2023 Spring Possibilities

quick reads

holiday closures

All Ascend branches will be closed Monday, May 29, in observance of Memorial Day and Tuesday, July 4, in observance of Independence Day.

update contact info

Be sure to have your contact information up to date for us to reach you regarding updates for promotions, services and general communications, including future issues of Possibilities. Please also ensure your beneficiary information is current.

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For the latest service hours and branch availability, please visit ascend.org or follow us @ascendfcu on Facebook, Instagram, LinkedIn, and Twitter.

work where you bank

Ascend has been rated one of the nation’s Best Credit Unions to work for by American Banker magazine for each of the last seven years — and we’re hiring. Learn more about Ascend and see a list of current openings at ascend.org/careers

thank you, ascend family.

As I prepare to retire as President and CEO of Ascend Federal Credit Union, one word comes to mind when describing my time here — family.

From the moment I first joined Ascend 38 years ago, I became part of a family. I was welcomed with open arms, and I felt a sense of belonging and camaraderie that is rare to find in a job. This family-like atmosphere has been present throughout my entire tenure, and it is something that I will always cherish.

Together, we have achieved many milestones, including expanding our branch network, introducing new products and services, implementing innovative technology to enhance the member experience and serving the needs of our local community. I am particularly proud of the culture of excellence that we have built here at Ascend, where the financial health of our members is always at the forefront, and we continuously strive to provide the highest level of service.

Upon my retirement, I am confident that I am leaving Ascend in excellent hands. Matt Jernigan, who currently serves as our Executive Vice President and has worked under my leadership for 17 years, has been named as my successor. Matt is an experienced and capable leader, and I have no doubt that he will continue to guide Ascend in a direction that benefits our members.

Thank you to our volunteer Board of Directors, employees and loyal members for giving me the opportunity to serve as your CEO. It has been a true honor and privilege. Through our collective efforts, we have built a robust and resilient credit union that will continue to serve the community for years to come.

Regards,

From the President & CEO, Caren C. Gabriel

Ascend is now in Lebanon!

New Wilson County Branch Marks 27th Ascend Location

We recently celebrated the grand opening of our new full-service branch located in Lebanon. This new branch location will complement our existing branch in Mt. Juliet to help serve our growing membership in Wilson County.

The branch is located at 1719 West Main Street in Lebanon, Tennessee.

Branch operating hours:

• Monday – Friday 9 a.m. to 5 p.m.

• Saturday 9 a.m. to 1 p.m.

In addition to our standard branch services, Lebanon amenities include:

• Two interactive teller machines (ITM) accessible during lobby hours

• Two drive-up ITMs – available 7 a.m. – 7 p.m. Monday through Saturday; these ITMs also act as ATMs with 24/7 drive–up access to make withdrawals, deposits, and balance inquiries

• Coin star machine

To schedule an appointment with one of our Lebanon Financial Service Officers, call 800-342-3086 or visit ascend.org

Gabriel president & ceo

Celebrating the career of Caren Gabriel, Ascend President and CEO.

For over 38 years, Caren Gabriel has served the members of Ascend Federal Credit Union. She joined Ascend as Staff Attorney in 1985 and later transitioned to the role of Executive Vice President and General Counsel. She became President and CEO of Ascend in January 2004 and since has helped to grow the credit union from $960.3 million in assets, 12 branches and 117,000 members nearly 20 years ago to over $3.8 billion in assets, 27 branches and more than 255,000 members today.

Caren has been instrumental in shaping the direction and success of Ascend. Throughout her career, she has demonstrated a deep commitment to the credit union movement, as well as a strong passion for serving the needs of Ascend's members. With her extensive experience and unwavering dedication, Caren has helped to establish Ascend as one of the leading financial institutions in Tennessee.

As Caren begins this new chapter in her life, we celebrate her many achievements and extend our heartfelt gratitude for her years of service. We are confident that her legacy will continue to inspire and guide the credit union for years to come. On behalf of the Board of Directors, staff, and members, we wish Caren all the best in her retirement and a well-deserved rest after a long and illustrious career.

1989

Caren

Caren named President and CEO

2004

Caren promoted to Executive Vice President/General Counsel

Caren joins Ascend as the Staff Attorney

Grand Opening of Charlotte Ave.

Ascend Corporate Headquarters, Tullahoma

Branch Ribbon Cutting

Second Harvest Food Bank Donation

Grand Opening of Clark Blvd.

Ascend Branch Grand Opening of Lebanon

Check

In D.C. with former CEO Jimmie Bearden

2022 Community Impact

Ascend is more than a financial institution. We're part of the fabric of our community. To us, that means recognizing and supporting the organizations making Middle Tennessee a better place to live for all of us.

In 2022, Ascend gave more than $1.5M back to our community through partnerships with local organizations, non-profits and educational institutions throughout Middle Tennessee. Our giveback includes monetary, in-kind and volunteer contributions. Being a genuine community partner is something we always strive for, and we support organizations and initiatives that align with seven key focuses, detailed below, that are foundational to a healthy community.

Community Support Focuses:

1Education & Financial Literacy

The Environment and Natural Resources

Well -being of Children Diversity, Equity & Mental & Physical Health

Inclusion

7

Ascend helps fight hunger in our local communities with a $50,000 donation to Second Harvest Food Bank of Middle Tennessee.

Ascend senior leadership team field trip to Chestnut Mountain with The Nature Conservancy in Tennessee.

MTSU Arts Ascend Scholarship recipients

Employee food drive for Second Harvest Food Bank of Middle Tennessee

Employee fundraiser for Susan G. Komen Tennessee

River of Hope Radiothon supporting Monroe Carell Jr. Children's Hospital at Vanderbilt

Auto Loans

Shopping for a car in today’s market can be daunting. While Ascend makes financing your new vehicle easy with our competitive rates and flexible terms, saving big on your next car purchase requires a smart and strategic approach.

Here are some additional ways that you can save money when shopping for your new or used vehicle:

Know Your Budget:

Before you start shopping, it's important to determine what you can afford to spend on a car. This will help you narrow down your options and avoid overspending.

Research:

Do your homework and research the different models and makes of cars that interest you. Look up their features, safety ratings, gas mileage, and reliability. This will help you make an informed decision and avoid overpaying for features you don't need.

Shop During the Right Time:

Timing is everything when it comes to buying a car. Try to purchase during the end of the month or quarter, when dealerships are trying to meet their sales quotas.

Buy Used: New cars depreciate rapidly, whereas a certified pre-owned vehicle that is slightly older is often priced lower and has a slower rate of depreciation. Look for a car with a factory-backed warranty and consider obtaining a comprehensive vehicle report.

Get Pre-Approved: Getting pre-approved for a car loan can help you save money in the long run. You'll know exactly how much you can afford to spend on a car and can negotiate with confidence.

Compare Coverage Options: Be sure to thoroughly research warranties, service contracts, and GAP coverage, as dealers often make significant profits from these sales. To save money, consider taking advantage of affordable GAP and MRC coverage options offered by Ascend.

By following these tips, you'll be well on your way to saving money on your next car purchase. With a little bit of preparation and planning, you can drive away in your dream car without breaking the bank.

For information about financing your auto loan, visit ascend.org or call 800-342-3086 to speak with an Ascend Loan Specialist.

Finance Your Next Adventure with Ascend

Apply for an Ascend recreational loan.

Warmer weather is around the corner, and now is the perfect time to start planning outdoor fun.

Ascend offers competitive rates on loans for motorcycles, all-terrain vehicles, motor homes, boats, and personal watercraft.

Qualified members can get a rate as low as 5.99% APR* with financing up to 144 months on new recreational vehicles and a rate as low as 6.49% APR* on used recreational vehicles.

Take control of your summer plans! Apply online at ascend.org or visit your nearest Ascend branch.

Disclaimer: All loans are subject to credit approval. The annual percentage rate (APR) you receive will be based on your credit score, the age and mileage of the collateral and the term of the loan. You will be informed of the APR for which you qualify before you become contractually liable for the loan account. The 144-month term is only available on loan amounts that are a minimum of $75,000. Rates as of March 31, 2023. Interest rates are subject to change daily and without notice.

We’re Always Looking for Talented People to Bring into the Ascend Family

Love where you work, by working at Ascend.

Why should you join the Ascend team?

In 2022, Ascend Federal Credit Union was named one of the Best Credit Unions to Work For by American Banker for the seventh year in a row.

We offer competitive salaries, benefits, upward mobility and the opportunity to work at a place that helps not only to create strong financial stewards but keeps our Middle Tennessee communities vibrant.

Working at Ascend means working for a pillar of the community. Time and again, Ascend has proven to be an employer that cares deeply about the well-being and happiness of its employees. Ascend has always sought smart, passionate people with a creative spirit and a commitment to service.

Our careers page is updated daily to reflect the opportunities available at Ascend. Apply now at ascend.org/careers

Protect Yourself from Telephone Scammers

If you believe you have fallen victim to a scam and fraud has affected your Ascend account, contact us immediately at 800-342-3086 Your security is our top priority.

Telephone scams are on the rise across the industry, targeting entities such as the IRS and local credit unions like Ascend. The scammers aim to obtain passwords, temporary codes, and personal information by pretending to be authoritative figures from trusted financial institutions.

The sophistication of scamming technology continues to advance, with recent scammers able to impersonate phone numbers and SMS text numbers from reputable and trusted sources. While there is no guaranteed method to avoid scams, there are several precautions to consider when assessing a potential scam:

• If you think a phone call claiming to be from Ascend is suspicious, don’t give out any information. Hang up and call our main line 800-342-3086.

• Keep login credentials and passwords confidential and never give them out during an unsolicited phone call.

• Remember: Ascend representatives will NEVER ask you for your password during a call and NEVER ask you to text a password to us — even if you see the request from a number recognized as an Ascend number, do not comply with the request.

• Ascend representatives will NEVER ask you to login to our online banking platform during a call or ask for a one-time passcode.

• Educate yourself about common scam practices. For example, the IRS will never ask for payments over the phone and will usually reach out via the mail before a phone call is initiated.

• If an unsolicited caller asks you to verify your personal information or address, ask what financial institution they are calling on behalf of and then hang up and call that institution’s main number.

Top 10 Provisions in SECURE 2.0

Enacted in December 2022

Congress recently enacted landmark retirement legislation known as SECURE 2.0 that will incentivize individuals to save for retirement, while increasing access to workplace plans. The new law includes a number of provisions intended to benefit individuals and small business owners. This is a summary of the top 10 provisions.

1

Enhancement of tax credits for small businesses starting and maintaining a retirement plan to help offset the associated costs, including a new credit based on employer contributions.

up contributions made by individuals earning over $145,000 to be made on a Roth, or after tax, basis.

Self-correction of inadvertent plan and IRA violations without submission to the IRS.

4

Changes to required minimum distributions, so that RMDs must be taken at 73 in 2023 and 75 in 2033. It also reduces the penalty tax for failures to take an RMD.

3

2 Catch-up contribution increase for individuals between the ages of 60 and 63, and a new requirement for catch-

5

Matching employer contributions for student loan payments to encourage younger workers to begin saving for retirement early in their careers.

6

Required auto enrollment and auto-escalation for most new plans, if the employer has already decided to start a plan.

This material was prepared by LPL Financial, LLC. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

7

Allowing SIMPLE and SEP contributions to be made on a Roth basis.

8

Two new ways to save for emergencies through a 401(k) plan with the creation of emergency savings accounts and yearly emergency distributions of $1,000.

9

Permitting all employer contributions in a 401(k), 403(b) or governmental 457(b) plan to be offered to employees on a Roth basis.

10

Rollover of excess 529 assets to Roth IRAs.

Ascend’s Products Impact Youth in Our Local Communities

Forming healthy financial habits at a young age is one of the most important things one can do for long-term fiscal health. That’s why our Youth Month has become such a big focus for us here at Ascend, where our brand promise is to educate and help all members become effective financial stewards.

However, financial education is a subject that changes rapidly, and the wisdom of yesterday may not hold up so well in current times. How then, does Ascend keep its brand promise in the face of rapidly changing circumstances? Banzai.

Banzai is a digital financial literacy platform created from the ground up to teach Ascend’s younger members fundamental financial education that will serve them a lifetime. This virtual interactive platform makes financial education fun and engaging for thousands of students across the continent. While Banzai possesses the tools to serve as a full-course financial literacy program, it is also flexible enough to act as a supplement for a separate curriculum, making it a popular option for the 296 teachers who utilize the Banzai platform through Ascend.

Banzai proved especially helpful throughout the COVID-19 pandemic, where thousands of students were able to utilize the platform to keep their financial literacy skills sharp during a lengthy quarantine.

While the platform can be used in an at-home education program, Banzai also remains popular in the traditional school classroom thanks to Ascend’s sponsor program. Through this sponsorship, Ascend provides the Banzai platform to over 18,000 students in the Middle Tennessee area, free of charge.

For more information on bringing Banzai to a school near you, visit teachbanzai.com/impact/ascend

Ascend Focuses on Instilling Healthy Financial Habits with Youth Month

April to highlight Ascend’s commitment to better financial futures.

We believe in the importance of learning to save early in life. That’s why we’re excited to announce that April is Youth Month!

As part of that celebration, we are boosting the saving efforts of our youth account holders with a $50 jump start for all new youth accounts opened during the month of April. Ascend will cover the initial $5 deposit and make an additional $45 deposit into the account. Opening a new youth account is as easy as visiting one of our 27 Middle Tennessee locations.

Opening a new youth account or depositing at least $10 into an existing youth account also enters you into a drawing to win a zoo membership, with a winner set to be announced in May.