Summit Federal Credit Union

What Summit Federal Credit Union does

Summit Federal Credit Union is a federally chartered, member-owned cooperative financial institution founded in 1951 in Akron, Ohio, originally organized for Summit County school employees and now serving the general public through a community-based field of membership. The institution operates two branches — a main office in Akron and a Salem branch — and offers a comprehensive consumer banking product suite including savings accounts, money market accounts, term share certificates, IRAs, multiple checking account types, Visa credit cards, auto loans, home loans, home equity products, personal loans, and student loans. The credit union is federally insured by the NCUA and is BBB-accredited.

The core technology stack centers on the WEB-24 digital banking platform, delivered across web, iOS, and Android, supplemented by text banking (SMS commands), a 24/7 CALL-24 automated telephone system, the Card Complete card management app (replacing Card Valet in 2025), eStatements, eAlerts, mobile remote deposit capture (up to $2,500/day, $7,500/week), and the Round Up Savings micro-savings program. Distribution is anchored by six owned ATMs and extended via MoneyPass and Alliance One networks providing access to over 33,000 surcharge-free ATMs nationwide.

Revenue mechanics combine net interest income from the loan portfolio with deposit-related fees (monthly service fees ranging $1.00-$4.25 by Loyalty Rewards tier, $5 incoming and $20 outgoing wire fees), plus referral-based non-interest income from partner relationships with TruStage Insurance (auto, home, life), GreenPath Financial Wellness (counseling), Elsass Financial Group / Cambridge Investment Research (CFP advisory), and FoolProof (financial literacy). The Loyalty Rewards program structures tiered benefits — Classic, Silver, Gold, and Platinum — based on balance thresholds ($5K, $25K, $50K) and product usage to deepen member relationships and reduce churn.

Name

Summit Federal Credit Union

Legal name

Summit Federal Credit Union

Website

https://www.summitfcu.com/

Company type

Private

Founded year

1951

Operating status

Operating

Headcount range

11–50 employees

Short description

Summit Federal Credit Union is a federally chartered, NCUA-insured member-owned cooperative founded in 1951, serving Ohio consumers through two branches in Akron and Salem with deposits, consumer lending, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Credit union lending
• Consumer deposits
• Mortgage financing
• Digital banking

Headquarters

HQ city

Akron

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Loan Interest Income: Interest income from various loan products including auto loans, home loans (mortgages, home equity), personal loans, credit cards, and term share certificates
2. Checking and Savings Account Fees: Monthly service fees on checking accounts (ranging from $1.00-$4.25 based on Loyalty Rewards tier), wire transfer fees ($5 incoming, $20 outgoing), and other account-related charges
3. Financial Services Referral: Referral relationships with Elsass Financial Group (investment advisory), GreenPath Financial Wellness (counseling), and TruStage Insurance (auto, homeowners, life insurance) - members access these services through SFCU membership

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

Summit Federal Credit Union is a federally chartered, member-owned cooperative that provides consumer banking products including savings, checking, money market, IRA, and certificate accounts; consumer loans (auto, home/mortgage, home equity, personal, student, and Visa credit cards); and digital banking services through its WEB-24 online and mobile platforms. Membership is open to Ohio residents, with the credit union operating two branches (Akron and Salem) and a multi-channel digital service model.

Product overview

Summit Federal Credit Union offers a comprehensive suite of financial products and services organized around core banking offerings and value-added services. The core portfolio centers on deposit products (Savings Accounts, Term Share Certificates, Money Market Accounts, IRAs) and lending solutions (Auto Loans, Home Loans, Visa Credit Cards, Personal Loans, Student Loans), complemented by multiple Checking Account options including the premium Secure-24 Checking with integrated IDProtect identity theft protection. Digital banking capabilities form a key pillar, anchored by the WEB-24 Online Banking platform and mobile app, which provide account management, Bill Pay, eStatements, Remote Deposit Capture, and Text/eAlerts. Card management is delivered through the Card Complete app (replacing Card Valet), supporting Apple Pay and Google Pay integration. The credit union extends its offering through strategic partnerships including TruStage Insurance, GreenPath Financial Wellness counseling, Elsass Financial Group advisory services, FoolProof financial education, and access to nationwide surcharge-free ATM networks (MoneyPass, Alliance One). Additional services include the Round Up Savings Program for automatic micro-savings, Loyalty Rewards with tiered benefits, CALL-24 phone banking, and wire transfer services.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Loans
• Student Loans
• WEB-24 Online Banking
• WEB-24 Mobile App
• Text Banking
• Term Share Certificates
• Money Market Accounts
• Individual Retirement Accounts (IRAs)
• Checking Accounts
• Auto Loans
• Home Loans
• Visa Credit Cards
• Savings Accounts
• Card Complete
• Identity Protection (IDProtect)
• TruStage Insurance
• Elsass Financial Group Advisory Services
• GreenPath Financial Wellness
• FoolProof Financial Education
• Round Up Savings Program
• Loyalty Rewards
• ATM Services
• Wire Transfer Services

Quantifiable outcome

• 75th anniversary celebration offering .75% discount on auto or signature loans and .75% increase on 6-month certificates

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Feature6 records

Partnerships

Five partnerships are on record, tiered minor.

• Elsass Financial Group, Inc.minorChannel Partner/ Reseller/ DistributorCertified Financial Planner professionals providing financial advisory services to Summit FCU members by appointment at both branches. Registered Representatives securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Call toll free 866.702.8334.
• GreenPath Financial WellnessminorChannel Partner/ Reseller/ DistributorNon-profit company providing free access to financial education and counseling services as a benefit of SFCU membership. Services include budgeting and money management, debt repayment, credit report understanding, and bankruptcy/foreclosure prevention. Student loan counseling and Debt Management Planning available for minimal fee. Call toll-free 877-337-3399.
• TruStage InsuranceminorChannel Partner/ Reseller/ DistributorInsurance products including Auto & Homeowners Program (through CUNA Mutual Insurance Agency) and Life Insurance (underwritten by CMFG Life Insurance Company). Products offered to credit union members at competitive rates. Available through summitfcu.com leaving page to trustage.com.
• MoneyPassminorChannel Partner/ Reseller/ DistributorNationwide surcharge-free ATM network offering over 33,000 ATMs coast to coast. SFCU members can access their accounts surcharge-free at MoneyPass ATMs.
• Alliance OneminorChannel Partner/ Reseller/ DistributorNationwide select-surcharge-free ATM network. SFCU members can access their money at Alliance One ATMs surcharge-free.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Wright-Patt Credit Union: Ohio-based community credit union (Beavercreek/Dayton) with a similar field-of-membership and community-charter model. Comparable product breadth (deposits, consumer/mortgage lending), though significantly larger in assets and branch count, making it the most relevant Ohio community-CU benchmark for Summit FCU.
• Telhio Credit Union: Ohio-headquartered community credit union serving residents and businesses statewide with comparable deposit, lending, and digital banking products. Closely comparable business model and regional footprint, directly competing for the same Ohio consumer members.
• SchoolsFirst Federal Credit Union: Largest credit union in the U.S. serving school employees and their families. Highly comparable founding story (originally organized for school employees) and product suite, though vastly larger scale; useful as a long-horizon peer for Summit FCU's school-employee heritage.
• First Tech Federal Credit Union: Federally chartered credit union serving employees of technology firms and their families. Comparable employer-group-to-community-charter evolution, similar product breadth (deposits, consumer lending, mortgages, digital), and similar use of strategic partnerships to extend member value.
• Buckeye State Credit Union: Ohio-based community credit union serving multiple counties with deposit, lending, and digital banking products. Direct competitor for Ohio consumer members and a useful like-for-like peer given similar mid-size community positioning.

Regional players

• Cincinnati Financial Credit Union: Ohio-based community credit union headquartered in Cincinnati serving a different Ohio geography than Summit FCU. Comparable community-charter product suite but operates in the southwestern region of the state, making it a regional rather than direct Northeast Ohio competitor.

Broad incumbents

• Connexus Credit Union: Large, digitally-led U.S. credit union with national membership via community-charter and employer relationships. Offers very competitive digital deposit and lending products nationwide, competing with community credit unions like Summit FCU for digitally-engaged consumer members.
• Golden 1 Credit Union: California-headquartered, federally chartered credit union with broad consumer and SMB product suite including digital banking. Comparable member-owned cooperative model and full-stack product set, though operating at materially larger scale and on the West Coast.

Emerging players

• Alliant Credit Union: Digital-first, nationally chartered credit union with no-branch model and community-charter eligibility. Competes directly for digitally engaged U.S. consumers who might otherwise choose community credit unions, representing the structural fintech-style threat Summit FCU faces.
• BCU (Baxter Credit Union): Mid-size U.S. credit union with employer-group and community-charter membership offering full-stack consumer products and digital banking. Relevant emerging player peer for Summit FCU's evolving employer-and-community membership strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SummitFCU
• Instagraminstagram.com/summit_fcu
• Xx.com/summit_fcu

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Summit Federal Credit Union