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 $2.4 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
Log in to online banking, click on the Cash Boomerang redemption tab, and simply choose the share account for your Cash Boomerang deposit. Once selected, click Confirm to claim your payout.
You can also claim your Cash Boomerang with Summit’s mobile app. Simply log in, click on Cash Boomerang and follow the prompts on screen.
If you do not have online banking, or you do not claim your Cash Boomerang payout by December 10, 2019, your Cash Boomerang payout will be deposited into your primary savings account on December 13, 2019. Or, contact us to help get you enrolled in online banking and claim your payout earlier.
Members qualifying for this year’s Cash Boomerang were notified by mail and email in November.
Through December 10, 2019, you can also log in to online banking and click on the Cash Boomerang Redemption tab on the top menu bar to see if you qualified this year. If so, you can claim your Cash Boomerang payout in seconds!
For 2019, your Cash Boomerang is a percentage of the interest you paid and the dividends you received from 10/1/18 through 9/30/19 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.
It’s simple: All you need is a personal Summit checking account by 9/30/19 and then, the more you save and borrow with Summit between 10/01/18 and 9/30/19, the more your potential Cash Boomerang grows. If the amount is $10 or more, you qualify for a Cash Boomerang with a maximum payout of $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 over $2.4 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?) We think so, and that’s why we wanted to share this cash give-back with you, our valued members!
The amount that comes back to you depends on 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 and saving with Summit.
Bring them over to Summit. Not only will it increase the chance of earning a Cash Boomerang next year, you can also save more money.
Absolutely! Anyone can become a member, because we believe in serving entire communities, not just parts of them. As a cooperative, member-owned financial institution, you and every member have the benefit of lower fees, higher rates on savings and lower rates on loans.
So not only will you be saving more of your own money, you’ll also be helping other members save and increasing your chance of earning another Cash Boomerang payout next year.
There are a few reasons you may not have qualified for this year’s reward:
- You did not open a personal checking account on or before 9/30/19.
- You're not the primary owner on the account. Joint owners do not receive separate payouts.
- You did not earn the minimum $10 payout.
- Account was not in good standing as of 9/30/19.^
^Account is not considered “in good standing” if loan is delinquent for 30 days or greater on 9/30/19 or member has a charged off a loan.