Being a Summit Member Has its Rewards – like Cash boomerang!
As a financial cooperative, our members are the owners of Summit, not outside stockholders. This gives us the privilege to do something most financial institutions don’t – give back a cash dividend, or Cash Boomerang*, to the members who use our products and services. After all, we’re in this together!
Every time you choose a financial product from Summit, you’re not just helping yourself – you’re also helping every member and our entire credit union. (And doesn’t that feel great?) Cash Boomerang is just one of the ways we give back to thank you for sharing in our success.
Here’s how it works – it’s simple!
Your Cash Boomerang is based on the overall success of Summit that year and the savings and loan products you have with us. (Since we’re all about your total financial wellness, you have plenty to choose from!)
- First, have any personal Summit checking account. With all our checking options, you’re sure to find a great fit.
- Then save and borrow throughout the year with Summit. The more you do with us, the bigger your Cash Boomerang could be. Not to mention, you’re always getting more for your money here!
- Watch for your Cash Boomerang next fall. We’ll let you know if you qualified, and your cash give-back could be anywhere from $10 to $1,000! What a bonus for you and your goals, right?
CASH BOOMERANG FAQs
Log in to online banking or our mobile app and click on Cash Boomerang. You can choose to have your Cash Boomerang go into your share account or the Summit Money Smarts Fund (as a tax-deductible contribution supporting local community programs). Then just click "Redeem!"
Not enrolled in online or mobile banking? Just stop by any branch or call us at 800-236-5560 and we’ll get you signed up so you can claim your Cash Boomerang as soon as it’s ready! Don’t worry – even if you don’t redeem it by December 13, 2023, we’ll deposit your Cash Boomerang into your primary savings account on December 15, 2023
Members qualifying for this year’s Cash Boomerang were notified by mail and email in November.
Through December 13, 2023, you can also log in to online banking or our mobile app and click on the Cash Boomerang tab on the menu bar to see if you qualified this year. If so, you can redeem your Cash Boomerang payout in seconds!
For 2023, your Cash Boomerang is a percentage of the interest you paid and the dividends you received from 10/1/22 through 9/30/23 on all accounts on which you are the primary owner. A fixed amount is added for first mortgages, credit cards and length of your membership. A checking account is required to be eligible for Cash Boomerang. If the amount is $10 or more, you qualify for a Cash Boomerang. Maximum payout is $1,000.
Yes. If you receive a Cash Boomerang, it will be included in your 1099-INT. If you have any tax questions regarding the 1099 form(s), we recommend that you consult with your tax advisor.
Thanks to our members, we’re giving back $2.7 million this year, and it’s all possible because of YOU! Every time you choose a financial product from Summit, you’re not just helping yourself – you’re also helping every member and the overall success of our credit union. (And doesn’t that feel great?) Thanks for being part of the Summit difference! We’re excited to share this cash give-back with you, our valued members.
Bring them over to Summit! You’ll increase the chance of earning a Cash Boomerang next year, plus you can also save on interest and fees and earn more on your savings.
Absolutely! At Summit, we believe in serving entire communities, not just parts of them, and anyone can become a member. As a cooperative, member-owned financial institution, every Summit member has the benefit of lower fees, higher rates on savings and lower rates on loans.
Encourage others to check out the Summit difference. You’ll be helping them save and earn. And by building an even stronger Summit Credit Union, you improve both your chance and theirs to earn a Cash Boomerang payout next year.
The amount that comes back to you depends on two things:
- The overall financial success of Summit and
- How much you save and borrow at Summit.
You can increase your potential payout for next year’s Cash Boomerang by opening a checking account and borrowing, saving and investing with Summit.
There are a few reasons you may not have qualified for this year’s reward:
- You didn’t open a personal checking account on or before 9/30/23.
- You're not the primary owner on your checking account. Joint owners do not receive separate payouts.
- You did not earn the minimum $10 payout.
- Your account was not in good standing as of 9/30/23.**
- If you have multiple account numbers, it may have posted to a different Primary savings account.
But good news – we typically do this cash give-back to members every year! Now's a perfect time to start saving and borrowing more with Summit for a chance at next year's Cash Boomerang.