Press

Summit Credit Union joins Bank On movement, receives certification from cities for financial empowerment fund

Balance account certified to help consumers stay safe, get ahead financially

MADISON, WI (April 15, 2021) — Summit Credit Union’s Balance checking account has been officially certified by the Cities for Financial Empowerment (CFE) Fund as meeting the Bank On National Account Standards. The certification, announced by Bank On Greater Milwaukee, recognizes accounts that ensure low cost and high functionality while promoting consumer safety.

The Balance checking account offers a variety of features that make checking more available and sustainable for members of the community, including no overdraft or nonsufficient fund fees, free bill pay, the ability to make purchases with a free debit card and federal deposit insurance. The account allows individuals and families to hold a basic transaction account for functions like direct deposit of income and stimulus and unemployment payments without risk of unpredictable charges.

“Every day we are looking for new ways to make financial tools easier to understand and more accessible,” said Summit Credit Union CEO & President Kim Sponem. “Our partnership with Bank On Greater Milwaukee is a perfect fit. We share the goal of greater financial stability for families and communities.”

Bank On Greater Milwaukee works with area financial institutions, community organizations, local government leaders and federal regulators to connect Greater Milwaukee residents to safe, affordable and productive banking accounts. The Bank On National Account Standards identify critical product

features for financial institutions, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.

“We’re proud to be working with Summit Credit Union to provide another low-cost, low-fee transaction account to the Greater Milwaukee area! Having account options, like Summit’s Balance checking account, allows people to find services that not only meet their needs but also help families reach their goals,” said Constance Alberts, program manager of Bank On Greater Milwaukee.

The Balance checking account is available at each of Summit Credit Union’s 46 branches across southern Wisconsin; new members may also open the account online. For more information, visit SummitCreditUnion.com/checking. For more information on the Bank On National Account Standards, visit https://joinbankon.org/accounts/.

About Summit Credit Union (WI)

Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $6.8 billion in assets and has more than 252,000 members and 967 employees across 57 locations throughout Wisconsin. Since 2002, Kim Sponem has been CEO & President of Summit Credit Union, formerly known as CUNA Credit Union/Great Wisconsin Credit Union. Recognized for its excellence in employee engagement, in 2021, 2022 and 2023 Summit was named both a Top Workplace in the USA by Top Workplaces USA and a Top Workplace in the Madison area by the Wisconsin State Journal. In 2023 it has added a Top Workplace award in Milwaukee by the Milwaukee Journal Sentinel. For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236-5560. For additional media information, visit https://www.summitcreditunion.com/about-summit/press-room or follow Summit on Facebook and Instagram.

About the Cities for Financial Empowerment Fund (CFE Fund)

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $43 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.

About Bank On

Bank On coalitions are locally‐led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 80 coalitions in communities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.

Contacts

Jason Waller
Cell: 608-698-5948
Work: (608) 243-5000, ext. 6862
publicrelations@summitcreditunion.com

More News