Truth in Savings Disclosure
Truth in Savings Disclosure Supplement and Dividend Rate
Effective: January 1, 2022
Deposit Accounts
| Account Name | Minimum To Open | Rate Type | Minimum To Earn Dividends | Dividend Rate | Annual Percentage Yield* (APY) | Frequency of Compounding |
|---|---|---|---|---|---|---|
| Membership Savings | $5 | Variable | $100 | 0.05% | 0.05% | Quarterly |
| Special Savings | $0 | Variable | $100 | 0.05% | 0.05% | Quarterly |
| Christmas Club | $0 | Variable | $100 | 0.10% | 0.10% | Annually |
| Kids Club | $5 | Variable | $5 | 0.10% | 0.10% | Quarterly |
| Money Market | $1,000 | Variable | $1,000 | 0.20% | 0.20% | Monthly |
| Money Market Investor | $10,000 | Variable | $10,000 | 0.30% | 0.30% | Monthly |
| Roth and Traditional IRA Accumulator | $0 | Variable | $100 | 0.30% | 0.30% | Quarterly |
MEMBERSHIP SAVINGS: If the Membership Savings (Share) balance drops below $5, credit union services will be discontinued.
DIVIDEND TERMS: With the exception of certificates, rates are variable and are subject to change monthly. If you close your money market, Certificate, or IRA accounts before the end of the dividend period, your dividends will be posted to the account prior to closing. For all other accounts, if you close your account before dividends are posted, you will not receive accrued dividends. Dividends will begin to accrue on the same business day of your deposit. Dividends are paid from current income and available earnings after required transfer to reserve at the end of the dividend period.
DIVIDEND CALCULATION METHOD: Dividends for Membership Ssavings, Special Savings, and IRA Accumulator accounts are calculated by using the average daily balance method, which applies a daily periodic rate to the average daily balance in your account for the period covered. Money Market, Christmas Club, and Certificate accounts are calculated by using the daily balance method, which applies a daily rate to the principal in your account each day.
CHRISTMAS CLUB: Dividends on Christmas Club accounts will be posted on September 30 of each calendar year. Funds will be available for withdrawal October 1 through December 31.
MONEY MARKET AND MONEY MARKET INVESTOR: There is no limit on the number or amount of withdrawals. If a Money Market Investor account falls below the minimum balance it converts to the Money Market rate.
CERTIFICATES: After the account is open, no additional deposits may be made until maturity. Approximately 30 days prior to maturity, a notice will be mailed to remind you of the maturity date. Unless you instruct otherwise, certificates will automatically renew into a new certificate with the same term at the then-offered interest rate for that term. Certificate specials will automatically renew into a non-special certificate with a standard term and rate closest to the term of the certificate special. There is a grace period of ten (10) days after the maturity date with withdraw funds without being charged an early withdrawal penalty or loss of interest earned.
APY ASSUMPTIONS: Annual Percentage Yield assumes dividends remain on deposit. Withdrawals of dividends will reduce earnings. Anticipated current dividend rates will be quoted or mailed to you upon request or at the time of opening an account.
CHECKING: Accounts are divided into transaction and savings sub accounts. Funds not used to pay debits may be transferred to the savings sub account. This process will not affect your available balance or monthly statement. Accounts cannot be used for unlawful Internet gambling. Inactive accounts with a zero balance for over 90 days will be closed.
Fees, Charges, and Limits
Some service fees are waived for members of My CU Club, a program that rewards members based on the member’s relationship with the credit union. See club program specifics for qualifications and benefits.
= Waived for Kids, Youth, Senior, Standard, Enhanced, Partner, and Premier Club members
= Waived for Senior, Enhanced, Partner, and Premier Club members
= Waived for Kids, Youth, Senior, Partner, and Premier Club members
= Waived for Premier Club members
Checking Account
| Service | Fee | Waiver |
|---|---|---|
| Minimum deposit to open | $0 | |
| Monthly fee | No charge | |
| Per check charge | No charge | |
| Check printing, first 20 checks | No charge | |
| Check printing, after first 20 (free offer for Senior Club members) |
Varies | |
| Counter checks (maximum 8 checks) |
$5 | |
| Overdraft transfer fee | No charge | |
| Overdraft transfer fee from deposit account Minimum transfer $100; Money Market $500 |
No charge | |
| Overdraft transfer fee from loan or credit card Transferred in increments of $100 |
No charge | |
| Non-sufficient funds (check returned) |
$29 | |
| Non-sufficient funds (check paid) |
$29 | |
| Stop payment | $29 |
= Waived for Kids, Youth, Senior, Partner, and Premier Club members
= Waived for Premier Club members
* Fees waived for certain My CU Club members. See the My CU Club page for more information.
ACH (Automated Clearing House)
| Fee | |
|---|---|
| ACH non-sufficient funds, ACH returned | $29 |
| ACH non-sufficient funds, ACH paid | $29 |
| ACH stop payment or ACH dispute | $29 |
| ACH withdrawals | No charge |
| ACH deposits | No charge |
| One-time ACH origination | $10 |
Debit/Credit Card
| Fee | |
|---|---|
| First 5 non-Summit ATM transactions per month | No charge |
| Over 5 non-Summit ATM transactions per month | $1 each |
| Point-Of-Sale (POS) transactions | No charge |
| Issue of initial card | No charge |
| Card replacement (after one free per calendar year) |
$10 each |
| PIN reset | $10 each |
| Debit card foreign transaction fee | 1% of amount |
Fees charged by an ATM operator will be charged to your account as disclosed by the ATM operator.
Account Fees
| Fee | |
|---|---|
| Early membership closing fee (within first 90 days) |
$10 |
| Early Christmas Club withdrawal fee (before October 1) |
$5 |
| Membership account below $5 (immediate and monthly fee) |
$5 |
| Reopen membership within six (6) months | $25 |
| More than three (3) withdrawals per month Membership and Special Savings accounts only; Kids Club members exempt |
$3 |
| Returned or refused check | $29 |
| Cash or deposit of non-member third party check | $5 |
| Check cashing | $2 per check |
| CO-OP Shared Branch transaction | $2 |
| Low balance inactive account (48 months) |
$5 per account per quarter |
| Check collection (i.e., drawn on foreign bank) |
$15 |
| Debit Card Only (DCO) account | $5 per month |
Account Information
| Fee | |
|---|---|
| Assisted transfers or balance inquiries (excludes payments) |
$2 per call |
| Printout history | $3 |
Debit Card Daily Withdrawal Limits
| Fee | |
|---|---|
| Debit card ATM withdrawals | $500 |
| Free Checking debit card POS withdrawals | $3,000 |
| Debit Card Only (DCO) account POS withdrawals | $2,000 |
Teller/Certified Check
| Fee | |
|---|---|
| Teller/Certified Check | $3 each |
Enhanced, Partner, and Senior Club members can receive one check per day, free of charge.
Wire Transfers
| Fee | |
|---|---|
| Incoming wire | No charge |
| Domestic outgoing wire | $15 |
| Foreign outgoing wire | $35 |
Money Market Transaction/Maintenance
| Fee | |
|---|---|
| Money Market Transaction/Maintenance | No charge |
A $5 quarterly maintenance fee applies if the account balance drops below $1,000.
IRA (Individual Retirement Account)
| Fee | |
|---|---|
| Transaction/maintenance fee | No charge |
A $5 quarterly maintenance fee applies if the account balance drops below $500 after the first year of account opening.
Certificate Early Withdrawal Penalty
| Fee | |
|---|---|
| 6-11 Month Certificate | Up to 90 days dividends |
| 12-39 Month Certificate | Up to 180 days dividends |
Safe Deposit Boxes
| Fee | |
|---|---|
| 3 x 5 | $20 per year |
| 3 x 10 | $30 per year |
| 5 x 10 | $45 per year |
| 10 x 10 | $75 per year |
| Lost key | $25 |
| Box drilling (per N.C. G.S. § 53C-6-13) |
Our cost |
| Late payment fee (after May 15) |
$5 |
| Non-sufficient funds payment | $29 |
Rental fees are automatically assessed annually on May 1.
Returned Statement
| Fee | |
|---|---|
| Returned Statement | $5 per account per quarter |
Check/Statement Copies
| Fee | |
|---|---|
| Check/Statement Copies | $3 each |
Kids, Senior, Partner, and Premier Club members can receive up to 10 free statement copies and 10 free check copies per calendar year.
Fax/Copier Use
| Fee | |
|---|---|
| Fax/Copier Use | $0.25 per page |
Overnight Delivery
| Fee | |
|---|---|
| Overnight Delivery | Our cost |
Excessive Research/Balancing Assistance
| Fee | |
|---|---|
| Excessive Research/Balancing Assistance | $15 per hour |
No fee will be charged for Kids, Youth, Senior, Partner, and Premier Club members or if it is a Credit Union error.
Escheat Research
| Fee | |
|---|---|
| Escheat Research | $50 |
Tax Levy
| Fee | |
|---|---|
| Tax Levy | $25 |
Non-Member Fees
| Fee | |
|---|---|
| Non-member checks presented by non-members for collection | $10 each |
| Verification of deposit | $10 each |
Frequency of Statements: If you have a checking account, loan, or an ACH transaction posts to your account during the month, you will receive a monthly statement. Otherwise, you will receive a quarterly statement.
All inactive accounts, including checking, with a zero balance for more than 90 days will be closed. Summit Credit Union reserves the right to change the service charges, fees, and other features as necessary.
* Fees waived for certain My CU Club members. See the My CU Club page for more information.
My CU Club Rewards Program
My CU Club has been developed to reward those members who support Summit Credit Union with their deposits, loans, and by making Summit their primary or only financial institution.
When you use Summit for your borrowing, savings, and checking needs, you help your credit union grow stronger, which leads to additional services and benefits everyone.
My CU Club Categories
There are two types of categories: age-based categories and relationship-based categories.
First, there are our age-based categories, which are:
- Kids Club — Ages 0-12
- Youth Club — Ages 13-22
- Senior Club — Ages 55+
Then, there are our “relationship” based categories.
These categories are based on the total number of Qualifying Services as well as the total of your Qualifying Balance:
- Standard Club — Members with at least one qualifying service, and qualifying loan and savings balances from $500 to $4,999.
- Enhanced Club — Members with at least two qualifying services and qualifying loan and savings balances from $5,000 to $14,999.
- Partner Club — Members with at least three qualifying services and qualifying loan and savings balances from $15,000 to $24,999.
- Premier Club — Members with at least four qualifying services and qualifying loan and savings balances of $25,000 or more.
Your club category will be assessed at the end of each month and printed on your statement.
Qualifying Services
Qualifying services are determined by the number of unique account types a member has. For example, if a member has a Membership Savings (Share) account and a Special Savings account, they are equal to one qualifying service because they are both the same account type. The same would be true if you had two car loans or if you had multiple certificates. A Membership Savings account and a Christmas Club account however, would count as two qualifying services because they are designated as separate account types.
Qualifying Balance
Your qualifying balance is the total of all your Summit deposits plus the total of all your Summit loan balances. All your savings deposits and all your loan balances count, even if they are the same account types. Only loans more than ten days past due will not count. Visit our Web site for a more detailed explanation.
Benefits
All My CU Club members receive access to our free ID theft recovery service, a $99 per year value! As members move from the Standard club through our Premier club, they enjoy additional free services and perks, as shown in the table below.
My CU Club Qualifying Services
| Account Type | Service |
|---|---|
| Membership or Special Savings |
|
| Christmas Club |
|
| Money Market |
|
| Certificate |
|
| Individual Retirement Account (IRA) |
|
| Checking (with Direct Deposit or eStatements) |
|
| Auto Loans |
|
| Motorcycle Loans |
|
| Boat Loans |
|
| Recreational Vehicle Loans |
|
| Personal Loans |
|
| Visa Credit Cards |
|
| Home Equity Line of Credit | |
| Fixed-Rate Home Equity Loan | |
| Secured Loans |
|
| Credit Builder Loans | |
| Emergency Loans |
My CU Club Relationship-Based Benefits
| = Free = Low Fee | Standard Club | Enhanced Club | Partner Club | Premier Club |
|---|---|---|---|---|
| ID Theft Recovery Service | Free | Free | Free | Free |
| Check Cashing | Free | Free | Free | Free |
| CO-OP Shared Branch Transactions | Free | Free | Free | Free |
| Low Balance Inactive Account Fee | Free | Free | Free | Free |
| Teller/Certified Check | Low Fee | Free1 | Free1 | Free |
| Membership Account Below $5 | Low Fee | Free | Free | Free |
| Returned Third-Party NSF Checks | Low Fee | Free | Free | Free |
| Check and Statement Copies Up to 10 Copies of each per year | Low Fee | Low Fee | Free | Free |
| Excessive Research and Balancing Assistance | Low Fee | Low Fee | Free | Free |
| Assisted Transfers or Balance Inquiries | Low Fee | Low Fee | Free | Free |
| History Printout | Low Fee | Low Fee | Free | Free |
| ACH Origination (One-Time) | Low Fee | Low Fee | Low Fee | Free |
| Over Five Non-Summit ATM Transactions in a Month | Low Fee | Low Fee | Low Fee | Free |
| Non-Sufficient Funds Fee (Check or ACH Returned – excluding Overdraft Privilege) | Low Fee | Low Fee | Low Fee | Free |
| Stop Payment By Check or ACH | Low Fee | Low Fee | Low Fee | Free |
| Checking Printing No cost Senior Club checks also available | Low Fee | Low Fee | Low Fee | Free2 |
| Counter Checks Maximum of eight checks | Low Fee | Low Fee | Low Fee | Free |
| Cash or Deposit of Non-Member Third-Party Checks | Low Fee | Low Fee | Low Fee | Free |
| Debit/Credit Card or PIN Replacement | Low Fee | Low Fee | Low Fee | Free |
1 One free per day
2 Available upon request