2023 Fall Possibilities

From

President & CEO, Matt

Jernigan

quick reads

holiday closures

All Ascend branches and corporate headquarters in Tullahoma will be closed on Thursday, Nov. 23 for Thanksgiving Day; Monday, Dec. 25 for Christmas Day; and Monday, Jan. 1 for New Year’s Day.

shred day notice

Shred Day is returning this November. Keep an eye on our social media for more information.

update your 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.

coming soon

New Ascend checking products are coming soon. Enjoy the same safe, reliable and convenient banking solutions you have come to expect, now enhanced with upgraded features and rewards. Stay tuned for further updates.

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 eight years — and we’re hiring. Learn more about Ascend and see a list of current openings at ascend.org/careers

When considering what sets Ascend apart from other financial institutions, it's undoubtedly the member-first philosophy that our credit union upholds, and a shining example of this is our annual member return. Each year, the Board of Directors votes to return a significant portion of Ascend's profits back to you, our members.

While the majority of credit unions elect not to pay an annual return and it is not required by regulation, we understand this is a recognition of our members’ loyalty to Ascend. We also believe it helps to fulfill our not-for-profit mission of supporting our members' financial well-being.

As a credit union, we take immense pride in being owned by the individuals we serve. This unique structure means when Ascend thrives, so do you. Embracing the cooperative model ensures our mission remains centered on the collective betterment of our members and the communities we serve with pride.

We genuinely appreciate the responsibility of caring for your financial needs and value the opportunity to give back to you. It is your unwavering support and loyalty that have made this annual return possible for the past 19 years.

Thank you for being an integral part of the Ascend family. As we eagerly look ahead to the opportunities that 2024 will bring, we remain committed to being your most-loved financial institution.

Regards,

Matt Jernigan

Ascend’s Board Approves $5 Million Return to Members

The more you bank, the more you earn.

For nearly two decades, Ascend has rewarded member loyalty by returning a significant portion of our profits back to members in the form of bonus dividend payments and loan interest refunds. This year, the eagerly anticipated member return, which will appear on members’ December statements, totals approximately $5 million.

The annual member return is something that sets Ascend apart from other financial institutions. According to the Credit Union National Association (CUNA), Ascend is among only 1% of American credit unions – 51 out of nearly 5,000 institutions – that annually share the institution’s financial success with members via a member return.

Ascend examines its financial performance each year to determine how the return will be calculated and what amount will be given. Generally, the more you use Ascend, the greater your member return will be. There are many opportunities to increase your member return, including using your Ascend debit card, increasing your deposit balances and/or obtaining and regularly making payments on an Ascend loan.

With the addition of this year’s return, Ascend’s volunteer, unpaid Board of Directors has approved giving a total dividend of more than $109 million to the credit union’s members since 2005. Though the member return is never guaranteed, it is a goal of Ascend’s board to distribute it every year.

Certificate Accounts

A low-risk way to save big.

With rising interest rates and soaring inflation, certificate accounts are a great way to earn money while saving for your short-term and long-term financial goals.

At Ascend, we offer a range of account and term options that will earn you more money than most savings accounts and diversify your financial portfolio. Since certificate rates are locked in and are not affected by the stock market, they are a safe way to invest your hard-earned money.

Wide Variety of Opening Balances

Whether you’re looking to invest $500 or much more, we have certificate accounts to fit your goals.

Wide Variety of Terms

Terms for our certificates range from 6 to 60 months, so you can choose the accounts that best suit your plans.

Higher Rates Based on Balance

If you have $100,000 or more to invest, even better rates may be available to you.

Member’s Advantage

Ascend’s 15 and 54-month Member’s Advantage certificate accounts are unlike other certificates. During the term, members can make one additional deposit of at least $1,000. Additionally, if dividend rates increase during the term, the member can choose a one-time rate increase.

Visit ascend.org/certificates to learn more.

Remodel Your Home or Finance Large Expenses With a Home Equity Loan

What are some of the advantages?

Your home is probably one of your most valuable assets. If you have significant equity in your home, you can use it to finance major expenses, like remodeling your home or paying for a child’s education or unexpected medical bills. With a Home Equity Loan, you know exactly how much your monthly payment will be, so there are no surprises. And you can choose a payback term that works best for you, anywhere from 3 to 15 years!

Don Gilliam, CMB Vice President of Mortgage Lending Ascend

Federal Credit Union

What is the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

A Home Equity Loan is a fixed-rate loan that is based on the amount of equity in your home. Once you are approved, the entire amount of the loan is deposited into your account at closing. You make fixed monthly payments over the loan term until the loan is fully repaid. In comparison, a Home Equity Line of Credit (HELOC) is a revolving line of credit that can work like a credit card. You borrow money against your home’s equity as needed and the interest rate fluctuates – and you can borrow as much or as little as you need. You only pay interest on the amount you have borrowed.

Which loan is right for me?

The right loan depends on your unique needs. A Home Equity Loan is often the better option if you need all the money at once. If you are unsure about how much money you need or when you will need it, then a HELOC may be the preferred choice.

How important is customer service when choosing a loan partner?

For over 72 years in Middle Tennessee, Ascend has made it our mission to improve members’ lives and positively impact the communities we serve. We fulfill that by always being true to our values: integrity, respect, excellence, generosity and exemplary customer service. At Ascend, you get all the benefits of partnering with a large financial institution without the hassle of dealing with the corporate red tape and impersonal service of a bank.

Small Business Spotlight

Meet Emily Isbell, an entrepreneur and local business owner who specializes in Co-Leadership™ services — a unique blend of coaching, consulting, and leadership development tailored to small business owners, specifically senior home care franchisees.

With 14 years of experience working with a leading senior home care franchise, Emily was inspired to start her own business, EI & Company, after witnessing the struggles of other small business owners and experiencing challenges with her grandmother's care. Now in her third year of operation, Emily takes pride in helping business owners achieve growth, increase profits, and regain valuable time in their schedules while providing exceptional service to employees and clients.

Supported by Ascend's easy and affordable payment processing and personalized member support, Emily continues to thrive on her journey of growing her business. You can learn more about Emily’s business at eiandcompany.com.

Help Your Vision for Your Business Become a Reality

As a member-owned financial cooperative, Ascend has been proudly serving the Middle Tennessee community for over 72 years. We understand that managing business finances can be complex, which is why we offer a wide array of banking solutions and a convenient digital banking platform for seamless transactions.

Ascend's comprehensive business banking solutions aim to meet the diverse needs of our local community. Our team of business banking experts is available to work with you to find the right solution for your business, regardless of its size. We offer various financial products and services, from checking accounts to merchant services, commercial loans, and lines of credit, with competitive rates to help your business thrive.

Ready to experience the exceptional service that Ascend has to offer you and your business? We invite you to make an appointment online or call us at 855-204-2085 to speak with one of our trusted business banking advisors to get started.

IRS Reporting Requirements

In early 2024, Ascend will be sending the following information to members as required by the Internal Revenue Service (IRS) for tax year 2023. Please check the forms you receive carefully and notify the credit union if you have any questions.

Fair Market Value of Your IRA

Your Individual Retirement Account (IRA) with us includes only deposit investments. The Fair Market Value, which is your Dec. 31, 2023 IRA balance, is found on the year-end statement and is also reported to you on IRS Form 5498 FMV. If you must take a minimum distribution, this IRS Form 5498 FMV will include the amount of such distribution, along with the deadline date for the withdrawal.

IRS Form 1099-R, 1099-SA, & 1099-Q

If you received any distribution from your IRA, Health Savings Account (HSA) or Education Savings Account (ESA) during 2023, Ascend will prepare and send you a report of this distribution on:

• IRS Form 1099-R for your IRA

• IRS Form 1099-SA for your HSA

• IRS Form 1099-Q for your ESA

You may need to attach a copy of this form to your 2023 income tax return.

IRS Form 1098

If you paid mortgage interest of $600 or more on any one mortgage during the 2023 calendar year, Ascend will send you a report of this interest on IRS Form 1098. Each mortgage is reported on a separate form.

Form 1099-INT

This form reports interest income of $10 or more, early withdrawal penalties, any amount withheld for federal income taxes under the backup withholding rules, and interest income from U.S. Savings Bonds. Interest from an IRA is not included on Form 1099-INT.

Save Your December Statement for Tax Purposes

Included in your December statement is information you will need to file your 2023 tax return. You should keep this statement for tax purposes. Remember, according to Internal Revenue Service (IRS) regulations, if dividends (interest) earned are not reported on your tax return, a penalty may be incurred.

Banking on the go, for your whole family.

Ascend’s mobile app makes managing your accounts convenient, secure and effortless — from anywhere, anytime. Plus, you can set spending limits, temporarily disable cards and set travel alerts without leaving the app.

Learn more or download the app today at ascend.org/digital-banking

Ascend in the Community

Field of Membership Update

We are pleased to announce the addition of new underserved tracts in Putnam County. 24,000 potential members now have access to join Ascend if they live, work, worship, attend school, or own a business in one of the approved Census tracts.

All of Franklin County as well as parts of Rutherford, Davidson, Dickson, Maury, Marshall, Warren, White, Van Buren and Putnam counties are considered underserved.

We are also excited to partner with Tennessee Tech University in Cookeville, welcoming faculty, staff, students — and their immediate family members — to join the credit union! This addition extends eligibility to nearly 10,000 new primary potential members. For more information on our membership eligibility requirements, visit ascend.org/eligibility.

Ascend Voted Best Credit Union – Main Street Awards

Ascend has been named Best Credit Union in the 2023 Rutherford County & Maury County Main Street Awards. This is the eighth consecutive year Ascend has won the Best Credit Union category in Rutherford County. Ascend was also one of three finalists for the Best Bank and Best Mortgage Company categories.

Thank you to all our members for voting. We are honored that you continue to choose Ascend as your trusted banking partner.

The Murfreesboro Clark Blvd. branch team pictured with the 2023 Main Street Awards certificate.

Four Tips to Beat Inflation and Keep Holiday Shopping Merry

The holiday season is fast approaching, and while it's typically a time of joy and celebration, this year's festivities might be overshadowed by the soaring inflation rates affecting many families. Here are four holiday shopping tips to ensure you can safeguard more of your hard-earned money while still expressing your gratitude to those who make your life brighter.

Craft a Thoughtful Shopping List

Start your holiday shopping by making a list of the people you want to show love and appreciation to. Split the list into categories like family, friends, colleagues, and helpful neighbors. This will guide your spending and help avoid impulsive purchases.

Stick to a Budget

Setting a holiday spending plan can feel daunting but remember that everyone is feeling the pinch of inflation. Your loved ones will understand if you're being more mindful of your spending. Avoid using credit cards irresponsibly and accumulating debt. Stick to your budget to stay financially stress-free.

Give Meaningful, Low-Cost Gifts

Remember, some of the best gifts are priceless or inexpensive. Consider thoughtful gestures like baked goods, framed photographs, or offering your time to help someone out. While some may hesitate at the idea of "used" gifts, quality pre-owned items can be just as appreciated as new ones. Look for sports equipment, books, vintage clothing, furniture, or kitchenware in good condition.

Follow the "Four Gift" Rule

To make gift-giving more meaningful, try the "four gift" rule. Each person receives something they want, need, wear, and read. This approach helps you splurge on special gifts while providing practical items that enrich the recipients' lives.

This holiday season let's focus on the joy of giving from the heart and cherishing the time we spend with loved ones, rather than solely on the price tags. Happy holiday shopping!

International Credit Union Day Giveaway

In honor of the 75th Anniversary of International Credit Union (ICU) Day, Ascend is giving away two 75” Frame TVs! This year, ICU Day will be recognized on October 19, 2023.

This annual event raises global awareness for the credit union movement through outreach, volunteering, fundraising and other activities. Credit unions bring financial inclusion and a promising future to people all over the world. Since the first celebration in 1948, ICU Day presents a chance to spotlight and celebrate these achievements.

Entering couldn’t be easier – just visit us in-branch or comment on the giveaway post that will be shared to Ascend’s official Facebook page on October 16. Two winners will be randomly selected on October 20.

When to Begin Collecting Social Security

Deciding when to begin collecting Social Security depends on a number of factors, including how long you anticipate needing it.

Deciding when to retire and begin collecting Social Security is an important life decision. Some people may feel they don’t have enough savings to retire and delay their retirement plans to continue working, which means postponing when they begin collecting Social Security.

Current law allows workers to begin collecting Social Security between 62 and 70 years of age. The longer you delay retirement, the higher your monthly Social Security payout will be. That payout is based on your earnings history and the age at which you begin collecting payments — compared to what the government deems the normal retirement age (NRA), which depends on your birth year.1

Year Born Normal Retirement Age

If you choose to begin collecting Social Security before your NRA, your monthly payments may be reduced by as much as 30%. Additionally, if you begin collecting early and you continue to earn income that exceeds the annual earnings limit, you will incur a penalty.

So should you retire early, late, or exactly at your NRA? That depends on your financial situation and anticipated life expectancy. If you have a strong pension or hefty savings, you may wish to retire sooner.

Whenever you decide to begin collecting Social Security, remember that it represents roughly one-third of retirees’ income, according to the Social Security Administration. So you should consider other savings strategies to help support you when you decide to retire.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. This material was prepared by LPL Financial, LLC.

Apply for an Ascend Scholarship

Over the past 21 years, Ascend has awarded $256,000 in scholarships to our members. Ascend’s 2024 scholarship application will open in December. Past Ascend scholarship winners may reapply if they meet the program requirements.

If you are interested in applying for an Ascend scholarship, be sure to follow us on social media and watch your email for additional information.

Visit ascend.org/scholarships for eligibility requirements and to apply.

Ascend Amphitheater

Love concerts? Ascend members get special perks at Ascend Amphitheater, which includes access to concert tickets before they go on sale to the public. Members can find the latest Amphitheater presale code inside Ascend's digital banking platform or the mobile app.

Ticket dates and featured artists can be found at ascend.org/amphitheater

See you at the show!

Proactive Steps to Secure Your Account Privacy

Protecting yourself from fraud is crucial in today’s digital world, where scammers are constantly coming up with new ways to steal your personal information. By making a few simple changes to your digital footprint, you can strengthen your security against unwanted attempts at accessing your data.

Contact Information Check-Up

Have you recently changed your address, phone number or email address? Periodically checking your information in digital banking to be sure your contact info is current can help prevent your account information from falling into the wrong hands.

Refresh Your Passwords

Most security experts recommend changing your password about every six months. Make sure your new password is distinct from your previous password. Also, consider using a passphrase instead of a traditional password.

Use Two-Factor Authentication

This secondary form of authentication, such as a code sent to your phone, helps verify your identity and grant access to your account. It's important to note that many online services, including Ascend's digital banking, offer this as an option to help protect your account from unauthorized access.

Setup Alerts in Digital Banking

Many times, a robust alert system can allow you to stop fraud attempts in their tracks. In Ascend’s digital banking platform, you can set up alerts for various transactions so you can always stay in the know regarding your account activity.

By taking the above steps, you can strengthen your online security and minimize the chances of fraud. If you believe fraud has affected your Ascend account, please contact us immediately at 800-342-3086.