What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. You can have peace of mind in knowing that your money is safe at your credit union.
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What is Summit Credit Union's ABA or 'routing and transit' number?
The ABA or routing and transit number is 253176118. This is the number you will need to give someone you have authorized to send direct deposits or drafts to your account.
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Is my Social Security Number also my Summit Credit Union Account Number?
No, while at one time many of our members did have their Social Security numbers as their Account Numbers, this practice was changed with our Account Number Conversion in October 2002. This practice was discontinued because of concerns with Identity Theft and a desire to maintain privacy with our members' personal information.
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How Can I Locate my Account or Member Number?
Your account (or member) number appears at the top left hand side of each statement you receive. It also appears on all receipts you are provided by Summit Credit Union. Your Account number should be 7-digits in length and begin with the numbers '10'.
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Does my Account (or Member) Number Appear on My Checks?
No, Summit Credit Union only provides one Account (or Member) number to each member. It was provided to you when you became a member. Each time you apply for a new 'account', Summit Credit Union assigns a two digit suffix to it (for instance: -00 is the suffix number for your Share Savings).
The Federal Reserve, however, requires each account that can receive deposits or withdrawals to have a unique number. Since you only have one account number, each checking account (or 'suffix') you have with us is assigned a different number which appears on your checks.
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Why do I need to show an ID every time I make a transaction?
In order to better protect your money and account information, our tellers are instructed to ask for your membership card or a driver's license. While some tellers may come to know you, and therefore not ask for ID, others tellers may be new or not know you and ask for identification. We are not trying to make things difficult, just safer for you and your money.
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Why do I need to have a savings account with the credit union?
Your $25.00 in a savings account means you own one share of the credit union and are a part owner with full voting rights. Once you are a member/owner of the credit union, you are eligible to take advantage of the other services available at the credit union. If your savings balance falls below the $25.00 level, you will need to make a deposit to bring the balance to back up to $25.00 to maintain your membership.
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Why can't I use the $25.00 in my savings account to cover my outstanding checks?
The $25.00 in your savings account maintains your membership in the credit union. If we were to use the $25.00 to cover checks, your membership would not be in good standing, and possible expulsion from the credit union could result.
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How can I stop the credit union from mailing me information on insurance services from CUNA Mutual Group and Liberty Mutual?
From time to time the credit union, in partnership with CUNA Mutual Group and Liberty Mutual, sends valuable information on free AD&D insurance coverage as well as low cost life, auto and homeowner insurance coverage. To stop these mailings simply call 1-877-MEMBERS (1-877-636-2377) and ask to be removed from the mailing list.
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What is Collateral Protection Insurance (CPI)?
If the credit union is holding the title to your vehicle as collateral for a loan, we require that you provide insurance. If you do not provide proof of insurance, the credit union will add Collateral Protection Insurance to your loan. CPI is very expensive, and covers the value of the vehicle only. It does not cover liability and it is not valid insurance as required by North Carolina law for all motorists. It will only reimburse the credit union in case of an accident. Click [here] for more information.
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Need more information?
We have set up our Info Desk page to provide links to information like who we are, our holiday schedule, fee schedule, current rates, online applications, online calculators, directory listings, search capabilities, special notices regarding out of country travel, information on employment opportunities and membership.
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