Ascend Federal Credit Union to return more than $8 million to its members
The Tullahoma-based credit union is one of the few financial institutions in the nation to offer a member return
TULLAHOMA, TN (December 3, 2019) — This December, Ascend Federal Credit Union will return an estimated $8.7 million to its members in bonus dividends and loan interest refunds. With the addition of this year’s return, Ascend’s volunteer, unpaid board of directors has voted to give back more than $85 million to the credit union’s members since 2004.
“On behalf of Ascend’s board of directors, we are very pleased to once again offer a return for our members,” said Ascend President and CEO Caren Gabriel. “This year, we’re asking members, ‘What will you do with your share?’ It’s a simple question with many possible answers – maybe you’ll use it to buy Christmas gifts, put it toward a vacation you’ve always wanted to take or donate it to a charity.”
Gabriel said the member return is never guaranteed, but it is something Ascend’s board strives for annually.
The credit union examines its financial performance each year to identify how the return will be calculated and what amount will be given. Generally, the more savings someone has with Ascend, the greater his bonus dividend, and the more loans he has, the greater his loan interest refund. In order for a loan to receive an interest refund, it must not be delinquent.
The 2019 return will appear on members’ December statements.
About Ascend Federal Credit Union
With more than 200,000 members and $2 billion in assets, Ascend Federal Credit Union is the largest credit union in Middle Tennessee and one of the largest federally chartered credit unions in the United States. Based in Tullahoma, Tenn., the member-owned financial institution offers banking, loan, retirement and investment services from its 25 branches, 10 interactive teller machines (ITMs), more than 55,000 free ATMs nationwide, online banking portal and mobile app. The credit union’s mission is to serve by offering financial literacy training and giving back to its community in a variety of ways. Ascend is federally insured by NCUA. For more information, visit ascend.org.
Caren Gabriel President and CEO
Ascend Federal Credit Union