Summit Credit Union is a non-profit making credit union. It established in 1935 and headquarters was in Madison, Wisconsin, US. In 2019 its headquarters shifted to a village outside Madison, named Cottage Grove, Wisconsin.
The credit union is the 2nd largest union in terms of assets.
The Credit Union was started by the CUNA, Inc. as CUNA Credit Union. In 2005, the CUNA Credit Union changed its name to Great Wisconsin Credit Union (GWCU) and in 2008 the credit union got merged with the former Summit Credit Union (Formerly State Capital Employees Credit union) in the largest credit union merger in Wisconsin history. Then the members voted to change its name and it was renamed as Summit Credit Union.
As of 1938, the credit union had $19,321 in share deposits and 163 members. By 1965, the assets grew to $8.3 million and more than 14,000 members. It opened a new office at 2158 Atwood Avenue.
By 2014, the assets grew to $2 billion, 142,880 members, and 28 branch locations. (24 full services plus 2 high schools, 2 home loan offices, and the post office)
In 2019, the SCU achieved a significant growth and financial progress. The total assets grew to $3.69 billion. Annual growth rate of assets was of 14%. The member savings grew by $393 million to $2.74 billion. Annual growth rate was of 17%. The loans to members grew by $161 million. The fastest growing loan categories were equity loans, vehicle loans, mortgage loans, and business loans. The credit union earned total revenue of $183 million.
Contents
Summit Credit Union Registration process
If you meet the eligibility criteria to become the member of the SCU then you can open your account by 2 methods: Applying offline and Applying Online. The registration process of the credit union is simple and easy.
For the registration process, you need to have the following details with you:
- Deposit of at least$5
- Valid government- issued photo ID (driving license)
- Social security code
- Proof of eligibility
To apply for the opening of an account in person:
- You need to visit any of the branch locations with all the above mentioned documents
- A member service will give you the proper forms and disclosures to open your account on the spot
The Summit Credit union provides the following mentioned services:
- It provides auto loans, home equity, personal loan, student loan
- Credit cards, Debit Cards, Digital Banking
- Mortgages, Savings account, Checking
In mortgages The Summit Credit Union provides facilities for the given below lists:
- Refinancing a Home
- Adjustable-Rate (ARM) Loans
- Fixed-Rate Loans
- Constructions Loans
- Second And Vacation Homes
- Investment Property Loans
- Mortgage Resource Center
- First-Time Home Buyer Guide
To apply for the opening of an account online:
To open an online account is a 3 steps process. The details are mentioned as below:
- You need to have government issued ID, a working Email address, and social security code
- Open the given link,
- Enter the details as asked and complete the process
- And your account will be activated
The Summit Credit Union mortgage rate with down payment is as low as 3%.
· To apply for the mortgage loan you can visit the given link,
https://mortgage.summitcreditunion.com/apply.asp?siteId=8B03FF78-9AD2-4C60-8DF3-A4988A470596
· Then you need to have an application, by login your account
· Then you need to answer the questions asked
· And then click on Continue
Summit Credit Union Login
Once you have completed the process of opening an account you can access your account through your mobile by sitting at home.Hereare the steps for the Summit Credit Union Login:
- Browse the summit credit union site,
https://www.summitcreditunion.com/
- On the site you will see a login option or you can go to the member login option
- Click on the member login option
- Then you need to enter your username
- Click on Login
There are 2 types of loans available: Fixed Rate Mortgage and Adjustable Rate Mortgage
Fixed-Rate Mortgage
A fixed-rate mortgage loan is a fixed type. Your monthly payment remains the same over the term of the loan. It is a good option for the one who plans to stay in the same house for a certain period or who wants a consistent payment.
Adjustable-Rate Mortgage
In adjustable-rate mortgage your interest rate can change over the course of the loan, after being locked in the initial term. It is a good option for the one who is looking for an affordable payment early on, expecting an increase in the income or planning to stay in the same house for a few years.
The below given image provide details regarding the Summit Credit Union Mortgage Rates. The details mentioned in the picture are of 23rd November 2020.
The Qualifications to become a member of Summit Credit Union
To get the membership of the credit union you need to have the following details:
- The current or retired member of any of the business partner of the credit union
- Immediate family member of the current member or who died during the field of membership
- You need an unexpired ID proof from the given list: Driver’s license (includes out of state), State ID, Passport, Military ID, and Matricula Consular
- If you have an expired ID from the above mentioned list, then you can provide a second form of ID from the following list: Current Utility Bill, Current Pay Stub, Student ID, Birth Certificate, Credit Card, Permanent Residency Card/Visa, and Social Security Card
- You need to deposit at least $5 to open a new Savings account and $25 for Checking
Summit Credit Union App
You can also your account through mobile by using the Summit Credit Union Application. For that you need to download the application.
- Download the SCU application from Google play store or App store for iOS users. Links to download the application are shared below,
https://play.google.com/store/apps/details?id=com.softek.ofxclmobile.summitcu
https://apps.apple.com/us/app/summit-credit-union-mobile/id846243037
- Then you need to enter your User Id and password
- Click on Sign in
The following are some of the benefits of using the Summit Credit Union Application
- You can easily check your account balance (on the login screen by clicking on Quick Balance)
- You can transfer funds easily
- Pay the bill using Bill Pay
- You can use Finger print for login or Face recognition for the Apple users
- Check your transaction history
- You can search for the nearest branch locations or ATM
- You can deposit checks through mobile
- You can use Digital Banking, Voice Banking, Summits Climbr
Balance sheet of Summit Credit Union
The below given image contains information regarding different attributes like the total assets of the union, total liabilities, interest income, non-interest income, interest expense, non-interest expense, net income, and members equity. The details shown are of the year 2018 and 2019.
Summit Credit Union Routing Number
The Summit Credit Union Routing Number is 275979034.
It is a unique number given to each credit union for their identification.
Summit Credit Union locations
By 2020 SCU has 44 branch locations in 23 cities of Wisconsin. Here some of the branch locations with their address are mentioned in the below table.
| Name | Address |
| Baraboo | 871 Commerce Avenue, Baraboo WI 53913 |
| Beaver Dam | 104 France Lane, Beaver Dam WI 53916 |
| Brookfield | 920 S Moorland Road, Brookfield WI 53005 |
| Cottage Grove | 1709 Landmark Drive, Cottage Grove WI 53527 |
| Fitchburg | 2939 S Fish Hatchery Road, Fitchburg WI 53711 |
| Franklin | 7750 S Lovers Lane Road, Franklin WI 53132 |
| Janesville | 2330 Kennedy Road, Janesville WI 53545 |
| Lake Mills | 141 E Tyranena Park Road, Lake Mills WI 53551 |
| American Parkway Branch | 4800 American Parkway, Madison WI 53718 |
| City Station | 670 W Washington Avenue, Madison WI 53703 |
| CUNA branch | 5810 Mineral Point Road, Madison WI 53705 |
| East High School branch | 2222 East Washington Avenue, Madison WI 53704 |
| Downtown branch | 307 E Wilson street, Madison WI 53703 |
| Monona Branch | 5809 Monona Drive, Monona WI 53716 |