The terms behind your accounts

About these summaries

Every Summit account is governed by a set of written agreements and disclosures. The summaries below cover what members ask about most often. They are accurate as of July 2026, but where a summary and the signed agreement differ, the signed agreement controls.

You can request any full document at no charge by calling 1-800-555-0148, sending a secure message from digital banking, or visiting any of our 42 branches. Copies are also delivered when you open an account and whenever the terms change.

Truth in Savings

Required by the Truth in Savings Act and the National Credit Union Administration's Part 707, this disclosure explains how dividends are calculated and paid on your share accounts.

How dividends are earned

Dividends are calculated using the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends begin to accrue on the business day you deposit non-cash items such as checks. The dividend period for all share accounts is monthly, beginning the first calendar day of the month and ending on the last.

Dividends are compounded and credited monthly on the last day of the dividend period. If you close a share account before dividends are credited, you will receive the accrued dividends through the day of closing. Rates are variable on savings, checking, and money market accounts, which means Summit's board may change them at any time.

Balance requirements

You must maintain a minimum daily balance of $5 in a Regular Share Savings account to keep your membership. High-Yield Savings, Free Checking, and Youth Savings have no minimum balance requirement to open or to earn the stated yield. Money Market accounts require $2,500 to earn the disclosed annual percentage yield, and certificates require $500 to open.

Certificates and early withdrawal

Certificate rates are fixed for the full term. Withdrawing principal before maturity results in a penalty of 90 days of dividends on terms of 12 months or less and 180 days of dividends on longer terms, which may reduce your principal. Penalties are waived on the death or legal incapacity of an owner, and on required minimum distributions from an IRA certificate.

Certificates renew automatically at the rate then in effect for the same term unless you tell us otherwise. You have a ten-day grace period after maturity to withdraw funds, change the term, or add money without penalty.

Electronic funds transfers

This summary reflects your rights and responsibilities under the Electronic Fund Transfer Act and Regulation E. It covers debit card purchases, ATM withdrawals, ACH transfers, online bill pay, and any other electronic movement of money into or out of your account.

Your liability for unauthorized transfers

Tell us at once if you believe your card, PIN, or digital banking credentials have been lost, stolen, or used without your permission. If you notify us within two business days of learning of the loss, you can lose no more than $50. If you wait longer than two business days, you could lose as much as $500.

If your statement shows transfers you did not make, tell us within 60 days of the statement being sent. If you do not, you may not get back money lost after the 60 days if we can show we could have stopped it. Summit extends zero-liability protection beyond the legal minimum on Visa debit and credit transactions reported promptly, so in practice most members recover the full amount.

Errors and questions

Call 1-800-555-0148 or write to us as soon as you can if you think your statement or receipt is wrong. We must hear from you no later than 60 days after we sent the first statement showing the problem. Tell us your name and account number, describe the error and why you believe it is an error, and give us the dollar amount.

We will investigate and tell you the results within 10 business days, or 20 business days for a new account. If we need more time, we may take up to 45 days, and we will credit your account provisionally within 10 business days so you have use of the money while we work.

Limits and disclosure to third parties

Standard daily limits are $1,000 for ATM withdrawals, $5,000 for debit card purchases, and $5,000 for mobile check deposits. You can request a temporary increase before travel or a large purchase. Summit will disclose information about your electronic transfers only where it is necessary to complete a transaction, to verify the existence of your account for a merchant or credit bureau, to comply with a court order or government agency, or where you have given us written permission.

Membership and account agreement

Membership begins when you deposit and maintain at least $5 in a Regular Share Savings account. That $5 represents your ownership share. Membership gives you one vote in the annual election of the volunteer board of directors, regardless of how much you keep on deposit.

Accounts may be held individually or jointly with right of survivorship. Any joint owner may transact on the account without the consent of the others, and each owner is jointly and severally liable for any overdrawn balance. You may name payable-on-death beneficiaries at no cost.

Statutory lien and closing an account

Federal credit union rules give Summit a statutory lien on your shares for any amount you owe us that is past due. We will contact you before exercising it, and we never apply it to funds that federal law protects, such as Social Security benefits, without your written consent.

You may close an account at any time by withdrawing the balance and telling us. Summit may close an account with 30 days' written notice, or immediately in cases of fraud, abuse of staff, or repeated overdrawn balances. Closing your last share account ends your membership.

Insurance and equal opportunity

Member deposits are federally insured to at least $250,000 per member by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the United States government. Different ownership categories, such as joint accounts and retirement accounts, are insured separately.

Summit is an Equal Housing Lender and does not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, disability, or because income comes from a public assistance program. Summit Federal Credit Union, NMLS ID 401948.