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Investments and Insurance

Investment Accounts

Members can cash Series E, Series EE and Series I savings bonds at any of our full service .

Note: The minimum term of ownership for cashing bonds is 1 year. The interest-earning period for bonds is 30 years. Savings Bonds are no longer sold at financial institutions. You can purchase them directly through the .
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Individual Retirement Accounts (IRAs)

Contributions to your Summit IRA, ESA or HSA can be made online through our . Select "Contribute to Your IRA" to get started or stop into any of our to complete the contribution. Yes! Your 401K can be rolled into a Summit IRA account. Roth and Traditional IRAs can be opened through our on our website. Individual Retirement Accounts are an important part of planning for your future financial well-being. These types of accounts offer tax advantages and there are two primary categories of IRAs:
  • Traditional
  • Roth
Traditional IRAs boast tax-deductible contributions, which means taxes are not paid on deposits until you begin to make withdrawals. The investments grow tax-deferred.Alternatively, contributions to a Roth IRA are not tax-deductible. As a result, they are tax-free upon distribution. Your earnings in these types of accounts also grow tax-deferred, so income taxes on the investment earnings are not paid until withdrawals are made.To open an account online visit our page. You can open an account in person with one of our knowledgeable staff members by appointment. today! We offer both Traditional and Roth IRAs.Traditional IRAs boast tax-deductible contributions which means taxes are not paid on deposits until you begin to make withdrawals. The investments grow tax-deferred.On the other hand, contributions to a Roth IRA are not tax-deductible. As a result, they are tax-free upon distribution. Your earnings in these types of accounts also grow tax-deferred, so income taxes on the investment earnings are not paid until withdrawals are made.To open an account online visit our page. You can open an account in person with one of our knowledgeable staff members by appointment. today! Your beneficiaries will be notified and remaining funds will be distributed accordingly.

To add or modify your IRA beneficiary(ies), please or for assistance.
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General Insurance

We offer the following insurance products to safeguard more than just your money:
Visit one of our or today!

Auto Insurance

You can easily send us your policy through our insurance tracking partner, MyLoanInsurance. They help us verify and maintain insurance information – just use any of these convenient options:
  • Upload: MyLoanInsurance.com/SummitCreditUnion
  • Email: (Note: This is an automated email account that accepts PDF, PNG, TIF or JPG files.)
  • Fax: 1-877-256-8604
  • Mail:
    Summit Credit Union
    Insurance Tracking Center
    PO Box 924482
    Fort Worth, TX 76124
MyLoanInsurance is Summit's insurance tracking partner. They help us verify and maintain insurance information for mortgages, auto loans and more. Please send us your full insurance policy declaration page and make sure your policy information includes all of the following:
  • Insured’s Name
  • Vehicle Description and Vehicle Identification Number (VIN) or Equipment Description and Serial Number
  • Comprehensive Coverage and Collision Coverage (with deductibles not to be more than $1,000 each)
  • Policy Number
  • Policy Period
  • Summit Credit Union listed as Loss Payee and Lien Holder
Please note that we can’t accept insurance ID cards because they don’t have all the necessary details listed above. MyLoanInsurance sends out notices on our behalf if any insurance information is missing, incomplete, expired or needs to be verified. Please provide updated insurance information as soon as possible to help ensure your loan remains in good standing within your loan agreement. You can reach out with questions through our insurance tracking partner, MyLoanInsurance:
  • Phone: 1-877-576-4289
  • Chat: MyLoanInsurance.com/SummitCreditUnion (Log in with your Reference ID and PIN in the notice you received)
When your vehicle is declared a total loss, GAP covers the “gap” between your car’s actual cash value (how much your insurance will pay out) and up to the remaining balance on your loan, depending on the terms of your contract. Here’s an overview of what generally happens when your vehicle is declared a total loss:
  1. Contact your insurance company and start a claim.
  2. Your insurance company will review the vehicle and determine the settlement amount.
  3. The insurance payment is typically sent directly to Summit Credit Union as the lienholder.
  4. The payment will go right to your loan balance.
  5. If applicable, GAP coverage may help cover any remaining loan balance.
Please note: The process can take up to 8 weeks, and you’re responsible for regular loan payments until the balance is fully paid. For more details, check out our . Contact your insurance company first to begin the claims process. Once the claim is started, your insurance company and Summit will work together on next steps. In most cases, your insurance company will send payment directly to Summit Credit Union because we are the lienholder on the vehicle. You’re responsible for the rest of the balance unless you purchased GAP coverage, which may help cover up to the remaining difference, depending on your contract terms. After your loan is paid off, any remaining funds will be deposited into your Summit savings account. The insurance settlement process can take up to 8 weeks, depending on the claim and insurance company. We allow for the proof of auto insurance to be sent either by email, fax, or by mail. For email please send to: summitcreditunion@myloaninsurance.comFor fax, please fax to: 877-256-8604For mail, please mail to:
Summit Credit Union
Insurance Tracking Center
P.O. BOX 924482
Fort Worth, TX 76124 Note: Please make sure that you are sending in the declaration page of your insurance rather than the insurance card. Borrowers are required to obtain adequate insurance coverage and provide the credit union with proof. To qualify as proper proof of insurance your policy or declaration page must include the following:
  1. Name of Borrower
  2. Summit Credit Union listed as the lien holder/loss payee, Lien holder Address only:
Summit Credit Union
Insurance Tracking Center
P.O. BOX 924482
Fort Worth, TX 76124
3. Collision Coverage (Maximum $1000 deductible)
4. Comprehensive Coverage (Maximum $1000 deductible)
5. Proper Vehicle Information - Year, Make, Model, VIN
6. Policy Effective Dates - The policy must remain in effect from the open date of the loan until the loan is paid in full.

Note: In the event that you switch insurance providers during the term of your loan, the above information must be resubmitted to Summit Credit Union from your new insurance provider.

Homeowners Insurance

You can easily send us your policy through our insurance tracking partner, MyLoanInsurance. They help us verify and maintain insurance information – just use any of these convenient options:
  • Upload: MyLoanInsurance.com/SummitCreditUnion
  • Email: (Note: This is an automated email account that accepts PDF, PNG, TIF or JPG files.)
  • Fax: 1-877-256-8604
  • Mail:
    Summit Credit Union
    Insurance Tracking Center
    PO Box 924482
    Fort Worth, TX 76124
You can reach out with questions through our insurance tracking partner, MyLoanInsurance:
  • Phone: 1-877-576-4289
  • Chat: MyLoanInsurance.com/SummitCreditUnion (Log in with your Reference ID and PIN in the notice you received)
MyLoanInsurance is Summit's insurance tracking partner. They help us verify and maintain insurance information for mortgages, auto loans and more. MyLoanInsurance sends out notices on our behalf if any insurance information is missing, incomplete, expired or needs to be verified. Please provide updated insurance information as soon as possible to help ensure your loan remains in good standing within your loan agreement. Please send us your full insurance policy declaration page and make sure your policy information includes all of the following:
  • Policy Requirements
  • Insured’s Name
  • Property Address
  • Policy Number
  • Policy Period (must be continuous insurance coverage with no lapses)
  • Policy Deductible
  • Dwelling Amount (Coverage Limit should not be less than your loan balance or replacement cost coverage, including deductibles)
  • Insurance Carrier
  • Premium Amount
  • Summit Credit Union listed as Mortgage Lender (often called Mortgagee)
Please note that we can’t accept insurance ID cards because they don’t have all the necessary details listed above. You can request to have your Private Mortgage Insurance (PMI) stopped once the mortgage balance is less than 80% of the value of the home. The request must be made in writing through our Mortgage Servicing department. If you change insurance companies, please and provide the new company information. Yes, we will require proof of insurance.