Account Maintenance | Summit Credit Union

General Account Maintenance

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A joint owner can be added to most accounts. We require uniform titling for the entire account number. This means the individual must be added as a joint owner on all shares and loans on that account number. If you have loans on your account, the loans would need to be refinanced as joint loans.

To add a joint owner, you and the individual will need to to sign the necessary paperwork and add them to the account.

We are required to provide Account Statements to ensure the accuracy of your accounts.

Fast & convenient-- Paperless Statements arrive sooner than traditional paper statements and can be viewed from any device.
Reduce waste--help reduce the amount of paper that is printed.
Secure--online banking is a safe interface by which you can access your statement.

If you enroll in Paperless Statements, we will no longer mail a paper statement.

To add a joint owner, you and the individual will need to to sign the necessary paperwork and add them to the account. This cannot be done online.

Note: We require uniform titling for the entire account number. This means the individual must be added as a joint owner on all shares and loans on that account number. If you have loans on your account, the loans would need to be refinanced as joint loans.

Base account number:

Note: If you have multiple shares under one account number, the base account number is the same for all of them. Each share will have its own 4‐digit share ID number to differentiate it from the other shares within the account.
Your base account number can be found on your statements in the upper right corner.
You can also view the base account number in Online Banking or Mobile banking.
You may also stop in at any of our to obtain your full account number. For security purposes, we will not include any account numbers via email.

For automatic payments/deposits, you can also find your MICR number in Online or Mobile Banking.

Please contact us at (800) 236-5560 or visit any to close your account.

To add a beneficiary or beneficiaries to your account, please visit a branch location or contact us at (800) 236-5560 for the correct form.

Please note: Beneficiaries are added for the entire account number. We allow only primary beneficiaries to be added.

No! With CO-OP Shared Branching and Mobile and Online Banking, you can conduct business as if you were at one of our local branches.

An account is considered dormant (or inactive) after one year of no activity. If your account balance is below $100, you will then be charged a monthly $5 dormant account fee until the account reaches a $0 balance and is closed.

If your account balance is over $200 the fee will not be charged and the account will not be closed.

Your account balance is the total amount of money that is currently in your account, including any pending transactions. Your available balance is the total amount of money in your account that is accessible for purchases and withdrawals, as it includes the subtraction of pending transactions and holds from your account balance.

However, the available balance does not include checks which have not been cashed or any deposits which have yet to post.

Overdraft fees may be assessed if your available balance is not enough to cover the amount of the item presented.

We only require the signature of one owner/signer to close an account.

Account beneficiaries are placed at the account level. This means that beneficiaries are the same for all shares under an account number.

If you would like to designate different beneficiaries for different shares, you would need to open multiple account numbers.

You may fax the Verification of Deposit request to our Operations Department at (608) 243-5029.

Statements and Tax Forms

Paperless Statements are online statements that can be viewed electronically and can replace printed statements.

If you are enrolled in Paperless Statements, you will receive an email when a statement or notice is available. Since the information is electronic, you can access it at anytime by logging in to Online or Mobile Banking and selecting "Documents & Statements” in the Main Menu.

Please note: If you are a digital banking user and turn your Paperless Settings to “Off,” a paper statement will be mailed to the primary member’s address for $1 per statement.

You can access your electronic statement by logging into Online or Mobile Banking and selecting “Documents & Statements” in the Main Menu.

You can opt in for paperless (electronic) statements in Online or Mobile Banking by selecting Documents & Statements in the Main Menu and choosing Paperless Settings.

Yes. Tax forms will be sent to the mailing address that we have on file. Tax forms will be mailed by January 31st each year.

Previous year's tax forms can be accessed through Digital Banking by selecting “Statement and Forms” in the Main Menu.

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.

Note: You must have earned at least $10 in dividends in order to receive a 1099-INT tax form.

Cash Boomerang donation is tax deductible. Madison Community Foundation will send you a tax receipt for the amount of your donation.

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.

Note: You must have earned at least $10 in dividends in order to receive a 1099-INT tax form.

Cash Boomerang donation is tax deductible. Madison Community Foundation will send you a tax receipt for the amount of your donation.

Your Cash Boomerang is determined by the interest you paid and the dividends you earned from October 1st through September 30th. A fixed amount is added for 1st mortgages, credit cards, Summit Financial Advisors relationship and length of your membership. A checking account is required to be eligible for Cash Boomerang. Cash Boomerang is typical, but not guaranteed. Maximum Cash Boomerang is $1,000. Cash Boomerang is a dividend and subject to tax reporting. If you do not claim your payment by the date specified each year, your Cash Boomerang will be automatically deposited to your savings account. Cash Boomerang is a dividend and subject to tax reporting. Cash Boomerang donation is tax deductible. Madison Community Foundation will send you a tax receipt for the amount of your donation.

There are a few reasons you may not qualify for this year’s reward:

You did not open a personal checking account on or before September 30th of the Cash Boomerang payout year
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 September 30th of the Cash Boomerang payout year.^

Note: Account is not considered “in good standing” if loan is delinquent for 30 days or greater on September 30th of the Cash Boomerang payout year or member has a charged off loan or share.

to determine why you did not qualify and how you can qualify in the future.

For 2024, your Cash Boomerang is a percentage of the interest you paid and the dividends you received from 10/1/23 through 9/30/24 on all accounts on which you are the primary owner. A fixed amount is added for first mortgages, credit cards, Summit Financial Advisors relationship 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.

Members qualifying for this year’s Cash Boomerang will be notified by mail and email in mid November.

During the Online Redemption period (typically mid-November thru mid-December), you can also see the amount in Online Banking and claim your Cash Boomerang payout in seconds!

It’s simple: All you need is a personal Summit checking account by 9/30/2022 and then, the more you save and borrow with Summit between 10/01/21 and 9/30/22, 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.

The amount of money that comes back to you depends on the overall financial success of Summit, and how much you save and borrow at the credit union. You can increase your potential payout for next year’s Cash Boomerang by opening a checking account, borrowing and saving with Summit.

Checks

While you do get 1 free box of checks per year as one of the benefits of your Ultimate Checking, there is a per check charge for cashier's checks.

You can mail a check for deposit to the following address:

PO Box 8046
Madison, WI 53708-8046

Please be sure the check is signed by all payees and that you include a deposit slip specifying where the check should be deposited.

If you don't have a deposit slip please indicate on the check where the check should be deposited.

You can also deposit checks into your account by downloading our mobile banking app on your smartphone or other device.

We strongly recommend that you order checks through our partner, Deluxe, rather than from a third party as we can ensure security and low-costs for the member.

Once you have placed an initial check order through Summit, you can order checks directly through online or mobile banking.