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Personal Deposit and Loan Accounts

Checking Accounts

Yes! If you are not a member, you can fill out and submit an to open your first account.If you are already a member:
  • To open an additional savings and/or specific certificates through Digital Banking:
    - Login
    - Click or tap Open an Account from the main menu
  • To open a checking and/or money market: Please give us a call at (800) 236 - 5560. At this time, checking and money market accounts cannot be opened in Digital Banking.
Overdraft transfers from a savings account will transfer funds in increments of $25 to cover checks or electronic withdrawals that are presented to your checking. If you are also opted in to Overdraft Coverage, we will automatically transfer to cover debit card transactions as well.In most cases, your savings accounts are automatically linked to the checking under the same account number to allow overdraft transfers to cover items when there are not enough funds in your checking account. You will be charged a transfer fee for each transfer.To review your current set up for Overdraft Transfers or Overdraft Coverage or to make changes, please contact us at (800) 236-5560 or stop into one of our branch locations. 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.
 The ultimate checking monthly fee will be waived if you maintain 6 or more qualifying services on the account or at least $60,000 in account and loan balances.Qualifying services include (each counts as 1 service even if multiple of the same type are present):
  • Savings (includes Primary, Secondary, Go Save, Holiday, IRAS, HSAs)
  • Checking w/ Debit Card
  • Money Market
  • Certificates (includes IRAs)
  • 1st Mortgage/Express Refinance
  • And much more!
You can place a stop payment on ACH withdrawals or checks or file a Declaration of Loss for Cashier’s Checks for a fee of $28.00 per item. You can request a stop payment for checks in Online Banking.A Declaration of Loss for Cashier’s Checks can only be filed if the check is lost, stolen or destroyed. There are no minimum balance requirements on our checking accounts. However, if your account has no activity after 365 days, you may be subject to an . Yes, you can have multiple checking accounts under the same account number or open multiple account numbers. To open an additional checking account on your existing account, you will need to at (800) 236-5560 or stop by one of our . The benefits of Ultimate Checking are as follows:
  • Additional 0.10% on newly opened certificates & renewals of existing certificates
  • $100 rebate on closing costs for a new first mortgage home loan
  • $50 rebate on closing costs for a new home equity loan or HELOC - ONLY applicable if closing costs are being charged
  • $10 annual discount on all safe deposit boxes
  • And much more!
Note: The Ultimate Checking Monthly Service Fee will be waived if:
  • Member has 6+ qualifying services OR
  • $60,000 in combined deposit and loan balances.
Ultimate checking is a higher dividend earning checking geared toward members who carry higher balances and use multiple products and services. A monthly service fee is charged unless one of the following requirements are met:
  • Member has 6+ qualifying services OR
  • $60,000 in combined deposit and loan balances

Qualifying services include (each counts as 1 service even if multiple of the same type are present): Savings (includes Primary, Secondary, Go Save, Holiday, IRAS, HSAs), Checking w/ Debit Card, Money Market, Certificates (includes IRAs), 1st Mortgage/Express Refinance, and much more! Typically, if we require an Assured Checking on an account, the account may be eligible for a different checking account type after 12 consecutive months of no NSF activity.Please to determine if your account is eligible to be switched from the Assured Checking. There is no minimum monthly deposit requirement. However, accounts with no activity after 365 days may be subject to an . Yes, the parent or guardian on the account can request a checking account or checking account with a debit card for a minor account. Both the minor and parent/guardian are eligible to receive debit cards in their name.If the account is a UTMA account, the minor cannot process transactions on the account and would not be eligible for a debit card. The custodian could have a debit card.If the account is not yet opened, you will need to to open a minor account.
Related Links

Savings Accounts

Yes! If you are not a member, you can fill out and submit an to open your first account.If you are already a member:
  • To open an additional savings and/or specific certificates through Digital Banking:
    - Login
    - Click or tap Open an Account from the main menu
  • To open a checking and/or money market: Please give us a call at (800) 236 - 5560. At this time, checking and money market accounts cannot be opened in Digital Banking.
Overdraft transfers from a savings account will transfer funds in increments of $25 to cover checks or electronic withdrawals that are presented to your checking. If you are also opted in to Overdraft Coverage, we will automatically transfer to cover debit card transactions as well.In most cases, your savings accounts are automatically linked to the checking under the same account number to allow overdraft transfers to cover items when there are not enough funds in your checking account. You will be charged a transfer fee for each transfer.To review your current set up for Overdraft Transfers or Overdraft Coverage or to make changes, please contact us at (800) 236-5560 or stop into one of our branch locations. View . View .To view all . There is no minimum monthly deposit requirement. However, accounts with no activity after 365 days may be subject to an .
Related Links

Certificates

Yes! If you are not a member, you can fill out and submit an to open your first account.If you are already a member:
  • To open an additional savings and/or specific certificates through Digital Banking:
    - Login
    - Click or tap Open an Account from the main menu
  • To open a checking and/or money market: Please give us a call at (800) 236 - 5560. At this time, checking and money market accounts cannot be opened in Digital Banking.
Yes. If a certificate is closed before it has reached maturity there is a penalty charge.
  • Certificates with terms less than 12 months have an early withdrawal penalty of 90 days worth of dividends.
  • Certificates with terms of 12 months or greater would have an early withdrawal penalty of 180 days worth of dividends.
Learn more about the ! You can contact us directly at (800)-236-5560 or a to close the certificate early. Note: If a certificate is closed before it has reached maturity there is a penalty charge.
  • Certificates with terms less than 12 months have an early withdrawal penalty of 90 days worth of dividends.
  • Certificates with terms of 12 months or greater would have an early withdrawal penalty of 180 days worth of dividends.
Dividends for Summit Certificates are compounded and credited monthly.
To learn more about our Certificates, visit our page. There is a 10 day grace period on all Summit Credit Union certificates. This means you have 10 calendar days after the maturity date to make changes (add money, withdraw money, change certificate term or close the certificate).Learn more about the !
 View . View .To view all .
Related Links

Money Market

Yes! If you are not a member, you can fill out and submit an to open your first account.If you are already a member:
  • To open an additional savings and/or specific certificates through Digital Banking:
    - Login
    - Click or tap Open an Account from the main menu
  • To open a checking and/or money market: Please give us a call at (800) 236 - 5560. At this time, checking and money market accounts cannot be opened in Digital Banking.
Please or to make the switch to an Ultimate Money Market.

To learn more about the we offer and our . There is a minimum balance requirement for our shares to receive dividends:
  • Ultimate Checking - the minimum balance to receive dividends is $2500
  • Ultimate Money Market - the minimum balance to receive dividends is $50,000
For minimum balance requirements for all share types, please view our for more information.
Related Links

Health Savings Accounts (HSA)

Explore Summit's page to open your HSA account today!You can also at one of our to open an HSA. 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. Qualified medical expenses are medical expenses that are:
  • Incurred on behalf of an HSA owner, spouse, or dependents;
  • Incurred after an HSA has been established;
  • Not covered by insurance; and
  • Paid by the HSA owner, spouse, or dependents.
HSA-qualified medical expenses are costs that would generally qualify for the medical and dental expense tax deduction, including amounts paid for doctor’s fees, prescriptions, and certain dental and vision care. Most insurance premiums are not covered.Examples of qualified medical expenses include the following:
  • Diagnosis, cure, mitigation, treatment, or prevention of disease or for the purpose of affecting any structure or function of the body
  • Transportation for the essential medical care referred to above
  • Qualified long-term care services
  • Premiums for qualified long-term care insurance, COBRA health care continuation coverage, or health care coverage while an individual is receiving unemployment compensation
  • For individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for certain employer-sponsored health insurance (including premiums for employer-sponsored retiree health insurance)
  • Certain amounts paid for lodging away from home necessary to obtain health care
A more complete list of allowable expenses is provided in .Check out the advantages of a from Summit. Yes! We do offer Health Savings Accounts at Summit Credit Union. Learn more about our our and today! You can also at one of our to open an HSA. The HSA application has an area for you to designate beneficiaries, just like IRAs. The maximum amount that you can contribute to an HSA each year depends on the following:
  • Whether or not the HSA owner is eligible for a contribution - plus, potentially, a catch-up contribution (for owners age 55 or older);
  • What type of HDHP coverage the HSA owner carries throughout the year (self-only or family); and
  • How many months the HSA owner is covered by a qualified HDHP (must be covered by the HDHP on the first day of each month).
Total contributions made by or on behalf of an HSA owner cannot exceed the annual contribution limit for the given year.

If an HSA owner is eligible for an entire year, they may contribute the maximum contribution for the year based on their HDHP coverage—self-only or family. (Whatever type of coverage—self-only or family—the owner has in December is deemed to be the type of coverage carried for the entire year.)For more detailed information on HSAs and taxes, visit the or consult your tax advisor.
 As the HSA owner, you can take money out of your HSA at any time to pay for qualified medical expenses tax-free, even if you are no longer an HSA-eligible individual at the time of the distribution.Distributions from your HSA can be used to cover qualified medical expenses for you, your spouse, and your dependents. You can also use these tax-free distributions to pay for or reimburse any qualified medical expenses incurred after you set up your first HSA, including expenses that occurred in a prior year.As the HSA owner, you are responsible for determining whether an expense is a qualified medical expense and therefore, a qualified distribution. Please see the FAQ list of "What are qualified medical expenses?" for more information.

Keep your receipts and maintain good records for any tax-free distributions you take from your HSA. This will be helpful if you need to defend your expenditures or decisions during an IRS audit.
 help you save for future qualified expenses. The HSA is owned by the individual who will:
  • Make tax-deductible contributions to fund the account
  • Accumulate tax-free earnings
  • Take tax-free distributions
HSAs must be paired with a high-deductible health plan (HDHP).
You can use the money in your HSA to pay for qualified medical expenses until your insurance deductible has been met and insurance starts paying for your medical costs. HSA assets can also be used to pay for qualified medical expenses that are not paid by insurance, even after the deductible has been met. With an HSA account you can:
  • Use the money in your HSA to pay your insurance deductible when qualified medical expenses arise.
  • Unused savings in the HSA accumulate. Unlike flexible spending accounts (FSAs) that have “use it or lose it” rules, you can roll your HSA balance over from one year to the next.
  • Tax-deferred (potentially tax-free) earnings can be used to pay for qualified medical expenses in the current or future years for you, your spouse, and your dependents.
  • Use pre-tax dollars to pay for future medical expenses.
  • The contributions you make to your HSA are tax-deductible, and the earnings accumulate on a tax-deferred basis.
  • Your HSA distributions will be tax-free if they are used to pay for qualified medical expenses.
  • Plus, having an HDHP typically lowers your monthly health insurance premiums, which you or your employer may view as savings that can be used for making HSA contributions.
Check out the advantages of a from Summit and get answers to common questions. Yes. If you’re not a Summit member, you must establish membership before opening an HSA account. to become a Summit member! HSA Transfer to HSA
If you are the original owner of the HSA, you can either roll over or transfer money to another HSA that you own.

Rollovers
  • Both of the following must be true:
    • You roll over the money to the HSA within 60 days following your original distribution.
    • You have not rolled over assets to an HSA within the last 12 months.
  • To complete a rollover:
    • Distribute assets from your HSA
  • Deposit (as a rollover) the same or lesser amount to the same or another HSA.

Transfers: With a transfer, you avoid the 60-day and once-per-12-months rules that apply to rollovers.
  • To complete a transfer: Instruct the financial organization administering one HSA to directly move those funds to the financial organization where you have another HSA.
IRA Transfer to HSA: You’re allowed to move money from your Traditional or Roth IRA to an HSA, as long as your IRA does not receive SEP contributions from an ongoing SEP plan.To transfer these funds:
  • Instruct the financial organization holding your IRA to directly move a specific amount to the financial organization where you have set up an HSA.
  • Do not exceed the annual HSA contribution limit. This transaction will be treated as a regular contribution for the current year; HSA annual contribution limits apply.
Please note: You may only transfer IRA assets to an HSA once in a lifetime. The card can be used anywhere that a VISA debit card is accepted to pay for any qualified medical expense. You’ll only be able to spend the funds that are already in the account at the time of the purchase. If you don’t have enough money in the account, the transaction won’t go through. HSA tax benefits include:
  • Tax-deductible contributions
  • Tax-free earnings
  • Tax-free distributions, if used for qualified medical expenses  
    • When you use the funds from your HSA, your distribution is tax-free. This means, when you take money out of your HSA, you won’t pay taxes on those funds.
Yes, it will be calculated and counted as another savings account.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. The more you save and borrow with Summit, the higher your Cash Boomerang payout could be each year. An HDHP is a health insurance plan with higher deductibles and out-of-pocket expense limits than traditional health plans, but lower premiums. They are often paired with an HSA, which gives the account holder a more affordable way to pay for qualified medical expenses. Your HSA is portable. It can stay with you, even if you change employers or leave the work force. Although you will no longer be able to contribute to the HSA, you can take distributions for qualified expenses. Yes. As the account holder, you and your spouse/partner will have to come into a Summit branch to fill out an authorized signer form. Once that form is completed, the authorized signer will be given their own HSA debit card to access the account. To be eligible to have and contribute to an , you must:
  • Be covered by an HSA-eligible high-deductible health plan (HDHP)
  • Meet the following eligibility requirements for contributing to an HSA:
    • Not covered by any health plan that is not an HDHP
    • Not enrolled in Medicare
    • Not eligible to be claimed as a dependent on someone else’s tax return
Note: A high-deductible health plan (HDHP) is a health insurance plan with higher deductibles and out-of-pocket expense limits than traditional health plans, but lower premiums. They are often paired with an HSA, which gives the account holder a more affordable way to pay for qualified medical expenses. There are no administrative or usage fees charged to a Summit Health Savings Account. If you have a debit card with your HSA, you would be subject to the $5.00 card replacement fee if it the card is damaged. Summit health savings accounts (HSAs) are not eligible for checks. The account does include a no-fee debit card to make paying for your qualified healthcare expenses easy. If you have money left in a health savings account (HSA) at the end of the year, that money can stay, and continue to grow, right where it is. It will simply roll over to the next year. Unlike other types of medical expense savings accounts, HSAs are not subject to a "use it or lose it" provision that would require you to forfeit or use up the money in the account by the end of the year. Your HSA allows you to build up funds that can be used to pay your medical expenses now, in the near future, or even in your retirement.
Related Links

Personal Loans

From a Summit account in Online Banking
  • Log in to Summit’s digital banking
  • Select Make a Transfer in the Main Menu
From another financial through External Transfers in Online Banking
  • Log in to Digital Banking and select Make a Transfer in the Main Menu.
  • To add an External Account, go to Make a Transfer in the Main Menu and select External Accounts. Once added and confirmed you can make an External Transfer by going to Make a Transfer.
Set up an automatic payment from another financial
  • Please complete the ACH
One-time payment from another financial using a debit card, checking or savings account
  • You can use a VISA, Mastercard or Discover debit card, checking account or savings account.
Pay by Phone using debit card
  • Please call 800-236-5560 ext. 1998 or 608-243-5000 ext. 1998
  • You can use a VISA, Mastercard or Discover debit card.
  • Reminder: There is an $8 fee for this service.
The Truth in Lending Act (TILA) of 1968 is a United States Federal Law designed to protect consumers against inaccurate and unfair credit billing and credit card practices. It requires lenders to disclose loan cost information so that you are able to comparison shop for certain types of loans.For any loans covered under TILA, you have three days to reconsider your decision and back out of the loan process without losing any money. This helps protect you against high-pressure sales tactics used by unethical lenders.TILA does not enforce banks or credit unions how much interest they may charge or whether they must grant a consumer loan. Even so, the federal law authorizes the OCC (Office of the Comptroller of the Currency) to order supervised institutions to make monetary and other adjustments to consumer accounts where an annual percentage rate (APR) or finance charge was inaccurately disclosed under certain circumstances. The pay-by-phone option accepts debit cards, but not credit cards. If you would like to use a VISA Mastercard or Discover credit card, any of our can do a cash advance for you in person*.If you wish to pay-by-phone, there is an $8.00 service fee per payment. Please dial toll-free, 800-236-5560 ext. 1998 or locally at 608-243-5000 ext. 1998. Follow the audio prompts. These payments can be made Monday - Friday: 9:00 am to 5:00 pm.Note: Our Contact Center cannot process cash advances on non-Summit credit cards over the phone. A typical boat loan will include the boat, motor and trailer. The title requirements and registration fees depend on the length of the boat. A copy of the title is required to begin the application process for boats 16 feet and longer.
Boats under 16 feet require a UCC filing, not a title, to secure a loan. Please visit our page to see step-by-step guides for making loan payments from Online or Mobile Banking! For regular mail, you can send a check for a loan payment to the following address:
Summit Credit Union
PO Box 8046
Madison, WI 53708-8046
For overnight envelopes, please use the Summit headquarters physical address (unless you were specified otherwise):
Summit Credit Union
1709 Landmark Dr
Cottage Grove, WI 53527
Please mail the check with your loan coupon or a note indicating where the payment should go. Yes! To Pay-by-Phone, dial toll-free, 800-236-5560 ext. 1998 or locally at 608-243-5000 ext. 1998. Then please follow the audio prompts to make a payment.
Note: There is an $8.00 service fee. Loan approval is a multi‐step process that starts with a loan application and ends with loan disbursement, so approval times can vary by loan type and the applicant's credit profile. Typically, you can expect a decision between one and seven business days. Yes! Summit Credit Union does offer consolidation loans to our members. You can transfer the account balances from multiple credit cards or installment loans into a single loan so you can make one monthly payment. We offer several options that are available to most members.To get the most out of a debt consolidation loan:
  • The repayment period should be shorter than the time it would take to pay off your existing debts without the loan, and
  • The interest paid over the repayment period should be less than what you would pay with your existing repayment terms.
Keep in mind that the debt consolidation loan might look appealing with its lower monthly payment compared to what you're paying right now, but it could be because the repayment period is extended over a much longer timespan.Once you're ready to apply, you can access our to get pre-approved today. You can also contact us by to meet with one of our loan advisors. If you applied online, you can access your consumer loan application status through Digital Banking.  However, first-time mortgage applications cannot be accessed through Digital Banking. To check your first-time mortgage application status, return to our main page and use the Username and Password you set up during the initial application process to log in and view the status of the application. Please visit our to learn more. Please or visit one of our to determine your loan payoff amount. If you would like to make additional payments on your loan you can do so, however, we cannot advance your due date out further than 60 days. This means you cannot pay next month's payment until after this month's due date.Example: If your due date is the 15th, you can not make next month's payment until after the 15th of this month.If you have further questions or concerns regarding this issue, please don't hesitate to contact us so we may assist you. The best way to determine whether you qualify for a Summit loan of any type is to apply today! We offer various types of loans to our members. Applying for a loan is easy and can be done online.Learn more and apply now using one of the links below:
If you require further assistance in finding the right loan for you, please to meet with a lender. In order to change your loan payment due date, you will need to refinance your loan.Note: Many loans have a grace period after the due date in which a payment is not considered late. The grace period is typically at least 10 days but is dependent on the type of loan you have. If you have questions regarding your loan due date and grace period, today! No, Summit Credit Union does not have prepayment penalties for any of our loans. You can borrow with a peace of mind knowing that there won't be any hidden fees when you sign up. As per the (NCUA):
“Risk-based lending is a means by which a credit union may be able to more effectively meet the credit needs of all its members. It involves setting a tiered pricing structure that assigns loan rates based upon an individual’s credit risk. Risk-based lending generally has the most significant benefit for two broad categories of borrowers:
  • Those attempting to “repair” their credit due to previous mishandling of credit (e.g., seriously past due credit, prior charge-offs, bankruptcy, etc.) and
  • Those attempting to establish credit (e.g., first-time borrowers, borrowers with little credit history).
Although the rates paid by borrowers with less than perfect credit histories are higher than rates paid by borrowers with strong credit histories, these members are able to obtain loans without paying the excessive fees charged by many alternative “financial providers” such as finance companies, rent-to-own stores, title loan companies, and pawnshops.”
To determine the risk of a member if they will default on a loan we use:
  • Your credit score,
  • Employment status,
  • Income, and
  • Outstanding debts as factors.
This information assists us in providing which loan rate applies to your unique situation.

We do not use your race, gender or age as factors towards determining your loan rates. If you have not yet completed the application, you can click the back button or the section you need to revise above the application to navigate back to that area to make the changes.If you have already completed the application, you will be contacted by a Summit Lender and you can provide the updated information at that time. Yes. When you apply for a pre-approval, we do pull a full credit report so it will show as a "hard" inquiry. If pre-approved, we won't need to pull your credit a second time as long as the loan is closed within 60 days. Absolutely! You do not have to be a member to apply. However, if you are approved and move forward with the loan or credit card, you will need to open a Summit Membership account before we can disburse the loan or credit to you. This can typically be completed at the time of your loan closing or when you have accepted to get a Summit Credit Card.

Apply today and get pre-approved by applying for a loan using our online application. If you need further assistance please don't hesitate to contact us and with one of our lenders.