10+ years as an SFGI account holder - short and long-term savings. Always next-day ACH transfers, interest rates in the top tier, and a web interface that is simple, all down-to-business, and perfectly executed. Couldn't be happier with this account!
I've had a savings account with SFGI Direct (Summit) for years. They have always been easy to work with. However, their savings interest rates are no longer competitive, changing your one external linked account (only one is permitted) is cumbersome and today, April 26, 2022, I received my 2021 1099-INT from them. (The USPS stamped the enveloped "4/22/2022" during its whopping 25-mile trip to my address.)
Spoke with a customer service rep today; they had asked me to contact them to confirm an external ACH and while they will allow it to go through, advised that future externally-initiated ACH will be denied. This policy change is due to fraudulent activity, but I think not the best solution since I'm not the only person who wants to autopay my credit card out of my savings account or other reasonable activity. Disappointed there's no way for me to approve certain institutions for external ACH.
As of July 6th, this so-called joke of a credit union has begun to enforce a weird, limiting policy: They allow ACH money to be transferred IN even from other financial institution than the one that is linked against your account at SFGIdirect, but the do not allow the same for ACH money OUT.
And since this credit union allows you to create one and one only account linking with an external institution, this newly-enforced, asymmetrical, and stupid policy, becomes very inflexible and limiting. Because it forces you to coordinate all of your ACH withdrawal transactions ONLY via one external financial institution, namely the one that you have linked at SFGIdirect. But how come they allow money transfers IN from EVERYWHERE!? How convenient to you, SFGI.
Because of this suddenly-enforced, new policy, they simply canceled an ACH OUT transaction that was scheduled, WHILE IN PROGRESS, and with the final outcome being that the transaction was reversed i.e. money being transferred back in, automatically.
SFGIdirect, your are a STUPID credit union. Go to hell! I will close my Savings Account with you and go with a credit union that is more capable, and less communist, than you! Shame on you for disrespecting your customers!
|FDIC Certificate #||34102|
|Return on Assets - YTD||1.44%|
|Return on Equity - YTD||12.43%|
|Annual Interest Income||$68.4MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$3.74B$3.27B|
|Loans||Q2 2022vs Q2 2021||$2.94B$2.40B|
|Deposits||Q2 2022vs Q2 2021||$2.99B$2.73B|
|Equity Capital||Q2 2022vs Q2 2021||$425.3MM$361.2MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$35.1MM$33.9MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$10.9MM$22.9MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$5.3MM$13.2MM|
Always verify rates and promotions with the bank or credit union. We are not SFGI Direct; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.01%||$1||-||SFGI Direct Savings Account|
SFGI Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 300 North Main Street - Moorefield, WV 26836