Financial Safety and Security at Summit
When big banks shut down or require government intervention, people across the country naturally begin to think about the safety and security of their money and their financial institutions. You’ve heard us reference “the credit union difference” and this is a great opportunity to show you exactly what that difference means when compared to banks.
Summit’s top priority has always been the well being of our members. That priority factors into every decision we make from product development to investment options and it’s the reason Summit is such a good option for you, your family, and your business.
Seven Reasons to Feel Good About Banking with Summit
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Federal Protection – Your deposits are federally insured by NCUA to at least $250,000 per individual with another $250,000 allowed for IRAs. You can secure coverage above $250,000 depending on your account ownership structure. Learn how to maximize your insurance coverage.
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Stable investments and a strong financial foundation – Unlike many big banks, Summit has low exposure to uninsured deposits or bond investments and keeps a conservative approach to investment management. View our Income and Financial Condition statements anytime in our annual report.
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Access to Funds when Needed –Summit holds a significant amount of funds invested in low-risk assets, which are available for us to withdraw immediately if needed. We also have lines of credit available from several sources if we should ever need additional funds.
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5-Star Rating - Summit consistently earns the superior 5-star rating from industry analyst, Bauer Financial -
Strong Capital – The NCUA considers a credit union to be well capitalized with a net worth of at least 7% of assets. Summit’s net worth is well above this threshold.
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Positive Earnings – We are healthy because we consistently generate net income to build our capital. Summit Credit Union has been healthy even in times of economic stress such as 2008-2009 and 2020.
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We’re Local: We serve local people and businesses right here in Wisconsin.
If you have questions or concerns about the safety and security of your accounts, please give us a call. We’re happy to answer your questions and talk through any concerns. You can reach us at 800-236-5560.
