Full Bloom SECOND QUARTER 2019
Loans from Gulf Credit Union can help you accomplish your to-dos. Whether you’re ready to go on a vacation, shop for that new auto, or get on the water with a new boat, our low loan rates are in bloom! Stop by and visit with our representatives for details.
Loans over $20,000 will be entered into a chance to win a MacBook!
AUTO LOAN RATES as low as 2.75% APR*,
90 days, no pay
Apply in person, online or on our mobile app.
PERSONAL LOANS as low as 8.9% APR*
Auto loan rates are valid for new auto loans for new or used vehicles. Loans must be of new money. All loans and rates are subject to credit approval and product participation. 90 days, no pay is only applicable for auto loans of $20,000 or more. Interest will accrue on your loan during the 90-day deferral period. All auto loans, personal loans and boat loans of new money of $20,000 or more will qualify for a chance to win a MacBook. Promotion period is from May 1, 2019 until June 30, 2019. Please see credit union for promotion details.
BOAT LOANS as low as 3.5% APR*
Federally Insured by NCUA
UNCLAIMED PROPERTY..............................................2 ESTABLISH CREDIT....................................................2 ANNUAL MEETING ....................................................3 POST-INCORPORATION AND COMPLIANCE REQ ........4 HELPING HANDS UPDATE .........................................5
EXECUTIVE STAFF PROMOTIONS...............................5 SUGGESTED INTERNET BROWSERS FOR BEST SECURITY . ..................................................................6 SHARED BRANCHES .................................................7
Helpful Information on Unclaimed Property and Dormant Accounts Texas law requires all accounts with no manual transactions for three consecutive years to be closed and funds transferred to the Texas State Comptroller. Deadline for financial institutions to send money to the state is July 1, 2019. Keep your funds from becoming unclaimed property! To do this, follow these guidelines: • Keep accurate financial records. Keep a copy of statements for all of your accounts and policies in a secured location.
Need to Establish Credit? We Can Help Gulf Credit Union created a program to meet the needs of members who need to establish credit. The “First Time Auto Buyer Lending Program” is for members who do not have any auto credit and want to get credit established. This program will be reviewed on a periodic basis to monitor progress and determine if any changes need to be made. To qualify, members should meet the following criteria: o Six-month employment history o Have direct deposit and auto pay o 10% cash down or qualified co-borrower/guarantor o No credit score or no previous auto history o Maximum amount to finance of $20,000.00 o No credit history is required; however, no derogatory credit This loan does not qualify for 90 days, no payment. Member may be eligible to refinance at a lower rate after one year of on-time payments. The maximum loan-to-value ratio (LTV) should not be more than 90% before back end products; maximum LTV with back end products should not be more than 100%.
• Always open correspondence from financial institutions. We may be notifying you that your account could be closed at a certain date. All accounts are subject to abandonment laws. • Check on all of your open bank accounts. Make a deposit or log into Home Banking at least once a year. Receiving a monthly or quarterly statement on account(s), auto-drafted transactions, and dividend payments are not considered manual transactions. Example: Annual Safe Deposit Box payments do not qualify as a manual transaction. • Cash or deposit checks as soon as possible. All checks expire; even when there is no printed expiration date. • When you move, contact your financial institutions directly about any change of address; most do not forward mail with the US Postal Service.
• Keep a current list of all these financial accounts: o Open bank accounts o Investments o Insurance policies o Safe Deposit Boxes (with the box number and a copy of the key) o Oil and gas royalties o Other assets
• List all of your assets in your estate. Update your list annually to ensure all changes are up-to-date. Make sure your beneficiary information is up-to-date, including insurance policies.
Visit https://claimittexas.org to search for and claim any unclaimed property.
Can it be DocuSigned instead? Get signatures and approvals online. Easy, fast, paperwork-free.
Annual Meeting Wrap-Up Our Annual Meeting was held Tuesday, February 19, 2019, at the Knights of Columbus Hall in Groves. During the meeting, we reviewed our 2018 Annual Report, and three terms were up for election. Those board members seeking reelection were Camille Jones, Robert Adams, and Libby Arnold. All three candidates were re-elected by acclamation.
Invest in Yourself!
Enroll in Gulf Credit Union’s Change Saver program to start saving today. The change from your electronic debits will be transferred to the savings account of your choice. Debit transactions: $21.64 Change Saver transfer: $0.36 Total transaction amount: $22.00
After adjournment of the credit union’s annual meeting, the Board of Directors held a meeting to elect their board positions. The 2019 Board of Directors and their positions held are: Barry Gorman (Chairman), Johnny Lewallen (Vice-Chairman), Karen Brown (Secretary), Robert Adams (Treasurer), Libby Arnold, Carl Duplantis and Camille Jones. Thank you to those who attended this year’s meeting. We look forward to an exciting year ahead, and we appreciate the opportunity to continue to serve you.
Post-Incorporation and Compliance Requirements 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. It is important to consider the advantages and disadvantages that should be considered. In previous newsletters, we have looked at the various types of business structures. Now, we will talk about the post-incorporation and compliance requirements. After incorporating a business or forming an LLC, prepare yourself for ongoing compliance requirements. Any requirements imposed on corporations and LLCs do not end, they are ongoing, when incorporation documents are approved by the state. Failing to regularly meet ongoing requirements in a timely manner can have big consequences for small businesses, including the potential loss of the limited liability protection provided to the owners. Business compliance requirements fall into two categories: internal and external. Internal requirements are actions that must be taken within the corporation or Limited Liability Company (LLC) by the directors and shareholders or members and managers, respectively. Although they are sometimes overlooked, internal requirements must be documented as part of company records. It may be necessary to present these records when selling the company or in the event of a lawsuit. In this issue, we will review the internal compliance requirements for corporations and LLCs after incorporation.
Understanding Internal Requirements: CORPORATIONS Corporations (whether taxed as C-Corporations or S-Corporations) have the most internal requirements, including holding initial and annual director and shareholder meetings, adopting and maintaining updated bylaws, issuing stock to shareholders, and recording all stock transfers. Internal requirements are imposed by the state corporation law, the corporation’s articles of incorporation and its bylaws. A corporation’s bylaws are second of importance, only to its Articles of Incorporation. Bylaws outline the corporation’s internal governance rules and address a wide range of internal policies and procedures such as establishing a corporation’s fiscal year, how many officers a corporation will have and what corporate actions require shareholder approval.
LLCs Unlike the corporation laws, the state LLC laws impose few internal compliance requirements. However, most state LLC laws require an LLC to have an operating agreement. While it may not be required for an LLC, it’s recommended that certain internal compliance requirements be included in the LLC’s operating agreement. At the initial meeting of the members or managers they should approve the LLC’s operating agreement, issue membership interest to members and undertake initial company decisions such as authorizing the LLC to open a bank account. All actions of members or managers taken at any meetings, annual or otherwise, should be properly documented and any changes in (ownership) membership interest should be recorded in a transfer book or ledger.
Small business owners may choose to use a compliance kit to organize their records that are available from a variety of online providers for a nominal cost. The kit may include items such as sample bylaws or operating agreement, stock or membership interest certificates and transfer ledger, a corporate or LLC seal, and sample meeting minutes. Templates for bylaws, operating agreements and meeting minutes can simplify the internal compliance process and are usually provided by your incorporation service provider if you form your corporation or LLC online. It’s always a good idea to have your lawyer look over these documents and agreements before anything is filed. Next time, we will take a look at the external requirements for business compliance. For more information or to apply for a business loan, please stop by our Groves office and speak to our Commercial Lending Team: Todd Gaudin, Chief Lending Officer, or Tracy Chesser, Commercial Loan Specialist; or you may call them to set up an appointment at 409.984.7436 or 409.984.7477, respectively.
Helping Hands Update VOLUNTEER OF THE YEAR
Terri Huff received our “Volunteer of the Year” award for 2018. With this award, she was able to select a foundation of choice to receive a $500 charitable contribution. She selected Cornerstone Credit Union Foundation. Terri was able to present this check to a representative of the Cornerstone Credit Union Foundation in February 2019. This organization assists credit union employees during times of need. They assisted several of our employees during the aftermath and recovery of Hurricane Harvey, as well as after Hurricane Ike.
OFFICER BRYAN HEBERT MEMORIAL FOUNDATION CONCERT
During the month of January, Helping Hands volunteered at the Office Bryan Hebert Memorial Foundation Concert. The concert consisted of performances by Lee Pelly, Spencer Marks, Jimmy Kaiser, the Lone Star Bag Pipe Band and Bag of Donuts. This foundation awards scholarships to eligible cadets who are attending LIT-Police Academy, as well as help support various Eagle Scout projects that are dedicated in memory of one of Beaumont Police Department’s 17 fallen officers. Since its inception, the OBHMF has awarded a combination of approximately 40 scholarships and Eagle Scout projects. We enjoy partaking in events and helping those in our local communities, so please be on the lookout for us at future events!
Executive Staff Promotions A change in seasons also brings a change in our Executive Staff. We are elated to announce the promotions of three of our team members. Linda Rials has been promoted to Chief Financial Officer. Todd Gaudin has been promoted to Chief Lending Officer. Stephine Adams has been promoted to Chief Operations Officer.
The effective date for these promotions was February 1, 2019. The next time you see these employees, please help congratulate them on their new leadership roles. We are honored to serve you and we look forward to seeing you soon!
Suggested Internet Browsers for Best Security
Just get them a card. (A gift card that is.) Ask about gift cards for any celebration.
Microsoft is no longer maintaining Internet Explorer (IE). Due to the continuous growth and advancements of technology and security, it has been concluded that IE is one of the least effective browsers. With this knowledge, we highly recommend using an alternative browser, such as: o Edge (This is Microsoft’s newest browser, installed on Windows 8 and 10 devices) o Google Chrome o Mozilla Firefox We strive to provide the most secure and up-to-date financial products and technology for you. We recommend transitioning to any of the recommended browsers. We apologize for any inconvenience this may cause you. If you have any questions or concerns, we are happy to help you.
Enjoy a Break from Your Loan this Summer! Take a small break from your loan, thanks to our Summer Skip-a-Payment program. It’s only $30 per loan! Your completed form must be received by June 10, 2019, for July deferrals and July 10, 2019, for August deferrals. Stop by any GCU location or visit our website for additional details and requirements. Skip-a-Payments are subject to credit approval. Loans excluded from this offer: all Collateral Loans, all Real Estate Loans, Master Card®, Small Business Loans/ Commercial Loans, Overdraft Protection Loan, and Good2Go Quick Loans.
Stop by any Gulf Credit Union location today!
Are you Ready for a Cool Getaway?
Shared Branching Shared Branching is a free service offered through a partnership between Gulf Credit Union and Credit Union Service Centers to give you access to your GCU account at hundreds of locations throughout Texas, as well as more than 5,000 locations nationwide. This service allows you to access your GCU account and conduct various transactions while you are away from home. Anywhere you see the Co-Op Shared Branch symbol, you can conduct a range of transactions, such as: • Deposits • Withdrawals • Loan Payments • Fund transfers between accounts
Discount Tickets Available!
Purchase your advanced, discounted tickets to Sea World, Schlitterbahn, or Six Flags Hurricane Harbor Splashtown by visiting our website at www.gecu.org. Just click on the “Tools and Resources” option (located within the Quick Links section on our home page), click on “Entertainment Discounts”, then follow the steps provided by the park you are planning to visit!
When accessing this service, you will need your credit union’s name (Gulf Credit Union), your account number, and a government-issued photo identification (state driver’s license or U.S. passport). To find the Shared Branching location nearest you, download our free mobile app, or visit our website: www.gecu.org/access-services/shared-branching/
Log into home banking using our Gulf Credit Union mobile app. Select the camera icon at the bottom of the screen. Endorse your checks (signature, account number and the words “for mobile deposit only at Gulf Credit Union”) and follow the steps to make your mobile deposit. Within seconds you’ll see confirmation that the deposit was received—it’s that easy!
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.
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.
5140 West Parkway • 409.963.1191 2779 Aero Drive • 409.729.8280
4721 Hwy. 87 South • 409.735.5156
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
email@example.com • TOLL
GULF CREDIT UNION BOARD OF DIRECTORS:
LOBBY HOURS MONDAY – THURSDAY • 8:30 am – 5:00 pm FRIDAY • 8:30 am – 5:30 pm FREE: 800.448.5328
DRIVE-THRU HOURS MONDAY – THURSDAY • 8:00 am – 5:00 pm FRIDAY • 8:00 am – 5:30 pm SATURDAY • CLOSED
2019 HOLIDAYS MAY:
Monday, May 27th
Thursday, November 28th Friday, November 29th Saturday, November 30th
Thursday, July 4th
Robert Adams, Treasurer 2022
Libby Arnold 2021
Monday, September 2nd
Monday, December 23rd we will operate on our normal operating hours Tuesday, December 24th Wednesday, December 25th
Barry Gorman, Chairman 2020 Johnny Lewallen, Vice-Chairman 2022 Karen Brown, Secretary 2020
Carl Duplantis 2021 Camille Jones 2022 Like us on Facebook
2360 Dowlen Road • 409.860.3600