4th Quarter - 2023

NO CREDIT - NO WORRIES 1st Time Auto Buyer Program

Thursday, October 19, 2023

11:00 a.m. - 1:00 p.m. Join us for refreshments and a complimentary calendar. (available at each location)

ANNUAL MEETING

Tuesday, February 20, 2024

6:00 p.m. 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.

Our 1st Time Auto Buyer program is designed to help our members that have little to no car buying experience. To qualify, you just need to meet the following criteria:

• 6 month employment history

• Maximum finance amount of $25,000

• 10% cash down or qualified co-borrower

• No previous auto history and no derogatory credit

You may be eligible to refinance at a lower rate after one year of timely payments! Contact our loan department for more details. Subject to credit approval. Rates and terms may vary.

Promotion Announcement

We are thrilled to announce two promotions in the Leadership Team. Amanda Daigle has been promoted to Assistant Vice President of Technology and Sue Lane to Assistant Vice President of Marketing.

Amanda joined the credit union in 2005 and has held multiple positions and most recently was the Business Systems Director. She plays a vital role in ensuring a variety of systems work effectively and efficiently.

Sue has been with the credit union for over thirty-five years and has worked in a variety of areas. As the Marketing Director, Sue has successfully lead the Marketing efforts which plays a key role in expanding the footprint of Gulf Credit Union.

Congratulations, Amanda and Sue!

Sue Lane Assistant Vice President of Marketing

Amanda Daigle Assistant Vice President of Technology

ESCROW MORTGAGE QUESTIONS?

With inflation at an all-time high, and the price of insurance increasing, you might have escrow questions. Gulf Credit Union is here to assist and provide you with the information you need, in the event your escrow account happens to have a shortage this year. Your escrow account is funded by your monthly mortgage payments which consists of principal, interest, taxes and insurance. When there is a shortage due to a price increase in property taxes or insurance costs, the account must be adjusted.

At the beginning of each year, you’ll receive an escrow analysis statement. If your escrow account has an overage of more than $50, it will be reimbursed to you. If you have an escrow shortage, you will be given the option to pay it in full or add it to your note over the next 12 months. This does not stop the monthly payment from increasing or decreasing due to taxes and insurance fluctuating, but it will help the monthly payment remain manageable.

TIPS TO STAY ON TOP OF YOUR ESCROW ACCOUNT:

q Review your insurance renewal statements each year.

q Review your property tax statements each year.

q Make sure to file homestead exemptions.

q Review escrow analysis statements from Gulf Credit Union which are delivered the first of the year.

q Have additional savings set aside for unexpected premium increases and taxes.

GUARD YOUR LOGIN CREDENTIALS

If cybercriminals steal your login credentials, they can access your accounts and find your personal or professional information. Follow these tips to protect your accounts:

• Don’t enter your login credentials unless you are certain that a website or app is secure.

• Use unique passwords for each of your accounts. A password manager can help you keep track of all your passwords, and multi-factor authentication (MFA) can add another layer of security.

• Use passwords and update the security software for all of your devices.

BE AWARE OF DATA TRACKING

• Watch out for unusual cookies. Cookies are small pieces of data that websites share with your web browser.

FOLLOW THESE TIPS WHEN USING SOCIAL MEDIA

• Guard your personally identifiable information by limiting what information you share online.

• Check your privacy settings and consider changing them to private, especially if you use your real name.

• Cybercriminals can scour the internet for any information associated with your name.

• Make sure to use strong passwords, use multiple layers of security, and be aware of what data you share and who you share it with.

Credit: The KnowBe4 Security Team

While you enjoy all the conveniences of modern technology, are you paying attention to all the ways that it can be used against you? Let’s take a look!

UNDERSTANDING YOUR CREDIT SCORE

Having a good credit score can benefit you in a number of ways. The better your score is, the lower your interest rates will be, which means more money in your pocket after you pay your bills each month. Your credit score also affects your ability to get a loan, add on to existing loans, or even get a job or an apartment.

Credit scores are determined by several factors, but the most important is payment history. Make sure you make all payments timely, as 35% of your credit score is determined by this. An additional 30% is determined by capacity. It’s important that you avoid maxing out your credit cards, to show that you are not overextended. 15% of your score is determined by the length of credit. You want to make sure that you have some older credit history, and that you leave these accounts open if you can. 10% of your score is determined by your accumulation of debt in the last 12-18 months, or recent applications. The opening dates and number of recent credit inquiries will be reported, and it’s best to keep these to a minimum. The last 10% of your score is determined by mix of credit. This means revolving accounts such as credit cards, versus installment loans such as car loans. It’s good to have a healthy mix of loan types, to show that you are experienced. Each credit bureau may vary slightly on factors used.

If you are unsure about your credit score or want to learn more, visit annualcreditreport.com or call Annual Credit Report at 1.877.322.8228 to get a free copy of your credit report from each of the three bureaus.

If you find that you need to improve your score, here are some ways to accomplish that. Make sure to pay all bills on time. Pay down the balance on existing credit cards. Try to keep this under 30% of the limit, to avoid being maxed out. Do not close older accounts. Leave them open to protect the average age of reported accounts. Slow down on opening new accounts, or space out credit applications instead of applying each time you’re asked during checkout. Only apply for credit you need. Lastly, acquire a solid credit history with years of experience.

It’s important to remember that credit scores fluctuate, so try to keep it within a healthy range, so that you can take advantage of the best rates and rewards programs available!

BE IN CONTROL with Remote Control Cards

Have you ever had a moment when you reached for your debit card and it was not there? No need to panic - remember, you are in control!

Go to the Gulf Credit Union App on your phone or log into Online Banking.

Go to the menu and select Remote Control Cards.

Turn your debit card off when you are not using it, and turn it back on when you are ready to use it again.

You have an additional tool to safeguard your Gulf Credit Union Debit Card from potential fraud and online thieves.

Set up auto payments from an account instead of a debit card, so if the card is compromised you will not need to change the information of the auto payment.

Keep in mind, if you have auto debits tied to the card and it is turned "off" the debit will not clear.

BUDGETING FOR COLLEGE

CELEBRATING 19 YEARS OF SERVICE

FIXED EXPENSES are recurring costs that can rarely be changed, meaning you know what to expect when the bill comes around.

HOUSING

Try to find a place that balances affordability with safety. Work-study programs sometimes include options to help pay for room/board.

TUITION

Ideally, you would be able to cover the majority of your tuition through scholarships or financial aid (such as the FAFSA).

CONTRACTS

This includes things like streaming services, gym memberships, insurance, and your phone bill. It’s often cheaper to stay on your family’s plan than it would be to get your own. You can also look into student memberships. You’ll likely have access to a gym on campus for free, so it may not be necessary to pay for another one.

VARIABLE EXPENSES are costs that fluctuate monthly in price. Since variable expenses change, it’s important to stay flexible and track your expenses month-to-month.

TRANSPORTATION

The cheapest mode of transportation is walking or biking, and the benefit is doubled because it’s good for your health. Some colleges provide discounted or free bus passes. You can carpool with room/classmates and try to lump as many errands into the same trip as possible.

BOOKS/STUDY MATERIALS

It is a good idea to check with the school library to see if there are books or study materials available. You can save money by buying your textbooks used or renting them for the semester.

FOOD

Some schools offer meal plans that allow you to eat a certain amount of meals in the cafeteria.

FUN EXPENSES

It’s best to set a limit for yourself each month for this area based on where you feel most comfortable.

Karen Kennedy began her career with Gulf Credit Union in 2004 as a teller. She proudly served the community and was working in Bridge City as a Financial Service Representative at the time of retirement. Karen will be missed by the many members she served during her career at Gulf Credit Union. We wish her a wonderful retirement!

Congratulations, Karen!

We love you and we miss you!

They’re welcome anywhere Visa debit cards are accepted within the U.S. You choose the amount, and we load the cards in seconds. The recipient can choose where to go and what to buy. It's that simple! To purchase Gift Cards: Visit our nearest branch and talk to one of our representatives. It's easy! You can buy multiple ready-to-use Gift Cards in minutes. The next time you need to buy a gift, come to us for the flexibility and convenience of Gift Cards.*

*The expiration date is printed on the Card and is 7 years from the date of Card manufacture. The following fees and charges are imposed on your use of the Card and will be charged to the Card. Inactivity fee: $5.00 per month following 12 months of inactivity on card.

A gift that’s guaranteed to please.

• Christmas Gifts

• Small Home Renovations

• Vacation Costs

• Wedding Expenses

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

2023 HOLIDAYS

NOVEMBER

Saturday, November 11

Thanksgiving

Thursday, November 23

Friday, November 24

Saturday, November 25

DECEMBER

Christmas Eve/Day

Saturday, December 23

Monday, December 25

Tuesday, December 26