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 At Summit Credit Union, Savings Accounts Are Called Shares Because They Represent Ownership In The Credit Union!
In order to become a member of Summit Credit Union, an individual must open a Membership Share account.
Minimum Deposit: The minimum deposit required for a Summit Credit Union Membership Share account is $25. To remain a member in good standing and use the services and other accounts of the Credit Union, a member must keep a Membership Share account open with a least $25 on deposit. If you open a second share account, called a Special Share account, there is no minimum balance requirement.
Dividend Rates: The dividend rate paid on a Share account is determined by the Board of Directors based on Credit Union earnings and market interest rates and is subject to change monthly. Dividends are compounded and paid quarterly.
Borrowing Privileges: Funds deposited into Share accounts may be used as collateral on Credit Union loans at preferred rates.
Service Charges: There is no charge for the first three withdrawals performed during a month. There is a $3.00 charge for share withdrawals performed more than three during a month.
Availability of Funds: You may conveniently access your Share account by mail, ATM, by using our CALL 24 audio response service, over the internet using Home Banking 24, or by visiting a Credit Union branch. For your protection, positive identification is required for all withdrawals and for any deposits in which cash is given back.
Saving Automatically: Payroll Deduction and Direct Deposit may be available for automatic deposits to your Share account. With Payroll Deduction, you may arrange for a portion of your net pay to be automatically deposited into your Share account. Direct Deposit also allows you to automatically deposit a portion of your net pay into your Share account. Contact Us or your payroll office if you are not sure if Payroll Deduction and/or Direct Deposit is available where you work.
Information Services: You will receive a comprehensive quarterly statement listing the balance and all transactions on your account. This statement also includes the dividend rate and yield during the statement period. If you have a Free Checking and/or Money Market account you will receive a monthly statement listing all your Credit Union accounts. CALL 24 and Home Banking 24 may also be used to obtain current information or make transfers on Share accounts.
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