Being a Summit Member Has its Rewards – like Cash boomerang!
As a financial cooperative, our members are the owners of Summit, not outside stockholders. This gives us the privilege to do something most financial institutions don’t – give back a cash dividend, or Cash Boomerang*, to the members who use our products and services. After all, we’re in this together!
Every time you choose a financial product from Summit, you’re not just helping yourself – you’re also helping every member and our entire credit union. (And doesn’t that feel great?) Cash Boomerang is just one of the ways we give back to thank you for sharing in our success.
Here’s how it works – it’s simple!
Your Cash Boomerang is based on the overall success of Summit that year and the savings and loan products you have with us. (Since we’re all about your total financial wellness, you have plenty to choose from!)
- First, have any personal Summit checking account. With all our checking options, you’re sure to find a great fit.
- Then save and borrow throughout the year with Summit. The more you do with us, the bigger your Cash Boomerang could be. Not to mention, you’re always getting more for your money here!
- Watch for your Cash Boomerang next fall. We’ll let you know if you qualified, and your cash give-back could be anywhere from $10 to $1,000! What a bonus for you and your goals, right?
Get in on the next payout!
CASH BOOMERANG FAQs
The amount that comes back to you depends on two things:
- The overall financial success of Summit and
- How much you save and borrow at Summit.
You can increase your potential payout for next year’s Cash Boomerang by opening a checking account and borrowing, saving and investing with Summit.
It’s simple: All you need is a personal Summit checking account by 9/30/24 and then, the more you save and borrow with Summit between 10/01/23 and 9/30/24, the more your potential Cash Boomerang grows. If the amount is $10 or more, you qualify for a Cash Boomerang, with a maximum payout of $1,000.
Your Cash Boomerang is a percentage of the interest you paid and the dividends you received from 10/01/23 through 9/30/24 on all accounts on which you are the primary owner. A fixed amount is added for first mortgages, credit cards and length of your membership. A checking account is required to be eligible for Cash Boomerang. If the amount is $10 or more, you qualify for a Cash Boomerang. Maximum payout is $1,000.
Yes. If you receive a Cash Boomerang, it will be included in your 1099-INT. If you have any tax questions regarding the 1099 form(s), we recommend that you consult with your tax advisor.
Bring them over to Summit! You’ll increase the chance of earning a Cash Boomerang next year, plus you can also save on interest and fees and earn more on your savings.
Absolutely! At Summit, we believe in serving entire communities, not just parts of them, and anyone can become a member. As a cooperative, member-owned financial institution, every Summit member has the benefit of lower fees, higher rates on savings and lower rates on loans.
Encourage others to check out the Summit difference. You’ll be helping them save and earn. And by building an even stronger Summit Credit Union, you improve both your chance and theirs to earn a Cash Boomerang payout next year.