Summit Credit Union Review: Give Back While Making Money

Explore Summit Credit Union's features like online banking.

Summit Credit Union, one of the largest credit unions in Wisconsin, has an open charter, which means anyone can join. Unlike traditional banks, by joining Summit Credit Union you become a member with part ownership. But just like a bank, Summit Credit Union offers personal banking products and services that help you manage your finances.

Read more to find out if Summit Credit Union’s online banking, mobile banking and various benefits unique to joining a credit union are right for your needs.

Summit Credit Union Overview

Started in 1935, Summit Credit Union’s membership exceeds 170,000, and it holds nearly $3 billion in assets. Although all of Summit Credit Union’s 35 locations are only in 18 cities in Wisconsin, Summit belongs to the CO-OP shared branch network, which means, as a member, you can access your accounts in credit unions throughout the country. The shared branch network also gives you access to nearly 30,000 ATMs without incurring additional fees. All your accounts are accessible through Summit Credit Union online banking and the mobile banking app. Summit Credit Union deposits are federally insured up to $250,000 per member.

Summit Credit Union online services allow you to join from anywhere, 24 hours a day. If you prefer to join in person, the Summit Credit Union hours for branch locations can be found on its website. For access to your accounts with Summit Credit Union, log in to its online banking feature any time.

Related: What’s the Difference Between Banks and Credit Unions?

Summit Credit Union’s Savings and Checking Accounts Products

A variety of financial products are available from Summit Credit Union once you become a member, which is as easy as opening a primary savings account with a $5 deposit. With a balance of $25 or more, your savings account will earn dividends and not be charged monthly fees regardless of your balance or number of withdrawals. You can open additional savings accounts for a specific purpose, such as saving for a car or vacation, or open a holiday account to save for a special occasion. If you want more incentive to save, you can open a GoSave account with a $100 deposit. Your money will earn a higher interest rate, but you can only make one free withdrawal per month.

Summit Credit Union also offers a variety of checking accounts, any of which can be opened with a minimum deposit of $25. The primary checking account is called “Free Checking” because there is no monthly service charge. You will have unlimited check writing and Summit ATM access, with 12 free non-Summit ATM withdrawals per month. Bill payer services are also available. However, this checking account does not earn interest and a $5 annual debit card fee applies. If you are a student, the debit card fee does not apply, and you won’t incur any fees for non-Summit ATM withdrawals regardless of amount.

Additional benefits, such as earning interest, overdraft protection and discounted safe deposit boxes, are available for the “Ultimate Checking” account, which has a $15 monthly service fee that can be waived if the account maintains $60,000 in combined deposits and loan services.

Summit Credit Union Dividends: Cash Boomerang

A significant factor to consider when joining a credit union is that credit union profits are used to benefit its members. As a Summit Credit Union member, your benefits might include receiving annual dividends or cash payouts called “Cash Boomerang.” Each year members receive a statement detailing the amount of their Cash Boomerang, which is calculated based on the financial performance of Summit Credit Union, as well as the amount a member saves and borrows with Summit. In 2017, Summit Credit Union paid $2.08 million in dividends to over 51,000 members. The more you avail yourself of the products and services offered by Summit Credit Union, the higher your annual dividend.

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Summit Global Good Credit Card

If the idea of acting locally and thinking globally appeals to you, Summit Credit Union offers a unique credit card that allows you to give something back every time you buy something. The World Council of Credit Unions’ Worldwide Foundation for Credit Unions works to help communities around the world that are underserved by traditional financial institutions become financially self-sustaining using credit unions. Summit Credit Union has teamed up with the WOCCU to offer the VISA Global Good Card. When you open a Global Good Card account, Summit donates $10 to WOCCU and gives it 20 percent of all interchange fees earned when you use the card.

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Is Summit Credit Union Right for You?

As a member-focused nonprofit, Summit Credit Union provides its members with a variety of loan products and services to meet personal needs, such as buying a home or car and going to school. Members receive better rates for these products than you could receive from a traditional bank, whose focus is on making a profit for its shareholders. You can also save on related products such as insurance for your home, car or life. However, you’ll want to keep the pros and cons of the services and products you would use Summit Credit Union in mind when deciding if this is the credit union for you.

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