| 5 star: | (4) | |
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| 2 star: | (5) | |
| 1 star: | (12) |
I have dealt with many financial institutions, and in fact work with a lot of financial institutions on a day-to-day basis. I have to say that Connexus Credit Union is the most disorganized and unprofessional financial institution that I have ever dealt with. I attempted to purchase a large amount of CDs and was quickly approved. However, I soon afterwards received an additional message asking for a utility bill and a copy of my social security card (the latter which has never been requested of me before). After providing this, I did not hear from them for over a week, at which I logged back into the secure messaging portal and saw that they had silently rejected my application without comment. Unprofessional and terrible organization here. Stay away.
This bank continues to not allow funds to be sent via ACH. Thus you close a CD and have to wait 10 days for a check sent, without tracking, then wait for that check to clear. $20 to wire funds. Their rates are no longer leading and the web site does not allow simple account management like providing instructions upon CD maturity. I'm move all my funds as the CDs mature.
If you don't qualify to be their credit union member, either through the place of residence, job, or school, you can give a mere $5 "donation" to become one, which will open up a savings account for you that is required to open a CD account. What they don't tell you at the time of opening a CD account is the $5 savings account will start incurring a $5 monthly maintenance fee if the account is inactive over time. This may or may not be waived if you have another account with them, but I don't know at this point because when I click the info to read more about it, it leads me to what seems like another landing page.
This bank might be a great bank for their union members, but I don't think it's for me, an outsider.
I sent a signed IRA transfer request form to Connexus and left $100 in the IRA account to keep it open. They transferred all my IRA funds and closed the account. Afterwards, they sent me an IRA transfer form that they had filled out with different numbers, they checked the box to close the account and no signature was on the form they emailed me. I received a copy of this "newly revised" form a week after the funds were transferred. Has anyone else had this happen to them at any institution?
WARNINGS about Connexus: Read them before you go with them.
(1) Any CD penalty for early withdrawal CAN eat into the principal.
(2) You cannot ACH from their end, it must be initiated from the other bank's end.
(3) They will sit and ignore your request if it's in their interest to do so (and then complete it wrong in the end anyway). Wanted to move some IRA money from them to another institution. Once the FAX arrived from the other bank with the request, I was told they need 3-5 days to process it. However 9 days afterwards they still hadn't done anything so I had to call and get them to do their job. Otherwise it would've just sat there forever. Not only that, but the request was done wrong. On the request form, the "Completely Close" box was NOT checked. Instead, the "Keep Open but Send this amount" box was checked. Didn't matter. The guy who finally did it simply closed the account completely and sent everything to the other bank. Sent me the receipt only AFTER doing it wrong, once it was too late to stop it.
(4) Closing a CD (especially early) is a huge pain, and requires CSR #1 to transfer you to CSR Dept #2, who then needs to request it from Dept #3, who then needs to send you forms to sign, etc. A lot more hoops and hassle than other places.
(5) Phone CSRs will not be able to help you with anything other than generic stuff. If you need help with an IRA or HSA, it can sometimes be impossible to get ahold of the right department, and waiting for a "call back" that may never come, is the only option. Keep trying.
Sometimes Connexus has okay CD specials, but usually not the very best.
Their HSA Savings rates usually are the best for liquid HSA accounts (2% for over 15k currently), but note that if you don't need your HSA funds liquid, you can earn more money elsewhere with your HSA funds (Interior FCU, open to all, lets you open HSA CDs at their current CD rates -- currently 4.39% for a 2yr HSA CD -- with no fee. Or, if you want investments, Fidelity will let you invest your HSA funds in stocks/bonds, etc).
Basically, I'd only recommend them if they had a spectacular CD deal, or if you need your HSA money liquid and available. A lot of things are a real hassle with them.
Listed under "Best Rates" filtered by state" New Hampshire, Connexus is top interest CD. HOWEVER, when going to BANK LOCATIONS, no New Hampshire location is listed. So if Connexus does not have a branch in NH; they should be removed from all New Hampshire filtering.
Difficult to set up beneficiaries, and near impossible to confirm accuracy. Beneficiaries can't be set up online, or checked online, must fill out forms. No more CD's for me at Connexus.
So I financed a camper through this group. The plumbing water sewer black and gray tank fell to the ground 30 days after purchase. It was being “ fixed “ for almost 5 months the dealer assured me I would be provided an extension for this time. Joe in collections would not budge he sent me info for Jason. I called Jason over a hundred times over the year of 2022 he never responded or answered my calls. Then 13 months later he sends me a real smart but message saying you got repossessed today and I want to be perfectly clear with you. We will not remove one penny from what you owe or make one adjustment! This guy went out of his way to contact me today with joe laughing to tell me that I had been repoed and to not expect them to come off a single penny and that i was actually still going to be charged 150$/ day per diem
Like I said the unprofessional Jason I would like to provide full name but I don’t want this to get removed I called over 100 times left probably 50 voicemails and emails for him to call me so we could get it taking care of I was told he is the decision maker
It took 13 months for Jason to contact me and when he did he was trying to rub in my face that my camper had been repossessed with Joe snickering in the back ground
He said Joe Joe much are we still charging him per day close to $150 a day with per deim I’ve got the call recorded and will be taking it to my attorney
Stay away from Connexus a bunch of crooks
Joe was not anymore helpful he replied 2-3 times over the year but he was not willing to offer any deferment or anything at all he just said bank policy is 1 month only over the entire loan what a joke of a bank and this took place during Covid
I wanted to invest 100000.00 in one of there cds, said i had to join their credit union for 5.00 and open a savings account to open the cd. I am retired and trying to move money from saving account to profitable cds. Should be simple you would think. I chatted with several people to ask about status of my membership. got disconnected each time. I have a credit score of 842, no balances open but show i do have credit cards, house paid off for 15 years, paid cash for car. They declined me thru a letter. Unbelievable, I was giving them money. I was even thinking of putting another 150000.00 in another cd, They really do not know how to treat people, again i was giving them money.
Since interest rates had more than doubled since I opened my 2.2% CD's, I requested an early termination and knew I would be charged a 3 month early withdrawal penalty. Instead, Connexus offered me a 4.85% rate and they waived the early withdrawal penalty. Unbelievable! Yes, I took that deal.
Today received in the mail notification that my money market account is closed "for inactivity" and my low balance confiscated. Also it seems that opening a new CD by existing members now requires a hard pull credit check which would be insane.
Connects union misapplied two of my loan payment over 5k in payments to another individuals account ( they claimed but will not show us where the funds went). Connects stated that I was one number off on the loan number that I wrote my checks for. The checks had my full name, address phone number vin number of my purchase and loan account number . Connexus states that the member would have to agree to give back the 5k payments. Connexus had a rude man claiming to be connexus counsel call me to offer me $1300 for their mistake. I told connexus that this was illegal and fraud to apply my payments and credit my account. When I told the supposed counsel for connexus credit union that I was recording the conversation and that he could be disbarred and lose his license for fraud and other he yelled and screamed and hung up. Connexus is being investigated . If you have any problems with connexus you need to file a complaint with the Wisconsin financial bureau they will investigate your complaint and take action. They regulate connexus and other state credit bureaus. Stand up to connexus for their scams and misappropriation of funds and loan payments. Everyone should have their accounts audited to check where your fund are and if payments are being applied properly. Do not allow connexus to take advantage of you file a complaint with the Wisconsin financial bureau
According to their CSR, due to overwhelming demand, they are 72 hours behind.
Opening a CD account:
• Soft pull w/Trans Union
• Require a copy of social security card, although not listed
• Disregard their email, you need to be proactive as no one contacts you during approval process.
• Maximum ACH transfer is $250,000 for opening a CD account. Over that amount needs to be wired in.
• Your membership number is not the same as your account number
Thought I'd point out that there's one glitch for savers who use monthly dividend disbursements to pay bill's, etc. It's that the Connexus 5 year CD pays out the dividends quarterly, not monthly. Confirmed by two CSRs. Obviously, not a problem for those who are compounding the interest through the whole term though.
Take your business somewhere else this poor excuse for a credit union is a bad joke. I bought a boat roughly a year ago through a different lender. Connexus bought my loan which I wasn't happy about but, it's just a monthly payment why would I care who I pay it to? Never dreamed making a payment would such a pain in the ass and expensive. You can set up your customer portal so you can pay online. It never works and when it does their is a few. So you don't want your payment to be late so you call and make a payment which has a fee...that's hire than paying on line!!! I wouldn't fix the portal issues either making twice the amount off of phone payments.
So I traded that boat in at a dealership on a newer boat (financed with RTC lending) already made my first payment happy as can be...still waiting on my lien release from Connexus on the first boat!!!!!!
Connexus if your customer service is this poor you shouldn't be in business.
On November 1, 2021, I received a call from Connexus Credit Union. I have a loan with this Credit Union. The Customer Service Representive informed me that I missed the June Payment and that I am behind 45 days and owe them $626.00. I had no idea that I had missed a June payment. Since 2013, I have not missed and payment with any of my bills. Connexus Credit Union has never reported me late, I have never received a phone call, email, nothing to indicate that I had missed a payment. When I asked them why I was not notified, the Customer Service Representive stated that when I paid the next month payment, they would apply it to the last month payment. The Customer Service Repesentive did not even alert me that they were going to report this to the Credit Bureau! So, I paid the entire $626.00 as fast as I could. Within days credit bureaus TransUnion went down 89 points, Equifax 89 points, and Experian down 60 points. Here is my problem: I am in the process of building a home, in about a month and a half, the lender with run my credit and there may be a chance I will not get financing on my new home, or the interest rate will be too high. I am looking to lose my Deposit and the new home. This is not fair because I had no Idea, that I missed the June payment! If they would have just informed me I would have paid this error! I worked very, very hard to pay all of my bills on time (8 years straight with no late payments) and this one payment will financially take away all of my work and maybe my newdream. My credit report was over 720 and that I have not missed no payments with any of my bills. I looked on my statement with Connexus CU and there was no alerts that I have missed a payment. Gunny USMC
I would stay away from this credit union. Customer service is rude and talks condescending. I open a account with no problems. I maintained account and then applied to open a loan. Loan was conditionally approved. They asked for documents and said I would receive call on why I have no mortgage or rent( house was willed to me). I never received the call and never received acknowledgement that documents was received. I sent in do, w2, and paystubs as asked. When rep called me she was very rude and said we are just not going to approve it. That’s was fine but then all my accounts were closed and my funds were withdrawn. No explanation or reason. Seems like same problem I had with other credit union, soon as they see a person of color on the drivers license they start to find magical reasons why the account should be closed. I still have not received funds or reason why my account was closed.
Banks are mostly standardized, but each credit union has its own specific account rules. As can be seen by other posters, Connexus has some unusual rules that can be costly if not known. For example, their money market only allows 4 schedule D transactions per month. Another Connexus rule is that ach transfer dollar amounts are limited for both incoming and outgoing ach's -- including new Connexus account funding ach transfers initiated at an external institution. It takes significant time to find all the rules as they are frequently not in Connexus documents or known by CS reps.
I chose Connexus because of it offers higher interest rates on savings accounts compared with others. Connexus has also given me friendly and helpful service. It took me a while to make a connection with someone in the IRA section, but once I contacted Cathy, she was friendly and helpful. It was a pleasure working with her. I'm happy that I found Connexus.
After going through all the trouble of setting up a MMF account which requires a checking account too, they only set me invest exactly $1000, then told me to PAY to WIRE more money in if I wanted so put more in my account. I'm not paying to put money in a bank. Ridiculous. Now seeing what a hassle it will be to close these useless accounts.
Connexus refers to ACTIVE CHECKING but that really means a REWARDS checking account requiring hoops such as 10 debit transactions.
Good rates, but could do a better job of clarifying these requirements.
I had multiple small issues with Connexus in the past such as not wanting to apply additional funds toward principal etc. However that is nothing compared to the crap they have pulled the last 3 months. In December of last year I paid off my auto loan with them and asked they expedite the title so I could sell the vehicle. A week after I paid the loan off they still deducted the payment amount from my bank account. It is now the end of February and I still havent received the title causing the buyer to back out. When I paid the vehicle off I was told that it would take up to 20 business days to process however they stated they would "expedite" which is 10 days, 2 weeks later I called to confirm it was good to go and was told "No, the other rep didnt request a expedite however I will", another 2 weeks goes by and I still havent heard from them so I called again and was told "We can not expedite the process but the title will be released within the week" (we were now at the 20 days) 2 weeks later I called and was told it had not been processed, I asked to speak to a supervisor, which I was able to do 2 days later as they cant make calls out; only to be told that "they made a mistake and they hadn't released the title yet but since it was done electronically they would do it that day" they did tell me they would look into it to ensure it doesnt happen again. I called DMV 3 weeks after I was told by DMV they still havent received anything from the lender. So over 2 months after the loan was paid in full I still have yet to recieve my title, have no explanation as to why I was told so many different things and now I am out of pocket $15k and still have a vehicle in CA when we have since moved to NC as the buyer thought I was trying to pull something shady.