General Electric Credit Union


Overview / Commentary
513-243-4328
10485 Reading Rd
Cincinnati, OH 45241

To benefit the employees of General Electric Aircraft Engines, General Electric Credit Union (GECU) was chartered in 1954. In the 1980s, GECU expanded its field of membership to include several Select Employer Groups (SEGs). Today, the credit union serves over 160,000 members – primarily in Ohio, Kentucky, and Indiana. At the time of this writing, funds deposited with GECU are insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF).

GECU members have convenient and secure access to funds through online and mobile banking options. Electronic statements, ATM access, and bill pay options are also available.

General Electric Credit Union offers its members a suite of financial products and services, including the following personal depository banking products: savings accounts, Health Savings Accounts (HSAs), money market accounts, checking accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). Although basic savings account is required for membership, holiday and vacation “club” accounts are available as well. The credit union’s money market account offers higher, tiered interest rates – depending upon the account balance. GECU offers Traditional, Roth, and Educational IRA products, and its share certificates (CDs) range in terms from 182 days to 5 years, with IRAs and HSAs available as certificates.

As for business deposit account products, General Electric Credit Union provides a business savings account (required for membership), two business checking account options, a business money market account, and business share certificates (CDs).

Field of Membership Restrictions

Membership in General Electric Credit Union is open to individuals who live, work, worship, or attend school in the Ohio counties Adams, Brown, Butler, Champaign, Clark, Clermont, Clinton, Darke, Delaware, Fayette, Franklin, Greene, Hamilton, Highland, Madison, Miami, Montgomery, Pickaway, Preble, Shelby, and Warren, or the Kentucky counties of Boone, Bourbon, Campbell, Fayette, Grant, Harrison, Kenton, Pendleton, or Scott. Individuals who live or work in the Indiana counties of Dearborn, Franklin, Ohio, Switzerland, or Union also qualify for membership. Employees and retirees of General Electric Company Aircraft Engine Division or General Electric Company in Greater Cincinnati and more than 335 other SEGs are eligible to join. Employees and students (and their family members) of Kings Local Schools, Loveland City Schools, and Mason City Schools are welcome to apply, as are parishioners of All Saints Church, Assumption Catholic Parish, Crestview Presbyterian Church, Forest Chapel United Methodist Church, Glen Este Church of Christ, North Cincinnati Community Church, Sharonville United Methodist Church, St. Michael's Church, or True Holiness Covenant of the Peace Woodlawn Assembly.
See current membership details

Related Posts

General Electric Credit Union 5-Year CD Now Earns 4.00% APY - 9/26/2022

General Electric Credit Union (OH/KY/IN) 5-year Certificate is a rate leader, following a recent 50 bps increase. Rates are accurate as of 9/26/2022.

General Electric Credit Union Offers Rate-Leading 3-Year CD - 7/14/2022

General Electric Credit Union (OH/KY/IN) has more than doubled the rate on its 3-year Certificate, making it a 3-year CD rate leader. Minimum opening deposit is $500.

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Great Customer Service At GECU

Posted by: |

You can always count on the best customer service from this credit union.

Overall Positive

My experiences have been positive.
Service level varies depending on the experience of CSR.
Always a good idea to ask lots of questions and think about them prior to speaking with CSR.
I had to train one teller on one specific point about CDs.
CD rates are competitive.
Cash Back Credit Card according to website at:
https://www.gecreditunion.org/home/accounts/credit-cards

Absolutely Terrible Customer Service

Posted by: |

I don't normally write business reviews but with the experiences I've had with General Electric Credit Union's customer service, I felt compelled.

First , I should say that they have provided me with the lowest car loan payment rates the last two times I purchased a car . Unfortunately, that is the only positive thing I can say for them .

I have had multiple issues with logging into my online bill pay . This forced me to have to call them directly. Each time I have to call them I dread it ! I have learned that It is best to wait for a time to call when I have absolutely nothing else to do that day, since I am on hold a minimum of 10 minutes. One time I hung up at the 20 minute marker . Once they do answer, I usually end up with some very unfriendly representatives , which is exactly what you want to deal with after being on hold that long . I believe I had one that was polite once ( out of at least 8 I spoke with ).

All in all the rates are good but they need to work really hard on improving their customer service . It's bad enough that this will be the last time we use them.

Amplified Checking Rate No Longer Tied To Treasury

Posted by: |

With no warning or notice, the Amplified Checking rate is no longer tied to 1-month treasury yields. Rate has been stuck at ~1%, it should be 2.5%+ completely uncompetitive and useless now in today's rate environment.

As recently as last year the rate used to be adjusted weekly, with the following terms:
$250,000 - $999,999.99 - Variable based on 1-Month Treasury Bill + .10% (margin)
$1,000,000+ - Variable based on 1-Month Treasury Bill + .35% (margin)

I really enjoyed banking locally with them for years, but I'll be moving elsewhere

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Health
B+

Health Grade Components

Overall
NCUA #68574
Year Chartered1954
Employees475
Primary Regulator
Profit Margin
Return on Assets - YTD0.94%
Return on Equity - YTD12.04%
Annual Interest Income$61.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$4.19B$4.00B
LoansQ2 2022vs Q2 2021$3.40B$2.87B
DepositsQ2 2022vs Q2 2021$3.32B$3.38B
Equity CapitalQ2 2022vs Q2 2021$316.0MM$324.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$29.3MM$23.5MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$11.2MM$8.0MM
Real Estate OwnedQ2 2022vs Q2 2021$0$2.2MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not General Electric Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

General Electric Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%$1k-HSA Checking
0.05%$5-Share Savings
0.05%$5-IRA Share Savings
0.05%$5-Christmas Club
0.05%$5-Vacation Club
0.05%$5-Business Savings

General Electric Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%*$100k*-Business Advantage Money Market
OTHER TIERS: 0.55% Up to $25k | 0.75% $25k - $100k
1.55%*$250k*-Thrive Money Market
OTHER TIERS: 0.75% $100 - $5k | 0.80% $5k - $25k | 1.10% $25k - $250k
1.55%*$250k*-IRA Money Market
OTHER TIERS: 0.75% $100 - $5k | 0.80% $5k - $25k | 1.10% $25k - $250k

General Electric Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.15%*$1m*-Amplified High-Yield Checking
OTHER TIERS: 0.30% Up to $1.5k | 0.45% $1.5k - $50k | 0.80% $50k - $250k | 1.10% $250k - $1m
1.00%--Business IOLTA
0.25%*$25k*-Premier Business Checking
OTHER TIERS: 0.10% $10k - $25k
0.10%*$5k*-Choice Checking
OTHER TIERS: 0.05% Up to $5k

General Electric Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%--5 Year Share Certificate
4.00%--Business 5 Year Share Certificate
3.80%--3 Year HSA Certificate
3.80%--3 Year Share Certificate
3.80%--Business 3 Year Share Certificate
3.80%$250k-2 Year Jumbo Plus Share Certificate
3.80%$250k-Business 2 Year Jumbo Plus Share Certificate
3.75%--5 Year Bump Certificate
3.75%--Business 5 Year Bump Certificate
3.50%$100k-2 Year Jumbo Share Certificate
3.50%$100k-Business 2 Year Jumbo Share Certificate
3.50%$250k-1 Year Jumbo Plus Share Certificate
3.50%$250k-Business 1 Year Jumbo Plus Share Certificate
3.30%--2 Year Share Certificate
3.30%$100k-1 Year Jumbo Share Certificate
3.30%--2 Year HSA Certificate
3.30%$100k-Business 1 Year Jumbo Share Certificate
3.30%--Business 2 Year Share Certificate
3.20%--18 Month Share Certificate
3.20%--18 Month HSA Certificate
3.20%--Business 18 Month Share Certificate
3.00%--1 Year Share Certificate
3.00%--1 Year HSA Certificate
3.00%--Business 1 Year Share Certificate
2.75%--3 Year Bump Certificate
2.75%--3 Year HSA Bump Certificate
2.75%--Business 3 Year Bump Certificate
2.70%--9 Month Share Certificate
2.70%--9 Month HSA Certificate
2.70%--Business 9 Month Share Certificate
2.60%--6 Month Share Certificate
2.60%--6 Month HSA Certificate
2.60%--Business 6 Month Share Certificate
2.55%--11 Month No Penalty Share Certificate
2.55%--Business 11 Month No Penalty Share Certificate
1.60%--3 Month Share Certificate
1.60%--3 Month HSA Certificate
1.60%--Business 3 Month Share Certificate

General Electric Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%--5 Year IRA
3.80%--3 Year IRA
3.80%$250k-2 Year Jumbo Plus IRA
3.75%--5 Year Bump IRA
3.50%$100k-2 Year Jumbo IRA
3.50%$250k-1 Year Jumbo Plus IRA
3.30%$100k-1 Year Jumbo IRA
3.30%--2 Year IRA
3.20%--18 Month IRA
3.00%--1 Year IRA
2.75%--3 Year Bump IRA
2.70%--9 Month IRA
2.60%--6 Month IRA
1.60%--3 Month IRA
Locations

Availability

Cincinnati Area

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