The Summit Credit Union Difference:
More Than You Think!
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Our Corporate Structure Makes the Difference.
Credit unions are not-for-profit financial cooperatives, owned by the people who save and borrow there. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups, or a community-chartered credit union.
Our critics often claim that credit unions “don’t pay taxes.” Credit unions do pay taxes – payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states:
Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.
Our Guiding Principles Make the Difference.
Members of Summit Credit Union are not just customers, they are shareholders. As owners, members benefit directly as they see returns on their investments in the form of dividends or increased services. Members are on a first-name basis with the credit union staff and enjoy personal service.
People have chosen Summit Credit Union to handle their financial matters since 1935.
At Summit Credit Union, our friendly service is teamed with sound financial sense and a sincere desire to always offer "just a little more." The purpose of the credit union has always been to promote thrift among its members and to provide an affordable source of credit. Today, Summit Credit Union offers full services, including checking and savings accounts, home banking and bill paying services, VISA debit cards, credit cards, home loans, vehicle loans, and money management. Members are conveniently served through our offices in Greensboro, Raleigh, and Winston-Salem, as well as a network of Credit Union Service Centers nationwide.
One thing that sets Summit Credit Union apart is our committed and experienced management. Summit Credit Union is governed by a "volunteer" board of directors elected by the members. Together with a dedicated staff, the board has guided Summit Credit Union through challenging times.
In addition to meeting operational and financial goals, Summit Credit Union is committed to a "people helping people" philosophy. The membership remains a caring group, raising funds for the Carolinas Credit Union Foundation, The Elizabeth “Sis” Hamilton Scholarship Fund and many other worthy causes.
Summit Credit Union was founded with a cooperative spirit and it is that same attitude, toward business and community, that makes Summit one if the most vital and successful credit unions in the State.
Our Commitment to Serving Our Members Makes the Difference.
Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well as evidenced by these powerful member testimonials:
“When she said I was approved, all I could do was cry.”
Carolyn Lindsay works in medical records at Silas Creek Manor in Winston-Salem, but she became a Summit member a year ago while working at Winston-Salem Rehab and Healthcare.
“Unfortunately, I was out of work for over two months due to an illness. During that time my bills piled up and I got behind. I just didn’t know what I was going to do. “One of my coworkers said I should call Summit Credit Union about an emergency loan, but I was so afraid that my credit had been ruined that I just couldn’t get up the courage to call.
“It took over a week for me to get up the nerve, but one day while I was in the Winston-Salem branch to make a deposit, I asked to speak with a loan officer. I told her about being out of work and being behind in my bills. “She only took a minute to look at my account and when she came back and told me that I was approved, I was so happy that all I could do was cry!
“That $400 loan really lifted my spirits, but more importantly, it helped me get back on my feet and get my bills caught up. “I got the loan paid off quickly, but then school started this fall, and I needed money for supplies and clothing for my children. So I called Summit again to see if I could get another loan.
“The lady in the Loan Call Center said that the money was available whenever I needed it, and she asked if I wanted the money placed into my checking account. “She made the deposit while I was on the telephone. It was so easy. Before Summit, I was just not accustomed to ’banking’ being so easy.”
“When I needed help, Summit helped!”
Mike Dinkins is the Transportation Manager for a Triad-area food service distributor and has been a Summit CU member for roughly seven years. He joined as a family member; his father is a long-term member through Southern Bell.
“After going through a divorce I was looking to establish a lasting relationship with a financial institution. My father told me about Summit Credit Union and how pleased he had been for such a long time.
“I needed a little money for improvements to my family home place in Yadkin County and Summit helped me. Later I came back for a truck loan and Summit helped again. Summit does what is right for ME!"
“Recently, I wanted to buy an older Harley-Davidson, but no lender even wanted to even talk about it . . . except Summit, which made several suggestions about what would be best for me. “I ended up putting the Harley on a VISA Gold Card. The rate was lower than I expected, and I saved even more money because I had the title, which meant that I didn’t have to pay for insurance during the winter months when I wouldn’t be riding.
I’ve even talked my coworkers into joining! “My coworkers often hear me raving about the service I receive at Summit Credit Union and, consequently, I have convinced four of them to join, even though we have another credit union here at work. I also talked my mother and step-father into joining.
“Summit has been fantastic to work with and has helped me establish a long-term relationship and financial stability when other financial institutions acted as if they didn’t want my business. Summit is exactly what I was looking for.”
“It’s All About Service!”
Daryl Hamilton is a Technician at Procter & Gamble in Greensboro and is one of only a handful of employees who have worked there since the Browns Summit plant opened in 1981. Daryl has been a Summit Credit Union member since the credit union first was offered there in the mid-1980s.
“I find that the rates are usually better at Summit. They’re always competitive, both on savings and loans. But the real reason I prefer Summit is that I’m old-fashioned and like the face-to-face customer service I get at Summit.
“I have my checking account and savings at Summit. And I can’t tell you how many loans I have had at Summit. I have financed all my cars there, and am now considering a construction / mortgage loan.
“Loan repayment is so simple because of payroll deduction; it’s almost like not having a payment at all. And I especially like the loan call center where you can apply for a loan 24 hours a day, and talk to a human being, not some computer system. “At Summit, it’s all about the service. They really do a good job!”
Our Products and Services Make the Difference.
Fairness, compassion, and convenience have played integral roles in the development of all Summit Credit Union financial solutions. Members enjoy affordable financial products and services that address day-to-day saving and borrowing needs, as well as future-focused, goal-oriented savings accounts. Successful member service means helping members reach their immediate, short-term, and long term financial needs.
The following products and services help Summit Credit Union meet our lofty member service objectives:
Free ID Theft Recovery Service
Free Credit, Credit Score, Budgeting and Money Management counseling through our BALANCE Service
Free Checking with free Overdraft Protection transfers and the safety net of Overdraft Privilege
Fee Free Debit & ATM Card Services
Credit Builder Loan and Saving Program
Emergency Loan Program
Kirby Kangaroo Kids Club
CU Succeed Youth Financial Education Club
Senior Club Discounts
Discount Ticket Services
Notary and Medallion Stamp Services
Basic Saving Accounts
Christmas Club Savings Program
Affordable High Yielding Certificate, Money Marketand IRA Accounts
Free Auto Buying Services
24 hour a day / 7 day a week Loan Call Center Access
Affordable Term Vehicle, Motorcycle, Boat, Camperand RV Loans
Fee Free Secured Credit Card Program
Low Cost / No Fee Home Equity Line-of-Credit Program
Accessible Mortgage Loans
Low Balance Signature Loans
Free Home Banking Services
Discounted Insurance Services
Trusted Investment Services and Free Financial Counseling
Our Commitment to Financial Education & Literacy Makes the Difference.
Promoting financial literacy has been a primary mission of credit unions since they were established. Edward A. Filene, the father of the American credit union movement in 1908, said, “Credit unions are educational institutions.” Our intent is to teach people wise money management skills they can use to make their entire lives better.
We offer free access to out robust financial education & literacy website, Home & Family Finance, which includes information on an array of financial and consumer related topics.
Additionally, Summit Credit union offers financial education seminars as a routine matter. Some examples include:
Credit unions exist to serve all members equally, with dignity, respect, and consideration. We strive to serve everyone who needs financial services within our membership and to be sensitive to the individual needs of the various cultures we serve. Employees and volunteers reflect the diversity of our members.
Governance
Summit Credit Union is a not-for-profit financial cooperative wholly owned, operated, and governed by its members. Our operational scope depends solely on the ideas, concerns, and desires of member owners, as the membership’s well being and the credit union’s well being are interdependent. Summit Credit Union’s guiding principles of “people helping people” and “for service, not for profit” is necessitated by our very structure, and is thereby not optional. The following aspects of Summit Credit Union’s by-laws and philosophy ensure member involvement and governance:
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Every member has equal ownership of Summit Credit Union, and thus one vote – regardless of financial or social status.
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Members democratically elect volunteers for each of nine seats on Summit Credit Union’s Board of Directors.
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To ensure the transparency and accuracy of credit union operations and finances, Summit Credit Union undergoes a rigorous external audit and an official North Carolina State Examiner’s audit each calendar year. Summit Credit Union makes the particulars of these examinations available to all members in our Annual Report. Un-audited monthly statements of financial soundness are also posted in our branches and are available at our members’ request. Summit Credit Union is also subject to federal deposit insurance reviews by the National Credit Union Administration (NCUA).
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Members receive a monthly newsletter which contains credit union news, information concerning financial products and services, and details about upcoming events. The newsletter also encourages member feedback and guidance through a “because we care” feedback section in the newsletter. These submissions help mold management decisions to better serve our membership base.
Diversity
To meet the needs of an ever-evolving field of membership, Summit Credit Union realizes that pursuing, developing, and promoting diversity in the makeup of our staff, as well as the products and services that we deliver with that staff, is essential. Compassion for co-workers and our field of membership, we believe, can truly manifest only when the diverse backgrounds, ethnicity, sex, financial status, and points-of-view of our staff allow.
Likewise, products and services should be accessible to all members regardless of race, color, religion, sex, national origin, age, disability, or familial status. Summit Credit Union pursues diversity in various ways, including:
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Summit Credit Union is an Equal Employment Opportunity employer, meaning we fully comply with all Federal regulations prohibiting discrimination based on race, color, religion, sex, disability, age, or national origin.
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Summit Credit Union has translated its membership brochure into a Spanish language version.
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Summit Credit Union discloses lending statistics subject to the Home Mortgage Disclosure Act (HMDA) demonstrating fair, non-discriminatory lending activity.
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Summit Credit Union is an Equal Housing Lender, meaning we fully comply with all anti-discrimination policies enforced by the U.S. Department of Housing and Urban Development Office of Fair Housing and Equal Opportunity. Home mortgage loans are made with no regard given to the race, color, religion, sex, national origin, age, disability, or familial status of the member applicant.
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Because we refuse to charge application fees, monthly maintenance fees, per check fees, and other similar fees commonplace in the financial services industry, Summit Credit Union allows members on all levels of financial standing to receive affordable credit union products and services.
Our Commitment to Community Makes the Difference.
Credit unions don’t just exist to provide financial services—we provide financial services for the purpose of improving lives. While our first responsibility is to our members, part of being a cooperative movement means looking beyond our walls to the larger community. This philosophy leads us to support worthwhile charitable and social causes, and to work with other credit unions.
Scholar Vision Funds
The Scholar Vision Funds are a collection of funds and resources established to help worthy candidates achieve a higher level of education. The Foundation believes that as individual's self-esteem and economic well-being may be grounded in academic development. Education is a common thread that binds understanding. These objectives are at the heart of credit unions and are fully supported by the Foundation.
Through the Scholar Vision Funds, educational and financial need scholarships are available through the Foundation's General Fund or through a collection of advised and named funds. Current Scholarship Funds are:
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Fred Sarda Scholarship Fund
- Betty Stevenson Scholarship Fund
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Local Government Federal Credit Union Fund
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Members Credit Union Scholarship Fund
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Mel Hughes Scholarship Fund
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Blue Flame Credit Union Scholarship Fund
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Elizabeth Hamilton Scholarship Fund – Summit Credit Union Sponsored Fund!
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Rod Caviness Fund
The Foundation provides scholarships through the ongoing support of credit unions in North and South Carolina. More than $680,298 has been awarded in these scholarships at year-end 2006.
Micro-Community Grants
The Carolinas Credit Union Foundation, supported by North and South Carolina Credit Unions, has undertaken several Social Responsibility fund-raising projects to assist communities in the Carolinas. The most recent project is Micro-Community Grants. These grants are donations to community organizations and charities that support causes consistent with the credit union philosophy of "people-helping-people".
At year-end 2006, $181,266 has been awarded in Micro-Community Grants.
Victory Junction Gang Camp
A major project of the credit unions of North and South Carolina for the last three years has been the Victory Junction Gang Camp, a camp to enrich the lives of children with chronic or life threatening illnesses by creating camping experiences that are memorable, exciting, fun, empowering, physically safe, and medically sound.
At year-end 2006, over $1.6 million dollars has been raised in support of the Victory Junction Gang Camp.
KidsFirst
KidsFirst is an investment in our communities, state, and nation. KidsFirst represents services that address educational opportunities and programs that focus on the needs of young people. Issues such as child abuse, pediatric health research, and social development have been the primary areas of concern. The Carolinas Credit Union Foundation, supported by the credit unions of North and South Carolina, believes in making investments in the future and that future is our youth. The return on these investments will provide benefits for all of us in the years to come.
The Foundation has contributed to the Children's Miracle Network, Prevent Child Abuse, and the Duke Pediatric Bone Marrow Research Laboratory and, as mentioned above, is currently involved with raising monies for Victory Junction Gang Camp in Randleman, North Carolina. These KidsFirst programs embody the long time "people-helping-people" philosophy of credit unions.
By the end of 2006 the Foundation had disbursed $2.406 million for the needs of young people.
