Frequently Asked Questions Regarding the Merger
The merger of Triad Partners Federal Credit Union and Summit Credit Union is set for October 1, 2018.
Will my account number change?
What will happen to my savings account?
How will my loan be transferred?
What will happen to my credit card?
What are the features of Summit CU’s Credit Card?
Does Summit CU offer a Christmas Club?
What is different about Summit CU’s Checking Account?
What will happen to TPFCU checks I wrote prior to the merger that have not cleared by the merger date?
Does Summit CU offer a Debit Card?
Does Summit CU offer overdraft protection on Checking?
Will I still have home banking and bill paying available?
How do I sign up for Summit CU’s Home Banking 24?
Where are ATMs that I can use for free?
Where are Summit CU’s branch offices?
Will my deposits at Summit CU be insured?
Does Summit CU have a mobile app for my smart phone?
How do I ensure my pension transfers to Summit CU automatically?
How can I get my balance when I need it?
Does Summit Credit Union have a telephone dial-in service to get balances and other information?
Where can I get money from my account?
Will I continue to get email notifications from the credit union?
Will my insurance through CUNA Mutual Group automatically transfer to Summit CU?
Question and Answers
No. You will keep your TPFCU account number. If you have a checking account, your checking account number will change to a random 10-digit number. The series of MICR numbers at the bottom of your checks will also change. This means that if you have automatic deposits to your checking account, or automatic payments made from your checking account or through Bill Pay, you will need to contact each payer and payee to give them your new checking account number and Summit Credit Union’s routing number -- 253176118. You will receive a mailing which will give you your new number.
All your savings accounts (regular savings, Christmas Club, certificates) will transfer into similar savings accounts at Summit CU with rates in effect on the day of transfer. Certificate accounts will transfer at their existing rate until maturity. Current rates are available on Summit CU’s website (SummitCU.org/rates).
All your loan accounts will keep their current rate, payment amount, and payment due date -- except for Credit Cards.
There are a couple of differences in TPFCU’s and Summit CU’s line-of-credit loans. Summit CU does not require you to come to the office or call to access your line of credit. You may transfer available funds in our Home Banking 24, Mobile App 24, or by calling. Your minimum payment on your Summit CU line-of-credit is based on the amount of the approved credit limit, not on the current balance.
Your TPFCU Credit Card is held by a third party (Illinois Credit Union League). Thirty to sixty days following the merger, your credit card balance and credit limit will be transferred to a Summit CU Visa Platinum Rewards card with a 9.95% APR rate. There is no annual fee on Summit CU’s credit cards. You will receive additional information and a replacement card in the mail prior to the balance transfer.
Visa® Platinum Rewards Card Features:
- 9.95% APR non-variable interest rate
- No Annual Fee
- No Balance Transfer Fee
- No Cash Advance Fee
- No Minimum Finance Charge
- No Foreign Transaction Fees
- 25-Day Grace Period on Purchases
- Credit Limits up to $20,000
- Auto Rental Collision Damage Waiver
- EMV chip for the latest in security and worldwide acceptance
- Earn rewards points to redeem for gift cards, travel, merchandise, and more
Yes. Funds in your Christmas Club Account be transferred to Summit CU and will be available from October 1 through December 31. Summit CU does not automatically mail checks or transfer Christmas Club funds to any of your other accounts. Instead, beginning October 1, you can transfer the funds yourself to another of your Summit CU accounts using Home Banking 24, Mobile App 24, or Call 24 dial in services. You may also call our Member Services Call Center. Any funds remaining in the account on January 1, will automatically roll over into your Christmas Club for the next year.
Not much. It operates very similarly to TPFCU checking. There are no monthly fees, no per-check fees, and no minimum balance requirement. Summit CU will not automatically issue new checks. You may request an initial supply of Summit CU checks, but you may use your TPFCU checks through October 31.
If you write checks, it is important to begin using Summit CU checks as soon as possible. To give you time to get checks, you can continue to use TPFCU checks through October 31. TPFCU checks will continue to be cleared through December 31, 2018. After that date, any TPFCU checks attempting to clear your account will be returned unpaid.
Yes. If you have a checking account, in late September you will receive a new Summit CU Debit Card to replace your TPFCU Debit Card.
Debit Card Benefits
- Get cash back with Debit Deals — Shop at participating merchants and get up to 10% cash back. You can find participating merchants in Summit CU’s Home Banking 24 or Mobile App 24.
- EMV Chip for the latest in security and worldwide acceptance.
- Use your Debit Card anywhere you see the Visa® symbol worldwide; unlimited purchase transactions; daily purchase limit of $2,000 and daily ATM limit of $500.
- Unlimited free merchant "cash back" withdrawals per month. Note that some retailers may charge a fee so be sure to ask. Retailers may also set withdrawal limits.
- Available for Apple Pay, Samsung Pay, Google Pay, and Visa Checkout.
- Access to your savings accounts at an ATM.
One difference between TPFCU’s and Summit CU’s debit cards is that Summit CU does not allow overdrafts (therefore no overdraft protection) when using a debit card. Instead of causing an overdraft, and inherent fees, Summit CU simply denies the debit card transaction when funds are not available.
Yes. Summit CU will set up your overdraft protection to mirror what you currently have at TPFCU. However, we offer overdraft protection using funds from several different sources and you may opt in for any of the options below.
- Free Overdraft Transfers. Summit CU will cover overdrafts by transferring from your savings accounts or lines-of-credit. There is no transfer fee and no overdraft fee, but there is a limit of three free regular savings withdrawals each month. Overdraft transfers may not exceed the savings balance or the available line-of-credit balance.
- Overdraft Privilege. TPFCU’s and Summit CU’s overdraft privilege are slightly different. TPFCU allows a maximum of $600 versus the $400 allowed by Summit CU. If you have no other funds available, Summit CU will pay overdrafts for you, up to a total of $400. There is a $29 NSF fee for each check covered, but you will not incur a merchant’s returned check fee.
To change your overdraft protection or to opt out, call us at 336-662-6200 beginning October 1, 2018.
Summit CU has an excellent Home Banking 24 platform which includes Bill Payer. Home Banking 24 is available to all members, but you must have a checking account to access Bill Payer.
Unfortunately, TPFCU’s Home Banking and Bill Pay will not automatically transfer over to Summit CU’s Home Banking 24 and Bill Payer. Payees and scheduled transfers you have set up in TPFCU Home Banking or Bill Pay will have to be re-entered in Summit CU’s Home Banking 24 after the merger.
Since TPFCU Home Banking and Bill Pay will not transfer, access to information in both will effectively end September 28 at 5:00 p.m. Please make time before then to record critical information.
- Income Tax Records. If there is information in TPFCU Home Banking / Bill Pay that you will need for your income tax records (check copies, payments, etc.), please copy or record it.
- Bill Payer / Scheduled Transfers. Record payee names, addresses, account numbers, transfer amounts, and any other data you may need when setting up payees, payments, transfers, etc. in Summit CU’s Home Banking 24 and Bill Payer. Payments or transfers previously scheduled to occur after September 28 will not be processed.
You may sign up for Summit CU’s Home Banking 24 and Bill Payer after the merger. Just follow these easy steps.
- Call our Member Service Call Center at 336-662-6200 and request your access code (temporary password).
- Go to the Summit CU website home page (SummitCU.org) and look for the “Manage Your Account” box. Mobile device users may need to open the top section, "Secure Home Banking 24". Provide the following information:
- User Name: (use your TPFCU Account Number)
- Password: (use the access code)
- Click or tap on “Login” and you will be directed to a New User Information page asking for additional information, including your ZIP Code and date of birth. This must match the information on record at the Credit Union.
- Continue following the instructions and prompts to complete your enrollment in Home Banking 24. For security, you will be asked to select a new User Name and Password, which you will then use for all future logins to Home Banking 24. After you download Summit CU’s Mobile App 24, use the same User Name and Password you set for Home Banking 24.
If you encounter any problems, call our Member Service Call Center at 336-662-6200.
Your new Debit Card provides access to cash at more than 55,000 ATMs across the U.S.
To avoid fees from ATM owners, look for:
- CashPoints® ATMs — At all State Employees Credit Union branches and many other locations throughout NC. The CashPoints® ATM network is owned by State Employees Credit Union.
- Allpoint® ATMs — in CVS, Walgreens, Costco, Target, Speedway, Harris Teeter, Circle K, Sheets, and many other retail locations.
- ATMs at many other NC Credit Unions.
You have unlimited free transactions at Summit CU-owned ATMs. At the ATMs listed above, you have five (5) free transactions each month.
You can find surcharge-free ATMs anywhere in the U.S. on Summit CU’s Mobile App 24 or website (SummitCU.org/locations).
The ATM withdrawal limit is $500 per day.
Summit CU has two branch offices in Greensboro and one each in Winston-Salem, Hickory, Raleigh, and Oxford. Summit CU will also continue the operation of TPFCU’s South Elm-Eugene Street and Westchester Drive branch offices.
Summit CU is also a member of the CO-OP Shared Branch Network which enables members to use 5,000 branch offices of participating Credit Unions nationwide to make deposits and withdrawals. There are approximately 95 CO-OP branch offices in North Carolina. A complete list is available on the website (SummitCU.org/locations).
Yes. Just like at TPFCU, Summit CU is federally insured by the National Credit Union Administration, a US Government Agency. Each member account is fully insured up to $250,000 by the full faith and credit of the US Government. This is identical coverage to the FDIC offered by banks, only with a separate federal agency. Incidentally, you can increase your coverage beyond $250,000 by having different accounts and different joint account holders. Get full details at www.ncua.gov.
Yes. Summit CU’s Mobile App 24 is like having a branch at your fingertips on your smart phone or tablet. The app is free and you can download it from your app store. There are other Summit Credit Unions in other states, so be sure to look for the Summit CU logo.
Mobile App 24 Features:
- Deposit a check right from your mobile device.
- Find a branch, ATM, or CO-OP Shared Branch for any U.S. zip code.
- Check account balances.
- View cleared and pending transactions.
- Make transfers between accounts.
- Pay bills with Bill Payer.
- Apply for a loan.
- Use People Pay to send a payment to anyone who has an email address or debit card from any financial institution.
Contact your pension administrator and give them your Summit CU savings or checking account number and Summit CU’s Routing & Transit number (253176118). Provide the effective date of change as October 1, 2018.
You have many options for checking your balance – Home Banking 24, Mobile App 24, Call 24 Telephone Banking, calling our Member Service Call Center, checking your balance at an ATM, or stopping by any branch office. Balance inquiries through our Member Service Call Center are not free because of all the electronic options for checking a balance.
Yes. It is called Call 24 Telephone Banking and will allow you to get savings account balances, loan balances and payment information, checks that have cleared, as well as other account details.
You have many options for getting to your money.
- Use Home Banking 24 or Call 24 Telephone Banking to request a check be mailed to you.
- Use Home Banking 24, Mobile App 24, or Call 24 Telephone Banking to move money to your checking account, and then just use your debit card or write a check.
- Use the Account-to-Account feature in Home Banking 24 to transfer money to another financial institution.
- Visit any branch and make a cash withdrawal or get a check.
- Get cash at an ATM (you’ll need a Summit CU checking account and debit card).
- Visit a CO-OP Shared Branch to make a withdrawal.
- Call and we will mail you a check.
Note that there is a monthly limit of three free withdrawals from your regular savings account. An excess-withdrawal fee of $3.00 is charged beginning with the fourth withdrawal from the regular savings account in any month.
Summit CU only uses email for informational purposes – newsletters, fraud alerts, function notices, etc. Summit CU does not use emails to communicate information such as delinquent notices, insufficient funds notices, etc.
Yes. All existing Accidental Death & Dismemberment, Life insurance, etc. through CUNA Mutual, will automatically roll over to Summit CU in October. If you have insurance other than CUNA Mutual that is automatically drafted from your account, you should contact them with your account number and Summit CU’s Routing and Transit number.