October 1, 2024
Marking the celebration of our 70th anniversary, 2024 has been an extraordinarily important year for
General Electric Credit Union. This milestone signifies not only our longevity as your premier banking partner, but also our unwavering commitment to Improving the Quality of Financial Lives. On behalf of the entire organization, I want to thank you for helping us celebrate this year, and for your trust, support, and loyalty as a GECU member. It is an honor to serve you.
Looking at 2024 through the larger economic lens, growth has been relatively slow throughout the year. While U.S. consumer spending and gross domestic product (GDP) growth has cooled somewhat in the latter half of the year, it’s anticipated that both factors will increase heading into 2025. And with inflation forecasted to get back to target levels, next year should allow for greater consumer purchasing power and a more stable – and predictable – economic environment. As we have always done, our teams will continue monitoring market conditions, so we are well-equipped and positioned to adapt, evolve, and look ahead toward a bright future.
Key to our success is ensuring you have the best banking experiences possible. That means not only providing award-winning service with each of your interactions, but also finding ways to elevate the products and services you use. One example of this is our deposit account opening enhancement which significantly reduces the amount of time it takes to open a GECU account online, and streamlines access for those who are not yet users of Online Banking or our mobile app. We also recently enabled our debit cards with contactless chip technology. Similar to the enhancement we made to credit cards last year, members with new and reissued debit cards will be able to make secure payments by “tapping” to pay at contactless-enabled terminals – including our very own Interactive Teller Machines (ITMs).
Very excitedly, we will soon be growing our presence in the Tri-state with a long-awaited, full-service location on the West Side of Cincinnati. Those who live in, or have recently passed through, the Dent area have likely seen our new branch take shape. As we finalize construction and as our teams prepare to welcome members in, be on the lookout for information about how we will be celebrating our newest branch, soon.
We also continued to deepen our ties with our local communities throughout the year. As part of our 70th anniversary celebration, our team members committed to 170 Hours of Giving in June (our official anniversary month). I am pleased to share our team went above and beyond by generously donating more than 300 hours of their time. Additionally, in July, we partnered with the Beech Acres Parenting Center for the Equip-a-Kid backpack drive. This year, our team members collected more than 149 backpacks for this initiative, which helps students throughout the Greater Cincinnati area. These are just a few of the ways your Credit Union and our team make a positive impact, and I am truly proud of how we have helped the communities we call home.
From product and service enhancements to community giveback efforts, and much more, there has been no shortage of things to celebrate this year. As we close out another chapter and usher in our 71st year of operation, I hope you enjoy a wonderful holiday season with friends and family.
Sincerely,
Tim Ballinger
President and CEO
General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.