Find out more about all the latest news and events at Airline Financial.
March 7, 2024
Attention All Members:
Please note our Annual General Meeting will be held on Thursday, April 4, 2024.
The AGM will be held in person and online. For in-person, the location of our Annual General Meeting will be held:
Tenant Lounge
5399 Eglinton Ave W
Unit 103 Etobicoke, ON M9C 5K6
The Annual General Meeting will begin at 5:30 p.m.
The purpose of the meeting is:
To register, please email us at inquiries@luminusfinancial.com, or call 416.366.5534 or 1.877.782.7639.
For each member that registers for the AGM, we will put you in a draw for ONE (1) of FIVE (5) $100 SkipTheDishes Gift Cards. The winners will be revealed during the AGM.
Please note: Our Branches, Call Centre, and Corporate Office will close at 4 p.m. the day of the meeting to prepare for the AGM.
February 27, 2024
Please note that both branches will be closing at 2:30 on Monday March 4, 2024. We will resume regular business hours on Tuesday March 5, 2024
December 12, 2023
Each year, Luminus Financial reviews our account and service fees to ensure we are providing the best service to our Member-Owners for the lowest possible price. On February 1, 2024, a number of our account fees will be updated to reflect changes in service costs and to keep our credit union competitive.
Part of our commitment as a credit union is to keep fees as low as possible while providing the best service for our members. While we offer several products with low-to-no fees, such as our Inclusive Package there are still some transactions that will be charged. Why is this?
In short, many of the fees are paid directly to external services providers, such as when you withdraw money from an INTERAC ATM machine. Other fees pay for services or transactions that require a staff member to manually process or review them such as printing of statements and in-person transactions.
So, while we continue to work on keeping fees low, there will always be some transactions that result in a fee to our member-owners.
As of February 1, 2024, some transactions will see minor increases while others will decrease such as:
Service | Old Fee | New Fee |
Interac e-Transfer – Sending | $1.95 | $1.00 |
ATM withdrawals outside Canada | $4.75 + Surcharge | $5.00 + Surcharge |
Canadian/US bank drafts | $7.00 | $10.00 |
For a full list of upcoming account fee changes, please see our Services Fees page. Have a question? One of our Service Representatives will be happy to assist by calling 905.673.7262.
November 23, 2023
Each year, Luminus Financial answers questions from member-owners about annual dues, a $15 fee which is automatically withdrawn from each members’ account on November 30th. For some of our newest member-owners, dues may be a brand-new thing. So, this year, we wanted to provide a brief summary of what member dues are, why they are important, and what value they bring to you as an owner of this credit union.
To start, it’s important to understand what a co-operative is and what sets it apart from a typical bank or organization.
A cooperative, or co-op, is a collective business model where individuals jointly own and democratically manage an enterprise, such as a credit union. Unlike traditional ownership structures, there is no single owner; instead, all co-op members share equal ownership. Cooperatives can be found in a wide range of sectors such as agriculture, housing, or finance. The common thread is that co-ops focus on meeting common needs and ensuring fair benefits for all members.
Active member participation is encouraged through voting on major decisions or direct involvement on the board. This stands in contrast to traditional banks, typically owned by individuals or shareholders who prioritize the interests of ownership over customer welfare.
Cooperatives charge member dues for several reasons. Firstly, dues contribute to the financial sustainability of the cooperative, helping cover operational costs, investments, and any necessary expansions. By pooling financial resources through dues, co-ops can secure a stable financial foundation, ensuring their ability to provide goods or services to members.
Secondly, member dues are a tangible demonstration of commitment and shared responsibility among cooperative members. The act of contributing financially reinforces the cooperative’s democratic and participatory nature, emphasizing that members have a stake in the success and continuity of the cooperative enterprise.
In essence, charging member dues in cooperatives serves both practical and symbolic purposes, fostering financial health, shared commitment, and the cooperative’s ability to fulfill its mission for the collective benefit of its members.
Want to learn more about co-operatives? Visit www.canada.coop for a list of local co-ops near you.
As a member-owner of Luminus Financial, your continued support through member dues enables us to continually improve and expand our offerings while passing the benefits of being an owner onto you. Not only do you receive exclusive benefits like advanced technology, increased lending limits, and amazing support, but you also play a vital role in shaping our direction and future.
Your ownership and support through membership dues not only strengthen our community but also fuel investments in technology that enhance your financial well-being.
Thank you for choosing Luminus Financial. We’re committed to providing the tools and support for your financial success, and to continue making your banking experience exceptional in every way.
Discover how Luminus Financial has been revolutionizing member services through technology and automation. From streamlined onboarding processes – saving 450 hours (about 2 and a half weeks) of member time annually – to an omnichannel vision for the future, explore how our digital strategy with Laserfiche is shaping a more efficient and member-centric experience. Read the full article to uncover the exciting initiatives transforming your credit union.
Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority of Ontario (FSRA)