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Description

This company is a credit union that is member-owned, not-for-profit financial cooperative headquartered in Madison, Wisconsin. Services offered include savings and checking, loans, mortgages, business services, investments, E-banking, and financial education. The services are also intended to support community development and financial and environmental sustainability.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Summit Credit Union meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that affect the rating for Summit Credit Union include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 4 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

4 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 4

Customer Reviews Summary Read customer reviews

5 Customer Reviews on Summit Credit Union
Customer Experience Total Customer Reviews
Positive Experience 2
Neutral Experience 2
Negative Experience 1
Total Customer Reviews 5

Additional Information

BBB file opened: January 01, 1964 Business started: 01/01/1931 in WI Business started locally: 01/01/1931 Business incorporated 01/01/1935 in WI
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Wisconsin Dept of Financial Institutions
345 W Washington Ave, Madison WI 53703
http://www.wdfi.org
Phone Number: (608) 261-9555
Fax Number: (608) 261-7200
askthesecretary@dfi.state.wi.us

Nationwide Mortgage Licensing System
Wisconsin Department of Financial Institutions, 345 W. Washington Avenue, 4th Floor, Madison WI 53703
http://www.nmlsconsumeraccess.org
Phone Number: 608-261-7578
DFIMortgageBanking@wisconsin.gov

Securities & Exchange Comm.
450 5th Street N.W., Washington, DC 20549
Phone Number: (202) 942-7040

Type of Entity

Corporation

Business Management
Ms. Kim Sponem, CEO/President Mr. Rebecca Gerothanas, Senior Vice President of Operations Ms. Teena Hernandez, Executive Assistant to the CEO Ms. Nancy Kasten, Senior Vice President of Human Resources and Organizational Development Mr. Ric Mathias, Vice President of Retail Development Mr. Dan Milbrandt, Chief Lending Officer Mr. Keith Peterson, Chief Financial Officer Mr. Christopher Schell , Senior Vice President - Marketing
Contact Information
Customer Contact: Ms. Teena Hernandez, Executive Assistant to the CEO
Principal: Ms. Kim Sponem, CEO/President
Business Category

Credit Unions Investment Advisory Service Loans Loans - Small Business Consumer Finance & Loan Companies Real Estate Loans Mutual Funds Retirement Planning Service Savings & Loan Associations Credit - Debt Consolidation Services Credit Services Financial Services Credit & Debt Counseling College Savings Plans Credit Cards & Plans Credit Unions (NAICS: 522130)

Products & Services

Summit Credit Union offers the following product(s): Pay It Forward, Do MoreTeam, Project Money, Oodles

Hours of Operation
Branch hours vary by location.
Service Area
Greater Madison, Greater Milwaukee, Baraboo, Beaver Dam, Lake Mills, Portage
Alternate Business Names
Cuna Credit Union Great Wisconsin CU Journal Credit Union State Capitol Credit Union State Capitol Employees CU State Central Credit Union
Industry Tips
Advanced Fee Loans Avoiding Default and Foreclosure Avoiding Fraudulent Tax Preparation Bankruptcy-Consumers Considering Bankruptcy Choosing a Credit Counseling Agency Choosing a Credit Counselor Choosing College Savings Plans Collection Agency-Credit Counseling-Facts For Consumers Counterfeit Currency Credit Card Accountability, Responsibility and Disclosure (CARD) Act Credit Card Solicitation Credit Cards and Charitable Causes Credit Report-Understanding Your Credit Report Credit-Budgeting Made Easy

Customer Review Rating plus BBB Rating Summary

Summit Credit Union has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • 10015 W Greenfield Ave

    Milwaukee, WI 53214 (414) 778-1000

  • 104 Frances Lane

    Beaver Dam, WI 53916 (608) 243-5000

  • 110 Henry Dr

    Portage, WI 53901 (608) 243-5000

  • 1103 Spring City Lane

    Waukesha, WI 53186 (414) 778-1000

  • 1333 W Main St

    Madison, WI 53590 (608) 243-5000

  • 141 E Tyranena Park Rd.

    Lake Mills, WI 53551 (608) 243-5000

  • 1700 Windsor St

    Madison, WI 53590 (608) 243-5000

  • 1799 Thierer Rd

    Madison, WI 53704 (608) 243-5000

  • 2001 Taft St

    Madison, WI 53713 (608) 243-5000

  • 2159 Miller Park Way

    West Milwaukee, WI 53219 (414) 778-1000

  • 2424 Rimrock Rd

    Madison, WI 53713 (608) 243-5000

  • 2939 S Fish Hatchery Rd.

    Fitchburg, WI 53711 (608) 243-5000

  • 304 E Main St

    Waunakee, WI 53597 (608) 243-5000

  • 307 E Wilson St.

    Madison, WI 53703 (608) 243-5000

  • 401 S Yellowstone Dr.

    Madison, WI 53719 (608) 243-5000

  • 4800 American Pkwy

    Madison, WI 53718 (800) 236-5560 (608) 243-5000

  • 4802 Sheboygan Ave.
    Room 150B

    Madison, WI 53705 (608) 243-5000

  • 5419 Blue Bill Park Dr

    Madison, WI 53704 (608) 243-5000

  • 5810 Mineral Point Rd.

    Madison, WI 53705 (608) 243-5000

  • 6420 Cottage Grove Rd.

    Madison, WI 53718 (608) 243-5000

  • 645 Junction Rd.

    Madison, WI 53717 (608) 243-5000

  • 670 W Washington Ave.

    Madison, WI 53703 (608) 243-5000

  • 6914 W Brown Deer Rd

    Milwaukee, WI 53223 (414) 778-1000

  • 702 Pflaum Rd

    Madison, WI 53716 (608) 243-5000

  • 7750 S Lovers Lane Rd

    Franklin, WI 53132 (608) 243-5000

  • 871 Commerce Ave.

    Baraboo, WI 53913 (608) 243-5000

X

BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

9/7/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I have been a member of the WCU since I was 19 years old. I have always paid my invoice. I have never missed a payment. I asked for from $500.00 - $1.000,00 I went to Summit Credit last year and was allowed to borrow $1,500.00. No problem. I had a mortgage of $891.00 approx. and I keep an eye on creditkarma. My credit is very good - to excellent. I just had a small raise from the state. My mortgage is now $40.00 less= $851.00 and I have never missed a payment. Every transaction I do is ACH. I am always on time with every payment which is ACH of $130.00. . I do NOT understand why last year I was able to borrow $1,500.00 and this year denied. I am in a better place with my mortgage and nothing has changed as I am never late. I just want my personal loan refinanced as I will still be paying $130.00/month. Nothing will change. I had a 2-yeat problem with Summit whereas their error messed up my budget for 2 years until I had to prove my honesty and had a conference call with Associated Bank, me and Summit. Within minutes my account was properly credited as it should have been in the first place. I have a savings but I don't want to touch it and besides that my ACH is credited to summit of $130.00/month Why is this a problem. I am just adding to the present personal loan.

Desired Settlement: Allow the added refinance of my personal loan which I pay $130.00/month ACH. There has never been a problem and I don't want a problem but this is not right nor fair as I have never missed a payment. Thia 9s the first problem I have ever had refinancing my personal loan.

Business Response:



August 25, 2015

 


******* ** ******* **** ******** ****** ******** ** *****

 

Re: Compliant ********

 

Dear BBB:

 

I am writing in response to complaint ******** filed to the Better Business Bureau on August
24, 2015.  In the complaint Mrs. ******* did not understand the loan denial for her Personal loan. The loan was denied based
on valid concern for high unsecured debt.


After looking at this loan request again, and taking into consideration the length of
membership that ******* has with the Credit Union, and that she has always paid
well to Summit Credit Union we have decided to grant this loan.

 

I have contacted ******* to inform her of the loan decision.

 

Sincerely,

 

 
**** ********

*** ** ******** ******* **********

Summit Credit Union

1/19/2015 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: I am being charged an overdraft fee, even when I have money in account.

Desired Settlement: change policy, refund me

Business Response:

 

 

 

January 6, 2015

 

 

****** ****** *** * ******* *** *** *** ********** **  *****

 

Re:  Complaint ********

 

Dear BBB:

 

I am writing in response to complaint ******** filed to the Better Business Bureau on January 1, 2015 by Mr. ******.  In the complaint he stated even though he had money in his account, he was charged overdraft fees on 12/21/2014 in the amount of $200.00

 

Mr. ****** had an available balance of $36.09 on 12/19. That day, the following debit transactions, totaling $36.68, were authorized but not posted to Mr. ******’s account: $8.99, $10.97, $13.72, and $3.00. These authorizations brought his available balance

 to -.59.

 

On 12/20, the day of the first overdraft, his available account balance was -.59, when a transaction for $24.43 was posted that day, it resulted in an overdraft fee. That transaction and the overdraft fee brought his account further into the negative, and once the approved transactions from 12/19 posted on 12/20 and 12/21; they continued to bring his account negative, resulting in additional fees. 

 

In light of the amount the account was negative, timing of the transactions, and number of fees, we have credited Mr. ****** $225.00.

 

Mr. ****** has “opted-in” to overdraft coverage which, for a fee, permits transactions to be approved without available funds. Unless he opts out of this feature, future transactions with his debit card will continue to be approved when there are insufficient funds in his account and will be subject to the applicable overdraft fee when they are posted to his account.

 

If Mr. ****** would prefer to opt-out of overdraft coverage he can simply call 608-243-5000 and we will take the coverage off his account. If so, any future debit card transactions may be denied if funds are not available on his account, and that may cause inconvenience for him.

 

Thank you,

 

 

*** *******

**** ********* ****** ***********

****** ****** *****

9/22/2014 Problems with Product/Service | Complaint Details Unavailable
4/16/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Summit sells a VISA Gift Card with expiration dates printed on the cards. VISA will take $5/mo as fee starting at 12th month of gift card. Receivers of gift card do not search for at the extra fee notice, as expiration date is misleading recipient into thinking all is well until expiration date (in our case, 2017) We asked Summit for help in getting a $100 card reissued or for suggestions on how to get help from VISA. They had no suggestions and yes, the card is now of no value. VISA sent us to Summit. Summit has no help, sent us to call VISA. SUMMIT stills sells these cards with misleading information. VISA is perhaps more than fault than SUMMIT, but VISA did suggest we ask for help from them.

Desired Settlement: Repalcement of gift at original amount on a new card or refund for the amount of the gift card. IF THE GIVER had put $100 bill in the graduation card (UW student and employee) the cash would still be good. The card should still represent the full amount until said expiration date.

Business Response:

The gift card was given as a gift and the recipient did not receive the disclosures which explain the inactive fee that is charged.   For goodwill, we will be sending a new card with disclosures.  

Consumer Response:

On Tue, Apr 15, 2014 at 10:09 PM, ***** ********* ****************** wrote:

The resolution as proposed by the Summit Credit Union would be acceptable.  Thanks for your effort in this matter.
Respectfully,
***** *********
**** ***** ***** *** ****** ***  *****
This address can be where the card can be sent.  ****** currently is job looking out of this address.

 

 

 


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

5 Customer Reviews on Summit Credit Union
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