4th Quarter - 2022

A Letter From The President

With 2022 coming to a close I want to wish you and your families a very Happy Holiday season! Although this year presented us with more new challenges, such as the economy, we look forward to 2023 and what the new year will bring. Our Branch enhancements are in progress, having finished the Groves and Mid-County locations, and we will be starting soon on our Beaumont and Bridge City locations. We anticipate our remaining two locations will be complete by the end of the second quarter. Our new virtual suites are up and running in Groves and Mid-County, so stop by and give them a try the next time you are in. You will find friendly faces on our end willing and able to help you with all your financial needs. Construction on our new Administration building has begun and we are looking forward to moving in by the third quarter of 2023. We had two new directors elected to the Board and we were voted Best Credit Union by the Port Arthur News. We were also voted as the Best Commercial Lender by the Beaumont Enterprise and finished as a top three finalist in three other categories. While we consider 2022 a successful year, we will Keep Moving Forward to be the best credit union we can be in 2023!

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.

Todd Gaudin President/CEO

IRA CONTRIBUTIONS

If you couldn't max out your individual retirement account in 2022, don't despair. There's still time to make a contribution to traditional and Roth IRAs.

The deadline for making contributions into IRAs for this year is April 15, 2023, giving savers an additional four months to contribute.

Celebrating 20 Years of Service

I would like to take this opportunity to thank Gulf Credit Union for 20 wonderful years 9 of which I was employed with CUNA. I have had many enriching and rewarding experiences. I also would like to thank all of my co-workers and members. I feel truly honored to have been able to work by their sides. ~ Terri

Together We Can

Together we CAN make a difference. This year, we were fortunate to be able to contribute to several local charities. During the month of October, we held a Food Drive at each one of our credit union locations, benefiting our local Community Care-Prayer Outreach. We were able to donate over 300 pounds of food to our local community. During the month of November, we were able to collect toys for local children, which were distributed at the Legacy Community Health Pediatric Holiday Party. Also, during November, we teamed up with the Beaumont Board of REALTORS® for the REALTORS® Caravan for the Angels Project. With the support of our members and staff, we were able to adopt 20 angels this year! Thank you all for your generosity and support.

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.

Congratulations, Terri! We love you and we miss you!

Pictured L-R

Shay Williams, Mortgage Loan Servicer/Processor Tracy Chesser, AVP of Lending Dawanda Minor, Mortgage Loan Manager

Pictured L-R

Nena Flood, Teller

Jaycee Strandlie, Virtual Services Host Vanessa Vigeon, Virtual Services Manager Deborah Bell, Virtual Services Representative

NEW YEAR! NEW GOALS.

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, 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 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, TX 77619 or by phone: 409.963.1191

Changes to the economy, your situation, or your goals may prompt you to take a look at your budget for opportunities to save. But where do you start? These lists will help you make changes, both big and small, to your budget.

ENTERTAINMENT AND HOBBIES

This category can be the easiest to cut from (they aren’t necessities, you have a lot of control over what you spend, etc.) and one of the hardest (these are the fun things, why would you want to give them up?).

Ideas for trimming:

• Trade a night out for a night in - Movie and board game nights can be plenty of fun without a high price tag.

• Limit your subscriptions - Between streaming services, music platforms, and gym memberships, you’re paying a lot every month. Figure out if you’re actually using each of them enough to make the cost worth it.

• Find cheaper ways to do your hobby

• Finish what you have before buying more - Give your budget a break by working through what you have first.

• Vacation smart - Consider road tripping instead of flying, camping instead of staying at a hotel, and traveling during the off-season instead of when it’s most expensive.

• Buy used rather than new - Consider checking out local thrift stores or garage sales when you’re on the hunt for new clothes or furniture.

BILLS

Ideas for trimming:

DEBT

When it comes to debt, rather than trimming what you pay per month, it may be wise to pay a little more. This way you can pay your debt off quicker, avoid interest, and devote the money you were paying somewhere else.

Food: Food is essential, but that doesn’t mean that you can’t make more cost-friendly choices. Get all the satisfaction of a full stomach without the sadness of an empty wallet.

Ideas for trimming:

• Cut down on eating out

• Take advantage of leftovers

• Focus on essentials - Fill your cart with things you know you’ll eat and that are versatile enough to be used before they go bad.

• Meal plan or prep - You’ll be less likely to stop by the drive-thru or order delivery if you already have a plan for what you’re going to eat or a meal that’s basically ready to go.

• Negotiate to lower your premium - If you haven’t had any recent accidents or used many of their services, your insurance provider may be willing to lower your monthly premium.

• Change providers - If you feel you’re being charged too much by your insurance provider, cable company, or phone service, you may be able to get a better deal somewhere new.

• Use less - Be conscientious of your usage and unplug or turn things off when you’re not using them, combine loads of laundry, or take shorter showers. The biggest savings often come from keeping your house colder in the winter and warmer in the summer. Overall, looking for opportunities to trim your spending is important in keeping a healthy budget. When you’re feeling squeezed for cash, small changes can make a big difference.

ACH FRAUD AWARENESS

The Automated Clearing House (ACH) Network is used by a vast number of financial institutions to handle bill payments, cash transfers, and direct deposits. Virtually everyone has made an ACH transaction at some point, but unfortunately a rising number of criminals have started using the Network to scam innocent individuals and take money directly out of their checking accounts.

ACH fraud can be committed in a number of ways. The most common way ACH fraud is committed is by obtaining banking information from customers via phishing emails and malware. ACH fraudsters only need two important pieces of information to gain access to a person's bank account - a routing number and checking account number. Fraud can also occur via web transaction by using Trojan horses (malware programs). Once the Trojan horse takes over, the fraudsters can access the accounts of an individual and carry out financial transactions using their personal information.

TYPES OF ACH SCAMS ARE:

• Work-from-home schemes

• Overseas money transfers

• Fake offers of free or significantly discounted products

ACH fraud awareness is critical. Contact a Gulf Credit Union representative if you suspect you are a victim of ACH fraud.

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.

Skip your payment, keep the cash!

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

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

Gift cards are the only gift that’s guaranteed to please.