FAQs

Here is a list of some common FAQs that members or potential members have about Luminus Financial. If there is any question we haven’t addressed, please don’t hesitate to call us at 1.877.782.7639 or email us at inquiries@luminusfinancial.com.

Is Luminus Financial limited to serve Ontario residents only?

Luminus is an open-bond credit union, which means we can serve any Ontario resident, business or organization; AND Luminus can provide deposit services for Canadian residents, businesses or organizations addressed outside of Ontario.

Can I open the account online?

Yes. You can click here to become a member today.

Are deposits insured with Luminus Financial?

Yes. We are insured by the Deposit Insurance Corporation of Ontario (DICO). Click here for details.

Are Transfers free for the Investment Savings Account (ISA)?

Deposits are free - in branch, through an ATM, by mail, electronic transfer, payroll deduction, or direct deposit. To access your funds simply transfer them to your chequing or savings account through our FREE online banking access. Here are the ISA service fee details.

What would be considered a dormant account?

If an account is inactive after one year it will be considered dormant. However, if you “park” your money this does not count as inactive.

What is the cost for a dormant account?

Luminus will charge $100 if an account is inactive after one year.

What is the annual membership dues fee?

The annual membership dues fee is $9.99 per year and is only applicable for active demand accounts. It will be collected annually at the end of November. All members pay for this and it is to support our membership in the INTERAC Network, THE EXCHANGE NETWORK, certain Government Relations activities, etc. Click here for more details.

Will Luminus Financial provide interest revenue slips?

Yes any interest earned and paid is reported to the member through a T5 slip and also reported to CRA.
 

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