What Sets Credit Unions Apart?
Credit unions offer a community-focused, member-owned alternative to traditional banking services. Unlike for-profit banks, which prioritize shareholder profits, credit unions serve the needs of their members. This fundamental difference influences all aspects of credit union operations, including the products they provide and the values they promote.
Additionally, credit unions are closely connected to local communities. This enables them to deliver personalized service and a strong commitment to financial education that goes beyond simple transactions. Many credit unions enhance financial wellness by providing free workshops, counseling, and youth savings programs.
Discover why credit unions are not only different but also make a positive impact by exploring the following resources.
The Difference Between Credit Unions and Banks
Credit Unions
- Ownership: Member-owned; each member is a part-owner.
- Income Model: Not-for-profit; earnings returned to members via better rates and lower fees.
- Governance: Democratically controlled; one member, one vote.
- Focus: Focused on members' needs, not shareholders.
- Rates & Fees: Offer higher savings rates, lower loan rates and fewer/lower fees.
- Community Involvement: Often community-based and mission-driven.
- Service Approach: Personalized, relationship-based service.
- Eligibility: Must meet membership requirements (location).
Traditional Banks
- Ownership: Shareholder-owned; focused on maximizing investor returns.
- Income Model: For-profit; profits go to shareholders.
- Governance: Controlled by a board elected by shareholders.
- Focus: Prioritizes profit over customer needs.
- Rates & Fees: Often lower savings rates, higher loan rates and more fees.
- Community Involvement: Less locally focused; community involvement varies.
- Service Approach: Standardized service; may be less personal.
- Eligibility: Open to the general public with no membership restrictions.
The Ascentra Difference
What Sets Ascentra Apart?
Unlike banks, we don’t answer to stockholders or investors, we answer to YOU. As a local, democratically controlled not-for-profit, each member of Ascentra Credit Union owns a share in the credit union. When you join Ascentra, you are not a customer you're a member-owner and are treated as such.
We put people before profits. Those profits then go back to you, in the form of lower interest rates on loans, higher returns on your deposits, and lower fees.
For our 40,000 members who directly benefit from our cooperative model, it's more than just about financial services, it’s about being part of an organization made up of people who genuinely care about your financial well-being and the communities we serve. An organization that is always listening, caring, and doing what’s right.
Ascentra Scholarship Program
Each year, Ascentra offers up to $15,000 in scholarships to assist student members planning to further their education through undergrad programs, continuing education (post graduate) or through trades/vocational programs.
Applications open in October and close in March of each year.
LEARN MORE
Ascentra Foundation
The mission of the Ascentra Credit Union Foundation is to improve the quality of life for the membership of Ascentra Credit Union and further the philanthropic outreach in the communities we serve.
$1,035,092
in local charitable
contributions since 2015
Spring Cleaning Your Finances
Spring is a natural time to reset. Just as we open windows, clear out closets, and get rid of clutter, your finances deserve the same attention. Accounts, paperwork, subscriptions, and financial habits can quietly pile up over time. A little financial "spring cleaning” can help you feel organized, confident, and prepared for the months ahead, without a major overhaul.
- Protect what you’ve built: Update passwords, enable alerts, and stay alert for seasonal scams that often increase during tax time and summer travel. Visit Ascentra’s Fraud Center at ascentra.org to learn more.
- Dust off your accounts: Review checking, savings, retirement, and investment accounts. Make sure you know where your money is and how it’s working for you. Look for dormant or underused accounts that could be consolidated. Check beneficiary designations especially after life changes like marriage, divorce, a new child, or the loss of a loved one. Keeping this current ensures your wishes are honored.
- Sweep up debt and expenses: Look at interest rates on credit cards, auto loans, and other debt. Refinancing or consolidating may lower payments or interest costs. Review insurance premiums and coverage because policies that made sense years ago may no longer fit. Even one adjustment can free up cash each month.
- Refresh your financial goals: Life changes, and so can your goals. Adjust retirement contributions, emergency savings, or priorities as children grow or retirement approaches. The goal is alignment, not perfection. Ascentra’s Financial Coaches can help review goals or connect you with trust, retirement, and investment services.
- Clear the Clutter: Review financial paperwork and digital files. Shred old statements you no longer need and securely store important documents like tax returns, insurance policies, and estate documents. Digitizing records makes them easier to find and helps reduce fraud risk. Check bank and credit card statements for subscriptions or services you no longer use, small recurring charges can add up quickly.
Spring cleaning your finances doesn’t have to be overwhelming. Pick one area to tackle this season. If you’d like help reviewing your accounts or setting priorities, Ascentra is here to help because good financial habits grow stronger with regular review.
