First Quarter 2024

FIRST QUARTER 2024

Debt Consolidation Loans Ring in the new year. Do more with Yes! 2024!

Apply now with Gulf Anywhere!

Get Loans up to

30,000 2% OFF*

$

For Up to 72 months

*APR = annual percentage rate. 2% APR off qualified Debt Consolidation Loans. Credit criteria, additional terms and restrictions may apply. Offer expires March 31, 2024. Gulf Credit Union membership is required. Loans must be new money. Minimum loan amount is $1,000. Maximum loan amount is $30,000. For more information, contact a local loan representative at 409.963.1191, 800.448.5328 or visit us at gulfanywhere.gecu.org. Federally insured by NCUA.

UPCOMING EVENTS............................................................................. 2 GULF CREDIT UNION SCHOLARSHIP............................................. 2 KASASA® ................................................................................................... 2 HOLIDAY SPENDING RECOVERY...................................................... 3 ATM SAFETY ............................................................................................ 3 TURBO TAX............................................................................................... 3 WORKING WITH A MORTGAGE LENDER...................................... 4

SAFE DEPOSIT BOX INFORMATION................................................ 4 COMMERCIAL LOANS........................................................................... 5 HOW TO AVOID JUGGING................................................................. 5 GULF INVESTMENT GROUP............................................................... 5 ACCESS TO CREDIT UNION DOCUMENTS................................... 6 IRA CONTRIBUTIONS.......................................................................... 6 COMMUNITY ENGAGEMENT ........................................................... 7

WWW.GECU.ORG

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GULF CREDIT UNION

SCHOLARSHIP ANNUAL MEETING Tuesday, February 20, 2024 6:00 pm Gulf Credit Union - Groves 5140 West Parkway Groves , Texas 77619 AGENDA: Election of two (2) board members • In order to vote in the election, members must have an account in their own name, social security number and be at least 16 years of age.

• Members interested in seeking election to the Board of Directors, please contact Kathy Wolford, Executive Assistant, at 409.984.7443, for more information and to receive a director application.

We believe in investing in our future.

This spring, Gulf Credit Union is proud to award up to ten $1,000 scholarships to graduating high school seniors.

Applications are available online at gecu.org.

Each applicant must apply by March 1, 2024.

Please see the scholarship application for more details, available January 8, 2024, at gecu.org.

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Holiday Spending Recovery Be Realistic

To create a yearly budget, start by looking at what you spent last year. Consider the impact that spending has had on your budget throughout the year.

Plan Ahead

If you overspent during the holidays, you may want to reevaluate your spending habits for the new year.

Prioritize your saving and spending allowances. Set a budget for yourself, as well as a “gift spending” budget for the new year. This will allow you to plan for purchases and holidays, such as birthdays and other celebrations. Watch for sales, and plan accordingly throughout the year. Another suggestion would be to give the gift of time and service to others throughout the year and on holidays.

Cash Out Rewards

USING AN ATM • • • • •

Be aware of your surroundings, particularly at night.

Have your card ready and in your hand as you approach the ATM. Visually inspect the ATM for possible skimming devices.

Be careful that no one can see you enter your PIN at the ATM. To keep your account information confidential, always take your receipts or transaction records with you.

Do not count or visually display any money you received from the ATM. If you are using a drive-up ATM, be sure passenger windows are rolled up and all doors are locked.

If the lights at the ATM are not working, don't use it.

Use ATMs inside the building whenever possible.

Utilize our remote control card feature to assist in preventing fraud.

Please take advantage of our Kasasa Cash Back® Checking account. Wouldn’t it be great to earn cash when you use your debit card? Qualifying accounts can earn cashback up to $400 in debit card purchases every month, plus up to $25 in ATM withdrawal fee refunds monthly.

• •

Plan for Next Year

PROTECTING YOUR CARD

Happy New Year from the Culture and Experience Team!

SPECIAL PRECAUTIONS FOR USING AN ATM AT NIGHT

A Christmas Club Account is the perfect way to be prepared for the holiday season. This account is very flexible in three ways. First, you may open your Christmas Club at any time during the year. Second, you can contribute by having funds deducted from your payroll check. Lastly, there is no minimum amount to open an account. Interest is paid quarterly, and your funds become available in November.

• • •

• Always protect your ATM/Debit/Credit card and keep it in a safe place.

• Do not leave your card lying around the house or on your desk at work.

• Immediately notify your financial institution if it is lost or stolen.

• Keep your Personal Identification Number (PIN) a secret.

• Never give any information about your card or PIN over the telephone.

• Park close to the ATM in a well-lit area.

• Take another person with you, if at all possible.

Exclusive Member Discounts - Just for you!

This tax season you can now get the biggest savings on tax prep services and expert tax help. Plus, as a credit union member you can enter for a chance to win $10,000 in the Love My Credit Union® Rewards Tax Time Sweepstakes.TurboTax – Get a bigger discount this tax season with savings of up to 20% on TurboTax federal products. Hand off your taxes, get help from experts or file on your own – with TurboTax, America’s #1 tax preparation provider. H&R Block – Get expert tax and the best-in-market offer of saving up to $25 on H&R Block professional tax prep. Get your taxes done by a tax pro in an office, via video, or by phone – with H&R Block, experience counts. Scan the QR code to get your discounts and enter to win, or visit taxservices.lovemycreditunion.org today!

Visit https://taxservices.lovemycreditunion.org for offer details and disclaimers.

GULFANYWHERE.GECU.ORG

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Working with a Mortgage Lender Applying for a mortgage is a big endeavor. Most lenders require you to complete a mortgage application - a comprehensive financial statement.

The information you provide on your application determines whether you qualify for a loan and how much you can borrow. The key numbers are your regular income, your debts, and the price of the house.

What the Lender Requires

When buying a house, you’ll need to budget for: q A survey, or official surveyor’s drawing, of the property and the buildings on it. q An appraisal of the house by the lender to make sure the value meets or exceeds the mortgage loan amount. q An origination fee and processing fee to cover the costs of processing the application. q Miscellaneous title fees and document preparation fees.

This type of loan closes through a local title company, and requires attorney prepared documents. q A 10-20% down payment, depending on the terms of the loan.

What the Application Asks A mortgage application is the lender’s way of evaluating your creditworthiness and determining whether to take the risk of lending you money. Although it can be an intimidating document, you’ll be ahead of the game if you keep good financial records. You’ll especially want a complete list of your investments, including money in your retirement plans. Details of purchase asks about how much you want to borrow, the amount of down payment, or cash part of the purchase price, and where the rest of the money will come from.

Monthly income is a key figure for lenders. It can include non-salary income, such as earnings on your investments or money you get from rentals, but you’ll have to provide tax returns showing these figures.

Job information focuses on regular employment so you’ll probably need verification from your employer. If you’re self-employed, you often have to provide more information, including income tax returns and profit and loss statements for your business.

Monthly housing expenses show what you are spending now and what you expect to spend on the new house, including taxes, utilities, and homeowner’s insurance. Your credit history asks whether you’ve declared bankruptcy, whether there are any liens or legal claims against your salary or property, and if you have outstanding debts.

Dawanda Minor Mortgage Loan Manager NMLS# 671532 409.984.7481

Becky Sheppard Mortgage Loan Originator NMLS# 898540 409.984.7430

Christy Taunton Mortgage Loan Processor NMLS# 2070551 409.984.7453

Shay Williams Mortgage Loan Servicer/ Processor NMLS #2421106 409.984.7426

Have a Conversation Be honest with yourself while pursuing a home loan. If you feel nervous about making your monthly payments, discuss your options with your lender. They may be able to adjust your payments or you may discover that borrowing a smaller overall amount will work better with your budget.

Ready to Move Forward If you are ready to move forward with your mortgage application, contact one of our friendly staff members today, or apply online! We can help guide you through the process to get you into your new home.

SAFE DEPOSIT BOXES Safe deposit boxes are available for rent at all Gulf Credit Union locations.

It’s an ideal way to keep important documents and valuables in a safe, secure location.

4 Give us a call today 409.963.1191 or 800.448.5328 for details.

GECU.ORG

Navigating the Commercial Loan Process 1. Complete Application & Submit for Preapproval

Download required documents from our website at www.gecu.org or come by & pick up an application packet today! There you can find a list of required information, such as personal and business tax returns, business financials, and business documentation.

Once you have filled out the application, you can submit by email or in person with all required information. Your loan officer will walk you through the options that are available to you.

HOW TO AVOID BEING A VICTIM OF "JUGGING"

Jugging involves thieves staking out unsuspecting victims at financial institutions or retail stores before following and robbing them while they juggle smartphones and car keys in parking lots or at home.

HOW IT WORKS:

2. Receive Preapproval

Once all paperwork is submitted, you can expect a response within just a few business days. All loan decisions are made locally. We will discuss the loan request with you, as well as the purpose of the loan and the history of your business. Any further financial information will be requested at this time. Please note, applications are reviewed in the order they are received, and complex requests may take additional approval time.

3. Loan Closing/Funding

Once the loan is approved and any required appraisals or other third-party reports are received, the loan will be ready for closing and funding. Depending on the type of collateral, this could be held in our office, at a local title company, or Docusign via email.

The funding process takes approximately 1-3 days. Relax and take a deep breath, you have officially completed the loan application process!

Interested in learning more about commercial loans?

Call or email our team today!

Juggers wait in parking lots and watch people - mainly those over 65 to withdraw money from ATMs. Suspected juggers also walk malls and stores to scout for large purchases. Jugging can occur in a parking lot or after being followed home.

Jugging can also take place if the victim leaves the car for a period of time and the juggers steal the money or valuables left in the vehicle.

TIPS TO AVOID JUGGING 1. Be Aware:

When withdrawing money, be mindful of your surroundings and check if anyone is watching you.

Stay alert after leaving the bank or ATM.

2. Be Discreet: Rhonda Lauritzen Commercial Loan Processor NMLS#2421043 409.984.7457 rlauritzen@gecu.org

Tracy Chesser AVP of Lending NMLS#1490690 GCU NMLS #646292 409.984.7477 tchesser@gecu.org

GULF INVESTMENT GROUP

After withdrawing cash, avoid counting it, and NEVER leave cash in your car.

3. Be Unpredictable:

Changing your routine is vital to keeping you and your accounts safe.

Mix up your daily routine!

Call Our Team Today to make your appointment!

• IRA Rollover Services • Retirement Planning • Education Funding • Mutual Funds • Life Insurance • Long-Term Care Insurance • Wealth Management

JP White II, CRPC Vice President Wealth Manager Phone (409) 984-7452

Amy Elizondo

Administrative Assistant Phone (409) 984-7413

Not Credit Union Guaranteed

Virtual Resource Phone (704) 816-8029

www.lplguidedwealth.com/advisor/jpwhite

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates.

Gulf Credit Union and Gulf Investment Group are not registered as a broker/dealer or investment advisor.

Registered representatives of LPL offer products and services using Gulf Investment Group, and may also be employees of Gulf Credit Union. These products and services are being offered through LPL or its affiliates, 984-7452 which are separate entities from and not affiliates of Gulf Credit UnionPhone or Gulf(409) Investment Group.

Securities and insurance offered through LPL or its affiliates are: Toll-free (800) 984-7452 Not Insured by NCUA or 5140 West Parkway Any Other Government Agency Groves, TX 77619

Toni Dunlap

Not Credit Union May Lose (314) 209-6695 Deposits orFax Obligations Value email jp.whiteii@lpl.com

GULFANYWHERE.GECU.ORG

Located at Gulf Credit Union

5140 West Parkway Groves, TX 77619 Phone Fax email

(409) 984-7452 (409) 963-3081 jp.whiteii@lpl.com

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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 6

IRA CONTRIBUTIONS 2023 IRA Contribution Deadline is Approaching!

Happy New Year! As we dive into 2024, it's essential to

take a moment and reflect on your financial goals and plans for the year ahead. One important aspect to consider is your Individual Retirement Account (IRA) and the deadline for contributing to your IRA for the tax year 2023.

The deadline for making contributions to your traditional or Roth IRA for the 2023 tax year is April 15, 2024. It's crucial to mark this date on your calendar and take advantage of this opportunity to maximize your retirement savings for last year.

Why is this Important?

Contributing to your IRA offers numerous benefits, including potential tax advantages and increased financial security during retirement. By making a contribution, you can enjoy tax deductions for traditional IRA contributions, or potentially tax-free withdrawals in retirement with a Roth IRA. Planning for your future should always be a top priority, and taking advantage of the IRA contribution deadline can be a significant step towards securing a comfortable retirement. Additionally, contributing to your IRA early in the year allows for potential growth and compounding of your investments over time.

Contribution Limits:

For the 2023 tax year, the contribution limits for individuals under the age of 50 is $6,000. However, if you're 50 years of age or older, you can contribute an additional $1,000 as a catch-up contribution, bringing your total contribution limit to $7,000.

Need Assistance?

If you have any questions or need assistance with your IRA contributions, our team at Gulf Credit Union is ready to help.

Feel free to reach out to us at 409.963.1191 or stop by any of our convenient branch locations. We are here to guide you through the contribution process.

Remember, time is of the essence when it comes to IRA contributions.

Don't miss out on this valuable opportunity to boost your retirement savings. Mark April 15, 2024, on your calendar and take action today!

Wishing you a prosperous and financially secure year ahead.

GECU.ORG

COMMUNITY engagement

(L-R) Holly Hebert, Community Engagement Manager Belinda George, Ed.D, Culture & Experience Director Greta Smith, People Experience Manager Legacy Community Health Pediatric Holiday Party at Pietzsch/MacArthur

(L-R) Tracy Chesser, Assistant Vice President of Lending Dawanda Minor, Mortgage Lending Manager Atasha Quebedeaux, 2023 Beaumont Board of REALTORS® President Gulf Credit Union, 2023 Beaumont Board of REALTORS® Affiliate of the Year award recipient

(L-R) Tracy Chesser, Assistant Vice President of Lending Dawanda Minor, Mortgage Lending Manager Shay Williams, Mortgage Loan Servicer Processor Beaumont Board of REALTORS®, REALTORS® Caravan for the Angels Project Salvation Army Angel Tree gift delivery

Nederland Chamber of Commerce Networking Coffee hosted by Gulf Credit Union, Mid County location

Kasasa® Best. Day. Ever! November 3, 2023

GULFANYWHERE.GECU.ORG

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GULF CREDIT UNION PO BOX 848 GROVES, TX 77619

GULF CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. We do business in accordance with the Fair Housing Act 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.

VISION STATEMENT

Be the trusted financial partner by delivering innovative solutions that provide value and convenience to our members.

5140 West Parkway

2779 B. Aero Drive

MID COUNTY

2024 HOLIDAYS

LOBBY HOURS

DRIVE-THRU HOURS

MONDAY – THURSDAY • 8:30 am – 5:00 pm FRIDAY • 8:30 am – 5:30 pm

MONDAY – FRIDAY • 8:00 am – 6:00 pm SATURDAY • 9:00 am – Noon

JANUARY New Year's Day Monday, January 1

SEPTEMBER Labor Day Monday, September 2

MLK Jr. Day Monday, January 15

OCTOBER Columbus Day Monday, October 14

GROVES

BEAUMONT

BRIDGE CITY

2360 Dowlen Road

4721 Hwy. 87 South

LOBBY HOURS

DRIVE-THRU HOURS

MONDAY – THURSDAY • 8:30 am – 5:00 pm FRIDAY • 8:30 am – 5:30 pm

MONDAY – THURSDAY • 8:00 am – 5:00 pm FRIDAY • 8:00 am – 5:30 pm

MAILING ADDRESS

PO Box 848, Groves, TX 77619-0848 memberservice@gecu.org 409.963.1191 • 800.448.5328

BOARD OF DIRECTORS:

NAME

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TERM ENDS

Johnny Lewallen, Chairman 2025 Barry Gorman, Vice Chairman 2026 Logan Delcambre, Secretary/Treasurer 2024 Karen Brown 2026 Joshua Lege 2024 Robert Lovelace 2025 Dustin Marsh 2025

FEBRUARY President's Day Monday, February 19 APRIL Good Friday Friday, March 29 Saturday, March 30 MAY Memorial Day Monday, May 27 JUNE Juneteenth Wednesday, June 19 JULY Independence Day Thursday, July 4

NOVEMBER Veterans Day Monday, November 11 Thanksgiving Thursday, November 28 Friday, November 29 Saturday, November 30 DECEMBER Christmas Tuesday, December 24 Wednesday, December 25

Skip your payment, keep the cash!

Get all the details and submit your application at gecu.org

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