Luminus Financial is a credit union, not a bank. While we use the common terms "banking" and "bank" to describe general banking services and products, Luminus is a registered credit union with the Province of Ontario. 

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.

Yes.

• To open a new membership, click here!

• Already a member? Open a new account here!

For registered products, including LIRA, LIF, RRSP, RRIF, RESP, and TFSA: 

Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). At Luminus Financial, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits in all registered accounts with Ontario Credit Unions have unlimited deposit insurance coverage through the Financial Services Regulatory Authority (FSRA).   

For other eligible deposits: 

Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). At Luminus Financial, eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) with Ontario Credit Unions are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

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. 

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. 

Luminus will charge $10 per month if an account is inactive after one year. 

The annual membership dues fee is $15.00 per year and is applicable for active accounts. It will be collected monthly at a charge of $1.25. 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. 

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

We can help you sign up for direct deposit or update your direct deposit information with the Canada Revenue Agency (CRA). We encourage you to use direct deposit to avoid any delays and receive your payments faster.

You can receive these CRA payments through direct deposit:

• Income tax refund

• Canada child benefit

• goods and services tax/harmonized sales tax (GST/HST) credit

• Canada workers benefit

• Related provincial and territorial payments

• The new Canada Emergency Response Benefit

To sign up for direct deposit or update your personal details, simply:

1. Sign into Luminus Online Banking

2. On the left-side menu, select Account Services

3. Select Set up CRA Direct Deposit

4. Follow the on-screen instructions

To complete the form, you will need to:

• Select the account you want your funds deposited into

• Have your Social Insurance Number ready

Once you register yourself for CRA Direct Deposits through our online banking system, your account will appear on the CRA site within a day or two. Please note, if an individual has never filed a tax return with the CRA, they are not eligible to sign up for the CRA direct deposit service through their financial institution.