Life Happens!!!

By: Linda Andry, President & CEO, Ascentra Credit Union

Did you know that the first credit union was established in Europe by a German mayor who developed the idea of cooperative self-help after watching many suffering farmers fall victim to loan sharks? Because of this, he founded the first cooperative lending bank, or first rural credit union in 1864.

Why is this important?  Because the idea of people helping people and fair credit lending to all people has been a mission of credit unions for 160 years. That means there is a lot of history, lessons learned and efforts during that time to bring you, the credit union member, great products and services to help you build a strong financial future.

At Ascentra, we talk a lot about people helping people because it is at the foundation of everything we do, and it’s ingrained into the hearts and souls of our leadership and staff. Over the years, we have introduced products, services and concepts to our members that allow us to meet them where they are, regardless of financial circumstance. We became a Community Development Financial Institution in 2015 to help generate economic growth and opportunity in some of our most distressed communities, established a Multicultural Advisory Council to cultivate opportunities that attract, retain and develop diverse cultural backgrounds and launched an initiative called Real Life. Real Hope. that focuses on helping people who just needed someone to give them a chance for a better financial path!

Why am I telling you this?  Because Ascentra understands that life happens and sometimes it happens all at once. We want to be prepared to help you in a moment’s notice!

I’ve heard many stories about how members’ accounts have quickly been depleted due to several unexpected expenses all at once. How they owed taxes instead of getting a refund, their property taxes came due, or a car needed a new battery and tires, and before they knew it, their credit card was maxed out and their savings had been severely depleted.  Recently, over a holiday weekend, I had a drain back up into my basement, which caused a bit of a panic.  Let me tell you that emergency repairs on a holiday weekend can have some serious financial impact; especially for those whose payday isn’t until Friday, their account is low, their card is maxed, it’s 10:30 at night and contractors want payment on the spot.

This is why it’s important that you trust a financial institution, like Ascentra, to have your back in unexpected situations. It’s also important to have loan options available to you that fit your needs and financial situation. In this issue of The Teller, we are introducing a new loan product designed to help our members in a pinch called CashNOW.  Whether it’s unexpected vet bills, auto repairs or more month than money, this instant short-term loan may be the right fit, without added stress, to help you recover from unexpected expenses. I will let the introduction here tell you all about it.

Just know that at Ascentra, we understand that unexpected expenses happen! The difference is that we want to provide you with the best financial options to help you through them, while continuing to help you maintain and grow a strong financial future.

As always, thank you for being a member of Ascentra Credit Union, we are honored to serve you every day!