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Email this6:39 am
September 7, 2018
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Likely some of you received this Luminus marketing email sent out today - marketing their services for businesses. Perhaps this is the market they are trying to reach. Interesting feedback - and the member's name and business are actually included."
Per the email:
"What our members say about our business products and services:
"Luminus Financial is the best financial institution I’ve ever dealt with, and I’ve previously banked with TD, CIBC, Scotia Bank, and RBC. Luminus is leaps and bounds ahead of its competitors, and I don’t know why anyone would bank anywhere else. They are friendly, flexible, and their doors are always open.
I first started banking with Luminus Financial because we were in the same building, and I’ve ended up moving everything over. I’ve shopped around, and their rates are unbeatable. They also make life easy for us, whether they’re handling business accounts, personal RSP accounts, mortgages, or business investments."
– Brian Miles (Owner of Telsec)"
3:53 pm
October 21, 2013
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Our experience was decidedly more negative. Perhaps we had bad luck, but it was worrying and so we left Luminus.
It doesn't take much to be better than the four named competitors - TD, CIBC, Scotia, RBC. We had a business account with Scotia for many years. It was better than most, if only because the manager remained stable and actually knew who we were - most unusual with the Big Five. The experience was thus friendlier but not particularly accommodating. They all charge an arm and a leg to operate business accounts, no matter how small the business, and pay next to no interest when you have some retained earnings. Eventually we moved the business accounts to Alterna Savings, which was a bit better.
3:31 pm
December 12, 2009
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They have some issues I don't particularly like, beginning with annual (or monthly?) membership dues, and their sundry service fees seem a bit rich. They were formerly a closed bond credit union of Toronto Star employees, and likely have to offer no-fee bank accounts and promotional interest rates on deposits and mortgages to gain traction. Despite their marketing efforts, they remain very small in terms of assets (roughly the size of, or slightly larger than, Achieva Financial, which is a virtual branch of Manitoba's Cambrian Credit Union). I think, in the end, Luminus Financial gets taken out by either of Alterna Savings, PACE, Libro, or Tandia Financial, probably sooner rather than later. They aren't in, or are expected to fall off, the top 100 Canadian credit unions ex. Quebec when the next report is published in October.
Cheers,
Doug
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