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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Each year, Luminus Financial answers questions from member-owners about annual dues, a $15 fee which is automatically withdrawn from each members’ account on November 30th.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.
May 14, 2023
The proposed Asset Purchase Agreement by Luminus Financial has been approved!
During this exciting time, we want to ensure that our members are kept up to date as we navigate the process of becoming one Credit Union with Luminus Financial. We are committed to making this transition a smooth one for our membership with little to no disruptions to your daily banking needs.
Click here to read the official announcement
Click here for frequently asked questions and updates
Thank you for your continued support and patience during this exciting time of change and new beginnings. We appreciate each and everyone of you and look forward to providing our membership with the same great service you have come to expect for your Credit Union (with improved products, services and a stronger support staff ready to assist you).
To learn more about Luminus Financial visit their website at www.luminusfinancial.com. You can also follow them on social media platforms like Facebook, Instagram, LinkedIn and Twitter.
February 12, 2023
We’re excited to announce that our new app has launched. Designed to assist in making your daily banking activities a breeze, the app is available in the App Store for Apple users and the Google Play Store for Android users. The app features a user friendly way to complete Interac e-Transfers, bill payments, the brand new remote cheque deposit and more. Download it today!
February 1, 2023
Follow us for new & exciting ways to reach your financial goals, with helpful tips along the way!
Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority of Ontario (FSRA)