cheers to zero! - general electric credit union | credit ...first quarter 2019 membership is...
TRANSCRIPT
BRIGHT HORIZONSFirst Quarter 2019
Membership is required for use of General Electric Credit Union’s (GECU) products and services. Visit: gecreditunion.org/membership for details. *APR= Annual Percentage Rate. Offer valid for existing GECU credit cardholders and new qualified borrowers. Offer and details are available for a limited time and subject to change at any time. Balance transfers made between January 1, 2019 and March 29, 2019 (purchase period), will have 0.00% APR for 12 months. After promotional period, the APR will adjust to 9.24%–18.00% APR for balance transfers, depending on the card you choose and your creditworthiness. There is no balance transfer fee when bringing over balances from any non-GECU credit cards or loans during this promotion period. Regular purchase and cash advance APR applies. Limited to individual cardholder’s limit.
Great Rates to Reach Your Financial Goals
Investment Planning: The Basics
GECU Gives Back
2019 Fee ScheduleUpdates
A Message From Our President & CEO
2
CHEERS TO ZERO!
Learn more at: gecreditunion.org/smartmove.
Now through March 29th, all new and existing credit cardholders can transfer balances to a GECU credit card and enjoy $0 BALANCE TRANSFER FEES, plus:
for 12 MONTHS on transferred balances.*
gecreditunion.org l First Quarter 2019
A MESSAGEFROM OUR PRESIDENT & CEO TIMOTHY D. BALLINGER
Happy New Year! From all of us at General Electric Credit Union, we hope you had a wonderful holiday season with friends and family.
This past year, the U.S. economy was marked with strong economic growth. Rates have been rising and the stock market has been volatile at times. As we enter 2019, unemployment is continuing to decline, and wages are predicted to rise. While the economy remains in good health and a decline is unlikely, we can anticipate a potential slowdown in rate increases by the Fed.
Not only this past year, but for several years, we’ve also experienced strong growth and change. In just three years’ time, we’ve: updated our website, improved our phone system, converted our core operating system, launched a new Online and Mobile Banking platform, and transferred to a new credit card platform. All these efforts have reestablished our solid foundation to: support future growth, create new product development opportunities, stay focused on members’ evolving financial needs, and respond more quickly to the financial industry’s advancements.
In 2018, we were able to begin showing the fruits of our labor by introducing several new products, many focused
on providing you valuable savings options in this rising-rate environment. We partnered with the Allpoint ATM Network to provide you access to a total of over 60,000 surcharge-free ATMs across the nation. And, with more new locations to come - we opened a new Highland Heights location.
We have a strong desire to give back and make a positive impact in our communities. In 2018, we held various company-wide “Give Back” days in which employees volunteered at Matthew 25: Ministries and Habitat for Humanity. Additionally, we celebrated National Member Service Week with weeklong celebrations in our branches for our members and throughout the Credit Union for employees. Next year, we’ll be expanding our efforts as we are dedicated and eager to acknowledge, appreciate, and celebrate the communities we serve.
Moving into 2019, we are excited for abundant opportunities to develop our relationship together. We have a few new branches planned to expand our footprint and serve you in a capacity of more than just where you bank, but
where you thrive, where your dreams are fulfilled, and where you gain confidence in your financial future. With many exciting announcements coming in the new year, one will be around access to thousands of totally free ATMs as we’re expanding our ATM network for added convenience and access to your accounts. Additionally, on the horizon, we have several innovative products and services including state-of-the-art Interactive Teller Machines (ITMs) which will be more dynamic than a typical ATM with robust features; we look forward to sharing additional details soon. Also, we will receive and assess our recent Member Survey results to learn of additional ways we can improve service and our product/service offerings.
We’ve gone through a tremendous amount of change which has made many new opportunities possible in 2019 and beyond. We are excited for our future together. We deeply appreciate the opportunity to serve you and the trust you instill in your Credit Union.
We are excited for abundant opportunities to develop our relationship together.
Hello, Highland Heights!Our newest branch is now open!Our full-service, Highland Heights branch is open. Stop by and see us to:
• Open a new account or loan• Make a payment or deposit• Meet with our expert team• See our new, innovative branch design• Just say hi!
Our Highland Heights team is excited to see you; we’re looking forward to serving you in the Northern Kentucky area!
Learn more about this new branch at: gecreditunion.org/locations.
Real Estate Services, also doing business as the Home Information Network, Inc., is provided through CUSO Corp.—a credit union service organization wholly owned by GECU.
1. Pull your credit report and check your credit.
2. Review and understand your budget.
3. Build up your down payment.
4. Get preapproved.
5. Plan to get an inspection.
Wanting to buy a home and being ready to do so are two different things. Here are five must-dos before you get started:
If you’re thinking of purchasing or selling a home, contact Real Estate Services at: 513.243.8600 or visit our website: gecreditunion.org/real-estate.
Preparing to Purchase a Home in the Spring?Brought to you by: GECU’s Real Estate Services
Martin Luther King Jr. DayMonday, January 21st
Presidents’ DayMonday, February 18th
PLEASE MAKE NOTE OFUpcoming Holiday Closings:
Take Advantage of Great Rates to Reach Your Financial Goals!
*APY = Annual Percentage Yield. Rate accurate as of 12.12.2018. Fees may reduce earnings. Penalties for early withdrawal on all certificates. Refer to gecreditunion.org/disclosures for account information.
With the fluctuating market, finding a secure savings option that guarantees a high return is important.
We have a variety of certificate options and specials available, ranging from 6-month to 5-year terms, all with great rates to help you meet your financial goals.
Check out all our options at:gecreditunion.org/certificates.
Tell Your Money to Shape UpStay on top of your finances this year with better budgeting!Money Management provides a better way to budget. Visualize and interact with your budgets in a more meaningful way–using bubbles!
Not all budgets are created equal. Using Money Management’s “bubbles,” quickly identify areas that need the most attention and easily edit your budgets all in one place.
With an auto-generated budget based on your past spending habits, you can simply adjust them as needed to fit your lifestyle. Get started today through Online Banking or our mobile app!Learn more at: gecreditunion.org/money-mgmt.
1.85%APY*
MonthShare Certificate
$500 Minimum to Open
Investment Planning: The BasicsBrought to you by: Investment Services, through CFS* at GECU
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
There’s no time like the present to start investing. While taking the first step can be intimidating, there’s nothing complicated about common investing techniques.
Why Invest? You invest for the future, and the future is expensive. There is no guarantee any investment strategy will be successful, but investing is one way to try to prepare for that future.
What is the Best Way to Invest?• Get in the habit of saving. Set aside a portion of your income regularly and
automate that process if possible.
• Don’t put all your eggs in one basket. Having multiple types of investments may help reduce the impact of a loss on any single investment.
• Focus on long-term potential rather than short-term price fluctuations.
• Ask questions and become educated before making any investment.
• Invest with your head, not with your stomach or heart. Avoid the urge to invest based on how you feel about an investment.
Both saving and investing have a place in your future. The better you manage your dollars, the more funds you can invest in the future you want. When you’re ready to get started, work with our Investment Services team, available through CUSO Financial Services, L.P. (CFS)* to find a financial plan based on your needs. Contact Todd Blessing or Erik Waldron today at: 513.243.6510 or via email at: [email protected] or [email protected].
Insurance Services is provided through CUSO Corp., a credit union service organization wholly owned by GECU Insurance Services provided through Bardon Insurance Agency, Inc. dba Insurance Services.
When Did You Last Review YourInsurance Policy?As you make plans and set goals for the new year, make time to ensure your policies are up-to-date and all of your assets are fully protected.
Insurance Services can help. Contact them today at: 513.243.8100 or email: [email protected].
Upcoming Seminars
• January 17th: Budgeting 101• January 24th: Protecting You and Your Accounts• January 29th: Tax Planning
• February 7th: Planning for Retirement• February 20th: Understanding Social Security• February 28th: Estate Planning
• March 19th: Steps to Selling Your Home• March 21st: Understanding Medicaid• March 26th: Healthcare Planning: Long-Term Care Insurance
No matter where you are in life, our seminars and workshops will help you take control of your finances!
Check out what we have planned for 2019:
Seating is limited and reservations are required.Reserve your spot today at: gecreditunion.org/cu-events.
Seating is limited and reservations are required. Reserve your spot at: gecreditunion.org/cu-events.
Questions? Contact Angela Bachmann at:[email protected] call 800.542.7093 x264.
Please RSVP
Our Annual Meeting will be held at our Reading Road office:10485 Reading RoadCincinnati, OH 45241
For primary accountholders only.
Thursday, March 14, 2019 at 4 pm64th Annual MeetingJOIN US FOR OUR
This is your opportunity to discuss the Annual Report and learn about all the exciting plans we have for the year. We encourage members to ask questions, get involved, and help shape our future!
gecreditunion.org l First Quarter 2019
Legal Services is provided through CUSO Corp.—a credit union service organization wholly owned by GECU. Legal Services provided through the law firm of Wood + Lamping LLP.
How Often Do I Need to Review My Estate Plan?Brought to you by: GECU’s Legal Services
For more details, contact the attorneys from Wood + Lamping LLP at: 513.243.8300 or visit: gecreditunion.org/legal for more information.
Other reasons to do a periodic review:• There has been a change in your marital status or that of anyone in your plan.
• There has been an addition to your family through: birth, adoption, or marriage.
• Your spouse or a family member has: died, has become ill, or is incapacitated.
• Your spouse, your parents, or other family member has become dependent on you.
• There has been a substantial change in the value of your assets or your plans.
• You have a change in income or received a sizable inheritance or gift.
• You are retiring soon.
Although there’s no rule about when you should review your estate plan, taking time to review it will give you peace of mind, while also alerting you to changes you may need to make. As a general rule of thumb, you should review your estate plan immediately after a major life event. Additionally, you should do a quick review each year and a thorough review every five years.
In October, our team members spent a chilly Saturday volunteering for Habitat for Humanity’s Rock the Block event. Stationed at Crutchfield Park in West College Hill, the GECU team helped pick up brush and trash, painted playground equipment, and laid down grass and wildflower seeds. Thanks again to Habitat for Humanity for putting on a fantastic event!
Follow GECU on Facebook to see more community updates, including:
• Annual United Way Pledge: GECU team members surpassed our 2018 goal of $14,000 and raised a total of over $19,900 to support the United Way of Cincinnati.
• Costumed for a Cure: Since 1997, our team members have dressed up on Halloween to raise funds for The Leukemia & Lymphoma Society (LLS). This tradition has generated a grand total of over $17,000 raised by GECU team members for the LLS!
GECU Gives Back
Condensed Financial Statement
Ending November 30, 2018
Number of Members .......187,130
Loans ................... $2,650,228,568
Shares .................. $2,760,875,658
Assets .................. $3,054,209,655
Member Response Center (MRC) 513.243.4328 l 800.542.7093 [email protected]
MRC HoursMon-Thur: 8 am – 5 pm, Fri: 8 am – 6 pm, Sat: 9 am – 2 pm
Online: gecreditunion.org/contact-us
Branch Locations gecreditunion.org/locations
Sourceline• During normal business hours, contact
us at: 513.243.4328 and select Option 1.• For after-hours cardholder services, call:
513.243.4328 and select Option 3.
Credit & Debit Cardholder Services• During normal business hours, contact
us at: 513.243.4328 and select Option 3. • For after-hours cardholder services, call:
513.243.4328 and select Option 1.
Contact Us
Fee Schedule Updates - Effective February 18, 2019
Bright Horizons is published quarterly by GECU for its members. Availability, terms and rates of services are current at press-time; however, they are subject to change as determined by the credit union Board of Directors without prior notice. Questions about the newsletter should be directed to the Marketing department at: [email protected]. Equal Opportunity Lender
GECU NMLS #449875Insured by NCUA
Routing Number: 2420-7682-1 Follow GECU on
DEPOSIT ACCOUNT FEESMoney Order $5.00
Cashier’s Check $5.00
Returned Item - ACH, Draft, ATM (NSF) $32.00
Returned Item - Exceeding Reg D Transfer Limits $32.00
Uncollectible Deposit (RDI) $10.00
Check Copy $5.00
Premature Account Closing (< 90 days) $15.00
Outgoing Wire Transfer - International $50.00
Outgoing Wire Transfer - Domestic $20.00
Lost ATM/Debit/Credit Card Charge $10.00
Expedited Card Delivery $49.00
Online Banking ACH Origination with Transfer (In) Free
Online Banking ACH Origination with Transfer (Out - Standard)
$3.00
Online Banking ACH Origination with Transfer (Out - Next Day)
$5.00
Stop Payment $32.00
Check Orders Varies
ATM Withdrawal - Foreign ATM (Outside of Network) $3.00
Empty Envelope Deposit $25.00
Escheatment Processing $20.00
Inactive Membership (Monthly) $6.00
Change of Terms (up to $100.00) $100.00
Mortgage Payoff Processing $30.00
Subordination Prep $250.00
Credit Card - Pay By Phone Convenience $4.00
Returned Item Charge $32.00
CONSUMER LOAN FEES
MISCELLANEOUS FEESReturn ACH/Bill Pay NSF $32.00
Statement Copy $5.00
Duplicate IRS Reporting Form $5.00
Court Order Processing/Garnishment/Levy $40.00
Returned Statement (Incorrect Mailing Address) $5.00
On-Us Check Cashing (Non-Member) $5.00
Overnight Mail $25.00
Safe Deposit Box Replacement Key $25.00
Safe Deposit Box Drilling $225.00
Account Research (Minimum One Hour Charge) $30.00
There are no charges levied against any of our accounts other than what is listed above. Each item is quoted on a “per item” basis. Any fees charged against a member’s account will reduce the APY. When you use an ATM not owned by GECU, you may be charged a fee by the ATM operator or any network used. You may also be charged a fee for a balance inquiry even if you do not complete a fund transfer.For further details, refer to your account disclosures.
Attention Share Certificate accountholders: Effective 12.10.18, you have ten (10) calendar days after the maturity date of your certificate to withdraw funds without penalty. You will receive a notification prior to certificate maturity with account details and renewal information.
As a not-for-profit cooperative with a volunteer Board of Directors, we continue to share our profits with our members in the form of lower fees, higher earnings on deposits, and lower interest on loans. As costs increase, changes are necessary to sustain the financial health of the Credit Union while staying highly competitive in the marketplace. After careful analysis, the following account fees will become effective on February 18, 2019. Bolded items denote updates.