.

Before you give up your money or personal information, talk to someone you trust. Con artists want you to make decisions in a hurry.

They might even threaten you. Slow down, check out the story, do an Online search, consult an expert - or just tell a friend.

7

Hang up on robocalls.

If you answer the phone and hear a recorded sales pitch, hang up and report it to the FTC. These calls are illegal, and often the products are bogus. Don’t press 1 to speak to a person or to be taken off the list. That would lead to more calls.

8

Be skeptical about free trial offers.

9

Don’t deposit a check and wire money back.

Some companies use free trials to sign you up for products and bill you every month until you cancel. Before you agree to a free trial, research the company and read the cancellation policy. And always review your monthly statements for charges you don’t recognize.

By law, banks must make funds from deposited checks available within days, but uncovering a fake check can take weeks. If a check you deposit turns out to be a fake, you’re responsible for repaying the bank.

10

Sign up for free scam alerts from the FTC at ftc.gov/scams.

Get the latest tips and advice about scams sent right to your inbox.

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GULF CREDIT UNION

P.O. BOX 848 GROVES, TX 77619

GULF CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. *APR = Annual Percentage Rate. All loans and rates are subject to credit approval. Rates are subject to change without notice.

Hours of Operation LOBBY - Monday - Thursday: 8:30 a.m. - 5 p.m. • Friday: 8:30 a.m. - 5:30 p.m.

DRIVE-THRU - Monday - Wednesday: 7 a.m. - 6 p.m. • Thursday - Friday: 7 a.m. - 7 p.m. • Saturday: 9 a.m. - 12 p.m.

VISION STATEMENT

MISSION STATEMENT

Gulf Credit Union’s vision is to “create a relationship” with members. Our vision is met by matching our member’s need with the right product.

From generation to generation, Gulf Credit Union is your partner in fulfilling your financial dreams.

GROVES

BRIDGE CITY

BEAUMONT

MID COUNTY

5140 West Parkway • 409.963.1191

4721 Hwy. 87 South • 409.735.5156

2360 Dowlen Road • 409.860.3600

2779 Aero Drive • 409.729.8280

TOLL FREE 800.448.5328

GULF CREDIT UNION BOARD OF DIRECTORS:

TERM ENDS

Libby Arnold, Chairwoman 2018 Carl Duplantis, Vice Chairman 2018 Camille Jones, Secretary 2019 Robert Adams, Treasurer 2019 Karen Brown 2020 Barry Gorman 2020 Johnny Lewallen 2019 ADVISORY BOARD MEMBER:

Harold Guilbeau 2018 8

20 1 7 HOLIDAYS

THANKSGIVING

Thursday, November 23 Friday, November 24 Saturday, November 25

CHRISTMAS

Friday, December 22 Saturday, December 23 Monday, December 25