Summit Credit Union (WI) is headquartered in Cottage Grove and is the largest credit union in the state of Wisconsin. It is also the 49th largest credit union in the nation. It was established in 1935 and as of June of 2024, it had grown to 818 employees and 260,384 members at 60 locations. Summit Credit Union (WI)'s money market rates are 7X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Summit Credit Union is open to all U.S. citizens and resident aliens.
See current membership details
Average Minus
Explored opening a cd account. Plus: One CSR I spoke with, a senior rep I believe, was knowledgeable and helpful. Minus: However, hard to reach her, and average frontline reps less than knowledgeable on some basic questions about beneficiaries, POD accounts, etc. Also, for out of staters, one runs into a cumbersome process of setting up a video interview and other verification procedures. (You're lending them money, not the other way around. Why the suspicious stance?) Lastly, as I noted in a forum post, you can't access their site to open an account unless you disable the 'do not track' cookies feature on your anti-virus program. I find it disturbing that, de facto, their ability to track your online behavior (and do *what* with it?) is a required feature of the account.
Video Interview
Has anyone heard of another CU requiring a video interview as part of the membership sign-on as this CU required?
Strangest Credit Union Ever Encountered
Kimmy Spome?, CEO, required a video interview before depositing $500K!!! A video interview?? Insane!! I told them to shove it and found more lucrative sanctuary for my pittance at First Bank on the Lake in Missouri and GTE Financial in Florida. Fantastic customer service! Summit has obviously been screwed by some shady customers. They don't trust me....I don't trust them!
Absolutely Horrible & Incompetent Experience
This organization should be investigated by the FDIC. Absolutely horrible business practices and incompetence. Asking branch offices to mandate health masking requirements outside of Dane County where no laws exist. Failure to close and send money from an account that was closed, holding money hostage and acting like it was an honest mistake for weeks. Customer service reps who want to blame other institutions for their own incompetence, e.g. - it's the post office's fault. What? That is so low and pathetic. I've contacted several organizations to look into this organization due to their business practices. If you are a customer, I would avoid conducting business here at all costs. Total nightmare.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 67190 |
| Year Chartered | 1935 |
| Employees | 818 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.66% |
| Return on Equity - YTD | 7.52% |
| Annual Interest Income | $177.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $7.31B$6.56B |
| Loans | Q2 2024vs Q2 2023 | $5.73B$5.34B |
| Deposits | Q2 2024vs Q2 2023 | $5.77B$5.08B |
| Equity Capital | Q2 2024vs Q2 2023 | $640.2MM$583.3MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $36.2MM$16.9MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $41.7MM$23.4MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $23K$625K |
