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Summit CREDIT UNION
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Disclosures

An index of the account, lending, electronic services, and insurance disclosures that apply at Summit.

Today's rates Fee schedule

Scope and membership eligibility

This page indexes the disclosures that govern accounts and loans at Summit Credit Union and summarizes what each one covers. The summaries are not a substitute for the full documents. A complete account agreement, the current fee schedule, and any individual disclosure named here will be provided on request at no charge; call 800.555.7846 or ask at any of our 42 branches.

Summit is a member-owned, not-for-profit cooperative chartered in 1948. Membership is open to anyone who lives, works, worships, or attends school in our field of membership, to employees of our select employer groups, and to the immediate family or household members of an existing member. Immediate family means spouse, parent, child, sibling, grandparent, grandchild, or step relation; household means a permanent resident at the same address.

A $5 deposit into a share savings account establishes membership and makes you an owner. That $5 remains on deposit while you are a member and is returned when the account closes. Ownership carries one vote in the annual election of the board of directors regardless of balance. Membership must be established before any other account or loan is opened; details are on become a member. Our routing number is 271982561.

Deposit accounts

Truth in Savings and related disclosures

These govern how dividends are earned, credited, and disclosed on deposit accounts.

Truth in Savings Act disclosure States the annual percentage yield, how dividends are compounded and credited, minimum balance requirements, and any fee that could reduce earnings. Delivered when an account is opened and on request thereafter. Compare accounts using APY, which reflects compounding, rather than the nominal rate.
Dividend rate schedule Rates on savings, money market, and checking accounts are variable and may change after opening at the discretion of the board. Current figures are published on today's rates and dividends are compounded and credited monthly on the last day of the month.
Certificate terms and penalties Share certificate rates are fixed for the full term. Early withdrawal costs 90 days of dividends on terms of 12 months or less and 180 days on longer terms, and a penalty may reduce principal if the certificate has not earned enough dividends.
Balance computation method All accounts use the daily balance method, applying a daily periodic rate to the balance in the account each day. Dividends begin to accrue on the business day a deposit is credited, including deposits made by check, and accrued dividends are paid if an account is closed mid-period.
Funds availability policy Cash, direct deposits, and transfers between Summit accounts are available immediately. Checks are generally available the first business day after deposit. Longer holds may apply to large deposits, accounts open fewer than 30 days, or checks we have reason to doubt, and you are told at the time of deposit.
Fee schedule Lists every fee that can be assessed on a deposit account, including overdraft, stop payment, wire transfer, and replacement card charges. Free checking carries no monthly service fee or minimum balance. See the fee schedule for the full list.

Lending disclosures

Every advertised loan rate on this site is the best rate available and assumes strong credit, a qualifying term, and any stated discount such as automatic payment from a Summit checking account. Your rate depends on credit history, income, loan amount, term, and, for secured loans, the age and condition of the collateral. Not all applicants qualify for the advertised rate; the rate stated in your approval is the rate that applies to you. Current examples for new auto loans, personal loans, purchase mortgage, and a home equity line of credit are published on today's rates.

The annual percentage rate includes the interest rate plus certain costs of obtaining the loan, which is why it is the figure to compare between lenders. Adjustable-rate mortgages and home equity lines carry variable rates tied to a published index plus a margin; when the index moves, the rate and payment move with it, subject to the caps in your loan agreement. Review the maximum payment the contract permits, not only the initial payment.

Mortgage applicants receive a Loan Estimate within three business days of a complete application and a Closing Disclosure at least three business days before closing; read the two against each other. All real estate loans are subject to appraisal, title review, and property insurance requirements. Summit is an Equal Housing Opportunity Lender and does not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, disability, or because income derives from a public assistance program. Summit Credit Union, NMLS #412622.

Credit and electronic services

Lending, card, and transfer disclosures

These govern applications, credit reporting, and the electronic ways money moves in and out of an account.

Truth in Lending disclosure Provided with every consumer loan and credit line. States the APR, finance charge, amount financed, total of payments, payment schedule, and any prepayment or late payment terms. For real estate secured loans it also states rescission rights where they apply.
Credit reporting and adverse action We report loan performance to the major credit bureaus monthly, including on-time and late payments. If an application is declined or approved on less favorable terms based on a credit report, you receive written notice naming the bureau and explaining how to obtain a free copy of that report.
Electronic funds transfer disclosure Covers debit card purchases, ATM withdrawals, direct deposits, automatic drafts, and transfers made through digital banking. States daily limits, our liability for failing to complete a transfer, and the circumstances that excuse it, such as insufficient funds or an outage you knew about.
Unauthorized use and error resolution Report a lost or stolen card or compromised credentials immediately through report lost or stolen or by calling 800.555.7846. Notify us of a statement error within 60 days of the statement date; we investigate and respond within ten business days, with provisional credit where the review takes longer.
Electronic delivery consent Choosing eStatements is consent to receive statements, notices, and required disclosures electronically. You may withdraw that consent at any time and return to paper without a fee, and you may request a paper copy of any electronically delivered document.
Payment processing terms Payments submitted through make a payment before the daily cutoff post the same business day; later submissions post the next business day. Payments from an outside institution are subject to that institution's processing schedule. Our routing number is 271982561.

Share insurance, changes in terms, and requesting documents

Member deposits are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund, administered by the National Credit Union Administration and backed by the full faith and credit of the United States Government. Coverage is calculated per member, per ownership category, so individual, joint, retirement, and trust accounts are each insured separately. Investment, insurance, and annuity products are not deposits, are not NCUA insured, are not obligations of the credit union, and may lose value.

We may change the terms of an account or service. When a change reduces your rights or increases your costs, you receive written notice at least 30 days before it takes effect, by mail or electronically if you have consented to electronic delivery. Rate changes on variable accounts do not require advance notice because those rates are variable by design and are always published on today's rates.

To request any document named on this page, call 800.555.7846, visit a location listed in the branch and ATM locator, or write to us through contact us. Documents are available in large print, braille, and accessible electronic formats as described under accessibility. How we handle the information collected under these agreements is described in the privacy notice.

Ask before you sign, not after

Any Summit representative will walk through an account agreement or loan disclosure line by line at no charge, before you commit to anything. There is no shorter version of a contract than the one you understand. Federally insured by NCUA. Equal Housing Opportunity Lender. NMLS #412622.

Want the plain-language version

Ask us to walk through any account or loan term before you sign anything.

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