When it comes to living your best life, keeping your money in order is paramount. Without experience in the banking industry, it can be hard to discern what institution is right to manage your money. There are many options to choose from, especially in a growing city ripe for expansion, and relationships with large banks can eventually turn cold.

For the better part of the 2010s, though, a new, local, compassionate option has taken root in Rochester. With a glittering new flagship branch on 19th Street Northwest now supporting the original office on Second Street Southwest, Altra Federal Credit Union has become a premier option for Rochester residents looking for the best in banking.

So, what is the major difference between a large, privately owned bank and a credit union like Altra? Allow an Altra employee to explain.

“Credit unions aren’t typically owned by families or stockholders. They’re owned by our members,” says Dusty Guerton, Altra’s Cascade Creek branch office manager. “You’ll hear a big difference in the terms customers versus members. People that open a relationship with us, they become the owners of the credit union.”

Altra’s big enough to provide the resources to bank with confidence, but small enough to make every member feel like family. With over $1.6 billion in total managed assets, the ability to take care of money is clear. Visit a branch, however, and every interaction feels personal and valued — like you’re Altra’s most valued member.

“The main thing is to not give our members any excuses,” says business banker Tom Torkelson. “If a problem comes to us, we don’t try to pawn it off on someone else. We actually fix the problem, even though it might not be our area of expertise. That’s one big thing about Altra… taking ownership, trying to be a little more empathetic.”

Altra’s mantra/slogan is to “live your best life.” Those four words are in every decision and piece of advice an Altra employee gives, from a discussion on a small savings account to working out a small business loan. It’s a culture of giving and compassion, all the way down.

“We really want our employees to be involved in the community and doing well, and we’re finding that that’s what many people want,” says Jolene Vaselaar, Altra’s associate VP of retail operations. “They want to be involved within their community, and we’re in a lot of smaller communities, so that’s a big, big part — giving back.”

A culture of compassion is great for the community at large, but what about your money? Altra’s a credit union first, and their attention to detail goes beyond the community and straight to your wallet.

“When family and friends come in and ask ‘Why should I be with Altra?,’ I can really get behind the products here. I can get excited about them. My two kids get 4 percent interest on their [savings] certificate,” says Guerton.

Real estate loan organizer Jeanne Struckmann agrees it’s the nonprofit, member-focused, community-driven approach that makes all the difference.

“That’s how we pay it back to our members,” says Struckmann. “You’re not normally gonna see 3.5 percent interest on a checking account. Nobody in town has that. We have very competitive rates on all of our loan products — mortgage, auto, equity loans, everything — there’s less fees, because we are that member-focused.”

Vaselaar says Altra’s filled with forward thinkers, and it shows through in the services they offer. Altra’s new smart ATM system is equipped with palm-reader technology and can act as a digital teller, which means their drive-up lines are open 24/7. Their financial literacy programs tailor to their youngest members, teaching kids how to properly manage money.

Offering these services requires a group effort, so it’s important to have a tight-knit team — and that’s exactly what Altra has.

“Our corporate office is in Onalaska [Wisconsin],” says Struckmann. “If I have a question that just doesn’t seem right, or if I want to run it by somebody, I can call them. We’re big enough to give you service but small enough to really care, hold your hand, and treat you like family, and I like that, because I want to be able to run into you at the grocery store and say, ‘Hey, how’s it going?’”

It goes to show Altra’s cut from a different cloth in the banking world. Successfully managing money is one thing, but looking out for the community and uplifting the lives of members through outreach and offering cutting-edge products goes above and beyond the industry standard. That’s what sets Altra apart.

“All of our profits go back to the members, whether it’s in lower loan rates, higher interest rates, or giving back to the community,” says Vaselaar. “That’s different than a bank, because they have to create dividends to give back to shareholders.”

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