Frequently Asked Questions

What is a Credit Union?

Summit Ridge Credit Union formerly known as District 4 Highway Credit Union is a not-for-profit financial cooperative, owned, controlled and operated for the benefit of its members. Since there are no outside stockholders to satisfy, the credit union can return a greater percentage of its income to you, the member-owner, in the form of higher dividend rates on deposits and lower interest rates on loans.

Credit union members join together to build long term financial stability and provide high-quality, low-cost financial services.

Who Owns a Credit Union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How Did Credit Unions Begin?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the Purpose of a Credit Union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are Savings Deposits Insured?

Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Who Can Join?

We were chartered in 1955 as District 4 Highway Credit Union to serve all employees and retirees of District 4 Missouri Department of Transportation, Missouri State Highway Patrol Troop "A" and immediate family members.

Then in March 2011, the credit union changed to a community charter that allows us to serve persons that live or work in Jackson County Missouri and their immediate family members.

In April 2011, District 4 Highway Credit Union changed its name to Summit Ridge Credit Union.