Author: Loomo

Notice of Account Fee Changes

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.

Why do I pay fees at all?

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.

What fees will be changing?

As of February 1, 2024, some transactions will see minor increases while others will decrease such as:

ServiceOld FeeNew 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.

Answering Your Questions: Member Dues 

Each year, Luminus Financial answers questions from member-owners about annual dues, a $15 fee which is automatically withdrawn from each members’ account on November 30th.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.   

What is a co-operative and why does it matter?  

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. 

Why do co-ops charge member dues? 

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. 

How does Luminus use member dues?  

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. 

Highlights of Ownership: 

  • Decision-Making Power: Your ownership gives you a say in our credit union’s decisions and initiatives. 
  • Dividends as Profits: As proud member-owners, you receive dividends annually, sharing in our success. 
  • Cutting-edge Technology: We are always working to make your banking experience safer and more user friendly. For example, we recently implemented enhanced security for your online banking through Multi-Factor Authentication (coming to Airline members in 2024). We are also about to launch quick online loan, product, and member applications, making the process of acquiring new products a comfortable and easy experience. 
  • Exclusive Banking Benefits: Enjoy no-fee chequing accounts, expanded lending limits, and tailored credit card offers. 
  • Convenient Access: Benefit from multiple branch locations and an upcoming user-friendly website. 
  • Rewards for Partnering with Luminus: Our revamped MOR Rewards program ensures you receive exclusive perks and benefits. 

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. 


Technology At Work: Member Dues Directly Support Faster Service 

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.