G e n e r a l E l e c tric C r e d it U n i o n Fourth Quarter 2017 General Electric Credit Union (GECU) B RIGHT H ORIZONS You’ve worked hard for your money, it’s me it works hard for you. As the Best Credit Union in Cincinna, 2 we’re well posioned to help you reach your savings goals. Choose from a variety of cerficate terms with area-leading rates. Our Cerficate Special makes our savings opons beer than ever. For a limited me, take advantage of our 125-Day and 150-Day Jumbo Cerficates. With excellent rates and short terms, your money can help you earn more. Great savings don’t stop there. If you’re looking for a great return with flexibility and access to your money, our Money Market Plus account is the answer. Learn more about these accounts, or view our other cerficate opons at: gecreditunion.org/deposits. 1 Offer subject to change at anyme. APY = Annual Percentage Yield. * Cerficate Special: New money only: “new money” is defined as money that is not currently, or was not previously in the last 90 days, on deposit in any GECU account. This offer, including the stated APY, is effecve September 15, 2017. GECU reserves the right to end or modify this offer at any me. Not available for IRAs or HSAs. Offer is good on the inial term only. Your Share Cerficate will automacally renew at the end of the term. GECU will send you a maturity noce prior to renewal. Please read it carefully. GECU may change the type, term, or other features of your Share Cerficate by giving you noce. If GECU makes a change, they will tell you about the change in the maturity noce. Fees may reduce earnings. Subject to early withdrawal penales. Please refer to the Account Disclosures at: gecreditunion.org for all account informaon. 2 CityBeat Magazine “Best Of” Edion. March 29, 2017. Inside This Issue: 2 A Message from Our CEO 3 3 Reasons to Avoid a Store Credit Card 5 Items to Consider When Seng Rerement Goals 6 Tips for Bypassing Probate 4 Prepping Your Home to Sell in the Spring Guaranteed Earnings Without The Risk CERTIFICATE SPECIAL 1.25 125-Day Certificate Minimum balance of $500 1.50 APY 1 % 150-Day Jumbo Certificate Minimum balance of $100,000 Limited me offer. New money only. 1 APY 1 % 92867_NewsQ4_2017
Transcript
Gen
eral Electric Credit UnionFourth Quarter 2017
General Electric Credit Union (GECU)
Bright horizons
You’ve worked hard for your money, it’s time it works hard for you. As the Best Credit Union in Cincinnati,2 we’re well positioned to help you reach your savings goals. Choose from a variety of certificate terms with area-leading rates.
Our Certificate Special makes our savings options better than ever. For a limited time, take advantage of our 125-Day and 150-Day Jumbo Certificates. With excellent rates and short terms, your money can help you earn more.
Great savings don’t stop there. If you’re looking for a great return with flexibility and access to your money, our Money Market Plus account is the answer.
Learn more about these accounts, or view our other certificate options at: gecreditunion.org/deposits.
1Offer subject to change at anytime. APY = Annual Percentage Yield. *Certificate Special: New money only: “new money” is defined as money that is not currently, or was not previously in the last 90 days, on deposit in any GECU account. This offer, including the stated APY, is effective September 15, 2017. GECU reserves the right to end or modify this offer at any time. Not available for IRAs or HSAs. Offer is good on the initial term only. Your Share Certificate will automatically renew at the end of the term. GECU will send you a maturity notice prior to renewal. Please read it carefully. GECU may change the type, term, or other features of your Share Certificate by giving you notice. If GECU makes a change, they will tell you about the change in the maturity notice. Fees may reduce earnings. Subject to early withdrawal penalties. Please refer to the Account Disclosures at: gecreditunion.org for all account information. 2CityBeat Magazine “Best Of” Edition. March 29, 2017.
Inside This Issue:
2A Message from
Our CEO
33 Reasons to Avoid a Store Credit Card
5Items to Consider When Setting Retirement Goals
6Tips for Bypassing
Probate
4Prepping Your Home to
Sell in the Spring
Guaranteed Earnings Without The Risk
CERTIFICATE SPECIAL
1.25 125-Day CertificateMinimum balance of $500
1.50 APY1
%150-Day Jumbo CertificateMinimum balance of $100,000
Limited time offer. New money only.1
APY1
%
92867_NewsQ4_2017
A MESSAGEFROM OUR PRESIDENT & CEO TIMOTHY D. BALLINGER
As we finalize our system conversions, I’d like to take the opportunity to express our sincere appreciation for your continued patience these past couple months; your support has allowed us to provide you a better way to bank with us, whether you’re online or in a branch.
Since our systems went live on July 3rd, every employee has been instrumental in addressing member concerns and questions. In July alone, the month of our conversions, we handled over 90,000 calls (a typical month yields around 40,000). We also saw a significant increase in email communication and within our branches during this time.
As we begin to settle into our new processes, I’m confident in our ability to adjust to new member service and administrative procedures. Change can be difficult. While we encountered hiccups as expected along this journey, we made the best choice for
our continued growth by creating a foundation we can build from.
We find ourselves ready to enter an era of growth, opportunity, and service. Our system enhancements enable us to serve you more efficiently. With the best tools now in our toolbox, we have the ability to construct best-in-industry products and services. In fact, we’ve already begun creating new member and business products. Coming soon in 2018, we will launch new products and services throughout the year and enhance our communities through increased volunteer work and further develop initiatives to give back.
Our conversions and ongoing changes to improve member service are
instrumental as we continue to evolve as your trusted financial partner. Improving the Quality of Your Financial Life has been our driving force, and will continue to be our mission as we move forward. This is only the beginning – we have big things in store. I’m happy you are with us and we are excited about our future together. From all of us at GECU, thank you.
Your support has allowed us to provide you a better way to bank with us, whether you’re
online or in a branch.
“ “Volunteer For Your Credit UnionWe are seeking Board of Director candidates. Three positions are available.
Completed applications must be returned by 5pm on, or postmarked by, Friday, October 13, 2017.
Need an application or have questions? Contact Angela Bachmann at:513.243.4328 ext 264 or [email protected].
Candidates must be a General Electric Credit Union member in good standing and at least 18 years of age.
WE APPRECIATE
YOU!
gecreditunion.org l Fourth Quarter 20172
92867_NewsQ4_2017
21ST ANNUALRobert A. Cunningham Memorial ScholarshipIn memory of Robert A. Cunningham, we’ll reward five students who portray the spirit of volunteerism with a one-time award of $2,000 each.
For details and an application, visit: gecreditunion.org/promotions, stop by any office location, or give us a call.
Applications must be postmarked by Tuesday, January 16, 2018.
3 Reasons to Avoid a Store Credit Card This SeasonWhen shopping for the holidays, the checkout counter is not the right place to make a quick decision about your credit. Before you impulsively open a credit card at your favorite store, first read the fine print and consider the reasons below.
The interest rates are too high.
Many stores offer attractive sign-up rewards to get your attention. At the end of the day, their APR is often considerably higher than traditional credit cards because there are lower credit limits and higher-risk applicants. Store cards charge an average of 23.84% interest with a short
introductory rate.1 Read the fine print before signing up.
They cause you to buy impulsively.
Stores will entice you to spend on their card by giving promotional offers such as sales, discounts, or rewards – don’t fall for it! You may be saving on that purchase, but spending more in the long-run on items you wouldn’t normally buy without the unique offer.
Your earnings are limited.
Store credit cards are most beneficial if you’re particularly loyal to that retailer and, for some, you need to
meet minimum spending requirements to receive rewards. Comparatively, traditional credit cards give you the ability to earn wherever you shop, on any purchase.
Ultimately, it comes down to your own buying habits and lifestyle. Plan ahead this holiday season and find a card to fit your needs. Whether you’re looking for travel rewards, cash back, or just a great rate, traditional credit cards will help you get through the holiday season without losing out by paying more.
1Store-Branded Credit Cards Charge All-Time High Interest Rates. Time.com, 20 October 2016. http://time.com/money/4537383/store-brand-ed-credit-cards-interest/
ClaaicGeneral ElectricCredit Union
00/00
CARDHOLDER NAME
4000 1234 5678 9010
General ElectricCredit Union
4000 1234 5678 9010
CARDHOLDER NAME
4000 1234 5678 901000/00
CARDHOLDER NAME
SignatureVisa
Low rates. Flexible spending.An everyday card for you.Discover your perfect fit. | gecreditunion.org/credit-cards
3
92867_NewsQ4_2017
This Season, GO MOBILE.
Meet Emily. Today, her goal is to cross another holiday gift off her list of things to do.
11:20 am: Arrives at the mall.
11:30 am: Receives low balance alert for her checking account. Logs in to her mobile app securely using Eyeprint ID.
11:35 am: Initiates a transfer from her savings account to her checking account.
11:40 am: Finds the perfect gift for her mom.
Your finances don’t always fit your schedule, but that doesn’t mean you can’t be in control. Go mobile.
Visit gecreditunion.org/mobile-banking to download our app.
If you’re looking to sell your home next year, there are steps you can take now to increase your chances of selling come spring.
HIRE YOUR AGENT NOWThere’s no time like the present! An experienced agent can assist you by touring your home and pointing out areas that may need updating, giving you time to make changes. They will also have a well-established client base to connect you with once it comes time to sell.
DETERMINE YOUR HOME’S VALUEWork with your agent to place a realistic value on your home. You may break even or profit from any remodeling you’ve done or plan to do.
SET UP A HOME INSPECTIONTraditionally, a potential buyer would require an inspection pending the closing of an offer. Take your home to the next level by having it inspected and repairing any issues before placing it on the market. This will allow plenty of time for you to find a trusted team to address issues and set you apart from other homes in the area.
DECLUTTERNot only will decluttering make your home look better to potential buyers, it will also make your move exponentially easier.
If you’re thinking of purchasing or selling a home, contact Real Estate Services at: 513.243.8600.
4
Prepping Your Home to Sell in the SpringBrought to you by: Real Estate Services$ Have you reviewed
your home’s policy lately?
Let the professionals with our Insurance Services assist you in reviewing your home’s policy.
Our professionals act as brokers, researching multiple companies to find the best policy and pricing for
your unique needs.
For more details, contact them at: 513.243.8100.
92867_NewsQ4_2017
October 16th: Elder Law
Elder Law is a collection of potential issues a person deals with when approaching their elderly years. Join us for a panel discussion on these topics: understanding Medicaid, planning for long-term care, and determining who will make decisions on your behalf.
October 26th: Income Planning
Investment Services, through CFS, shares techniques to help stretch your income during retirement. This seminar will focus on: how to plan for retirement and beyond, steps to estimate the funds you’ll need in retirement, and strategies to help meet your goals.
November 13th: Estate Planning
An estate plan is a map of how you want your personal and financial affairs to be handled in the future. This seminar will focus on essential documents, some key tax basics that can affect your plan, and the importance of an estate plan.
Join us for complimentary seminars presented by experts from
Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.
Here are some factors to consider when determining a retirement savings goal:
RETIREMENT AGEIn reality, many people anticipate that they will retire later than they actually do; unexpected issues, such as health problems or workplace changes (downsizing, etc.), tend to stand in their way. Of course, the earlier you retire, the more money you will need to last throughout retirement.
LIFE EXPECTANCYAlthough you can’t know what the duration of your life will be, a few factors may give you a hint. You should take into account your family history — how long your relatives have lived and diseases that are common in your family — as well as your own past and present health issues. Also consider that life spans are becoming longer with recent medical developments.
LIFESTYLEDo you want to travel? Are you planning to be involved in any philanthropic endeavors? Are there
any hobbies you would like to pursue? The answers to these questions can help you decide what additional costs your ideal retirement will require.
INFLATIONInflation has the potential to lower the value of your savings from year to year, significantly reducing your purchasing power over time. It is important for your savings to keep pace with or exceed inflation.
SOCIAL SECURITYMany retirees believe that they can rely on their future Social Security benefits. However, this may not be true for you. The Social Security system is under increasing strain as more baby boomers retire and fewer workers are available to pay their benefits.
AND THE TOTAL IS...After considering all these factors, you should have a much better idea of how much you need to save for retirement.
Our Investment Services CFS* Registered Representatives, Todd Blessing and Erik Waldron, will sit down with you side-by-side to better understand your unique situation and goals and help you create a retirement savings plan for you. You may contact them at: 513.243.6510 or by email at: [email protected] or [email protected].
Items to Consider When Setting Retirement GoalsBrought to you by: Investment Services
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
*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.
$
92867_NewsQ4_2017
Condensed Financial Statement
Ending August 31, 2017
Number of Members ..........177,969
Loans ...................... $2,681,541,487
Shares ..................... $2,504,340,142
Assets ..................... $2,898,132,312
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.
Equal Opportunity LenderGECU NMLS #449875
Federally Insured by NCUA
Tips for Bypassing ProbateBrought to you by: Legal Services
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.
Onlinegecreditunion.org/contact-us
Contact Us
You may have heard about the horrors of probate, but in truth, probate has gotten an undeservedly bad reputation, especially in recent years. If you bypass probate, your estate will go to your beneficiaries without any court proceeding, and you may save a certain amount of time and expenses. However, there is usually little reason for most people to avoid probate today. States continue to revise their probate laws, making them more consumer friendly, particularly for small estates.
Some major drawbacks to probate do exist, including the time it can take. The process averages six to nine months to complete, but may take up to two years or more for some complex estates, tying up the assets that your family may need immediately.
If you feel that the size and complexity of your estate warrant exploring alternatives to probate, you may want to consider one or more of the following:
Transfer your assets to a revocable living trustA trust is like a basket that holds your assets. A revocable living trust
is flexible enough to include almost any asset that you own. While you are living, you can act as the trustee and can add or remove property as you see fit. You can also terminate or amend the trust at any time. When you die, your successor trustee distributes the trust assets to the trust beneficiaries, according to the trust agreement.
Own property as joint tenancy with rights of survivorshipAssets owned as joint tenancy with rights of survivorship pass automatically to the surviving joint owner(s) at your death. To establish joint ownership, you may need to: record new real estate deeds, titles for your car or boat, stock and bond certificates, statements of account for mutual funds, registration cards for your bank accounts, and other assets.
Designate beneficiariesAssets pass outside of probate if you establish payable-on-death provisions for your savings accounts and certificates. Ask your agent to set up transfer-on-death provisions for brokerage accounts containing stocks, bonds, or mutual funds. Your retirement accounts, such as profit-sharing plans, 401(k)s, and IRAs
can also pass along to designated beneficiaries. Finally, life insurance death proceeds will avoid probate, provided you name a beneficiary other than your estate.
The path you choose to take to avoid probate depends upon your individual situation. For more information please contact our Legal Services team at: 513.243.8300.
6
Monday, October 9, 2017 In observance of Columbus Day
Saturday, November 11, 2017 In observance of Veterans Day
Thursday, November 23, 2017 In observance of Thanksgiving Day
Monday, December 25, 2017 In observance of Christmas Day
Monday, January 1, 2018 In observance of New Year’s Day
UPCOMINGHoliday Closings
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
