Six Things You Need to Teach Your Teen About Money

Six Things You Need to Teach Your Teen About Money

How old were you when you opened your first checking account? In today’s world of technology, contactless payments, and mobile wallets, the average age of first-time debit card users is getting younger and younger.

Back in my day (which doesn’t feel that long ago), your parents helped you open a checking account and get a debit card when you got your first job. Before that, you paid for everything with cash, and there wasn’t a need for anything else. There was no Apple Pay or Venmo. I couldn’t even press the internet button on my flip phone without being worried I would bankrupt my parents.

That was then, this is now. Thanks to modern technology advancements, a worldwide pandemic, and a coin shortage, physical cash has become a thing of the past. So what does this mean for future generations?

Simply put, it means we (parents of young impressionable teens) have to start teaching our kids how to handle money at a younger age. We have to do more than just give them a piggy bank and hope for the best. It is our job as parents to give our teenagers the tools they need in order to one day become financially stable adults in an electronic-driven world.

If you, too, are a parent of a teen or pre-teen, these are some suggestions to help you along the way.

1. Open a Student Checking Account

If your kid is 13 or older, they are eligible to have their own Student Checking account. Include them in the process, whether you are opening their account online or in person. Since they are under 18, you will be a joint owner on their account and can monitor their saving and spending as well. They will also receive their own debit card that they can use anywhere that accepts VISA.

2. Set up their Online Banking & Download the Mobile App

Help them create a login for online banking and teach them how to navigate all the different features available. If they have a phone or tablet, have them download the GCEFCU mobile app for free from the Apple or Google Play store. Practice depositing a check into their account electronically by using the Deposit Check (RDC) feature in the mobile app.

3. Teach Them How to Use Their Debit Card Safely

Contrary to what many children believe, a debit card is not a magical piece of plastic that lets you buy anything for free. Explain to your teen that they should only use their debit card at places that they trust, and only if they have enough in their checking account to cover the cost. After they use their debit card a few times, have them log into their online banking to see their transactions.

4. Create a Habit of Saving Money

Good savings habits start early and last a lifetime. If you instill the importance of saving money at a young age, chances are it will grow with them into adulthood. Teach them to pay themselves first by putting a certain percentage of any money they get into their savings account. As an extra perk, you can even transfer them an allowance for chores completed.

Another great way to teach savings is with a Dollar Up account. Every time your teen uses their debit card, the transaction amount will be rounded up to the nearest dollar, and the change deposited into a savings account. It is an easy way to show how saving just a little bit of money can go a long way.

5. Practice Safe Spending

If your teen is going to be using their debit card for online purchases it is essential that you go over safety precautions. Fraudsters steal from young people just as easily as they steal from the elderly. Make sure they know to only make purchases from secure websites, which have https at the beginning. In addition, explain that they should never give out their PIN or online banking login and password to anyone.

6. Don’t Forget to Teach the Basics

As common as debit cards are, it is still important to teach your kid the basics of managing money. Teach them how to write a check, what a routing number is, and how to fill out a deposit slip. Most importantly, educate them on the value of a creating & abiding by a budget.

Some Tips for the Parents

If you are thinking, “my kid isn’t responsible enough to have their own debit card,” you are not alone. But most people, teenagers included, are ignorant in certain areas until they have experience to help them improve. With a Student Checking account, you have full access to their account and can monitor their saving, spending, and even choose their daily limits. Plus, you can see exactly how much they spent on something (and if they owe you any change).

As always, if you ever have any financial related questions, don’t hesitate to give the credit union a call.

From one parent to another – Good luck!


Post author: Caylee Smith, CUCME

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

The 7 Basics of Budgeting

The 7 Basics of Budgeting

Do you want to get control of your finances but don’t know how or where to start? Are there financial goals that you have but can’t seem to reach? Do you ever ask yourself “Where does all of my money go?” You aren’t alone.

Setting a savings goal or getting out of debt are challenges that can be achieved with a little planning and discipline. Understanding the flow of your money, developing a plan, and committing to your budget are the keys toward financial stability and achieving your financial goals.

1. Ensure that all household parties are involved and determine goals

Building a successful budget depends on the participation of your entire household. When your partner and/or children set goals and are in agreement with the budget it assists in minimizing potential conflicts. If your goal is to save for a family vacation in 2 years, that is something that everyone can work toward! Goals can be as simple as reducing debt or as complex as purchasing a home in cash. For some individuals it may be surprising or uncomfortable to delve into spending habits, but objectively focusing on goals and building a secure financial future is a positive building block.

2. Review your recent account statements

The first step to building a budget is to determine where your money is being spent. A good starting point is to review at least two months worth of statements to average your transactions and view trends. As you review your statements, it is necessary to create a tally of expenses based on categories. Be sure to categorize every transaction listed on your statement – leaving out transactions can exclude important information on where your money is being spent. Some example categories include income, housing expenses, loan payments, transportation expenses, groceries, etc.

3. Compare your income and expenses to determine if there is a deficit

One of the biggest pitfalls of personal finance is overspending. When your expenses exceed your income you may be on a slippery slope towards increasing your debt. If you review your statements and see a deficit between your income and your expenses, you will need to evaluate your expenses to see what areas you can cut back on spending. Although easy solutions for reducing spending include not eating out or purchasing coffee, there are many more areas that can make a difference in saving. Here are some areas that may benefit you in reducing monthly costs:

  • Household expenses: The Department of Energy states that you can save as much as 10% a year on heating and cooling by simply turning your thermostat back 7°-10°F for 8 hours a day from its normal setting. Being conscious of turning off appliances and electricity use can also help save money on your monthly bills.
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  • Insurance: If you pay high premiums for your auto or home insurance you may be inflating your monthly expenses. It is always a good idea to review your insurance policies on a yearly basis to ensure that you are receiving an affordable rate. Be sure to review your policy details as well to remove add-ons like rental or roadside insurance if these are not services that you need. GCEFCU is proud to offers in-house insurance services for auto, home, and more! Click here for more information or to receive a quote.
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  • Reviewing pay stubs: Your pay stub can provide a good indication of how much income you receive or could potentially receive. If you have recently experienced a life event such as a new child, marriage, divorce, or other qualifying event you should consider reviewing your tax filing status. Changing your filing status or dependents with your employer can potentially change the amount of your take home pay or tax refund. Although it may seem nice to receive a larger refund check annually, it may be more beneficial to receive more money per paycheck. If your essential expenses are exceeding your income, you may also want to adjust your employer-sponsored retirement plan contributions. It is extremely important to save for retirement, but it is also important to be financially stable in order to not carry excessive debt into retirement.
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  • Subscriptions: As subscription based entertainment is becoming more popular, many people find themselves enrolled in more subscriptions than they need. Removing extra subscriptions for similar products such as tv shows, gyms, fashion items, etc. can save money over the course of a month.
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  • Transportation: Although the convenience of a vehicle is important to most individuals, transportation costs can become excessive. In some cases carpooling, utilizing public transportation, or taking a bicycle could save on monthly expenses. You can also reduce transportation expenses by avoiding tollways or extensive road trips unless necessary.

4. Review and organize current debt obligations

To accurately assess your current debt, you should review any balances owed, interest rates, payment amounts, and payment frequencies. Once this information has been obtained, you can then organize your debt by interest rate. Debts with the highest interest rates are often the best option to start repaying first. The more interest you pay on a debt over time the more expensive that debt will become. It may also be helpful to combine unsecured debts to the lowest interest rate option available. For example, if you have multiple credit cards it may be advantageous for you to consolidate your balances to the card with the lowest interest rate. GCEFCU offers free balance transfers for our members who wish to consolidate their credit card debt.

5. Create a spending plan

A spending plan breaks down your expenses into essential bills, analyzes your income, and designates how you will allocate your remaining funds. Every dollar must be accounted for within your spending plan. If you receive a bonus or other unexpected income, this should be included in your spending plan as well. One of the most important aspects of a spending plan is to create set-aside savings. Set-aside savings prevents you from creating additional debt by instead saving ahead for recurring or unexpected expenses that may not come in the form of a monthly bill. These expenses can include annual insurance premiums, property or income tax, vehicle registration fees, or vehicle maintenance fees. If you are a homeowner, these unexpected expenses could include appliance replacement, hurricane preparation, and emergency repairs. If you have children these expenses could include sports fees, new clothes, doctor visits, school supplies, etc.

6. Create a debt repayment schedule

Within your spending plan you will also need to allocate funds for debt repayment. Once you start to repay your debt, you will begin to see a snowball effect. The snowball effect begins when you set aside a certain amount each month on top of your required minimum payment that goes towards the principal amount of your debt. Once one debt is paid off, you will be able to include the extra amount you set aside and the minimum payment amount of the debt you paid off towards another debt. For example, if you pay $100 in addition to your $50 regular payment for a credit card, once your credit card is paid off you will have $150 to put towards another debt. Seeing a timeline of when your debts will be paid off begins to provide you a true sense of relief and accomplishment that your financial goals are attainable. Click here for a free resource to develop a personalized debt elimination plan.

7. Maintain financial health

Congratulations! Once you have created a budget, spending plan, and debt repayment strategy you are ready to focus on maintaining your financial health. Maintaining your financial health includes avoiding excessive debt, maintaining savings habits, planning for retirement, and investing your funds in accounts that provide you a high rate of return. To view what options GCEFCU has for maintaining your financial health, please click here.


Post author: Elizabeth Thornton, CCUFC

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

Credit Score Simulator is like having a Crystal Ball

For years, members have asked our team how certain things would affect their credit score. Our team members who deal with these questions consistently would be able to offer sound advice and examples of how different credit decisions could affect a score. But they didn’t have a crystal ball so the explanations would be educated, generic estimates.

As a part of empowering our members with the latest financial tools, we began offering SavvyMoney last year so that members had access to their credit report, score and recommendations instantly. Credit plays a huge role in financial health.

In a recent release, a new feature gave me the answer to the question I had about how a car loan for my daughter’s first car would affect my credit. The Credit Score Simulator gave me some good news and the damage to my score wasn’t as bad as I expected. It really was like having my own credit crystal ball.

While the simulator can’t guarantee the actual rise or drop in score, it is comforting to be able to get a sense of how decisions related to credit could impact my score. Here are some of the activities you can put into the simulator to see how they could impact your score:

  • Adding new loans by type, including Auto, Personal and Mortgage

    credit score down

    Example of simulated credit score where one month of payments missed.

  • Adding new credit cards and balance transfers
  • Increasing balances on cards
  • Raising limits on cards
  • Paying off credit cards
  • Missing monthly payments
  • Making on-time payments

After going through each one, I decided that this would be a good tool to show to my soon to be 18 year old who will no doubt begin receiving credit card offers on her birthday. When I showed her what would happen to my score when I missed monthly payments, she gasped at my score dropping more than 100 points. I think it was a good lesson that hopefully she takes to heart.

I encourage you to log in and get started managing your own credit score. It really is like having a crystal ball which can help you make better decisions when it comes to your credit score.

 

Post author: Jamieson Mackay, CCUFC

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

GCEFCU named one of 2021’s Best of the Best

Gulf Coast Educators FCU Designated a “Best of the Best” Credit Union for 2021

 

Pasadena, TX, February 17, 2021: MemberXP, a credit union member experience measurement platform, has named Gulf Coast Educators Federal Credit Union one of their 2021 Best of the Best award winners.

The coveted Best of the Best award is given each year to credit unions that have consistently provided exceptional member service, as reported by their own members. Only the highest-performing credit unions utilizing the MemberXP platform are given this honor. The Best of the Best award is independently granted by MemberXP based on specific and rigorous criteria. Taking into consideration the extreme challenges of delivering extraordinary member service during a nation-wide pandemic and economic crisis, this year’s award winners reflect some of the most agile and responsive credit unions.

MemberXP is a platform that allows credit union members to provide immediate feedback on the service they receive. Serving credit unions in the United States and Canada, MemberXP uses mystery shoppers and member surveys to gauge the overall member experience across multiple delivery channels, then deliver that data on an intuitive dashboard. The platform tracks specific experiences, such as applying for a loan, conducting a transaction — mobile, online or in branch — or opening a new account, and turns qualitative data into quantifiable and actionable information for the credit union.

“We are proud of our employees and how they have worked diligently during this time to ensure our members have a great experience. It is humbling to know that even during unprecedented times, our team is able to continuously deliver top quality service that our members have come to expect from their credit union,” remarked Eric Stegall, Chief Operations Officer of Gulf Coast Educators FCU.

“Throughout the last year, credit unions have once again shown they are willing to go above and beyond to connect and serve their members, no matter the challenges,” said Dave Adams, president and CEO of CU Solutions Group. “Every year the Best of the Best awards turns our attention to the trailblazers in our industry, that are truly dedicated to delivering brand-defining experiences and unparalleled member service dedication.”

About Gulf Coast Educators FCU: In 1948, eleven Pasadena ISD educators got together and formed what today remains a credit union dedicated to serving the financial needs of school employees in the state of Texas. The credit union offers its member-owners a full line of banking services, but through a cooperative ownership structure. To learn more about the credit union, visit www.gcefcu.org.

About CU Solutions Group: Headquartered in Livonia, Mich., CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Intuit TurboTax®, GSTV and CU Risk Intelligence. For more information, visit CUSolutionsGroup.com.

About MemberXP: MemberXP provides actionable member research to credit unions via MemberView, its omnichannel voice of member platform and MemberShoppers, its mystery shopping platform. MemberXP serves credit unions across North America and in Canada ranging in asset sizes of $100 million to over $9 billion. Learn more about MemberXP’s Best of the Best Awards at MemberXP.com/best-of-the-best-award/.


For Immediate Release
Caylee Smith, Marketing Director – csmith@gcefcu.org

Filing Your Taxes

Get Your Maximum Refund and Special Savings on TurboTax

turbo tax imageIt is officially tax time – Have you filed your taxes yet? If not, we have a few resources to help you out along the way. Getting your biggest possible tax refund has never been easier, whether you have simple or complex taxes. In addition, as a Gulf Coast Educators FCU member, you can file your taxes with Turbo Tax and receive up to $15 off.

  • Taxes made easy. Just answer questions about your year, anytime and from any device, and TurboTax fills in all the right forms for you.
  • Real experts standing by. With TurboTax Live, get unlimited advice from tax experts as you do your taxes — or have everything done for you, start to finish.
  • Done right, guaranteed. Most importantly, TurboTax guarantees 100% accurate calculations, so you can be confident your taxes are done right.

Gulf Coast Educators FCU works with TurboTax to provide special savings for our valued members. As a result, you can get up to $15 off TurboTax federal products. Click the button below to get started.

 

 

 


Disclaimer: Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2020. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.

Tax Credits vs Deductions

Tax Credits Are Often More Valuable Than Deductions

man and woman on computerIf you are confused about the difference between a tax deduction and a tax credit, you are not alone. A deduction is subtracted from your income, lowering your taxable income and your income tax. But a tax credit kicks in after you have computed your income tax, reducing that income tax dollar-for-dollar.

You must choose between taking a standard deduction or itemizing your deductions. Since the standard deduction is now $12,400 per taxpayer, even more for seniors over 65, it won’t benefit most people to itemize unless they have a hefty home mortgage or huge medical expenses.

But even if you take the standard deduction, there still are a few deductions you can claim and many credits for which you might qualify. Here are some of the more popular ones.

Student loan interest deduction.

You can deduct up to $2,500 of student loan interest if your income is less than $85,000 on a single return (double that if filing jointly.)

Educator expenses deduction.

School teachers can deduct up to $250 they spend on classroom supplies with an Educator Expense Deduction. See more tax tips for educators here.

HSA contributions deduction.

For 2020, if you have high-deductible health coverage, you can contribute up to $3,550 to a Health Savings Account to pay for medical expenses ($7,100 for family coverage).

Retirement plan contributions.

You may have a traditional 401(k) or other retirement account available to you at work, and all your contributions to the plan are tax-deductible up to $19,500 ($26,000 if you are 50 or older). Contributions to traditional IRAs or other individual retirement accounts are also deductible. You may also qualify for a Saver’s Credit of up to 50% of your first $2,000 in retirement plan contributions if your income is under $32,000.

Education tax credits.

If you are paying for college for yourself or your kids, the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit LLC) may help. The AOTC credit is 100% of the first $2,000 you spend on education and 25% of the next $2,000. The LLC lets you claim 20% of the first $10,000 you paid toward tuition and fees. The AOTC cuts off at $90,000 of income at the LLC at $69,000.

Child credits.

You’ll get a Child Tax Credit of $2,000 per child ($500 for non-child dependents) if your income is under $200,000 ($400,000 on a joint return.) For child and dependent care costs, you’ll get a credit of 20% to 35% of the first $3,000 of care costs, or double that if there are two or more dependents. If you adopt a child, you can claim credit for up to $14,300 of adoption costs per child if your income is under $254,520. And if your income is under $57,000, you may also qualify for an Earned Income Tax Credit of up to $6,660 depending on your marital status and how many kids you have.

Residential energy credit.

If you installed solar equipment this year, you may qualify for a tax credit of 26% of the cost. In 2021, the final year, the credit is reduced to 22%.

When it’s time to file your taxes

Getting your biggest possible tax refund has never been easier, whether you have simple or complex taxes. As a Gulf Coast Educators FCU member, you can file your taxes with Turbo Tax and receive up to $15 off. Click here to get started.

 


Disclaimer: The information in this article for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action. Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2020. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.

The Bait & Switch is Alive and Well

The Bait & Switch is Alive and Well

Car shopping is one of those activities that most of us only do every several years. I hadn’t bought a car in over 8 years when in the span of a year and half, I bought two. So in the last decade, I’ve bought 3 vehicles and the buying experience had a common element each time: the old bait and switch. You find a car or truck you are interested in and go to the dealership only to find out that the one you wanted isn’t available but there are several like it (always at higher prices) available. Why am I writing about this now since I haven’t bought a vehicle in a few years? A coworker was telling me about his recent experience, and it gave me flashbacks. We handled the same experience in two very different ways but we both had something in common.

Walk Away

In my case, once I identified the bait and switch, I simply walked away, but not before test driving the vehicle they did want to show me. I then went online to find a vehicle with a different dealership and did the whole transaction via email and phone calls. There was no bait and switch this time and I got the vehicle I wanted at the price I wanted.

Call Them on it

My coworker had a completely different approach. He called the salesman on it and straight up told him that he knew it was a bait and switch situation. Realizing he was caught, the salesman became very transparent and even let the sales manager know that the customer he was dealing with was aware of such tactics and that he would not put up with them. Now they knew that my coworker was prepared and knew that he expected complete honesty. He didn’t buy a vehicle on that day, but hasn’t ruled out that dealership because he feels like now they know they have to work with him on his terms.

Be prepared

Both ways of handling the same situation had similarities that can help with any car buying experience. The main similarity is the preparation that should go into buying a vehicle. Here are some preparations both of us use that we’ve learned through working at the credit union:

  • Be willing to walk away. Set a price ceiling and don’t go above it.
  • Get preapproved for a loan. Knowing you have financing secured puts you in control.
  • Do your vehicle research: tools for researching vehicle from top to bottom are plentiful. You should go into the dealership knowing about the different engine options, trim packages, etc. and associated costs.
  • Don’t be afraid to ask questions. Don’t feel comfortable with the process, ask a friend, family member or one our team members about the process.

Buying a vehicle can be a stressful experience and if the bait and switch is in play, it can add even more stress. Preparation and deciding how you’ll respond are keys to making the experience more pleasant.

 

Post author: Jamieson Mackay, CCUFC

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

 

High School Seniors: Do you FAFSA?

High School Seniors: Do you FAFSA?

The credit union has made its scholarship application for the graduating seniors of the class of 2021 available. I have a daughter in that class who plans on attending Texas A&M in the fall of 2021. Pausing for all of the whoops….and that’s enough. So along with encouraging every one of our members who is in the class of 2021 to apply for the credit union’s scholarship, I would also like to ask the question: Did you complete the FAFSA?

It’s not a new dance

When my wife first told me we had to complete the FAFSA, I had to ask for clarification, and she confirmed it isn’t a new dance popular with my daughter and her friends. No, the FAFSA is the Free Application for Federal Student Aid, and both the student and their parent(s) should complete it. The deadline for priority consideration for the ‘21-‘22 academic year in Texas is January 15, 2021.

What if I know I won’t qualify?

You should do it anyway. Many schools now require a completed FAFSA even for academic or merit-based scholarships. It is never a good idea to leave money on the table, so filling it out makes sense.

Be forewarned, the FAFSA does require you providing a lot of financial information that some may find very intrusive. Some of the information you’ll need to complete the FAFSA includes:

  • Social Security Number
  • Driver’s License
  • Tax Returns
  • Account balances for checking, savings, and investments
  • For complete list, click here.

The process shouldn’t take too long and could end up helping you with money towards your child’s college. Also, if your circumstances change, you’ve already gone through the process and will only need to simply update the information on application.

 
 


Post author: Jamieson Mackay, CCUFC

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

GCEFCU’s 2021 Annual Meeting

Gulf Coast Educators Federal Credit Union’s 2021 Annual Meeting

Date & Time:

February 8, 2021 at 6:00 pm
 

Nominating Procedures

At least 120 days prior to each annual meeting the Chairman shall appoint a nominating committee of not fewer than three members. It shall be the duty of the nominating committee to nominate at least one member for each vacancy, including any unexpired term vacancy, for which elections are being held, and to determine that the members nominated are agreeable to the placing of their names in nomination and will accept office if elected. The nominating committee shall file its nominations with the secretary of the credit union at least 90 days prior to the annual meeting, and the secretary shall notify in writing all members eligible to vote at least 75 days prior to the annual meeting that nominations for vacancies may also be made by petition signed by one percent of the members with a minimum of 20 and a maximum of 500.

The election will not be conducted by ballot when there is only one nominee for each position to be filled. There will be no nominations from the floor. A brief statement of qualifications and biographical data in such form as shall be approved by the board of directors will be included for each nominee submitted by the nominating committee with the written notice to all eligible members. Each nominee by petition shall submit a similar statement of qualifications and biographical data with the petition. The closing date to receive the petition is December 23, 2020 at 12:00 a.m. The credit union’s Board Nominating Committee announces the following members as Board Nominees for the upcoming Annual Meeting which will be held on Monday, February 8, 2021: Barry Beck, Stephen Harrell, Michael Clausen, and Rhonda Parmer. The petitions are to be mailed to Gulf Coast Educators Federal Credit Union; 5953 Fairmont Parkway, Pasadena, Texas 77505. To be effective, such nominations shall be accompanied by a signed certificate from the nominee or nominees stating that they are agreeable to nomination and will serve if elected to office. Such nominations shall be filed with the secretary of the credit union at least 40 days prior to the annual meeting and the secretary shall cause such nominations along with those of the nominating committee to be posted in a conspicuous place in each credit union office at least 35 days prior to the annual meeting.

An individual who wishes to be nominated must be a member of Gulf Coast Educators FCU (Owner of an account in his/her own name) in good standing and must be at least eighteen (18) years of age. The petition and application and agreement to serve are available at the Pasadena office.

Election Procedures

All elections shall be determined by plurality vote and shall be by ballot except where there is only one nominee for each position to be filled. Nominations shall not be made from the floor unless sufficient nominations have not been made by the nominating committee or by petition to provide for one nominee for each position to be filled or circumstances prevent the candidacy of the one nominee for a position to be filled. Only those positions without a nominee shall be subject to nominations from the floor. In the event of nominations from the floor, when permitted herein, result in more than one nominee for a position to be filled, and when nominations have been closed, tellers shall be appointed by the president, ballots shall be distributed, the vote shall be taken and tallied by the tellers, and the results announced. When only one member is nominated for each position to be filled, the chair may take a voice vote or declare each nominee elected by general consent or acclamation at the annual meeting.

Board Nominees

Barry Beck – Position 2 for a 3 year term
Stephen Harrell – Position 3 for a 3 year term
Michael Clausen – Position 6 for a 3 year term
Rhonda Parmer – Position 9 for a 3 year term

Nominating Committee

Jerry Dennis – Chairman
Jim Rubach
Andrea Wenke