Canvas Credit Union


Overview / Commentary
303-691-2345
9990 Park Meadows Dr
Lone Tree, CO 80124

Canvas Credit Union is headquartered in Lone Tree and is the 3rd largest credit union in the state of Colorado. It is also the 104th largest credit union in the nation. It was established in 1938 and as of June of 2022, it had grown to 699 employees and 289,549 members at 34 locations. Canvas Credit Union's savings rates are 10X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Canvas Credit Union is open to the following: 1) employees or affiliates of a Canvas Credit Union Partner Company or Select Employee Group; 2) those who live or work in a qualifying area (not listed on the credit union's site); 3) relatives of current members.
See current membership details

Public Service Credit Union - Would recommend!

Almost a decade ago, I decided to leave my former major bank (Wells Fargo) for a local credit union and I chose Public Service Credit Union. My only regret is that I didn't do so sooner. PSCU is the best bank I've ever worked with. I have both a checking and a savings account there. Anytime I go into a branch I am greeted by friendly and professional staff who make banking a pleasure. They have an automated phone system, but during business hours it's easy to reach a real human. I do the majority of my banking online, and it is a solid website. The only downside to that is the website will pop up a second site and redirect when you want to do online bill pay. The fees are fairly reasonable - as long as you make three transfers or payments through them you can avoid a monthly bill pay fee, and keeping a minimal amount of money in the account is fine (I generally keep $50-$100 in my checking account after I pay monthly bills). I also have overdraft protection of $300 free, so I never have to worry about overdraft fees. The ATM fee is steep: $2.50 on top of the machine fee, but they are part of a credit union network, so it's easy to find a free nearby ATM and avoid that fee. Overall, I'm pleased with PSCU and would highly recommend them.

Maybe A Good Deal, Hurdles.

Posted by: |

1.Consumers United Association
Applicant must donate a minimum of $5.00 annually to the association. Applicant must complete the online CUA application at
http://www.cuacolorado.org/join.asp.
2. Hard Pull for Applicants. What's with all these credit unions dinging credit scores when some applicants just want a good place to park savings?

Canvas Credit Union. BIG MISTAKE

I have had issues with multiple online payments not being approved (on my end) but then called Canvas and was told that they all went through (hundreds of dollars) and according to the teller, there was "nothing" they could do about it on their end. I just had a western union transaction attempt that was approved , only to be rejected by the "added security" feature which was added by CANVAS AND IS NOT OPTIONAL! The worst part is when you call them and the employee CLEARLY has no training and NO IDEA WHAT TO TELL YOU. This is NOT HELP. This is NOT "added security". I HATE CANVAS! Can't wait to leave.

BEWARE: Changed Maturity Date On IRA CD

Posted by: |

Had a 48 month CD that they changed the maturity date from 4/19/22 to 4/06/22. For 2.5 years their statements said that the maturity date was 4/19/22. The website doesn't state what the maturity date is and I rarely look at the actual statements since the website gives me the transactions, so I didn't notice that they retroactively changed the maturity date from the date that they received the funds on the trustee-to-trustee transfer to the date that I started the process of getting the account set up to have a place for the old trustee to transfer to. To make matters worse, they didn't mail me a notice that the CD was maturing but I thought "no problem I have it on my calendar from when I first learned the maturity date."

On the 19th I was horrified to learn that it had "auto renewed" on 4/6 and was thus past the 10 day period to get the money out. Called the credit union and they were mystified why the maturity date had changed. However they said that since it was an IRA that I could take the funds out at any time, so I wouldn't be locked into the low rate. After sending in the oldest statement, the statement from right before the change and the one right after the change, they reluctantly agreed that they would honor the maturity date of 4/19/22 and give me interest to that date (more on this later).

I asked for the funds to be transfer to an IRA savings account, but the CSR balked at that. I argued that way I would know that they got the account fully cleaned up PRIOR to initiating the transfer. They assured me that there was no need for that. The next day I decided I really was uncomfortable with it not transferred out of the CD for several reasons and gave them the long list of why I thought I really needed to do it that way. The CSR said that they could put it in an IRA savings account, but that would cause me problems since it "wasn't a qualified account". I was flabbergasted. How could they advertise an IRA savings account that wasn't really an IRA savings account! I even asked them that, emphasizing the word IRA part of IRA savings and they had no answer. Reluctantly I agreed to leave it in the CD, but made sure that the funds were transferred BEFORE the grace period from 4/19 was over.

Their website stops showing information on an account once it is closed, so it wasn’t until the new trustee posted the receipt of the transfer did I realize that they had given me NO interest for April. Not even to the 4/6/22 date that they “renewed it” on.

Been fighting for an additional four days to get this fixed. They said that they had no notes of the work with the original CSR and I had to start all over. They claimed that even if I would have come in on 4/6 to withdraw the funds, that I would have gotten $0 in interest since they only post interest quarterly. I said that might be true for cd’s that you break the terms of, but that this was suppose to be considered a maturity not an early withdrawal.

They continued insisting that even at maturity, that they would have given me no interest for a partial quarter. I pointed out that if that was the case, that the only time you could get the advertised rate would be if you opened the account on either the last day of the quarter or the first day of the new quarter, depending on how their software worked. Any other time them not posting interest would result in a lower interest rate. I then said that they never sent me the paperwork on this IRA CD or the truth-in-savings.

I then asked them if they were going to pull the same stunt on my 22 month regular CD that matures late in a quarter, but not the last day of that quarter. They said no since that cd posted monthly. They confirmed that they would pay interest to the maturity date on a cd that posted monthly but not on a cd that posted quarterly. I told them that didn’t make sense, that if one would post interest to maturity then the other should too. I told them that the software was confused since it thought the cd matured back on 4/6 and that it thought I was out of the grace period and thus was doing an early withdrawal. After checking with “leadership”, they continued to insist that it was solely because they don’t pay interest except on quarter ends, even if it matures. I said if that really was the case, they would be in deep trouble with regulators and that I would report them and leave reviews on banking sites like this one. However I also suggested they pull up a customer who has recently closed the same type of cd at maturity and that I was sure that they would find that they actually paid interest to whatever date it matured whether or not it was at a quarter end. Don’t know if they ever actually did that.

Multiple CSR and supervisors said that they would not be paying me my interest for April. I even pointed out that I was a long time customer and did they really want the badwill this was going to cost them. Several days past and after more phone calls asking for each of their bosses to call me, I finally got high enough in the company. That person said that the tech people couldn’t give them a good enough reason as to why they changed the maturity date 2.5 years into a 48 month cd. They said they would grant me the missing interest to 4/19. They also said that the CSR’s were wrong and that they do pay to maturity date on quarterly posting CD’s. He also stated that the IRA savings account IS a qualified IRA account and that the preferred way to handle a IRA CD maturing that needs to have work to transfer it IS to use the IRA savings account to temporarily park the fund – just like I had wanted but was denied.

I had threatened to write this review if they didn’t give me the interest. I decided that I would still write the review since I believe this community deserves to know about the problems with Canvas and since it took a lot of effort to correct.

The CSR definitely don’t believe in giving good customer service. I spent way more of my time than I will get in interest, but I did on principal and it will cost them a whole lot more in wages for their employees than the interest they finally agreed to pay.

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Health

Health Grade Components

Overall
NCUA #64778
Year Chartered1938
Employees699
Primary Regulator
Profit Margin
Return on Assets - YTD1.31%
Return on Equity - YTD13.05%
Annual Interest Income$82.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$3.89B$3.41B
LoansQ2 2022vs Q2 2021$3.39B$2.69B
DepositsQ2 2022vs Q2 2021$3.46B$3.05B
Equity CapitalQ2 2022vs Q2 2021$389.0MM$329.7MM
Loan Loss AllowanceQ2 2022vs Q2 2021$32.9MM$36.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$16.4MM$11.9MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Canvas Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Canvas Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%*-$1kNext Level Savings
OTHER TIERS: 0.10% $1k+
3.25%*-$2kReverse Tier Savings Account - 1st 5K New Money
OTHER TIERS: 0.30% $50k+ | 0.40% $10k - $50k | 0.75% $5k - $10k | 1.50% $2k - $5k
0.50%*$100k*-Health Savings Account
OTHER TIERS: 0.10% Up to $10k | 0.15% $10k - $25k | 0.20% $25k - $50k | 0.30% $50k - $100k
0.30%--IRA Savings Account
0.10%$5-Membership Savings Account
0.10%--Personalized Savings Account
0.10%$5-Business Membership Savings Account
0.05%--Holiday Savings Account

Canvas Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$100k*-Money Market Plus
OTHER TIERS: 0.20% $10k - $25k | 0.25% $25k - $50k | 0.35% $50k - $100k
1.00%*$100k*-Jumbo Money Market Account
OTHER TIERS: 0.15% $1k - $100k
0.30%*$100k*-Business Jumbo Money Market
OTHER TIERS: 0.15% $1k - $100k
0.25%*$100k*-Business Money Market
OTHER TIERS: 0.05% $1k - $10k | 0.10% $10k - $25k | 0.15% $25k - $50k | 0.20% $50k - $100k
0.15%$1k-Money Market

Canvas Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$25k*-Interest Checking
OTHER TIERS: 0.05% $500 - $10k | 0.10% $10k - $25k
0.05%$3k-Premier Business Checking

Canvas Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.80%$1k-19 Month CD Special
2.15%$1k-60 Month CD
1.60%$1k-48 Month CD
1.55%$1k-36 Month CD
1.50%$1k-23 Month CD Special
1.45%$1k-24 Month CD
1.40%$1k-18 Month CD
1.05%$1k-12 Month CD
0.90%$1k-6 Month CD
0.90%$1k-6 Month Youth CD
0.50%$500-Classic Secured Mastercard CD

Canvas Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$2.5k-60 Month IRA
1.70%$2.5k-48 Month IRA
1.65%$2.5k-36 Month IRA
1.55%$2.5k-24 Month IRA
1.50%$2.5k-18 Month IRA
1.15%$2.5k-12 Month IRA
Locations

Availability

Denver Area

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