Latest news with #eStatements
Globe and Mail
20-05-2025
- Business
- Globe and Mail
Canada Post workers could strike again. If they do, the public will see red
The first alert came from my bank. Then every other company that sends me a monthly paper bill followed suit. Canada Post workers could go on strike later in May, they warned. So, sign up for e-statements instead because you're still on the hook for paying on time. 'We also recommend that you set up preauthorized debits and payments to help avoid any inconvenience with your payments during the service disruption,' my bank said. Call me old-fashioned, but I hate e-bills and paying with plastic. But making the switch is starting to seem logical now that Canada Post has received a strike notice from the Canadian Union of Postal Workers (CUPW). Canada Post workers could walk out at the stroke of midnight on Friday just as their extended contract expires, continuing a protracted labour dispute. If you recall, postal workers were ordered back to work last December after a strike that lasted 32 days and disrupted the holiday shopping season. The memory of stranded holiday presents and letters to Santa are still fresh in people's minds. So, the prospect of yet another postal delivery disruption is sure to irk Canadians from coast to coast to coast. Mail delivery is an essential service, especially for people who live in rural communities. But Canada Post is facing a worsening financial crisis. As a result, mail service is costing more but becoming less dependable. For all those reasons, postal workers risk destroying the last shred of the public's sympathy if they strike for the second time in less than six months. Canada Post may have a monopoly on mail delivery, but its finances are a mess and only expected to get worse over the coming years. From 2018 to 2023, the Crown corporation lost a whopping $3-billion on a pretax basis. Plummeting mail volumes – 5.5 billion letters were delivered in 2006 versus 2.2 billion in 2023 – are one source of financial pressure. So, too, is population growth, which results in roughly new 200,000 addresses annually. There has also been a marked shift from letter mail to parcels as more Canadians shop online. But Canada Post is increasingly competing with private delivery services that benefit from lower labour costs. As a result, Canada Post's market share in the parcel delivery market tumbled from 62 per cent prior to the COVID-19 pandemic to 29 per cent in 2023. 'Canada Post's financial situation is unsustainable,' states its 2023 annual report. Accordingly, the federal government threw Canada Post a financial lifeline this past January – a $1-billion-plus loan of taxpayers' money. In this softening economy, however, voters have little appetite for throwing good money after bad and little patience for public-sector unions that are oblivious to the fiscal realities facing the federal government. The CUPW needs to be realistic with its wage demands and demonstrate flexibility about the use of part-time staff to make weekend deliveries. A recent report by the Industrial Inquiry Commission recommended that part-time staff who work weekend shifts be covered by the collective agreement, which is an entirely sensible approach. The report's other key recommendation, the phase-out of door-to-door delivery, is likely inevitable, too, whether the union admits it or not. 'Bargaining largely failed because one party – CUPW – is defending business as usual, and wants to improve on the status quo with, for example, further job security enhancements and even better than best-in-class total compensation and terms and conditions of employment," states the report. That assessment is not going to land well with taxpayers, especially since mail delivery has become less reliable in recent years. While people in other countries enjoy Saturday mail delivery, Canadians can't even count on their supermarket flyers arriving before the start of sales. Taxpayers have had enough. Canada Post is bleeding red. Instead of being part of the solution, CUPW seems intent on forcing it to go belly up.
Yahoo
15-02-2025
- Business
- Yahoo
Connexus Credit Union review (2025): Accounts, rates, fees, and more
Summary: Connexus Credit Union is a not-for-profit financial cooperative that serves more than 474,000 members across the nation. Its product offerings include deposit accounts, personal loans, home loans, and auto loans. Connexus CU also offers insurance, investment, and financial wellness services to help its members manage debt, improve their credit scores, and more. Connexus Credit Union was ranked as one of our top 10 credit unions for 2025. Xtraordinary checking account: The Connexus Xtraordinary Checking Account is an online account that offers customers an annual percentage yield (APY) of up to 1.75% with no minimum opening deposit requirement or minimum balance required to earn dividends. To qualify for the advertised APY, you must enroll in eStatements and either make a minimum of 15 debit card purchases or $400 in net spend purchases using your debit card. This rate applies to balances below $25,000; balances exceeding that threshold earn 0.25% APY when qualifications are met. Simply Free checking account: The Innovative Checking account is a more scaled-down account option that doesn't earn interest. However, it's free to open with no monthly fees or minimum balance requirements. It also offers free overdraft transfers. Teen checking account: The Teen Checking Account is available for customers between the ages of 10 and 17. To qualify for this account, a parent or legal guardian must register as a joint owner of the account. When the primary owner becomes 18 years old, the account will automatically convert to a Simply Free checking account. This account currently offers an APY of up to 2.00% for balances of $1,000 or less. Balances above this threshold will earn 0.25% APY. Dividends are compounded and paid monthly, and there's no minimum balance to earn interest. Certificates: Savers with longer-term goals can take advantage of a share certificate. Connexus currently offers standard and jumbo certificates ranging from 12 to 60 months. The minimum opening deposit is $5,000 for a regular certificate and $100,000 for a jumbo certificate. These accounts currently offer rates ranging from 2.47% to 3.01% APY. There is also a bump-up certificate option with a 24-month term. An early withdrawal penalty applies if you dip into your funds before your certificate matures. The exact amount of your penalty will depend on your term and the amount withdrawn. Simply Savings account: The Simply Savings account is a traditional savings account currently offering 0.10% APY. There is no maximum limit for this account, but you must maintain a minimum daily balance of $100 in your account each day to earn the advertised APY. If no activity occurs on the account in 12 months, you do not have other accounts or loans, and the month-end balance is under $100, you'll be charged a $5 inactivity fee per month if your account remains inactive. Holiday Club account: The Holiday Club account is a savings account for members who want to save for holiday spending. Funds in a Holiday Club account are transferred to your Simply Savings account on Oct. 1 of each year. Health Savings Account (HSA): The Connexus HSA offers members a tax-advantaged way to save for health-related expenses. These accounts earn dividends at a tiered rate based on the balance, up to 1.01% APY. Auto loans: Connexus offers a few different types of auto loans including loans for new and used vehicles, refinancing loans, and loans for recreational vehicles. Real estate loans: Members can take advantage of several types of home loans to help them on their home buying journey or make their mortgage payments more affordable. Connexus currently offers mortgage loans, mortgage refinancing, home equity loans and lines of credit, and VA home loans. Personal loans: Connexus offers secured and unsecured personal loans with rates as low as 5.49% for a secured loan and 9.99% for unsecured loans. It also offers personal lines of credit and private student loans through ISL Education Lending. Credit cards: Personal and business customers can apply for a Connexus credit card, which offers cash-back perks, flexible rewards, mobile purchasing capabilities, zero fraud liability protection, and more. Money Market Account: Connexus money market accounts require a minimum of $1,000 to open and offer yields as high as 3.01%. Individual Retirement Accounts (IRAs): Connexus offers IRA savings accounts and IRA share certificates with terms ranging from 12 to 60 months. Insurance services: Connexus members are eligible for $1,000 of coverage, paid by Connexus, and provided by CMFG Life Insurance Company. Acceptance is guaranteed, and no health questions or medical exams are required. Investment services: All Connexus members are eligible for a complimentary financial consultation with a financial planner to create an investment plan that aligns with their goals. Members also have access to a library of educational articles and financial calculators. Financial wellness services: Connexus members can work with a GreenPath™ Financial Wellness counselor to come up with a debt management plan, foreclosure prevention, boost their credit score, and more. Read more: Credit union vs. bank: Which is right for you? Connexus CU charges few account fees, but there are some fees members may incur for certain services: If you're considering banking with Connexus Credit Union, here are a few of the major pros and cons to consider: Pros: Easy to become a member: Anyone in the U.S. is eligible to become a member of Connexus Credit Union. The only requirement is that you join the Connexus Association through a one-time $5 donation. You may also be eligible for a membership if you meet certain criteria. No monthly maintenance fees: Connexus does not charge any monthly fees for account maintenance. Large fee-free ATM network: Members have access to a network of more than 67,000 fee-free ATMs through the CO-OP and MoneyPass ATM networks. Cons: Limited branch locations: Connexus has physical branches in Minnesota, Wisconsin, and Illinois, which could make in-person banking difficult if you are not located in one of these states. However, Connexus is part of the CO-OP Shared Branch network, which means members can handle their banking needs at branches belonging to other in-network credit unions as if they were at a Connexus branch. Keep in mind this service is only available for certain types of transactions. High minimum opening deposit for certificates: The minimum opening deposit for share certificates is $5,000, while the minimum opening deposit for jumbo certificates is $100,000. Customer service representatives are available to assist customers via telephone, secure message, and live chat Monday through Wednesday from 7:00 a.m. to 7:00 p.m. CT, Thursdays from 9:00 a.m. to 7:00 p.m. CT, Fridays from 7:00 a.m. to 7:00 p.m. CT, and Saturdays from 8:00 a.m. to 1:00 p.m. CT. The contact center is closed on Sundays and certain holidays, such as New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Eve, and Christmas Day. Connexus also has a mobile app that allows customers to manage accounts from their phones and view transaction history, transfer money between accounts, deposit checks, and more. The mobile app has an average rating of 4.7 on both the App Store and Google Play. Connexus has its own philanthropic program called Connexus Cares that focuses on giving back to its members, employees, and communities. In 2023, Connexus Cares supported more than 320 local and national nonprofit organizations and has supported a long list of organizations including United Way, the American Cancer Society, Boys & Girls Club, American Red Cross, Ronald McDonald House Charities, the Alzheimer's Association, and more. Anyone in the U.S. can become a member by making a one-time donation of $5 to the Connexus Association. Spouses, family members, and those living in the same household as an existing member are also eligible to join. You may also be eligible to join Connexus if you are a member of a select group of organizations or a resident of a select group of counties across the states where Connexus has physical branches. Read more: What is a credit union, and how do you join one? The money in your Connexus Credit Union account is federally insured by the National Credit Union Administration (NCUA) up to $250,000. Connexus Credit Union's routing number is 275982296. Connexus Credit Union was founded in 1935.
