Gulf Credit Union - Spring Newsletter, 2018

SECOND QUARTER 2018

Drive Your

GECU.ORG

AUTO LOANS * 2.25% APR FOR 60 MONTHS

AS LOW AS

+ 90 DAYS, NO PAY!

*APR = Annual Percentage Rate.

Valid for new auto loans of new or used vehicles. Loans must be of new money. Interest will accrue on your loan during the 90-day deferral period. All loans and rates are subject to credit approval and product participation. All rates are subject to change. See credit union for details.

Federally Insured by NCUA

Home Equity …………………………………………………… 2

We’re Making a Difference …………………………… 5

Why Use an Agent? ………………………………………… 3

Retirement Plans …………………………………………… 6

Dormant Accounts ………………………………………… 4

Common Scams ………………………………………………… 7

WWW.GECU.ORG

Enjoy thefe

i L d Goo

PERSONAL LOANS AS LOW AS

8.9% APR*

GECU.ORG *APR = Annual Percentage Rate.

All loans and rates are subject to credit approval. Rates are subject to change without notice.

Federally Insured by NCUA

You’ve Been Quiet. Too Quiet.

Dormant Accounts Will Be Closed After 3 Years If there hasn’t been activity in your account for three years, Texas law requires us to close the account. Activity can include updating your address and contact information, or making withdrawals or deposits. You can contact our member service department at 409.963.1191 and they will be happy to assist you.

Keep It Safe

We Like You; Please Like Us!

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. Please see a GCU member service representative for details.

Find out all the latest GCU updates; as well as helpful financial tips by liking and sharing our Facebook page, www.Facebook.com/Gulf Credit Union.

2 WWW.GECU.ORG

Why Use An Agent To Incorporate?

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 types of business structures. Each type of business structure has certain advantages and disadvantages that should be considered.

In previous newsletters, we have looked at the various types of business structures. So now, we will talk about the advantages of using a registered agent and the required disclosures for corporations, LLCs and nonprofits.

The majority of states require corporations and LLCs to appoint a registered agent in the state where the company is formed.

A business owner has the option of serving as the company registered agent as long as he or she maintains a physical address in the state in which the corporation or LLC is formed and is available during normal business hours. There are many professional registered agent service providers that typically charge an annual fee. Many small business owners find their services advantageous, for reasons such as the registered agent’s name and address are included on the incorporation documents and are matters of public record, and ensuring someone is always present during normal business hours to facilitate receipt of documents delivered to the registered agent. Many professional registered agents also provide other compliance services as part of their fee, including software to keep track of important corporate information and provide alerts for upcoming compliance events. Some of these agents may also assist you with filing your company’s annual report and monitor the status of your company with your state of incorporation.

The advantages of using a registered agent service provider are: Stability - The registered agent’s address must be kept updated with the state. Any changes would require filing an amendment and paying a fee to update the address on record. If a registered agent is used, and if their address changes, the registered agent is responsible for filing the amendment, as well as for paying the necessary state fees.

Anonymity - In states that do not mandate disclosure of the company’s legal address, the registered agent’s address is often the only address disclosed to the public, giving anonymity to company owners and managers. This is also a benefit for homebased businesses, since the registered agent address will be made public, not the owner’s home address.

Reliability - Registered agent providers maintain fully staffed offices to accept registered agent documents received. They treat the receipt of these documents and prompt delivery to you with utmost professionalism.

Compliance assistance - Many registered agent service providers offer tools and services to help business owners keep their companies in compliance with both internal formalities and the ongoing filing and fee requirements imposed by the state of incorporation. Companies that do not meet their compliance requirements face the possibility of losing the limited liability protection offered to owners and/or administrative dissolution of the business by the state.

The information required in corporate formation documents varies from that required for LLCs. The following disclosures are generally required for corporations: Number of authorized shares of stock: Share par value Preferred shares Directors Officers The following disclosures are generally required for LLCs: Management structure Members/Managers Dissolution date Next time, we will take a closer look at the information required for disclosures for Corporations and LLCs.

3 WWW.GECU.ORG

We are CLOSING to Upgrade!

We will be closed at ALL GCU locations September 1 - 3, 2018 Please mark your calendar and save the date!

Some big changes are on their way and they will help improve our service to you! We are excited to announce that we will be installing a new operating system in September 2018!

When we close at 6:00 p.m. on Friday, August 31, 2018, we will begin working on our operating system conversion and upgrade!

The new system will have advanced and improved technology, exciting new features, as well as have improved methods of helping you meet your financial needs.

Our Gulf Credit Union management team and staff are working diligently to ensure this transition is as seamless as possible for you.

As the time draws near, we will update you with new information in regards to our new system. In the meantime, we ask that you keep an eye out for helpful information on our website, our Facebook page, as well as any other mail outs concerning our transition weekend.

We will open our doors on Tuesday morning, September 4, 2018, with our new operating system in place. We appreciate you, as well as appreciate your patience as we go through this process. We are excited about our future, as well as to be able to grow with you by offering you the best products and services possible with the latest technology.

Gulf Credit Union: Availability of Products and Services During Our System Upgrade Friday, August 31

Saturday, September 1

Sunday, September 2

Monday, September 3

Tuesday, September 4

Lobby

Open - Normal Hours

Closed

Closed

Closed

Open - Normal Hours

Drive-thru

Open - Normal Hours

Closed

Closed

Closed

Open - Normal Hours

Call Center

Open - Normal Hours

Closed

Closed

Closed

Open - Normal Hours

Home Banking

Unavailable after 6pm

Unavailable

Unavailable

Unavailable

Available

Online Bill Pay

Delivery Channel

Unavailable

Unavailable

Unavailable

Unavailable

Available

ATM

Available

Available

Available

Available

Available

Debit Card

Available

Available

Available

Available

Available

Credit Card

Available

Available

Available

Available

Available

CAT

Unavailable after 6pm

Unavailable

Unavailable

Unavailable

Available

Mobile Banking

Unavailable after 6pm

Unavailable

Unavailable

Unavailable

Available

The Perfect Gift For Any Celebration Birthdays? Graduations? Weddings? Choosing the ideal gift can be overwhelming. We have the perfect option: a VISAÂŽ gift card. Stop by any GCU location today and pick up the perfect gift for any celebration.

4 WWW.GECU.ORG

We’re Making A Difference!

Helping Hands is proud to announce our Volunteer of the Year for 2017 is Nancy Bernard.

Nancy volunteered over 34 hours of her personal time to help various non-profit organizations throughout the year. In addition to her gift, the Volunteer of the Year also receives the opportunity to make a $500 donation from GCU to a non-profit organization of her choice. She has chosen Capland Speech Therapy Center in Port Arthur to receive this donation.

NANCY BERNARD, 2017 Volunteer of the Year

Throughout 2017, our GCU Helping Hands volunteers have partnered with many non-profit organizations and held 15 different events. These events totaled 222 volunteer hours logged for GCU employees. In addition to these events, we hosted several food drives, a Halloween costume drive, as well as a clothing & toiletries drive after Hurricane Harvey.

We’re proud to work alongside these local organizations to make our communities better. Thanks to all of the Helping Hands volunteers; we’re making a difference!

A COOL GETAWAY IS WAITING FOR YOU Discount Tickets Available!

Purchase your advanced, discounted tickets to Sea World, Schlitterbahn or Splashtown by visiting our website at 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!

5 WWW.GECU.ORG

Retirement Plan Contribution Limits Rise for 2018 Slight increases have been made due to mild inflation.

You will be able to put a little more into your workplace retirement account in 2018. The federal government has boosted the annual contribution limit on some of the popular qualified retirement plans, thanks to inflation and has made other adjustments worth noting.

Contribution limits for 401(k)s are rising by $500. This is the first increase seen in three years.

In 2018, you can direct up to $18,500 into one of these accounts; $24,500, if you are age 50 or older.1 This $500 increase also applies for three other types of retirement plans – the 403(b) plans in place at schools and non-profit organizations, the Thrift Savings Plan for federal employees, and most 457 plans sponsored by state and local governments.1 The total contribution limit for a defined contribution plan increases. A defined contribution plan is a retirement plan to which both an employer and employee can contribute. If your company has such a plan, the annual limitation on total employer/employee contributions improves by $1000 in 2018, to $55,000.1 Contribution limits for Health Savings Accounts increase by $50/$150. You must be enrolled in a high-deductible health plan (HDHP) to have one of these accounts. The yearly contribution limit for those enrolled in individual plans rises $50 to $3,450; the yearly limit for those

enrolled in qualifying family plans goes up 5150 to $6,900. Correspondingly, the respective catchup limits, which people 55 and older can take advantage of, are also heading north to $4,450 and $7,900.2 The phase-out ranges on IRA contributions are also rising. The annual IRA contribution limits are unchanged for next year ($5,00 for those under 50; $6,500 for those 50 and older), but the adjusted gross income limitations that reduce your eligibility to make IRA contributions are adjusted for inflation.1 If you are single and participate in an employersponsored retirement plan such as a 401(k), your new phase-out range is $1,000 higher; $63,000 - $73,000. Joint filers who also contribute to workplace plans have a phase-out range of $101 - $121,000, a $2,000 increase. If you want to contribute to an IRA and do not contribute to a workplace retirement plan, yet your spouse does, your phase-out range is $3,000 higher: $189,000 $199,000.1 John Pat White, II, may be reached at 409.984.7452 or john.white@cunamutual.com.

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

john.white@cunamutual.com 409.984.7452

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged are not illustrative of any particular investment.

Citations.

1 – benefitnews.com/irs-announces-2018-retirement-plan-contribution-limits [10/20/17] 2 – cbsnews.com/news/irs-allows-higher-retirement-savings-accounts-limits-in-2018/ [10/24/17]

6 WWW.GECU.ORG

COMMON

C

SCAMS Don’t become a victim or a participant in the scam

Each day, we see people in our community being scammed, and this trend seems to be on the rise. With today’s electronic communication avenues, it is easy for someone to portray themselves as anyone they choose. For example, they can pretend to be a handsome 65 year old man who was recently widowed, or they can pretend to be a 25 year old attractive woman looking for a responsible man to be in a meaningful relationship with. With social media and texting at everyone’s fingertips, you can be anyone behind a keyboard. Fake social media profiles are easy to create and hard to detect. Social media is a worldwide avenue and a scammer’s dream. A common scam is targeting our elderly members on social media and their friends list. Please talk to your family and friends and help them understand the privacy settings on these sites. Clean up your current friends list and delete those you don’t really know. If you have more than one profile, delete all the rest. If you do not personally know someone, don’t accept them as a friend nor tell them about your life. If you cannot touch a person or talk to them in person, they are most likely not who they are pretending to be. Do not send money in any form such as wire transfers, cashier checks, bitcoin transactions, gift cards, or etc. to people you meet on the internet. These scammers are most often located outside of the United States and are typically bold and persistent in their communications, which can also be threatening at times. They know the chance of being caught by the authorities is almost impossible.

Scenario 1: You receive a cashier check in the mail with instructions to deposit it and keep a portion of the proceeds and wire the rest to someone. You come to the credit union and keep the details of the transaction to yourself, the check is deposited without a hold, and you then wire the money to the person as instructed.

The check is returned fraudulent, you now owe the credit union for the full amount of the check. You are out the money; as you accepted the check and sent the money out, there is no way to recover the money.

Scenario 2: You receive a wire into your account. Then, you send the money to another person via a wire, money gram, or cashier check. You are now the “middle man” in the scam.

The person you received the wire from was scammed and you are sending their money to the scammer. One person is pretending to be two different people talking to you, as well as talking to the person who sent you the wire. Both of you are “victims” in a sense. However, if you would have notified the credit union of the events surrounding the transaction, the wire could have been returned to the person sending the money and the scam could have been stopped. Because you accepted the funds and sent the money out, now two people are scammed and out the money.

If something doesn’t seem right to you, in most cases, it’s a scam.

If you have any concerns about a transaction you are instructed to do by someone, please speak with one of our staff members prior to completing the transaction. Also, if you are questioned by a staff member of the credit union about a transaction, please be honest with us, we are here to help you. These scammers are very sophisticated in their techniques and are extremely manipulative.

Remain vigilant, so you don’t become a victim; but more importantly, don’t allow yourself to become a participant in their scam by failing to honestly communicate the situation to our staff.

7 WWW.GECU.ORG

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 – Friday • 8 a.m. – 6 p.m. | Saturday • 9 a.m. – 12 p.m.

VISION STATEMENT

MISSION STATEMENT

GROVES

BRIDGE CITY

BEAUMONT

MID COUNTY

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.

5140 West Parkway • 409.963.1191

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

4721 Hwy. 87 South • 409.735.5156

2360 Dowlen Road • 409.860.3600

2779 Aero Drive • 409.729.8280

info@gecu.org • TOLL FREE: 800.448.5328

GULF CREDIT UNION BOARD OF DIRECTORS:

NAME

TERM ENDS

Libby Arnold, Chairwoman 2021 Carl Duplantis, Vice Chairman 2021

JULY:

Camille Jones, Secretary 2019

Independence Day

Robert Adams, Treasurer 2019 Karen Brown 2020 Barry Gorman 2020 Johnny Lewallen 2019 8

July 4th

SEPTEMBER: September 3rd Labor Day

NOVEMBER:

November 22nd - 24th Thanksgiving Holidays

DECEMBER:

December 24th - 25th Christmas Holidays