Connexus Credit Union is a member-owned credit union offering personal and business depository banking products and services, as well as various types of loans and credit cards. Membership eligibility extends to affiliates of select companies and residents of certain counties located in the state of Wisconsin.
On its personal depository side, Connexus makes a checking account available that offers cash back for spending and consumer loan rate reductions. The reward checking account offering has been featured in the past on DepositAccounts.com and comes with a higher rate of interest when certain requirements are met. Savings account options include a basic account that comes with free direct deposit and a children’s savings account that earns interest and comes with a rewards program. The credit union also features a health savings account that consumers can use to strategically plan out their health care costs. Money market accounts function similarly to savings accounts and come with limited check writing capabilities and minimum withdrawal amount requirements. Certificates of Deposit (CDs) and IRA CDs are available in term lengths that range from 6 to 60 months. Connexus offers several Visa credit cards as well as consumer and home loans to help meet customers’ credit and capital needs.
Connexus Credit Union online banking provides access to accounts to perform tasks like fund transfers, bill pay, check viewing, and financial management software integration. Part of the credit union’s online banking system is its mobile banking access, which allows customers to perform banking activities on the run. Connexus also maintains a blog that offers a variety of tips and information on various accounts and services they provide.
Connexus Credit Union was chartered in 1935 and is headquartered in Wausau, Wisconsin. It serves its members through several branches located in multiple states.
Connexus is Proud to Serve: Employees, families, and retirees of Liberty Mutual Insurance, UMR, and their affiliates Employees, families, students and alumni of Northcentral Technical College and Rasmussen College Anyone who joins the Connexus Association - See Details
Buyer beware. May be good for families who make high annual contributions and have many bills they can pay online, but not for singles, or for families who don't fund to the maximum. I have been very disappointed by the "gotchas" listed below.
HSA accounts at Connexus do NOT pay 4% UNLESS you have a balance over $15,000. This is not published anywhere (good marketing move)--you need to call, or find out the hard way when your interest payment is only about 2.3%. I'm still not sure if it is only the amount above $15,000 that collects the 4%, or whether it applies to the entire balance--I'll probably never find out, because it would take 4 years of maximum contributions (and only about $1,000 in total expenses over those 4 years) for a single person get a balance over $15,000!
HSA accounts are subject to a $5.95 online billpay inactivity fee if you don't use the online billpay function at least once every 90 days. It isn't trivial to arrange a regularly occurring bill that can be paid online, so think about it before you act.
If you open a new HSA account, you will also need to open a normal savings account with a minimum deposit of $5. If you fund both accounts with a single check that includes the annual maximum HSA contribution $5 for the normal savings account, be sure to specify that the entire check be deposited to the normal savings account first, then pay for any checks ($12.44) from the savings account, THEN transfer the remainder (less $5) to the HSA. Otherwise, you will end up over-funding the HSA (max $5) AND getting hit for unqualified distributions of $12.44 $5. After I pointed this out to Connexus, my overfunding situation and $5 distribution were changed, but the unqualified distribution of $12.44 for checks remained.
Be careful when opening accounts at this institution based on the rates they are advertising. CD rates listed on their web site are for higher balances even though their minimum balance for a CD is $500. They have 3 rate tiers and only list the highest one on the web site.
This is very misleading and is unexepected from a credit union. You expect this type of behavior from a large bank. Make sure you call the credit union first. Their staff are very friendly and will give you the correct rate based on the balance. This is the only reason I gave them two stars instead of one.
I have been banking with Connexus for years I really couldn't be happier!
To start, this is a business! Of course they will advertise the very best rates....doesn't every business do that? And the "gotchas" people are listing are their way of rewarding loyalty...those who are making Connexus their primary financial by opneing an active checking are benefitting by getting the best rate. They aren't just going to hand out the very best rates to the random people who just open one account with them. I actually am happy, since I think it's a bit more fair to those who are loyal to Connexus. People who are getting upset are not looking at Connexus' moves from a business standpoint.
I am continually getting great rates and they always have awesome promos, like a referral program.
Their loans are also great, I just refinanced at 2.99% with no payments for the first 90 days. I filled out a loan comparision form, which is free and only a few questions long, and got $25 just for filling it out!
Above all else, I love the customer service here! I used to go through a local bank, and I grew accustomed to being treated without any enthusiasm, etc. The first time I went through the Drive Up at Connexus, I was blown away! Today, I am greeted by name and everyone is always smiling, and they make sure my questions are answered. If I ever have an issue, they figure out what went wrong and go above that and make sure we take the right steps so it won't happen again.
If you are looking for amazing financial products with customer service to match, Connexus is your choice. I have gone from someone who only looks at the numbers on a rate sheet to fully appreciating what a banking experience can be!
According to their website, "The below (CD) rates require an active checking account." And by "active" they mean direct deposit, minumum monthly transactions, etc., etc., etc. So unless you're ready for all that, this is not a good investment.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Connexus Credit Union had $7.62 million in non-current loans and owned real-estate with $56.41 million in equity and loan loss allowances on hand to cover it. This gives Connexus Credit Union a Texas Ratio of 13.51% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Connexus Credit Union experienced no significant changes from 9.49% as of March 31, 2013 to 13.51% as of March 31, 2014, resulting in a negative change of 42.34%. This indicates that the balance sheet and financial strength for Connexus Credit Union has had no significant changes in recent periods.
In the past year, Connexus Credit Union has increased its total deposits by $88.87 million, resulting in 21.72% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Connexus Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Connexus Credit Union has $606.47 million in assets with $56.41 million in equity, resulting in a capitalization level of 9.30%, which is average.
|Assets and Liabilities|
|Equity Capital||$52.32 million|
|Loan Loss Allowance||$4.09 million|
|Unbacked Noncurrent Loans||$7.05 million|
|Real Estate Owned||$571,000|
|Historic Data - March 2013|
|Equity Capital||$40.47 million|
|Loan Loss Allowance||$3.28 million|
|Unbacked Noncurrent Loans||$7.05 million|
|Real Estate Owned||$196,000|
|Profit Margin - Quarterly|
|Net Interest Margin||0.99%|
|Return on Assets||3.29%|
|Return on Equity||38.08%|
|Interest Income||$6.41 million|
Always verify rates and promotions with the bank or credit union. We are not Connexus Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|2.00%||$15k||-||Health Savings Account|
|1.50%||$10k||-||IRA Supreme Account w/Active Checking|
|1.50%||$10k||-||Roth IRA Supreme Account w/Active Checking|
|1.50%||$10k||-||CESA Supreme Account w/Active Checking|
|0.25%||-||-||Holiday Club Account|
|0.25%||-||-||Youth Savings Account|
|1.15%||$100k||-||Y.E.S Money Market Account w/Active Checking|
|1.75%||-||$25k||Xtraordinary Checking - Qualifying|
|1.35%||-||$25k||MyRewards Checking - Qualifying|
|0.20%||-||-||MyRewards Checking - Non Qualifying|
|0.20%||-||-||Xtraordinary Checking - Non Qualifying|
|2.00%||$10k||-||60 Month Certificate With Active Checking|
|1.75%||$10k||-||36 Month Certificate With Active Checking|
|1.30%||$10k||-||24 Month Certificate With Active Checking|
|1.10%||$10k||-||12 Month Certificate With Active Checking|
|1.00%||$10k||-||6 Month Certificate With Active Checking|
|2.00%||$10k||-||60 Month IRA Certificate With Active Checking|
|1.75%||$10k||-||36 Month IRA Certificate With Active Checking|
|1.30%||$10k||-||24 Month IRA Certificate With Active Checking|
|1.10%||$10k||-||12 Month IRA Certificate With Active Checking|
|1.00%||$10k||-||6 Month IRA Certificate With Active Checking|