Why The Summit is a Safe and Stable Place for Your Money

March 14, 2023

Categories: Education, Financial Goals, Financial Planning, Financial Resources, Financial Security, Financial Wellness, Future Planning, Protecting Your Accounts, Safety & Security

Laurie Baker financial stability quote

By Laurie Baker, President and CEO 

You may have seen or heard the recent news about the collapse of financial institutions. We want to reassure our members that The Summit Federal Credit has no relationship to, or investment in, any of these financial institutions.

We are committed to the financial wellbeing of our members and take our responsibility to protect your money very seriously. Events such as this give us an opportunity to remind you of the unique benefits of being a member of The Summit:

  • As a credit union, we are owned by over 90,000 members. We do not have any single concentration of deposits. Our wide and diverse membership base helps strengthen our financial position.
  • Your money is safe and secure at The Summit, both federally insured balances up to $250,000 and balances in excess of this amount, based on our own financial strength. All deposits up to $250,000 are protected and insured by the National Credit Union Share Insurance Fund. To learn more about the fund and coverage, visit MyCreditunion.gov .
  • All credit unions are regularly examined by financial regulators to ensure proper management and maintain the safety and soundness of members’ money within the institution. In fact, credit union members have never lost a penny of insured savings at a federally insured credit union.
  • We manage our balance sheet carefully to maximize return to our members, while controlling risk. We have built a robust net worth ratio (our “rainy-day fund”) to insure our financial strength amid rate and other environmental fluctuations.  Our financial reports are readily available on our website. Click here to view our Annual Report.

As your CEO, I am grateful for the trust you have placed in The Summit and our employees. Be assured that we at The Summit always have our members’ financial interests at the heart of everything that we do.

If you have any additional questions, please do not hesitate to contact us.