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New Luminus Rates
January 14, 2019
10:38 am
MoneyMatters
Canada
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November 30, 2018
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Hi, all.

I just saw that Luminus has updated their rates for the 2019 RRSP season. They are promoting a few short-term options:
- 1-year GIC @ 3.00%
- 6-month GIC @ 2.50%
- 6-month ISA @ 2.85%
They are also promoting a 5-year escalator RRSP at 5.50% in year 5 (average of 3.50%).
sf-cool

January 25, 2019
9:28 am
CHUCK21
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December 7, 2016
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HELLO MONEYMATTERS,
HERE`S WHAT I SAID TO YOU ON DEC. 2ND;
SORRY "MONEYMATTERS" YOU SOUND LIKE A ROOTING SECTION OR AN EMPLOYEE OF LUMINUS.
I'VE BEEN TRYING TO GET OUT OF DEALING WITH THEM FOR SEVERAL MONTHS. EVERY TIME I BLINK THEY HAVE A NEW CHARGE. THE LATEST IS A $10.00 CHARGE FOR DUES. AFTER SEVERAL MINUTES TALKING I FOUND OUT THAT IT'S A CDIC CHARGE TO THEM THAT THEY ARE PASSING ALONG TO ME. AND YES, I'VE BEEN CHARGED FOR AN EFT. THEY EVEN CHARGE $7.00 TO MAIL YOU YOUR GIC AMOUNT ON THE DUE DATE.
I'VE NEVER SEEN A FINANCIAL COMPANY NICKLE AND DIME THEIR CUSTOMERS LIKE LUMINUS. CAVEAT EMPTOR
AGAIN, SORRY FOR THE CAPS.

January 25, 2019
2:40 pm
GR
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September 15, 2017
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They charge $20 for every EFT of your principal and/or interest for a GIC, unless you want to pay $7 to pick up a cheque in person or wait to receive the cheque in the mail after the maturity date! Shame!

January 25, 2019
6:07 pm
Loonie
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October 21, 2013
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My spouse finally managed to close membership a few months ago. We were relieved to be rid of them as they were (no other word for it) incompetent.
Did this in person. As there was only a few hundred dollars left, we just took cash - no fee for that.
We would never go back, no matter how good the rate.

January 26, 2019
8:38 am
stoidi
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January 25, 2019
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I assume Luminus is a CU in Ontario for Ontarioans only but see they take deposits Canada wide. And insured by DICO. So my comments are based on the latter assumption.

Their Google comments are actually good.

Any one joining a new bank or credit union should look at their fee guide first. I have not paid any bank or credit union a fee of any kind for the last 45 years. And looking at Luminus fees...why would anyone use their services?

Comments made by CHUCK21 appear to be bogus as why would Luminus pass a $10 CDIC fee on to him? CDIC and a Credit Union??

January 26, 2019
10:04 am
gicjunkie
Ontario
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Loonie said
My spouse finally managed to close membership a few months ago. We were relieved to be rid of them as they were (no other word for it) incompetent.
Did this in person. As there was only a few hundred dollars left, we just took cash - no fee for that.
We would never go back, no matter how good the rate.  

One option is that if they offer a good rate through a broker, you don't have to deal with the membership and other fees. The broker will just pay you your interest when due and cash the certificate to you at maturity.

January 26, 2019
2:12 pm
Loonie
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Yes, I suppose that's a possibility - should they ever offer any rates through a broker that we find compelling .

January 29, 2019
5:47 am
Briguy
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March 17, 2018
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They also charge 9.99 annual dues. Even Steinbach doesn't charge that, and they are an institution that seem to charge a lot of fees too.

I must admit that they were very gracious in sending me a cheque in mail for my membership fee when I cancelled my account with them.

I think Achieva Financial and Hubert are the best for holding HISA and GIC RRSP's since they have no transfer out fees and also have RRIF's available.

January 31, 2019
9:13 am
CHUCK21
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December 7, 2016
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SORRY CHARLOTTE,
THE $10.00 FEE WAS NOT FOR CDIC, AS REPORTED BY THE TELEPHONE AGENT, BUT WAS FOR DUES.
EITHER WAY THEY ARE NICKLE AND DIMMING THEIR CLIENTS LIKE NO OTHER ONLINE FINANCIAL INSTITUTION.
THEY ARE WELL AWARE OF THEIR ONLINE REPUTATION AND STILL DO NOTHING.

January 31, 2019
9:23 am
Loonie
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October 21, 2013
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CHUCK21 said
SORRY CHARLOTTE,
THE $10.00 FEE WAS NOT FOR CDIC, AS REPORTED BY THE TELEPHONE AGENT, BUT WAS FOR DUES.
EITHER WAY THEY ARE NICKLE AND DIMMING THEIR CLIENTS LIKE NO OTHER ONLINE FINANCIAL INSTITUTION.
THEY ARE WELL AWARE OF THEIR ONLINE REPUTATION AND STILL DO NOTHING.  

That's actually close to the essence of the problem, from my experience of them. They seem incapable of correcting their mistakes or ill-conceived ideas or maybe they just don't "get it". Whichever, we found it nerve-wracking wondering if they were ever going to do what they were supposed to do. Who needs it?

January 31, 2019
9:30 am
MoneyMatters
Canada
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November 30, 2018
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CHUCK21 said
HELLO MONEYMATTERS,
HERE`S WHAT I SAID TO YOU ON DEC. 2ND;
SORRY "MONEYMATTERS" YOU SOUND LIKE A ROOTING SECTION OR AN EMPLOYEE OF LUMINUS.
I'VE BEEN TRYING TO GET OUT OF DEALING WITH THEM FOR SEVERAL MONTHS. EVERY TIME I BLINK THEY HAVE A NEW CHARGE. THE LATEST IS A $10.00 CHARGE FOR DUES. AFTER SEVERAL MINUTES TALKING I FOUND OUT THAT IT'S A CDIC CHARGE TO THEM THAT THEY ARE PASSING ALONG TO ME. AND YES, I'VE BEEN CHARGED FOR AN EFT. THEY EVEN CHARGE $7.00 TO MAIL YOU YOUR GIC AMOUNT ON THE DUE DATE.
I'VE NEVER SEEN A FINANCIAL COMPANY NICKLE AND DIME THEIR CUSTOMERS LIKE LUMINUS. CAVEAT EMPTOR
AGAIN, SORRY FOR THE CAPS.  

Hey, Chuck21. Sorry that I don't check the forums every day (or week) to respond to comments. Definitely not a "shill" as you put it in another forum. I have my own money with them and a few other FIs, so no skin in the game - as it were. Just thought I would post stuff to let the community know what I thought was a decent rate. All the best to you, and happy investing!

For the record, bank fees like this have never bothered me. Maybe I'm not so concerned about actually paying a company when I ask them to do work for me. I work for myself, so I have issues when people ask me to do things for free. Paying a few dollars here and there for services has never put me into a frenzy, but I guess that's just me. sf-cool

February 4, 2019
7:24 am
CHUCK21
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HI MONEYMATTERS,
THANKS FOR THE RESPONSE.
LET ME JUST SAY THAT THESE ARE ONLINE BANKS. THEY DIDN'T BUY LAND AND BUILD A BUILDING NOR DO THEY RENT PLAZA SPACE. IN OTHER WORDS THEIR EXPENSES ARE MUCH LOWER THAN A BRICKS AND MORTAR BANK. THEY ARE PROBABLY MORE SIMILAR TO A CALL CENTRE THAN A BANK.
THE REAL QUESTION IS WHY THEY HAVE SO MANY CHARGES COMPARED TO THE OTHER FIs WHO IN MOST CASES HAVE NO CHARGES.
NOBODY SHOULD GET IN A FRENZY OVER THE SERVICES BUT A PRUDENT INVESTOR WOULD MINIMIZE HIS/HER FINANCIAL EXPENSES.

February 4, 2019
7:38 am
GR
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September 15, 2017
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MoneyMatters,

Don't feel sorry for financial institutions. "Services" they provide to clients/members are covered by their spread between the interest rate they charge on loans/mortgages and the interest rate they pay for GICs/savings accounts. There is no need to nickel and dime clients/members and Luminus is more guilty than other financial institutions. Anyone thinking of dealing with Luminus directly should carefully study their charts of fees on their website.

February 4, 2019
5:07 pm
Loonie
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October 21, 2013
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CHUCK21 said

LET ME JUST SAY THAT THESE ARE ONLINE BANKS. THEY DIDN'T BUY LAND AND BUILD A BUILDING NOR DO THEY RENT PLAZA SPACE. IN OTHER WORDS THEIR EXPENSES ARE MUCH LOWER THAN A BRICKS AND MORTAR BANK. THEY ARE PROBABLY MORE SIMILAR TO A CALL CENTRE THAN A BANK.
 

Luminus isn't exactly an online bank although they have online access as do most others. They are a small bricks and mortar FI with 3 branches. No EFTs the last time I looked.

Please write your comments in the forum.