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Business Checking Solutions

For our small business account users, I know that you need a flexible checking account that doesn’t burden you with never-ending restrictions and fees. Connex offers three business checking accounts designed to move your business forward with financial tools, services, and dedicated support all in one convenient place. All Connex Business Checking accounts come with No fees on deposit checks or rolled coins, No fees on cash deposit processing, access to Clover® Merchant Services, a free first box of checks, free online banking with bill pay, a free Business VISA® debit card, and a free endorsement stamp.

 

Select the business checking account that’s right for you:

 

• Complete Business Checking: no monthly fee
• Complete Business Checking Plus: no monthly fee with a $1,000 minimum balance (otherwise, a $14.95 fee applies) and balances earn 0.10% Annual Percental Yield (APY)
• Complete Business Checking Non-Profit: no monthly fee and balances earn 0.10% APY

 

Please visit our website at connexcu.org for full disclosures and more information or visit with a Financial Advocate at one of our local branches and discover the best financial business solution for you and your small business.

 

Bank On Recertification

I am proud to announce that Connex’s Pathways™ Checking product has received “Bank On” recertification for 2025 - 2026. The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. Key features of our Pathways Checking account include a free debit card, with a low monthly cost of only $4.95, with no overdraft or insufficient fund fees, and the ability to pay bills at no cost through free bill pay. If a Pathways Checking account is right for you, you can open the account online, or in a branch.

 

Net Promoter Results

The needs of our membership heavily influence the areas we can invest in with our limited resources, so we must ask you how we are doing and where we might improve. For those that might not recall, we annually conduct a Net Promoter Survey that measures the response to one fundamental question: “Would you recommend Connex Credit Union to a family member or friend?” This allows our membership to provide direct feedback and suggestions on how we
can improve.

 

Last quarter, I mentioned to you that I would share the results of our annual Member Satisfaction Survey, and you all were great with your responses and feedback! I am happy to share that our Net Promoter Score increased to 71.06%, which is above the credit union industry average of 68% and significantly above the national banking average of 31%. Although the makeup of the respondents continued to be dominated by members who have been with the credit union for 7+ years, there was a significant jump in the number of members who joined Connex within the past 5 to 7 years increasing from 65.2% to 74.6%, reflecting improved satisfaction. New members (less than 1 year) showed improvement as well, rising from 60.2% to 66.5%. I would like to welcome those new members to Connex and thank everyone for their feedback and membership!

 

Connex Awarded Grant from CDFI Fund

Some of you may recall, in February 2022 we became a “certified” Community Development Financial Institution (CDFI).  A CDFI is a specialized financial institution that focuses on providing financial services like loans and investments to underserved communities and low-income individuals. Our next challenge was securing a financial grant to support our lending initiatives. Our first application, despite tremendous effort in writing and supporting it, was denied by the US Treasury; adding to the challenge, the US Treasury implemented a 1-year moratorium on grant funding, further delaying our progress.

 

In 2024, we reapplied for a grant once again, because we knew we had an even better story to tell. Despite not receiving the grant and with the support of our Board of Directors, we still created three distinct lending programs focused on homeownership for low-income and minority populations. Additionally, our Community Impact Team has been working tirelessly to bring even more financial literacy sessions to our communities, and our level of employee volunteerism has never been higher!  In just over two years through December 2024, we have placed our members into forty-two such homes and successfully booked almost $11 million in such loans – something we are very proud of! We were also able to assist seven of those members obtain down payment assistance grants of over $177,000 through the Federal Home Loan Bank. 

 

In late September, the Treasury’s CDFI Fund announced that Connex Credit Union was the recipient of our first grant of $1.25 million! Not only that, but we were also the only credit union or bank in Connecticut to receive a grant. This milestone highlights our dedication to supporting underserved communities and proves that even a small organization like Connex can create a meaningful and lasting impact.

 

ConnexCares Awards $30,000 in Charitable Grants

As an official charitable entity, ConnexCares seeks to address our community needs by promoting financial literacy, providing financial assistance for education, addressing children’s health needs, responding to food insecurity needs, and engaging in related volunteer and philanthropic activities in the greater New Haven area. Connex established a Charitable Donation Account with an initial investment of $5 million, and a goal of donating at least $500,000 in earnings from that investment to ConnexCares over the next five years.

 

In 2023, ConnexCares began its Grant Program awarding grants to designated non-profit organizations that provide programming or services within at least one of our three pillars (financial literacy, children’s health, and food insecurity) in the communities we serve. Since then, ConnexCares has awarded almost $200,000 in grant funds.

 

During our third round of applications, ConnexCares received dozens of applications from local, worthy organizations. Our ConnexCares Board had the very difficult task of selecting which organizations would receive grant funds. In the end, five non-profit organizations were selected and ConnexCares made a total donation of $30,000 in charitable funds. I am proud to share the recipients of these grants with you; they include: Ruth’s House which serves single moms and their children so they can restart their lives and live independently, Beulah Height Social Integration Program which provides the New Haven community a soup kitchen, warming center, and provides an enrichment program for students over the summer, Community Dining Room which provides daily meals to residents of Branford, East Haven, North Branford and Guilford, Bethel Shiloh Apostolic Church, located in Bridgeport’s west side and provides food to almost 150 of our neighbors every month, and Havens Harvest which moves food from donors to child and adult daycare centers, after-school programs, health clinics, harm reduction centers, subsidized housing sites, as well as food pantries and soup kitchens. Their goal is to be a zero-waste food community.

 

As President and CEO of Connex, I am deeply grateful to the ConnexCares Board for their dedication in reviewing applications and making the challenging decisions required in this process. It brings me great satisfaction to see how many remarkable non-profits we were able to support in their tireless efforts to enhance and give back to our communities.

 

I am pleased to announce that ConnexCares is now accepting new grant applications from January through June 2025. To apply, please visit our website at connexcu.org and click on the ConnexCares tab. We look forward to partnering with organizations that share our commitment to making a positive difference.

 

ConnexCares: Scholarships

The ConnexCares Board is happy to remind members that last year we increased our scholarship opportunities from four scholarships to fifteen. This wonderful initiative will undoubtedly have a significant and positive impact on recipients and the community. These additional eleven $2,000 scholarships reflect our commitment to supporting education and highlight Connex’s dedication to making a meaningful difference in the lives of individuals. Please look for more information on these scholarships on our website, connexcu.org, in the coming weeks.

 

Connex in the Community

In October, Connex was a sponsor of the Hispanic Heritage Month event organized by the Midstate Chamber of Commerce’s Hispanic Outreach Leaders in Action (HOLA) Committee. Our own Lauramir Rivera Valez, Bank Secrecy Act and Compliance Officer, is a member of the HOLA Committee. Each year, the event celebrates members of the Meriden/Wallingford Hispanic community by recognizing their achievements.

 

Connex was again a supporter of the Stuff-a-Bus event. The event benefits CT Foodshare and ConnexCares was proud to have donated twenty-five frozen turkeys as well as an in-kind donation of $2,500 to further support CT Foodshare in its mission to tackle food insecurity. These donations helped to feed over 5,300 people during Thanksgiving.

 

Connex was a sponsor of Berlin’s Powerhouse Gym 5K Road Race on Thanksgiving morning. This noteworthy event supports local charities, including Family Promise of Central CT, Major Steven Andrews Fishing Outreach for disabled vets, Training Motivation Center for New Britain's underserved, and the Berlin Volunteer Nurses Association. I am grateful that our VP of Consumer Lending, Christopher Rowe, was able to represent Connex in the early hours of the morning On WFSB with Scot Haney. Thank you, Chris!

 

Connex once again took part in National Miracle Jeans Day. Our employees donated up to $50 for the chance to wear jeans to work for one day, or for the entire month. We collected and matched donations up to $1,500, and recently announced we reached that limit – donating $3,000 to Connecticut Children’s Medical Center in Hartford. We’ve been participating in this event for over 20 years now, and I always enjoy the employee photo that we take each year to celebrate our commitment to this worthwhile organization.

This year, Connex’s “Holiday Give” supported Children in Placement of New Haven. Children in Placement provides support services for neglected and abused children in the child welfare system. I am proud to say that through the generosity of our employees and members, we collected over 700 items valued at over $8,500. Many of these items were toys for children of all ages, as well as clothing and personal items. Together, we brought joy, comfort, and a sense of hope to a number of disadvantaged children supported by this wonderful organization.

 

Connex employees recently volunteered to support New Reach’s Gift-a-Family program. They helped in receiving and organizing donations, so case managers were efficiently prepared to deliver to families in need. The event was a great success and highlighted our commitment to our communities.

 

Connex also had the privilege of hosting a Financial Reality Fair at Career High School in New Haven. This hands-on experience allowed students to explore real-world financial decisions, and the importance of budgeting and choosing between “needs” versus “wants”. We also hosted a financial literacy presentation at Fairfield Bellarmine, the two-year associate’s degree program at Fairfield University. We shared practical tips to help students start their savings journey and navigate big decisions like purchasing their first car. Connex also presented financial education to students at the Elizabeth Ives School for Special Children in North Haven. The students learned about banking, how to save, and how to improve their financial well-being. 

 

As we begin the new year, we are grateful to have you as our members and look forward to bringing more exciting announcements in 2025.  Thank you for your continued dedication to Connex. We look forward to helping all members, long-standing and new, realize their financial possibilities.