DISCLOSURES
The terms behind the numbers on this site
Truth in Savings, lending terms, electronic funds transfer rights, and who is eligible to join. Written to be read, not to be skipped.
This is a demonstration website
Summit Federal Credit Union is a fictional institution created to demonstrate a website design system. Every rate, fee, product, statistic, and policy described anywhere on this site is illustrative. No account can be opened here, no application is real, and nothing on these pages is an offer of credit, a contract, or legal or financial advice. If you are evaluating a real financial product, read the actual disclosures from the actual institution.
The disclosures below are written in the shape a credit union would use so the demonstration reads correctly. They describe how these rules generally work. They do not create rights or obligations for anyone.
Membership eligibility
Summit is a member-owned, not-for-profit cooperative chartered in 1948. Membership is open to anyone who lives, works, worships, or attends school in our field of membership, to employees of our select employer groups, and to the immediate family or household members of anyone who already belongs. Immediate family means a spouse, parent, child, sibling, grandparent, grandchild, or step relation, and household means anyone living at the same address as a permanent resident.
A $5 deposit into a share savings account establishes your membership and makes you an owner of the credit union. That $5 stays on deposit for as long as you are a member and is returned when you close the account. Ownership carries one vote in the annual election of the board of directors, regardless of how much money you hold with us. Membership must be established before any other account or loan is opened.
Truth in Savings
Deposit accounts at a credit union pay dividends rather than interest, and dividends are declared by the board from earnings after reserves are set aside. The annual percentage yield, or APY, shows what you would earn over a year including the effect of compounding, which makes it the only figure worth comparing between institutions. Our dividends are compounded and credited monthly on the last day of the month.
Rates on savings, money market, and checking accounts are variable and may change after the account is opened. Certificate rates are fixed for the full term. Dividends begin to accrue on the business day a deposit is credited to your account, including deposits made by check. If you close an account before dividends are credited, you still receive the dividends accrued to the date of closing.
Certificates carry an early withdrawal penalty. On terms of 12 months or less the penalty is 90 days of dividends; on longer terms it is 180 days of dividends, and the penalty may reduce principal if the certificate has not been open long enough to earn it. The daily balance method is used to calculate dividends on all accounts, applying a daily periodic rate to the balance in the account each day.
Deposit account
Rate
Terms
High-yield savings
4.15% APY
Variable, compounded and credited monthly
Share savings
Variable
$5 minimum balance establishes membership
Money market
Tiered, variable
Rate applies to the entire balance at each tier
Share certificates
Fixed for the term
Early withdrawal penalty of 90 or 180 days of dividends
Rates current as of July 2026 and subject to change. Fees may reduce earnings. This is a demonstration website; all rates and products shown are illustrative only.
Lending disclosures
Every advertised loan rate on this site is the best rate available and assumes excellent credit, a qualifying term, and any discount we mention such as automatic payment from a Summit checking account. Your rate depends on your credit history, income, the amount you borrow, the term you choose, and for secured loans the age and condition of the collateral. Not every applicant qualifies for the advertised rate, and the rate you are quoted in an approval is the rate that applies to you.
The annual percentage rate, or APR, includes both the interest rate and certain costs of obtaining the loan, which is why it is the number to compare. Advertised examples on this site include new auto financing from 4.09% APR, a 30-year fixed mortgage at 6.375%, an adjustable-rate mortgage at 6.216%, a home equity line of credit at 6.625%, personal loans from 8.99% APR, and debt consolidation from 10.49% APR. All of them are illustrative.
Adjustable-rate mortgages and home equity lines carry variable rates tied to a published index plus a margin. When the index moves, your rate and your payment move with it, subject to the caps stated in your loan agreement. A rate that starts lower than a fixed rate can end up higher, and you should look at the maximum payment the contract allows before you sign, not just the first one.
Mortgage applicants receive a Loan Estimate within three business days of a complete application and a Closing Disclosure at least three business days before closing. Read the two against each other. All real estate loans are subject to appraisal, title review, and property insurance requirements. Summit is an Equal Housing Opportunity 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.
Credit reporting
We report loan performance to the major credit bureaus every month, including on-time payments and late ones. When we decline an application or offer terms less favorable than you applied for based on a credit report, you receive a written notice naming the bureau and telling you how to obtain a free copy of the report. The bureau does not make the decision and cannot explain it; we can, so call us.
Electronic funds transfer
This section covers the electronic ways money moves in and out of your account: debit card purchases, ATM withdrawals, direct deposits, automatic drafts, online and mobile banking transfers, telephone transfers, and payments you send from the Summit app. It describes the limits on those transfers, our liability for failing to complete them, and yours if a card or password gets away from you.
Tell us at once if you believe your card, PIN, or online banking credentials have been lost, stolen, or used without your permission. Call (800) 555-0166, which is answered 24 hours a day. Reporting promptly is what limits your liability. If you notify us within two business days of learning of the loss, your exposure for unauthorized use is capped at $50. Waiting longer can increase what you are responsible for, and an unauthorized transfer that appears on a statement and goes unreported for more than 60 days may not be recoverable.
If you think a statement or receipt is wrong, contact us no later than 60 days after we sent the first statement showing the problem. Give us your name and account number, describe the transaction you are unsure about, and tell us the dollar amount. We investigate and tell you the result within ten business days, and where the investigation needs longer we provisionally credit your account so you have use of the money while we work. New accounts and transfers initiated outside the country may take longer to resolve.
We will not be liable for failing to complete a transfer if your account lacks the funds, if the transfer would exceed your credit limit, if the ATM was out of cash, if the system was down and you knew about the outage when you started, or if circumstances beyond our control such as a natural disaster prevented the transfer despite reasonable precautions. Daily limits apply to card purchases and ATM withdrawals for security reasons, and those limits can be raised temporarily by calling member service at (800) 555-0148.
Funds availability
Cash, direct deposits, and transfers between Summit accounts are available immediately. Checks deposited at a branch or an ATM are generally available the first business day after the day of deposit. Longer holds may be placed on large deposits, on accounts opened within the last 30 days, or when we have reason to doubt a check will be paid, and when we hold funds we tell you at the time of deposit or by mail the next business day, along with the day the money will be available.
Insurance and regulation
Member deposits are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the United States Government. Coverage is calculated per member, per account ownership category, so individual, joint, retirement, and trust accounts are each insured separately. Investment, insurance, and annuity products offered through Summit Investment Services are not deposits, are not NCUA insured, are not obligations of the credit union, and may lose value.
Changes to these terms
We may change the terms of an account or a service. When a change reduces your rights or increases your costs, you receive written notice at least 30 days before it takes effect, by mail or through eStatements if you have chosen electronic delivery. Rate changes on variable accounts do not require advance notice, because the rate is variable by design and is always published on today's rates.
Questions
Call member service at (800) 555-0148 or visit any of our 42 branches. Ask for the full account agreement, the complete fee schedule, or a copy of any disclosure named on this page and we will send it. For a demonstration site, that request is of course also illustrative.
Want the plain-language version
Ask us to walk through any account or loan term before you sign anything.