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
7/14 - General Electric Credit Union Offers Rate-Leading 3-Year CD
3/2 - General Electric Credit Union Has 19-Month CD Special, 3.20% APY
7/14/18 - General Electric Credit Union Adds 3-Year Bump CD
8/26/17 - 1.50% 5 Month Certificate Special In Ohio
4/1/17 - GECU Lowered Their 5 Year CD To 2.50%
9/24/15 - General Electric CU Ups Rates On 1-Year Jumbo and 5-Year CDs
8/21/14 - General Electric CU Raises Rates On 1-Year Jumbo and 5-Year CDs
8/21/14 - General Electric Credit Union 1 Yr CD 1.5%APY
8/21/14 - General Electric Credit Union 5 Yr CD 2.50%APY
4/5/12 - Rates Down But Still Competitive at General Electric CU in Ohio
9/9/11 - Top 1-Year CD Rate at General Electric Credit Union in Ohio - Local Only
1/9/11 - Top CD and Money Market Rates at General Electric Credit Union in Ohio - Local Only
3/19/06 - 5.54% 12-Month CD at an Ohio CU ($100K min)
12/6/05 - 5.38% 48-Month CD at a Ohio CU
Great Customer Service At GECU
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
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
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
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68574 |
| Year Chartered | 1954 |
| Employees | 475 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.94% |
| Return on Equity - YTD | 12.04% |
| Annual Interest Income | $61.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $4.19B$4.00B |
| Loans | Q2 2022vs Q2 2021 | $3.40B$2.87B |
| Deposits | Q2 2022vs Q2 2021 | $3.32B$3.38B |
| Equity Capital | Q2 2022vs Q2 2021 | $316.0MM$324.2MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $29.3MM$23.5MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $11.2MM$8.0MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$2.2MM |
