2020 Participation Rules
To be eligible for Project Money 2020, participants:
- Must be a citizen(s) or legal resident(s) of the United States
- Must be a Summit Credit Union member(s) or eligible to join Summit Credit Union and willing to open transactional accounts for purposes of monitoring contest results
- Must demonstrate a need for Project Money and a willingness to significantly improve their financial situation. For example to:
- Reduce debt to create a savings plan
- Create savings plan for retirement, tuition, home down payment
- Must be willing to develop a savings goal and provide monthly reports on progress and results
- Must be willing to work closely with Summit Credit Union Financial Coaching Team
- Must be willing to reveal and share financial situation with the public
- Must be comfortable being interviewed for print and electronic media discussing participation in Summit Credit Union's Project Money 2020
- Must not have declared bankruptcy in the last 12 months
- Must not have caused Summit Credit Union a loss
- Project Money participants must execute all waivers and release agreements required by Summit Credit Union
- All members of the household must participate in the program, if selected
Applications are reviewed by a committee of credit union employees. The committee selects a pool of applicants to be interviewed. Prior to the interview, a background check is completed. Those applications that pass the background check are interviewed, and from that pool, four participants are chosen (in addition to any alternates). Throughout the program, participants will work toward their goals working with financial coaches, posting blogs, completing various media interviews, attending educational sessions, etc. The contest will end December 31, 2020. A committee of credit union employees will review participants' results in January 2021 and a winner will be determined. The winner will be announced in February 2021. All decisions of Summit Credit Union are final, absolute and not subject to inquiry.
The $10,000 prize will be selected based on the individual/family that earns the most points during the contest. Points are awarded for percent increase in savings, percent decrease in debt and participation in program events. Percentages are weighted based on gross household income. The winner is selected at the sole discretion of the Credit Union. All decisions are final and are not subject to appeal or dispute.
For all events, employees and volunteers of Summit Credit Union, and their immediate families, are not eligible to participate. Immediate family includes spouse, parents, siblings, children, stepparents, stepchildren, grandparents and grandchildren.
For more information, call 608-243-5000 or write us at:
Summit Credit Union
PO Box 8046
Madison, WI 53708-8046