Being a Summit Member Has its Rewards
Cash Boomerang* is a unique benefit of membership with Summit Credit Union.
Being customer-owned means we give back to you, our member, not stockholders. Because of this, we have the privilege to do something most financial institutions don’t – give back to the people who use our products and services.
Thanks to our members, we’re giving back over $2.5 million this year. Every time you choose a financial product from Summit, you’re not just helping yourself, you’re helping every member and the overall success of our credit union. (And doesn’t that feel great?)
Here’s how it works – it’s simple!
The more you save and borrow with Summit, the higher your Cash Boomerang payout could be each year. Each November, qualifying Summit Credit Union members with checking accounts will receive notice of their Cash Boomerang payout.
The amount that comes back to you depends on the overall financial success of Summit, and how much you save and borrow at Summit.
Cash Boomerang is just one of the many ways we give back to our members.
CASH BOOMERANG FAQs
This year, your Cash Boomerang payment will be deposited directly into your Primary savings account on November 12, 2020. You don’t have to do a thing!
All members who qualify for a Cash Boomerang payment will receive notification by mail and email in early November, and those will include your payment amount.
If you use online banking, you’ll be able to see the deposit in your account by the end of the day on November 12, 2020.
Rely on paper statements? Your payout will be included on your November statement, which you’ll receive via email or in the mail in December.
It’s simple: All you need is a personal Summit checking account. You’ll get a payout this year if you had an account by 9/30/20 and then, the more you saved and borrowed with Summit between 10/01/19 and 9/30/20, the more your potential Cash Boomerang grew. To qualify for a Cash Boomerang, the payout amount had to be $10 or more; the maximum payout is $1,000.
For 2020, your Cash Boomerang is a combination of two things:
- A percentage of the interest you paid and the dividends you received from 10/1/19 through 9/30/20 on all accounts on which you are the primary owner.
- A fixed payout for each of the following: Summit Financial Advisor relationships, first mortgages, credit cards and the length of your membership.
You’ll qualify for a Cash Boomerang if the amount is $10 or more; the maximum payout is $1,000. You must have a checking account with Summit to be eligible for Cash Boomerang.
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 over $2.5 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 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.
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.
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.
We do not have an option to donate Cash Boomerang to the Money Smarts Fund this year, however you are free to donate your payout as you wish on your own.
- If you use Summit’s online banking, the deposit will be made to the account you most recently logged into as of 9/30/2020.
- If you do not use online banking, the deposit will go to your highest account number.
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 9/30/20.
- 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 9/30/20.^
- If you have multiple account numbers, it may have posted to a different Primary savings account.
^An account is considered “not in good standing” if a loan is delinquent for 30 days or greater on 9/30/20 or a member has a charged-off loan.