2024 Spring Possibilities

3

From

the President & CEO, Matt Jernigan

quick reads

annual meeting & election Ascend’s 73rd Annual Meeting and Board Election is scheduled for 1 p.m. Saturday, April 6, 2024, and will be held in the Apollo Conference Room at Ascend’s Corporate Headquarters in Tullahoma.

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 correct.

holiday closures

All Ascend branches and offices will be closed on Monday, May 27, in observance of Memorial Day and Thursday, July 4, for Independence Day.

work where you bank

For the ninth consecutive year, Ascend has been named one of the Best Credit Unions to Work

For by American Banker — and we’re hiring. To see the current list of open positions, visit ascend.org/careers

greetings

Happy Spring! As we step into April, our focus this month is on financial literacy and the importance of a well-rounded financial education. As a member-owned credit union, we aim to help members achieve their goals and become effective financial stewards. In today’s world, where spending money is as simple as the click of a button or the tap of a phone, having real-world money management skills has become even more critical than it used to be.

In this issue, we dive deeper into some of the products and services available to you, and how our credit union equips people with the tools they need to set themselves up for financial success. One such offering, SavvyMoney, is our free credit monitoring tool available to all members inside our digital banking platform. This tool will help you analyze your credit, provide customized alerts, track spending habits, and more — all without impacting your credit score.

As an Ascend member, you also have access to our financial education center, which is available for free on our website. Our content library contains over 40 modules with educational videos, interactive lessons, and calculators to empower your financial journey. From budgeting tips to planning for retirement, we’ve got you covered.

At Ascend, we care about the communities we serve and believe that teaching healthy financial habits early sets a great foundation for lifelong financial success. We hope you will take advantage of the many resources available to you as part of your membership.

Regards,

Matt Jernigan President & CEO

Unlock Your Financial Potential with SavvyMoney

Enjoy Free Credit Monitoring and Personalized Loan Offers

Did you know that as an Ascend member, you have free access to SavvyMoney through our digital banking platform?

SavvyMoney provides you with comprehensive credit score analysis, full credit reports, credit monitoring and personalized loan offers — all at no cost to you. Plus, SavvyMoney utilizes soft pulls that won’t impact your credit score.

Score Analysis

SavvyMoney’s score analysis tool helps you understand your score, the factors that impact it, and what you can do to strengthen it. It breaks down the six key components that make up your credit score and pulls in data to break down how you are performing in each area. The key components that make up the Score Analysis are your payment history, credit usage, account mix, credit age, and number of recent inquiries.

Credit Report and Monitoring

Get a complete breakdown of your overall credit report within SavvyMoney. See a quick glimpse of your credit summary or look under the hood and see each item that is on your credit report. If you see any errors on your credit report, you can easily start a dispute directly with TransUnion.

Score Simulator and Loan Offers

With SavvyMoney’s score simulator, you can see what happens to your credit score based on certain actions, such as opening a new loan or credit card, paying down/off balances, missing a monthly payment, or making consecutive on-time payments. Additionally, SavvyMoney generates personalized loan offers* and identifies potential savings based on your specific credit score criteria. The best part — you can conveniently apply for these loans directly within SavvyMoney.

Spring Clean Your Finances

As flowers bloom and the days grow warmer, you may be getting ready for some spring cleaning. Just like decluttering your living space, it’s equally essential to tidy up your finances. Here are four ways to breathe new life into your financial well-being:

Freshen Up Your W-4

If you received an especially large refund this year, you may want to adjust the amount you withhold. The IRS’s tax withholding estimator can be a useful tool to help you determine the perfect number. The estimator can be found at irs.gov/individuals/taxwithholding-estimator

Toss Out Your Debt

If you’ve been stuck in the debt cycle, make this spring the season to break free. First, trim your budget, designating any extra funds for your debts. Next, choose a popular debtbusting approach, such as the avalanche method, in which you pay off debts in order from highest interest to lowest, or the snowball method, where you start with the smallest debt and then move up your list. Going forward, maximize

payments to the first debt on your list, making sure not to neglect minimum payments on the other debts. Before you know it, that debt will be gone!

Dust Off Your Saving Habits

Get into the habit of maximizing your savings with a tangible financial goal. You can also make savings an itemized line in your budget, so you have funds set aside for this purpose. Finally, automate your savings by setting up a monthly transfer from your checking account to your savings account.

Make Your Investments Shine

Give your investments a spring cleaning. Check if your allocation strategy is still serving you well, whether you need to adjust your diversification, and if your retirement accounts are on track for your estimated retirement timeline.

Need some additional help? Visit ascend.org to schedule a Financial Check-Up with an Ascend Representative to help analyze your overall finances. We also offer free fillable worksheets that will help you build a budget, calculate your debt-to-income (DTI) ratio, or determine your gross monthly income. You can download these for free at ascend.org/worksheets

Take Advantage of Your Checking Account Benefits

Did you know that members with an Interest Earning or Rewards Checking account gain access to additional benefits? From complimentary Telehealth to discounted movie tickets, Ascend is putting more money back into your wallet. In addition to earning 3.56% APY* on balances up to $15,000, or cash back rewards, members have access to the following benefits and discounts:

• Mobile Phone Protection – Up to $850 of replacement or repair cost for your damaged or stolen mobile phones; $50 deductible per claim and two claims per 12-month period per account.

• Telehealth Services – Access to 24/7 video or phone visits with U.S.-based board-certified, licensed and credentialed doctors ready to help with urgent care or mental health for you and your family — all with zero copays.

• Fuel Savings – Register for the Fuel Rewards® program and save 5¢/gal on every fill-up at participating Shell stations with complimentary Gold Status.

• Travel & Leisure Discounts – Money-saving discounts from thousands of local and national businesses, including theme park passes, movie tickets, and more. Members can redeem and print coupons online or access discounts from their mobile device. Digital access makes saving super easy and convenient, giving instant savings anywhere, and anytime.

Registration required. Go to ascend.eclubonline.net or download the eClub mobile app. Additional terms and conditions may apply.

Don’t have an Interest Earning or Rewards Checking account yet? Getting started is easy — visit any of our 28 Middle Tennessee locations, schedule an appointment to meet virtually with an Ascend representative, apply online at ascend.org, or give us a call at 800-342-3086.

*Annual Percentage Yield

Community Spotlight

We’re Making an Impact in the Most Important Place We Can — Home

Red Cross Tornado Relief

In the wake of the devasting tornadoes that struck Middle Tennessee on December 9, 2023, Ascend partnered with the American Red Cross to raise funds for local relief efforts. In addition to a $15,000 donation from Ascend, credit union employees and members raised $3,740. Ascend has been a longtime supporter of the American Red Cross Heart of Tennessee Chapter and the Nashville Area Chapter through employee and member fundraising campaigns, blood drives, emergency response donations, and event sponsorships.

Second Harvest Employee Food Drive

To raise awareness about food insecurity, Ascend employees held a company-wide food drive during November and collected 13,028 non-perishable items for Second Harvest Food Bank of Middle Tennessee. Ascend has been a longtime partner of Second Harvest, donating more than 50,000 items since 2018 and contributing more than $335,000.

River of Hope Radiothon & Vanderbilt Pediatric Donation

Matt Jernigan, Ascend President & CEO, participated in 107.5 FM The River’s annual “River of Hope Radiothon” on December 15 to raise funds for Monroe Carell Jr. Children’s Hospital at Vanderbilt and the Children’s Miracle Network.

Ascend also announced a $200,000 donation to Monroe Carell Jr. Children’s Hospital at Vanderbilt for their new Pediatric Rehabilitation Center. This gift will support a longtime vision to bring an inpatient pediatric rehabilitation unit to Monroe Carell, allowing children who need comprehensive rehabilitation care and their families to stay in-state and closer to home.

Ascend has been a presenting sponsor of the Radiothon for over 10 years and has proudly donated more than $483,000 to Monroe Carell since 1998.

December Chamber Coffee Event

On December 19, Ascend partnered with the Tullahoma Area Chamber of Commerce to sponsor their Chamber Coffee event, which provides networking opportunities for local businesses and community leaders. Being a strong partner in Tullahoma and in Middle Tennessee is central to Ascend’s mission.

Ascend’s Financial Literacy Program Impacts Youth in Our Community

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 annual Youth Month promotion has become such a big focus for Ascend, where our brand promise is to educate and help all members become effective financial stewards.

Recognizing the dynamic and everchanging nature of financial education, Ascend is proud to offer a premium online financial literacy platform, Banzai, to teachers and students across Middle Tennessee. 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 local educators 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 20,000 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.

April is Youth Month

Ascend Focuses on Instilling Healthy Financial Habits with Youth

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 28 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 an annual zoo membership, with a winner set to be announced in May. Visit ascend.org/youth to learn more.

Ascend Makes It Easier Than Ever to Buy a Home

Ascend prides itself on putting the needs of our Middle Tennessee communities first. Now more than ever, the individuals who are looking to buy their first home, the professionals who keep us safe and healthy, and those who educate our future leaders deserve a financial institution that will not only help them purchase a home but help them stay there as well.

Plus, our exceptional service extends beyond closing. Except for our FHA and VA loans, we currently keep mortgage servicing in-house. That means if you have a question about your loan payment, balance, escrow, etc., our local staff is here to assist you. Read more about our specialized loan programs below.

First-Time Homebuyer Mortgage

With our fixed and adjustable-rate first-time homebuyer mortgages, you can purchase a home with no down payment. In some cases, you can even finance part of the closing costs!

• Loan amounts up to 102% of the sales price

• Minimum required investment of only $500

• No Private Mortgage Insurance (PMI) required

• Loan amounts up to $400,000

• No income limitations

• No loan origination fee*

Local Heroes Mortgage Loan

To qualify, you must be currently employed as a teacher (K-12), firefighter, police officer, EMT, nurse (LPN, RN, NP, PA), or paramedic.

• No Private Mortgage Insurance (PMI) required

• Loan amounts up to 100% of the sales price

• Loan amounts up to current conforming loan limits

• Borrower must contribute 1% of the transaction cost from their own funds

• No loan origination fee*

Physician’s Mortgage Loan

To qualify, you must have received a doctorate degree (M.D., D.O., D.D.S., or D.V.M.) in the last 10 years. You also must be employed or will begin employment within 60 days of the time of closing.

• Primary Residents only

• Must not own any other real estate at the time of closing

• No Private Mortgage Insurance (PMI) required

• Loan amounts up to 100% of the sales price

• Loan amounts up to current conforming loan limits

• No loan origination fee*

For all the above loan types, only single-family homes and condominiums/ townhomes are allowed. No manufactured/modular/mobile homes permitted. Applicants with no credit score may be eligible with acceptable alternative credit.

We're here to help you get started, email mortgages@ascend.org or call 931-454-1300. Or, start your application online at ascend.org.

* Normal closing costs apply.

Federally insured by NCUA. NMLS#451452. All loans are subject to credit approval.

We do business in accordance with the Federal Fair Housing Laws and the Equal Credit Opportunity Act.

Introducing CashPlease®

The Convenient Way to Manage Your Short-Term Cash Needs

Introducing Ascend’s CashPlease®, a new program that offers members an affordable small-dollar, short-term loan solution.

Life can throw unexpected challenges your way, and when you need quick access to cash, there's no reason to settle for ridiculously high interest rates or hidden fees on payday loans.

Why Choose Ascend’s CashPlease®?

• Affordable Interest Rates and Fees: We believe in saving you money. Say goodbye to exorbitant interest rates and fees; CashPlease® offers a costeffective alternative.

• Borrow Up to $875: Subject to eligibility restrictions, you can borrow a minimum of $200 up to $875 to cover your short-term cash needs.

• Convenient Online Access: Enjoy the ease of managing your loan online, giving you control over your finances.

• Quick and Easy Application: Check if you're eligible for a loan now with our straightforward online application process. No credit check is required.

• Fast Cash Deposits: Get the money you need in your account within 24 hours or less, ensuring you can address your financial requirements promptly.

• Trusted Financial Institution: CashPlease® is backed by Ascend, ensuring you have a smooth and secure borrowing process.

For more information, visit ascend.cashplease.org or call us at 800-342-3086

Understanding Call Forwarding Scams

In the age of digital transactions, protecting your personal information is paramount. Knowing the signs of attempted fraud and how to combat it is crucial to keeping your personal and financial information safe.

What is a call forwarding scam?

In a call forwarding scam, fraudsters pose as a trusted individual, business, or financial institution and, via phone or text message, instruct their targets to dial a specific phone number (usually preceded with *401* or *72). When the victim dials the phone number, they inadvertently set up call forwarding with the scammers. Once this has been done, the scammer has gained unauthorized access to the victim’s incoming calls. From here, they can intercept a variety of personal information such as PINs, passwords, and authentication codes.

You can proactively combat call forwarding scams and other fraud attempts by following these tips:

• Be vigilant about sharing personal information, especially if you get a suspicious call, email, or text message claiming to be from a trusted individual or business.

• In a practice known as Spoofing, caller ID can be manipulated by scammers to display a trusted number. If you are unsure about a caller, hang up and contact the institution directly to confirm the legitimacy of the call.

• Enable two-factor authentication on apps that contain sensitive data.

• Regularly monitor your accounts for suspicious or unusual activity.

Since elderly members can be particularly vulnerable to becoming a victim of a financial crime, Ascend members aged 65 years or older can benefit from an additional layer of account protection with our Advance Consent Agreement. This form gives Ascend authorization to contact a designated “trusted contact” in the event Ascend suspects fraud or abuse. Speak with an Ascend representative to learn more.

If you believe fraud has affected your Ascend account, contact us immediately at 800-342-3086.

What's New for Social Security?

Whether you’re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more?

Ready for a Cost-of-Living (COLA) increase?

That's right! Due to an increase in the Consumer Price Index (CPI-W), the Social Security Administration (SSA) has made a 3.2-percent COLA Adjustment.1

What about Tax Caps?

Employees everywhere will be happy to hear that the cap on wages subject to Social Security withholdings has increased to $168,600.1

Any change to earning limits?

If a working individual starts receiving Social Security payments before full retirement age, the Social Security Administration will deduct $1 in benefits for each $2 that person earns above an annual limit. In 2024, the income limit is $22,320.1 During the year in which a worker reaches full retirement age, Social Security benefit reduction falls to $1 in benefits for every $3 in earnings. For 2024, the limit is $59,520 before the month the worker reaches full retirement age.1

Are Medicare Part B premiums affected?

Social Security recipients will see a $9.80 increase in Part B premiums. But firsttime enrollees and Medicare beneficiaries who earn $206,000 or more in 2024 may pay a higher premium.2

How much do I need to earn for one Social Security “credit”?

For 2024, you’ll need to earn $1,730 to earn one “credit” toward Social Security and Medicare, up from $1,640 in 2023. What remains the same? You can only earn four credits each year, and you must earn at least 40 credits in order to qualify for benefits.3 For many, Social Security may be an important source of income during their “second act.” If changes to Social Security give you pause or make you question if you are making the most of your benefits, a qualified financial professional may be the person you need to help you realize your retirement strategy’s full potential.

1 SSA.gov, 2023

2 CMS.gov, 2023

3 SSA.gov, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.