Jeffrey Wade
Connexus Credit Union is a financial institution with 14 branches in Illinois, Minnesota, and Wisconsin. It is the 6th largest credit union in Wisconsin and the 101st largest in the nation. Connexus offers a range of financial products, including high-yield certificates, checking and savings accounts, and lines of credit. The credit union is known for its competitive rates, digital tools, and mobile app, which has received high ratings in app stores. Connexus Credit Union is federally insured, which means that members' money is protected.
| Characteristics | Values |
|---|---|
| Credit Union Headquarters | Wausau, Wisconsin |
| Year of Establishment | 1935 |
| Number of Employees | 707 |
| Number of Members | 473,925 |
| Number of Locations | 15 |
| Membership Fee | $5 |
| Membership Eligibility | Anyone in the United States |
| Mobile App Rating | 4.7/5 |
| Regulatory Body | National Credit Union Administration (NCUA) |
| Insurance Coverage | Up to $250,000 |
| Minimum Opening Deposit | $5,000 |
| High-Interest Savings | Money Market Account |
| Free Services | No monthly fees, no minimum opening deposit for checking accounts, no out-of-network ATM fees |
| Customer Support | Live chat and phone support six days a week |
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What You'll Learn
- Connexus Credit Union is insured by the NCUA
- FDIC insures banks, NCUA insures credit unions
- Individual Connexus bank accounts are insured up to $250,000
- Connexus membership is open to anyone via a $5 donation to the Connexus Association
- Connexus members are eligible for $1,000 of coverage from CMFG Life Insurance Company
Connexus Credit Union is insured by the NCUA
Connexus Credit Union is a financial institution with 14 physical branches in Illinois, Minnesota, and Wisconsin and a significant online presence. It is the 6th largest credit union in Wisconsin and the 101st largest in the United States. Connexus Credit Union is insured by the National Credit Union Administration (NCUA), a federal agency that insures credit unions. This means that up to $250,000 in an individual bank account is secure.
The NCUA backs credit unions in the same way that the Federal Deposit Insurance Corporation (FDIC) backs banks. The FDIC is a US government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The NCUA is the equivalent for credit unions. As such, Connexus Credit Union is federally insured.
Connexus Credit Union offers a range of financial services, including high-interest-rate checking and savings accounts, money market accounts, and share certificates. The union also provides mortgages, lines of credit, and loans. Membership is available to anyone in the United States, either by joining the Connexus Association with a one-time $5 fee or by living in specific communities or counties in Illinois, Minnesota, Ohio, or Wisconsin.
Connexus Credit Union has received positive reviews for its mobile app, which offers live chat and phone support six days a week, as well as its high-yield accounts and competitive rates. The union has an A+ rating from the Better Business Bureau.
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FDIC insures banks, NCUA insures credit unions
The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) are two different entities that provide federal insurance for deposits. The FDIC insures banks, while the NCUA insures credit unions. Both institutions offer similar coverage, with some key differences.
The FDIC was established by Congress in 1933 after a series of bank failures during the Great Depression that caused many Americans to lose their life savings. FDIC insurance was introduced in 1934 to maintain stability and encourage public confidence in the nation's banking system. It provides federal insurance for deposits at banks, insuring each account owner up to $250,000 per insured bank. FDIC-insured banks can be identified by the official FDIC sign displayed at the teller stations and on their websites. Additionally, the FDIC provides an online BankFind Suite tool to verify if a bank is FDIC-insured.
The NCUA, on the other hand, was established by Congress in 1970 to insure member share accounts at federally insured credit unions. Similar to the FDIC, the NCUA provides federal insurance for deposits at credit unions, insuring individual accounts up to $250,000. Credit union members are automatically covered by insurance when they join a federally insured credit union. NCUA-insured credit unions are required to display the official NCUA insurance sign at teller stations and on their websites. The NCUA also provides an online tool called the Credit Union Locator to verify if a credit union is NCUA-insured.
It is important to note that neither the FDIC nor the NCUA covers investments such as stocks, bonds, mutual funds, or cryptocurrencies. Both institutions provide government-backed deposit insurance, ensuring that depositors do not lose their insured funds in the event of financial institution failure.
Connexus Credit Union, for example, is mentioned as being FDIC-insured in some sources, while others refer to it as a credit union, indicating that it may be NCUA-insured.
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Individual Connexus bank accounts are insured up to $250,000
Connexus Credit Union is a financial institution with 14 branches in Illinois, Minnesota, and Wisconsin. It is also part of the CO-OP and MoneyPass networks, which provide access to over 5,000 shared branches and over 67,000 ATMs in the Co-op and MoneyPass networks. Connexus Credit Union offers a range of financial products and services, including checking and savings accounts, share certificates, lines of credit, and loans. One of the key features of Connexus Credit Union is that it provides federal insurance on its accounts.
The $250,000 insurance limit applies per ownership category. For example, a single member's accounts are insured up to $250,000, and a joint account owned by two members is insured for up to $250,000 per co-owner, for a total of $500,000. This insurance coverage is automatic and does not require any additional steps from the account holders. It is also important to understand that this insurance covers the total balance across all accounts in the same ownership category at Connexus Credit Union.
Connexus Credit Union also offers additional insurance options to its members. For example, Connexus members are eligible for $1,000 of coverage, paid by Connexus and provided by CMFG Life Insurance Company. This coverage is in the form of AD&D insurance, which provides a cash benefit after an accident results in a covered injury or loss of life. Connexus members also have access to TruStage® Life Insurance policies, which can provide additional financial protection for loved ones.
The federal insurance provided by the NCUA gives Connexus Credit Union members peace of mind and security. This insurance coverage ensures that members' funds are protected, up to the specified limits. When considering financial institutions and their offerings, it is essential to understand the level of protection provided for your deposits. Connexus Credit Union's federal insurance demonstrates its commitment to safeguarding its members' finances.
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Connexus membership is open to anyone via a $5 donation to the Connexus Association
Connexus Credit Union is a financial institution with 14 branches in Illinois, Minnesota, and Wisconsin. It is also part of the CO-OP and MoneyPass networks, which provide access to over 5,000 shared branches and over 67,000 ATMs in the Co-op and MoneyPass networks.
Connexus Credit Union offers several financial products, including high-yield certificates, checking accounts, savings accounts, and money market accounts. The credit union also provides lines of credit and loans, including mortgages.
Membership in Connexus Credit Union is typically open to those with specific regional or employer affiliations. However, anyone in the United States can become a member by joining the Connexus Association, a charitable organization, with a one-time $5 donation.
The credit union is federally insured by the National Credit Union Administration (NCUA), so up to $250,000 is secure in an individual bank account. Additionally, the Federal Deposit Insurance Corporation (FDIC) insures Connexus Credit Union, further guaranteeing the safety of members' deposits.
Connexus Credit Union has received positive reviews for its mobile app, high interest rates on certain accounts, and lack of monthly fees on checking and savings accounts. However, some members have criticized the credit union for disorganization and high minimum opening deposits for certain accounts.
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Connexus members are eligible for $1,000 of coverage from CMFG Life Insurance Company
Connexus Credit Union is a financial institution with 14 branches in Illinois, Minnesota, and Wisconsin. It is also part of the CO-OP and MoneyPass networks, which provide access to over 5,000 shared branches and over 67,000 ATMs in Co-op and MoneyPass networks. Connexus Credit Union offers several financial products, including checking and savings accounts, lines of credit, loans, and mortgages. One of the key features of Connexus Credit Union is that it provides federal insurance on its members' deposits. This means that up to a certain limit, members' money is protected even if the credit union fails. Connexus Credit Union is federally insured by the National Credit Union Administration (NCUA), which means that up to $250,000 in an individual bank account is secure. Additionally, Connexus Credit Union members are eligible for additional coverage from CMFG Life Insurance Company.
Connexus Credit Union provides its members with access to insurance options to protect themselves and their loved ones. As a member of Connexus Credit Union, you are automatically eligible for $1,000 of coverage, paid by Connexus and provided by CMFG Life Insurance Company. This AD&D (Accidental Death and Dismemberment) coverage offers financial protection in the event of an accident resulting in a covered injury or loss of life. It provides a cash benefit to you or your loved ones, helping to cover expenses and providing financial support during a difficult time. The AD&D insurance from CMFG Life Insurance Company is guaranteed acceptance, with no health questions or medical exams required. This means that all Connexus members can enrol quickly and easily, gaining peace of mind knowing that they have additional financial protection.
The CMFG Life Insurance Company's AD&D coverage is a valuable benefit for Connexus Credit Union members. It demonstrates the credit union's commitment to its members' financial well-being and provides a layer of security and protection. With this coverage, members can rest assured that they or their loved ones will receive a cash benefit to help with any financial burdens or expenses that may arise due to an accident. This type of insurance is especially useful in the event of an unexpected accident, as it can provide financial relief during a challenging and emotional time. Connexus Credit Union understands the importance of financial security and, by offering this coverage, ensures that its members have one less worry when it comes to their financial well-being.
In addition to the $1,000 AD&D coverage, Connexus Credit Union members also have access to TruStage® Life Insurance policies provided by CMFG Life Insurance Company. These life insurance plans are designed to fit within members' budgets, recognising that any amount of coverage can make a significant difference in protecting loved ones. Life insurance provides income-tax-free money to beneficiaries in the event of the policyholder's death, helping to ensure financial stability for families during a difficult period. By offering access to affordable life insurance options, Connexus Credit Union reinforces its commitment to its members' long-term financial security and peace of mind.
Overall, the $1,000 of coverage from CMFG Life Insurance Company is a valuable benefit for Connexus Credit Union members. It provides an extra layer of financial protection and demonstrates Connexus Credit Union's dedication to its members' well-being. With this coverage, members can have greater peace of mind and focus on their financial goals, knowing that they have the support and security provided by Connexus Credit Union and its insurance partners. Connexus Credit Union's federal insurance and additional coverage options showcase its comprehensive approach to safeguarding its members' financial interests.
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Frequently asked questions
Yes, Connexus Credit Union is federally insured by the National Credit Union Administration (NCUA), so up to $250,000 is secure in an individual bank account.
Connexus Credit Union is insured by the National Credit Union Administration (NCUA). The NCUA is a US government agency that insures credit unions, protecting your money up to $250,000 per individual account.
Connexus Credit Union is insured by the National Credit Union Administration (NCUA). The FDIC insures banks, while the NCUA insures credit unions. Your money is safe and backed by the US government, even though it is not FDIC-insured.
